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NEW QUESTION # 66
If a company's Economic Value Added (EVA) is negative, this means that:
Answer: A
Explanation:
Economic Value Added (EVA) measures a company's true economic profit by assessing whether it generates returns above its cost of capital.
EVA=Net Operating Profit After Tax (NOPAT)#(Capital Employed×Cost of Capital)EVA = ext{Net Operating Profit After Tax (NOPAT)} - ( ext{Capital Employed} imes ext{Cost of Capital}) EVA=Net Operating Profit After Tax (NOPAT)#(Capital Employed×Cost of Capital)
* Why is Option B Correct?
* A negative EVA means the firm's returns are lower than its cost of capital, leading to value destruction.
* Why Not Other Options?
* A (Slowing growth rate) # EVA measures profitability, not growth rate.
* C (Below sector average) # EVA is firm-specific, not a comparative measure.
* D (Value is nil) # A company may still be profitable, but inefficient.
# Reference: CFA Institute (EVA Analysis), CISI Wealth & Investment Management.
NEW QUESTION # 67
The Efficient Market Hypothesis (EMH) states that it is impossible to beat the market because:
Answer: A
Explanation:
# Reference: Eugene Fama (EMH Theory), CISI Wealth & Investment Management.
NEW QUESTION # 68
Personal accident policies will pay out:
Answer: A
Explanation:
* Personal Accident Policies:
* These policies often include a waiting period before payouts, allowing insurers to verify claims and ensure eligibility.
* The waiting period varies depending on the policy terms.
* Elimination of Other Options:
* A: A doctor's visit is often necessary but not sufficient for payout.
* B: Payments are not instantaneous.
* D: Documentation is required, but it is part of the claim process, not the trigger for payout.
References:
* ICWIM Module 5: Details on insurance policy structures and claims processes.
* Personal Accident Policies:
* These policies often include a waiting period before payouts, allowing insurers to verify claims and ensure eligibility.
* The waiting period varies depending on the policy terms.
* Elimination of Other Options:
* A: A doctor's visit is often necessary but not sufficient for payout.
* B: Payments are not instantaneous.
* D: Documentation is required, but it is part of the claim process, not the trigger for payout.
References:
* ICWIM Module 5: Details on insurance policy structures and claims processes.
NEW QUESTION # 69
In normal market circumstances, the yield curve slopes upward. Why is this?
Answer: C
Explanation:
The yield curve typically slopes upward because long-term bonds have higher yields than short-term bonds.
* Why is Option C Correct?
* Investors require a higher return (yield) for longer-maturity bonds due to:
* Greater risk exposure (inflation, interest rate changes).
* Opportunity cost (capital is locked up for a longer period).
* This creates an upward-sloping yield curve.
* Why Not Other Options?
* A (Interest rate sensitivity) # While true, it does not explain why the curve slopes upwards.
* B (Resale value risk) # Not a key factor in yield curve structure.
* D (Bond-equity risk comparison) # Bonds react to interest rate expectations, but this does not cause the yield curve slope.
# Reference: CFA Institute (Fixed Income Markets), CISI Wealth & Investment Management.
NEW QUESTION # 70
A professional trader was given some price-sensitive, unpublished information in relation to a major grain supplier. As a direct result, they buy futures contracts on grain. Have they committed the offence of insider trading?
Answer: B
Explanation:
Performance attribution analysis evaluates the performance of a portfolio by breaking it into components attributed to specific investment decisions. These include:
* Asset Allocation: The decision on the proportion of the portfolio allocated to different asset classes (e.
g., stocks, bonds).
* Sector Choice: Selecting specific sectors (e.g., technology, healthcare) within asset classes.
* Security Selection: Choosing individual securities within the selected sectors.
Risk analysis, while critical for investment management, is not typically part of standard performance attribution frameworks.
References:
* International Certificate in Wealth & Investment Management: Portfolio performance evaluation section.
* Standard attribution models: Brinson, Hood, and Beebower model widely used in performance attribution.
NEW QUESTION # 71
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