Uniter Enterprises wants to repurchase some outstanding shares. Which of the following methods gives them the maximum flexibility and most likely helps to support the price of the shares
A. Buying shares back in the open market.
Buying back a fixed number of shares at a fixed price.
C. Announcing a tender offer for the desired number of shares.
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Tamber Benz, CFA, recently joined Bay Area Investment Group as a personal financial planner. Today, she has a meeting with a client interested in equity index funds, with a particular interest in learning about the source and direction of biases. In preparation for this meeting, she makes some quick notes (relying on her memory). These notes are listed below. She then finds her well-worn CFA study notes and checks her memory. After reviewing her notes, which of the following choices does she determine is least accurate
An index such as the Valueline Composite Average is constructed by purchasing an equal number of shares of each stock in the index, and will have a downward bias when geometric averaging is used to compute the return.
B. One problem with an index such as the S&P 500 is that firms with greater market capitalization have more impact than other firms.
C. A market value-weighted index, such as the New York Stock Exchange Index, accurately reflects the impact of price changes on wealth.
The initial margin is the:
A. minimum amount of funds that must be supplied when purchasing a security on margin.
B. amount of liquidity that must be maintained in a margin account.
C. amount of cash that an investor must maintain in his/her margin account.
Which of the following regarding bond market indexes is FALSE
A. There are more bond issues than stocks.
B. The price volatility of bonds is constantly changing due to the influence of maturity and market yield on bond durations.
C. The bond universe is more stable than the stock universe.
Which of the following tests are NOT used to examine the weak form of the efficient market hypothesis Those that examine:
A. whether security returns are independent over time.
B. a security’s return relative to the market return.
C. whether excess returns can be obtained from using mechanical trading rules.
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