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CFA Level 1

# Q.2175 Market Risk Measurement and Management

Extreme events have a very low probability of occurrence but are nonetheless taken very seriously in the financial world. Which of the following best explains why? A Extreme events tend to recur at rather regular time intervals B Extreme events rarely have warning signs and thus markets cannot prepare for them in any way C Extreme events are normally very costly and can create a &ldquo;ripple&rdquo; effect on the global market D No models have been developed to accurately predict and estimate the effects of extreme events in qualitative terms The correct answer is: C Although extreme events have extremely low associated probabilities, they are normally high-impact, heavy-loss events. They rarely occur, but when they do, their impact is so dramatic and can lead to failure of key market players and loss in value of key market products with a huge subscription base. In some cases, extreme events can trigger off a financial crisis. *User Question: Why not be isn't correct

FRM Part 2

# Q.2461 Risk Management and Investment Management

Which of the following statements is (are) correct? If alphas and risk stay absolutely constant over time, then dispersion will never disappear For a given tracking error, more portfolios lead to less dispersion Higher transactions costs result in a low tracking error Dual-benchmark optimization reduces dispersion but at the cost of return A I and II B Only IV C I, III and IV D I, II and IV The correct answer is: C For a given tracking error, more portfolios lead to more dispersion. Hence, statement II is incorrect while all other statements are correct. Note that, $$\text{Tracking error} =\sigma (\text{Portfolio Return} - \text{Benchmark Return})=\sigma(\text{Active returns})$$ An increase in transaction costs will cause a decrease in active returns which in turn will result in a reduction in the tracking error. *User Question: You just said If you increase transaction fees, they will into the portfolio return and reduce it, but there will be no such effect on the benchmark return. Therefore, the tracking error will increase. Doesn't that contradict the explanation of the answer to the question?

FRM Part 2

# Q.2394 Risk Management and Investment Management

Stock A is trading at &dollar;40, and investors expect a return of 20% from the stock. Recent data indicates that the volatility of the stock has increased considerably.The price of the stock will: A Remain constant B Decrease C Increase D Increase by exactly 10% The correct answer is: B As volatility increases, the return expected by the investors from the stock will increase. This increase in expected return will result in a decrease in the stock price. That&rsquo;s because investors are generally risk-averse, and hence the demand for the stock will most likely decrease. *User Question: Uhm. The explanation is inconsistent. Low demand should push the price higher. Suggest to remove the last portion to avoid ambiguity and confusion

FRM Part 2

# Q.1846 Credit Risk Measurement and Management

Which of the following is not subject to prepayment risk? A Bullet bonds B Mortgage pass-through securities C Collateralized mortgage obligations D Covered bonds The correct answer is: A Bullet bonds receive full repayment of principal at once on the maturity date i.e., there is no amortization. Hence, there&rsquo;s no prepayment risk. Note: The emphasis here&rsquo;s on prepayment risk, not repayment risk. *User Question: A bullet covered (which is roughly 50% of all issuance) has no prepayment risk. Therefore, D also indicates a valid answer.

FRM Part 2

## Q.3579 Financial Markets and Products

If the exchange rate quote for the euro (EUR/USD) changes from 1.3500 to 1.2600, then in approximate terms: A The euro depreciated by 6.7%, and the dollar appreciated by 7.1% B The dollar depreciated by 6.7%, and the euro appreciated by 7.1% C The euro appreciated by 10.1%, and the dollar depreciated by 5% D The euro depreciated by 5%, and the dollar appreciated by 10.1% The correct answer is: A You can think of this as the change in the price of the euro expressed in US dollars. If the exchange rate moved from 1.3500 to 1.2600, then the percentage change in the euro quote is 1.2600/1.3500 - 1 = -0.06667 or depreciation of approximately 6.7%. Conversely, the percentage change in the indirect quote is (1/1.2600)/(1/1.3500) - 1 = 1.3500/1.2600 &ndash; 1 = 0.0714 or 7.1%. *User Question: shouldn't it be or instead of and

## Q.2637 Market Risk Measurement and Management

Jason Black, a risk analyst at a large multinational bank, is backtesting the VaR model of the bank. The model being tested is a daily, 98% VaR model. If the backtest is conducted for one year at a 95% confidence level, what is the acceptable number of daily losses that will lead Black to conclude that the model is calibrated correctly? A 6 B 9 C 12 D 5 The correct answer is: B Since the test is being conducted at a 95% level, the cutoff value for the test will be 1.96. To test whether the model is accurate, the following hypothesis is tested: \begin{align}\frac{(x-pT)}{\sqrt{[p(1-p)T]}} > z &=1.96\\ \frac{x-0.02\times 252}{\sqrt{0.02\times 0.98\times 252}}&=1.96\\\Rightarrow x&=9.4\end{align} The acceptable number of exceptions allowed for Black to conclude that the model is correctly calibrated is 9. *User Question: Hi there, Am i right to say that the lower bound for accepting correct model if 0.68? If thats the case answer 5 & 6 would also lead to conclusion that model is calibrated correctly..

## Q.1023 Valuation and Risk Models

Consider the following details with respect to a bond: Face value: $1000Coupon: 10%Frequency: Semi-annuallyCoupon payment dates: January 1st and July 1stAn investor buys this bond at$1043.43 on February 2nd, 2016 and sells it on January 1st, 2017 at $995.23. The coupon received is reinvested at a semi-annually compounded rate of 9%. The realized gross holding period return is: A 0.39% B 4.96% C 4.5% D 5.6% The correct answer is: A February 2nd: -1043.43July 1st:$50 + 50*(9%/2) (Coupon payment reinvested for 6 months) January 1st: +50 (Coupon payment) + $995.23 (Selling the bond) Gross Realized Return = ($995.23 + $50 +$2.25 - $1043.43) /$1043.43 = 0.39% *User Question: Hi, there! One coupon is not taken into account in the calculation of profitability. The correct calculation is: Gross Realized Return = ($995.23 +$50 + $50 +$2.25 - $1043.43) /$1043.43