For a hedge fund investor, a benefit of investing in a fund of funds is least likely the:
A. Multilayered fee structure.
B. Higher level of due diligence expertise.
C. Ability to negotiate better redemption terms.
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Which of the following statements is least accurate？ A firms free-cash-flow-to-equity （FCFE）:
A. Is a measure of the firms dividend-paying capacity.
B. Increases with an increase in the firms net borrowing.
C. Is significantly affected by the amount of dividends paid by the firm.
For a collateralized mortgage obligation （CMO）, the first tranche of bonds most likely has the:
A. Highest level of prepayment risk and interest rate risk.
B. Lowest level of prepayment risk and highest level of interest rate risk.
C. highest level of prepayment risk and lowest level of interest rate risk.
Linda Chin, CFA, is a member of a political group advocating less governmental regulation in all aspects of life. She works in a country where local securities laws are minimal and insider trading is
A. Follow the CFA Code and Standards.
B. Continue her current investment strategy.
C. Disclose her political advocacy to clients.
The tenor of a swap is best described as the:
A. Size of the contract.
B. Original time to maturity.
C. Net amount owed by one party to the other.
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