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NEW QUESTION: 1
Nigel Holmes, CFA, is an investment manager for a small money management firm in London. All of Holmes' clients are citizens of the U.K. Holmes urges all of his clients to maintain internationally diversified portfolios. In his efforts to find undervalued securities, he is currently analyzing a Canadian company called Slapshot, Inc. Slapshot produces hockey equipment at its Canadian manufacturing facilities. About 85% of Slapshot's sales are to the U.S. market, and the remainder are domestic (i.e., in Canada). Sales have been growing at 12% per year. Last year's sales were C$68,000,000. Holmes has gathered the following market information (inflation is perfectly predictable):
* £/$ spot exchange rate = 0.8
* £/C$ spot exchange rate = 0.4
* U.K. risk-free rate = 6%
* U.K. expected inflation rate = 4%
* Canadian risk-free rate = 9%
* Canadian expected inflation rate = 7%
* U.S. risk-free rate = 4%
* U.S. expected inflation = 2%
Holmes uses the international CAPM (ICAPM) to value international investments. For Slapshot, Holmes believes that the stock's returns are sensitive to the £/C$ exchange rate. In order to apply the model, he estimates the following parameters using the £ as the base currency:
* World market risk premium = 6%
* Sensitivity of Slapshot to the world market = 1.2
* Sensitivity of Slapshot to changes in the £/C$ exchange rate = 1.4
* Holmes' expectation for the depreciation of the C$ against the £ = 2%
* The ratio of the price of the U.K. consumption basket to the Canadian consumption basket is 0.3.
Holmes adds Slapshot stock to several client portfolios at a purchase price of C$ 100. One year later, the stock is trading at C$ 122. There were no dividend payments during the year.
If Holmes uses the IC APM, the required rate of return on Slapshot is closest to:
A. 13.2%.
B. 17.4%.
C. 14.6%.
Answer: C
Explanation:
Explanation/Reference:
Explanation:
The ICAPM (with only one foreign currency) is
350-801 Prüfungen
AH parameters are provided in the problem statement except the foreign currency risk premium (SRP).
The SRP is calculated as expected foreign currency appreciation minus the rate differential (domestic- foreign). The problem indicates that Holmes expects the C$ to depreciate by 2% or, equivalently, to appreciate by -2%. Interest rates are 6% in the U.K. and 9% in Canada. Therefore, the SRP is 1% [= -2% appreciation minus -3% interest rate differential, or SRP = -2% - (-3%) = +1%). Plugging into the model, we get:
350-801 Prüfungen
(Study Session 18, LOS 66.i,j)

NEW QUESTION: 2
DRAG DROP
A SQL Server Integration Services (SSIS) project has been deployed to the SSIS catalog.
The project includes a project Connection Manager to connect to the data warehouse.
The SSIS catalog includes two Environments:
* Test
* Production
Each Environment defines a single Environment Variable named ConnectionString of type string. The value of each variable consists of the connection string to the test or production data warehouses.
You need to execute deployed packages by using either of the defined Environments.
Which three actions should you perform in sequence? (To answer, move the appropriate actions from the list of actions to the answer area and arrange them in the correct order.)
350-801 Prüfungen
Answer:
Explanation:
350-801 Prüfungen
Explanation:
Box 1:
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Box 2:
350-801 Prüfungen
Box 3:
350-801 Prüfungen
We need to add references to the Test and Production environments to the project. Then we can map the variables in the project to the environment variables defined in the environments.
When you execute a package in a project that references multiple environments (Test and Production in this case), we can select which environment the package runs under.

NEW QUESTION: 3
セキュリティアナリストは、ウイルス感染の症状を伴うモバイルデバイスを受け取ります。 ウイルスは、分析のためにサンドボックスからサンドボックスに移動するたびに変形します。 次のうち、分析ライフサイクルを通じて変動の数を特定するのに役立つのはどれですか?
A. ログビューア
B. ジャーナリング
C. ユーティリティのハッシュ化
D. OSおよびプロセス分析
Answer: D

NEW QUESTION: 4
Which one of the following is NOT a characteristic of a process?
A. It delivers specific results
B. It is measurable
C. It structures an organization
D. It responds to specific events
Answer: C


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