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Sample Questions
Question 1
Easy
Private equity is best described as:
Solution
D is correct.
Private equity refers to equity investments in companies that are not publicly traded on a stock exchange. This includes venture capital, leveraged buyouts, growth equity, and distressed investing, among other strategies.
Private equity refers to equity investments in companies that are not publicly traded on a stock exchange. This includes venture capital, leveraged buyouts, growth equity, and distressed investing, among other strategies.
Question 2
Medium
The law of one price states that:
Solution
B is correct.
The law of one price states that two assets (or portfolios) that produce identical cash flows in every state of the world must have the same price. Any price discrepancy would create a riskless arbitrage opportunity.
The law of one price states that two assets (or portfolios) that produce identical cash flows in every state of the world must have the same price. Any price discrepancy would create a riskless arbitrage opportunity.
Question 3
Hard
The variance risk premium refers to the tendency for:
Solution
C is correct.
The variance risk premium is the well-documented tendency for implied volatility (the market's expectation of future volatility, as priced in options) to exceed the actual realized volatility on average. This premium compensates sellers of volatility for bearing the risk of large adverse moves.
The variance risk premium is the well-documented tendency for implied volatility (the market's expectation of future volatility, as priced in options) to exceed the actual realized volatility on average. This premium compensates sellers of volatility for bearing the risk of large adverse moves.
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