在备考FRM考试中，考生除了要看网课，对于习题的练习也需要掌握！下面是小编列举的相关真题解析，希望对你有所帮助！
Which of the following is not a potential benefit from a balance sheet CDO transaction?
A) Decrease regulatory capital.》》2021年新版FRM一二级内部资料免费领取！【精华版】
B) Increase transparency of assets.
C) Raise WACC from decreasing agency costs.
D) Reduce the size of the balance sheet.
答案：C
解析：Reducing agency costs associated with poor project selection will decrease the WACC, thereby raising firm value.
How would you describe the typical price behavior of a low premium mortgage pass-through security?
A) It is similar to a U.S. Treasury bond
B) It is similar to a plain vanilla corporate bond
C) When interest rates fall, its price increase would exceed that of a comparable duration U.S. Treasury.
D) When interest rates fall, its price increase would lag that of a comparable duration U.S. Treasury.
答案：D
解析：Mortgage pass-through securities, unlike Treasuries or plain vanilla corporate bonds, have an embedded option allowing borrowers to repay the loan at any time.
When rates fail, the effective duration of these securities decreases because borrowers will refinance mortgages at lower rates (putting the loans back to the investors); but when interest rates increase, borrowers will hold on to mortgages longer than they otherwise would, resulting in an increase in the effective duration of the loans. This is reflected in the price/yield relationship as negative convexity.
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