高顿项目

国内财会

国际财会

金融证书

公务员

考研

考研

继续教育

继续教育

在职硕博

学历学位

国企求职

军队文职

军队文职

职业提升

语言培训

出国留学

海外留学

【北美精算师2014】历年SOA真题November2004Course8F（第四部分）

来源：高顿网校 2014-07-17

　　高顿网校小编：以下则是【北美精算师2014】历年SOA真题November2004Course8F（第四部分），大家用心记牢呀，保证能过北美精算师的关。
　　9.Continued

　　(c)(4points)DescribewaystohedgetheliabilitiesoftheVAandthepractical

　　considerationsassociatedwitheach.

　　(d)(2points)ExplainthefactorsGALshouldconsiderindecidingwhethertohedge

　　itsVAliabilities.

　　(e)(3points)TheChiefActuaryhascalledameetingtodiscussfirstyear

　　performanceoftheVAproduct.Yoususpectshewantstodiscontinuefuture

　　sales.

　　Outlinearesponsewhich:

　　?supportscontinuedsalesand

　　?addressesanyproductshortcomings.

　　Question10pertainstotheCaseStudy.

　　10.(11points)FrankLabrador,along-timegolfingbuddyofTomasLyonsandCEOof

　　Dog’sLifeInsuranceCompany(Dog’sLife),hasexpressedinterestinpurchasing

　　ZoolanderLife.Tomashasaskedyou,asthenewCFOofZoolander,tocomeupwithan

　　actuarialappraisalvalueofZoolander.

　　Dog’sLifeisanactiveacquirerinthelifeinsurancemarket.Theiractuaryhasinformed

　　youthattheirrecentacquisitionshavebeenpricedusinga10%discountrate.

　　(a)(6points)IdentifytheinformationthatyouhaveavailableforZoolanderthat

　　shouldbeconsideredinsettingactuarialandeconomicassumptionsforusein

　　determininganappraisalvalue.

　　(b)(5points)YouhavecalculatedanappraisalvalueforZoolanderof1,100.00,

　　assumingacontinuationofcurrentoperations.JustifywhyDog’sLifemight

　　offerapricedifferentthantheappraisalvaluethatyoucalculated.

　　COURSE8:Fall2004-12-GOONTONEXTPAGE

　　FinanceSegment

　　AfternoonSession

　　11.(4points)Wayneisanevaluator.WhenthestockpricesofCoca-Cola,DairyQueenand

　　Gapweredepressed,heinvestedheavilyinthesecompanies.Otherinvestorsthought

　　Waynehadpassedhisinvestingprime–theinternetwaswheremoneywastobemade.

　　ButWaynewouldgotoshoppingmallsandwatchthespendinghabitsofconsumers.He

　　sawtheaveragepersonconsumingtheproductsofferedbyCoca-Cola,DairyQueenand

　　Gap,andrealizedthatpeoplewouldusetheseproductsthroughalleconomiccycles.So

　　heboughtupthestockswiththestrongconvictionthatinthelongrunthesefirmswould

　　beprofitableandtheirstockpriceswouldrise.

　　(a)FromtheREMMperspective,describehowWayneviewsindividuals.

　　(b)Explainthetheorybehindacontrarianinvestmentstrategy,andcontrastthe

　　contrarianstrategywithWayne’sinvestmentstrategy.

　　(c)Describeeachofthefollowingbehavioralconceptsanddeterminewhethereach

　　appliestoWayne:

　　?Overconfidence

　　?Non-BayesianForecasting

　　?FashionandFads

　　Supportyouranswers.

　　COURSE8:Fall2004-13-GOONTONEXTPAGE

　　FinanceSegment

　　AfternoonSession

　　12.(10points)Youareemployedbyafinancialengineeringfirm.Thespecialtyofthisfirm

　　istoexploittaxarbitrageopportunitiesinthemarketplaceforhighnet-worthindividuals

　　andsmallfirmsintheUnitedStates.

　　Youhavebeenaskedbytheheadofthefirmtomeetwithanewclient,Buffyvon

　　Bismarck,whohasquestionsaboutbothpersonalandcorporatetaxes.Buffyearns

　　$200,000ayearinsalaryasthemanagingdirectorofasmallmanufacturingcompany.

　　AtyourmeetingBuffydescribesthefollowingtwosituations:

　　?“Iamfrustratedbypayingpersonaltaxesatamarginaltaxrateof36%.My

　　tennisinstructortoldmethatIcouldarrangeitsothatmycurrentincomewould

　　bemaintainedbutmytaxableincomewouldbezero.HesuggestedIdothe

　　following:borrow$2,500,000at8%interestandinvesttheborrowedfundsina

　　lifeinsurancepolicythatallowsinterest-freepolicyloansandguaranteesan8%

　　return.”

　　?“Ineedtodeterminethecorrectweightingofstocksandbondsfor

　　mycompany’sdefinedbenefitpensionplan.Iknowthetaxcodeshould

　　leadmetoinvestinbonds,butstocksreturnmoreoveralong-term

　　holdingperiod.Twofriendstoldmemyfirmcouldsecuretherisk

　　premiumsofstockwithoutsacrificingthetaxbenefitsofinvestingin

　　bonds.”

　　Youlearnthatthepensionplanhas$100millioninassetstoinvestinstocksandbonds

　　underthefollowingassumptions:

　　?Theafter-taxrateofreturnonstockswillbe10%

　　?Thetaxablerateofreturnonbondswillbe5%

　　?Themarginaltaxrateofthefirmis35%

　　(a)DemonstratethearbitrageopportunityBuffy’stennisinstructorhassuggested.

　　(b)Evaluatetheeffectivenessofthearbitrageopportunityin(a).Supportyour

　　answer.

　　(c)DemonstratethearbitrageopportunityBuffy’sfriendshaverecommendedforher

　　pensionplan.

　　(d)Evaluatetheeffectivenessofthearbitrageopportunityin(c).Supportyour

　　answer.

　　COURSE8:Fall2004-14-GOONTONEXTPAGE

　　FinanceSegment

　　AfternoonSession
　　高顿网校之短句汇编：窗外下着雪，泡一杯咖啡，握到它凉了，才知道又想起了你。我的期待你如何才能明白！

版权声明：本条内容自发布之日起，有效期为一个月。凡本网站注明“来源高顿教育”或“来源高顿网校”或“来源高顿”的所有作品，均为本网站合法拥有版权的作品，未经本网站授权，任何媒体、网站、个人不得转载、链接、转帖或以其他方式使用。经本网站合法授权的，应在授权范围内使用，且使用时必须注明“来源高顿教育”或“来源高顿网校”或“来源高顿”，并不得对作品中出现的“高顿”字样进行删减、替换等。违反上述声明者，本网站将依法追究其法律责任。本网站的部分资料转载自互联网，均尽力标明作者和出处。本网站转载的目的在于传递更多信息，并不意味着赞同其观点或证实其描述，本网站不对其真实性负责。如您认为本网站刊载作品涉及版权等问题，请与本网站联系(邮箱fawu@gaodun.com，电话：021-31587497)，本网站核实确认后会尽快予以处理。

展开全文咨询在线

严选名师全流程服务

其他人还搜了热门推荐