在备考11月FRM考试中，考生一定要认真备考，这样才能顺利通过考试，其中对于真题的练习是必不可少的！下文是真题解析，备考生看过来！

Ahigh book-to-market value ratio is indicative of a:


A) Small-cap stock.

B) Large-cap stock.

C) Value stock.

D) Growth stock

答案：C

解析：A company’s book value per share is equal to total assets minus total liabilities all divided by shares outstanding. It indicates, on a per-share basis, what a company would be worth if it liquidated its assets and paid off its liabilities. Value stocks have high book-to-market ratios while growth stocks have low book-to-market ratios.

AndrewAng introduces factors and divides them primarily into two types: macro, fundamental-based factors versus investment-style factors. He writes, "Factors drive risk premiums. One set of factors describes fundamental, economy wide variables like growth, inflation, volatility, productivity, and demographic risk.Another set consists of tradeable investment styles like the market portfolio, value-growth investing, and momentum investing."Ang also claims that the three most important macro factors are growth, inflation, and volatility. His evaluation of these macro factors is based on a long-term historical sample (specifically, 1952:Q1 to 2011:Q4). It is important to qualify the sample window because we cannot be sure that past is prologue; e.g., interest rates experienced two long-term secular trends during this window. In regard to his historical analysis, each of the following statements is true EXCEPT which is false?

A) Government and investment-grade bonds performed BETTER during economic recessions than during expansions

B) Both large and small (cap) stocks perform significantly BETTER during economic expansions than during recessions

C) During periods of high inflation, all five asset classes perform significantly BETTER than during periods of low inflation

D) All five assets classes are much MORE VOLATILE during recessions (or periods of low GDP growth) than during expansions

答案：C

解析：To be true, this should instead read: During periods of high inflation, all five asset classes perform significantly WORSE than during periods of low inflation.