FRM例题解析有必要看吗？哪里有解析？其实在备考FRM考试中对于真题的练习是很有必要的，为了顺利通过考试，考生一定要做大量的真题练习。

Why would an investor include multiple factors in a regression study?


I. To attempt to improve the adjusted R2 measure.

II. To search for a benchmark that is more representative of a portfolio’s investment style.

III. To increase the tests of statistical significance.

A) I only.

B) Both I and III.

C) Both I and II.

D) I, II, and III.

答案：D

解析：An investor should consider adding multiple factors to the regression analysis to potentially improve the adjusted R2 measurement, potentially increase the tests of statistical significance, and to search for a benchmark that is more representative of a portfolio’s investment style.

Which of the following statements is not true regarding benchmark?

A) Abenchmark should be well-defined.

B) Abenchmark should be replicable.

C) Abenchmark should be equally applied to all risky assets irrespective of their risk exposure.

D) Abenchmark should be tradeable.

答案：C

解析：An appropriate benchmark should be well-defined, replicable, tradeable, and risk-adjusted. If the benchmark is not on the same risk scale as the assets under review, then there is an unfair comparison.

Which of the following statements is incorrect concerning the low-risk anomaly?

A) The low-risk anomaly conflicts with the CAPM.

B) The firms with higher beta perform indifferently with the lower beta firms.

C) The low-risk anomaly point to a negative relationship between risk and reward.

D) The low-risk anomaly suggests that low-beta stocks will outperform high-beta stocks.

答案：B

解析：The low-risk anomaly violates the CAPM and suggests that low beta stocks will outperform high-beta stocks. This has been empirically proven with several studies. The CAPM points to a positive relationship between risk and reward, but the low-risk anomaly suggests an inverse relationship.