小编导读：FRM冲刺阶段，做题更要精练。高顿FRM题库——全球财经*9题库（精题真题、全真模考系统、名师答疑）>>>点击进入“每日一练——免费在线测试”
　　1.ln many instances securitization can offer a company significant bcnefits. In assessing the risk of investing in the stock of a bank that regularly sccuritizcs assets in a highly commoditized market versus one that does not securitize assets,which ofthe following statements is most accurate:
　　A. The effect of the accounting treatment given the securitization by the securitizer might cause misleading *uations when comparing the financial statements of the two banks.
　　B. Most securitizers provide only minimal credit supp0l1 for their securitization.
　　C. The commoditization of the underlying market reduces your risk of investment in the bank that securitizes the assets.
　　D. The selling of the securitized assets results in a high level of risk transference allowing you to increase your risk-adjusted position allocation to the bank that regularly securitizes assets.
　　2.A hedge fund is long USD 315 million in certain stocks and short USD 225 million in other stocks. The hedge fund's equity is USD 185 million. The fund's overall beta is 0.75. Calculate the Gross and Net leverage.
　　A. 2.91 and 0.48
　　B. 2.18 and 0.36
　　C. 2.91 and 0.36
　　D. 2.18 and 0.48
　　3.How would the risk in a merger arbitrage strategy best be characterized?
　　A. The arbitrage can be structured so there is a gain no matter the outcome.
　　B. The arbitrageur' s loss if the deal does not go through is much greater than the gain if the deal goes through.
　　C. The arbitrage can be structured as riskless, assuming no other bidders come forward after the initial offer.
　　D. The arbitrageur's gain on the deal if it does go through is much greater than the loss if the deal does not go through.
　　Answer:
　　1.A
　　A is the most accurate. The accounting treatment of a securitized asset can dramatically alter the look of an income statement and balance sheet.
　　B is not accurate. Most securitizers retain a material amount ofrisk either directly or indirectly through the support they give to the securitization.
　　C is not accurate. Commoditization of an asset only decreases the risks inherent in that particular investment, but would increase the risk of a bank's business model as the market becomes more securitized by reducing margins resulting in increased corporate risks.
　　D is not accurate. The size of the risk transfer depends on the amount ofrisk retained by the bank. As stated above, most securitizers retain a material amount of risk either directly or indirectly through the support they give to the securitization.
　　2.A
　　Gross leverage = (315+225)/185=2.91
　　Net leverage = (315-225)/185=0.48
　　3.B
　　Typically, the arbitrage is to go long in the target's stock and short the acquirer's stock. The arbitrage is not really a hedge protecting a loss if the deal does not go through. The target stock could fall below pre-announcement price, and the acquirer stock could substantially increase.