PRMIA 8007 Exam : Exam II: Mathematical Foundations of Risk Measurement - 2015 Edition

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PRMIA 8007 Exam Syllabus Topics:

PRMIA Exam II: Mathematical Foundations of Risk Measurement - 2015 Edition Sample Questions:

1. Which of the following is not a direct cause of autocorrelation or heteroskedasticity in the residuals of a regression model?

A) The omission of a relevant explanatory variable
B) A high positive correlation between two explanatory variables
C) Using an inappropriate functional form in the model
D) A structural break in the dependent variable

2. I have a portfolio of two stocks. The weights are equal. The one volatility is 30% while the other is 40%. The minimum and maximum possible values of the volatility of my portfolio are:

A) 30% and 40%
B) 10% and 70%
C) 5% and 35%
D) 10% and 40%

3. Consider a binomial lattice where a security price S moves up by a factor u with probability p, or down by a factor d with probability 1 - p. If we set d > 1/u then which of the following will be TRUE?

A) There will always be a downward drift in the lattice
B) The lattice will not recombine
C) None of the above
D) The probability of an up move will not be constant

4. You work for a brokerage firm that charges its client x per share. The volume of trade of a client of type A depends on the per share commission in the following manner. If the commission is x, the client of type A will trade e-ax shares on average each week. What is the optimal commission x that maximizes the income from client A, noting that a is greater than zero?

A) 42
B) a
C) 1
D) a2

5. What is the indefinite integral of the function f(x) = ln(x), where ln(x) denotes the natural logarithmic function?

A) exp(x)
B) 1/x
C) ln(x) - x
D) x ln(x) - x

Solutions: