SAPM

Course/semester: BBA Semester–V | Course Code: BBA 503
Name of the Paper: Security analysis and portfolio Management

Name of the Teacher: Mr. Piyush Ranjan Sahay
YEAR—2018
SECURITIES ANALYSIS & POTFOLIO MANAGEMENT

Sub. Code: BBA 503
Section – A
This contains Objective Questions of 2 Marks each

b. rises
1. A liquid asset may c. falls
a. be converted into cash d. may rise or fall
b. be converted into cash with little chance of
loss 6. Which of the following is true of municipal
c. not be converted into cash government debt?
d. not be converted without loss a. It pays more interest than corporate debt.
2. A negatively-sloped yield curve suggests b. It is often purchased by individuals with high
that incomes.
a. short-term rates exceed long-term rates, and c. It is exempt from estate taxation.
the Federal Reserve is following a d. It is not subject to interest rate risk.
tight monetary policy 7. The use of financial leverage by a firm may
b. short-term rates exceed long-term rates, and be measured by the
the Federal Reserve is following an a. ratio of debt to total assets
easy monetary policy b. firm’s beta coefficient
c. long-term rates exceed short-term rates, and c. firm’s retention of earnings
the Federal Reserve is following a d. ratio of the price of the firm’s stock price to
tight monetary policy its earnings
d. long-term rates exceed short-term rates, and 8. Which of the following is an example of a
the Federal Reserve is following an depreciable asset?
easy monetary policy a. Land
3. What does the market price of a bond b. Cash
depend on? c. Accounts receivable
a. The coupon rate and terms of the indenture d. Equipment
b. The coupon rate and maturity date 9. As the debt ratio increases,
c. The terms of the indenture, and maturity a. fewer assets are debt-financed, and the ratio
date of debt-to-equity increases
d. The coupon rate, terms of the indenture, and b. fewer assets are debt-financed, and the ratio
maturity date of debt-to-equity decreases
4. While bond prices fluctuate, c. more assets are debt-financed, and the ratio
a. yields are constant of debt-to-equity increases
b. coupons are constant d. more assets are debt-financed, and the ratio
c. the spread between yields is constant of debt-to-equity decreases
d. short-term bond prices fluctuate even more 10. The net asset value of a mutual fund
5. If interest rates rise, the price of preferred investing in stock rises with
stock a. higher stock prices
a. is not affected b. lower equity values
Composed by: - PIYUSH R SAHAY

Asst. Professor/St. Xavier’s College, Patna /PIYUSHRSAHAY@GMAIL.COM
YEAR—2018
c. an increased number of shares d. $25

d. increased liabilities 17. Equity does NOT include
11. What do activity ratios measure? a. cash and paid-in capital
a. How rapidly assets flow through the firm b. common stock and paid-in capital
b. How frequently the firm’s stock is traded c. paid-in capital and retained earnings
c. The employee turnover rate d. common stock, paid-in capital and retained
d. The profitableness of accounts receivable earnings
12. What is a call? 18. What is the price of a stock estimated to
a. An option to sell stock at a specified price pay a dividend of $.60 next year, if the
b. An option to buy stock at a specified price dividend growth rate is 5% and the
c. An option to sell stock on a specified date appropriate discount rate is 8%?
d. An option to buy stock on a specified date a. $18
13. Which of the following is on the horizontal b. $19
axis of the Security Market Line? c. $20
a. Standard deviation d. $21
b. Beta 19. Corporate bond indenture agreements
c. Expected return often specify each of the following EXCEPT
d Required return a. bond call provisions
14. You own a large orange grove and will be b. sinking fund requirements
harvesting from November through April. To c. restrictions on the corporation’s divided
hedge against payments
price risks you should d. assets on which debenture issues are
a. sell orange juice contracts with a November collaterized
delivery 20. If you were confident that the price of
b. buy orange juice contracts with a November stock X would drop dramatically within two
delivery months, which of the following investment
c. sell orange juice contracts with delivery dates transactions would yield the highest return on
between November and April your investment?
d. buy orange juice contracts with delivery a. Purchase stock X
dates between November and April b. Sell stock X short
15. Financial leverage may increase a c. Purchase a call on stock X
corporation’s risk because d. Purchase a put on stock X
a. operating income may stabilize 21. Which of the following choices describes a
b. the firm has fixed obligations to meet traditional IRA?
c. more common stock is outstanding a. A tax-deferred retirement account for
d. dividends must be paid individuals not covered by a corporate pension
16. What is the value of a call on the expiration plan
date, if on that date the price of the stock is b. A taxable retirement account for individuals
$25 and the exercise price is $26? not covered by a corporate pension plan
a. $-1 c. A means to generate tax-free income
b. $0 d. A means to increase current income
c. $1
1. b 2. a 3. d 4. b 5. c 6. b 7. a 8. d 9. c 10. a 11. a 12. b 13. b 14. c 15. b 16. b 17. a 18. c 19. d 20. d
21. A

YEAR—2018
A. What does the market price of a bond depend on?

a. The coupon rate and terms of the indenture
b. The coupon rate and maturity date
c. The terms of the indenture, and maturity date
d. The coupon rate, terms of the indenture, and maturity date
B. The net asset value of a mutual fund investing in stock rises with
a. higher stock prices
b. lower equity values
c. an increased number of shares
d. increased liabilities
C. What do activity ratios measure?

a. How rapidly assets flow through the firm
b. How frequently the firm’s stock is traded
c. The employee turnover rate
d. The profitableness of accounts receivable
D. Which of the following is on the horizontal axis of the Security Market Line?
a. Standard deviation
b. Beta
c. Expected return
d Required return
E. What is a call?
a. An option to sell stock at a specified price
b. An option to buy stock at a specified price
c. An option to sell stock on a specified date
d. An option to buy stock on a specified date
F. Which of the following is an example of a depreciable asset?

a. Land
b. Cash
c. Accounts receivable
d. Equipment
G. If interest rates rise, the price of preferred stock

a. is not affected
b. rises
c. falls
d. may rise or fall
H. Efficient frontier comprises of

a) Portfolios that have negatively correlated securities
b) Portfolios that have positively correlated securities
YEAR—2018
c) Inefficient portfolios
d) Efficient portfolios
I. Capital market line is:

a) Capital allocation line of a market portfolio
b) Capital allocation line of a risk free asset
c) Both a and b
d) None of the above
J. CAPM accounts for:

a) Unsystematic risk
b) Systematic risk
c) Both a and b
d) None of the above
Section – B
SHORT ANSWER TYPE QUESTIONS:

This contains 4 Marks Each
1. State the economic and financial meaning of investment. What are the risks associated with investment
in stock market?
2. What is SML? How is SML different from CML?
3. Explain in details fundamental analysis. How is fundamental analysis different from technical analysis?
4. What do you understand by EMH? Distinguish between the three levels of market efficiency.
5. Name the different types of Mutual Fund Schemes available. What are advantages and disadvantage of
investing through mutual funds?
6. Distinguish between primary and secondary market. What are the major roles of stock market regulator
for these markets?
7. Explain multifactor model of portfolio. Which are the major factors in the model?
8. Mention different types of debentures.
9. Mention two distinctions between shares and debentures.
10. Why company may prefer financing through debentures
11. What is convertible debenture?
12. What are the sources of internal financing?
13. What is ploughing back of profits.
14. What is factoring?
15. What is sans recourse factoring?
16. What is Trade Credit?
17. Expand ICRA and CRISIL and NSDL
18. Explain key Role of financial analysis
YEAR—2018
19. Why was money a time value?

20. Why the present value of money is high?
21. Define and distinguish between FV of money and PV of money.
22. Explain the procedure to calculate the present value of a series of cash flows.
23. Explain the techniques of time value of money.
24. Calculate the future value when 10,000 is invested for 5 years and interest on it is compounded at 10%
half yearly.
25. How do you classify source of finance?
26. Classify the source of finance according to period and ownership.
27. Define a share and mention types of shares.
28. What is sweat equity?
29. What is no par stock?
30. What is preference shares?
31. Mention different types of preference share.
32. Give two merits of raising funds through equity shares.
33. Give two merits of issuing pref. shares
34. What is debenture?
35. What is deep discount bond?
36. “Equity shareholders provide risk capital” – comment
37. What are preference shares ? How do they differ from equity Shares?
38. What are debentures ? How do you distinguish between shares and debentures.
39. What is factoring ? Write its merits and demerits?
40. What is factoring ? What are the functions of factoring ? Mention various types of factors.
41. What is ploughing-back of profit? Mention its merits and demerits.
42. What are the different sources of long-term financing ? explain them briefly
43. Define Style of Management.
44. What is Risk in investment market?
45. What is SML?
46. How nature and style of management affects investment market decisions of any investor.
47. Discuss the key role of financial analysis in security market.
48. Define optimum Portfolio under modern portfolio theory.
49. Illustrate the key difference between individual and institutional investor.
50. Discuss the general consideration of economic analysis.
Section – C
LONG ANSWER TYPE QUESTIONS:
This contains 12 Marks each
1. Define Fundamental Analysis? Explain the concept and significance of economic Analysis.

YEAR—2018
2. What is Ratio Analysis? Discuss the merits and demerits of ratio analysis.
3. What are derivatives? Explain concept and characteristics of FUTURE contract?
4. Explain the benefits and limitations of CAPM.
5. Define CAPM. Write on its assumptions.
6. Write on Arbitrage Pricing Model.
7. Define Arbitrage Pricing Theory.
8. What is the need for portfolio revision?
9. What are the portfolio revision strategies?
10. Write on portfolio revision practices.
11. Write about the constraints in portfolio revision.
12. What are the basic assumptions and ground rules of formula plans?
13. Write a short note on constant dollar-value plan.
14. What do you understand by dollar cost averaging?
15. Why should capital markets be efficient?
16. Explain overall efficient market hypothesis (EMH) and the empirical tests of the hypothesis into three
sub-hypotheses.
17. Write on efficient frontier (i) risk-free and (ii) risky lending and borrowing.
18. What are the tools of evidence for market efficiency?
19. What do you mean by leveraged portfolio?
20. Write on weak-form and the random walk.
21. Explain testing market efficiency.
22. Why are considerations of time important in financial decision making? How can time be adjusted.
23. Critically examine the advantages and disadvantages of raising of funds by issuing shares of different
types?
24. What different forms of securities can limited company issue? Discuss their significance in detail in
relation to the financial structure of the company.
25. Give the meaning of preference shares and mention its various kinds. Write also its advantages and
disadvantages.
26. What is equity share? What are its advantages and disadvantages. Give the distinctions between shares
and debentures.
27. Explain clearing and settlement in the case of derivatives.
28. What are the factors have been driving the growth of financial derivatives?
29. Enumerate the basic difference between a forward contract and a futures contract.
30. Write notes on SWOT Analysis.
31. Who are the major players in the futures market?
32. How are prices determined under futures contracts?
33. List out the simple strategies played in the futures market.
34. Explain return and risk characteristics of individual assets.
35. Write a note on expected return and risk of a portfolio.
36. What do you mean by portfolio selection problem?
37. Write on portfolio selection process that entails four basic steps.
38. Define optimal portfolio. How is it important in investment decisions?
39. Write on weak-form and the random walk.
40. Explain testing market efficiency.
41. Write a brief note on risk and investor preferences.
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42. What are the steps we take when selecting the best portfolio?
43. Write a note on simple Sharpe portfolio optimization.
44. Explain Markowitz model – the mean-variance criterion.
45. Explain the benefits and limitations of CAPM.
46. Define CAPM. Write on its assumptions.
47. Define Technical Analysis? Explain various techniques of technical Analysis?
48. Explain DOW Theory?
49. Explain Empirical Test? Illustrate Comparison of random walk, technical & fundamental analysis.
50. What is investment Management? Explain the philosophy of individual & institutional investors.
LONG ANSWER TYPE QUESTIONS:

This contains 12 Marks each
1. Discuss in detail the role assigned to SEBI in the development and regulation of capital market in India
and the problems facing it.
2. How would you measure Market Risk, Business Risk, Interest Rate Risk and Inflation Risk?
3. Using CAPM, how do you go about calculating risk premium for a given equity share. Elucidate.
4. What are. the basic assumptions of Arbitrage Pricing Theory? State its merits and demerits.
5. "In an efficient capital market, individual security prices fully reflect all available information". Discuss.
6. What do you mean by Company Analysis? What financial statements are helpful in understanding the
company's prospects?
7. Explain EMH in its various forms and state its assumptions and uses.
8. Explain 'Dow Theory'. How can it be used to determine the direction of the stock market?
9. Explain the Security Market Line with the help of a diagram. How does it differ from the Capital
Market Line?
10. What is Portfolio Theory? Explain the assumptions and principles underlying the portfolio theory.
11. As an investment consultant, what features would you suggest to be included in the investment
bunch of a client? Explain these features briefly.
12. Why does diversification lead to a reduction in unique risk? Explain both intuitively and
mathematically.
13. What is an income fund? Explain its objective and investment priorities.

YEAR—2018
14. Portfolios that buy new securities and sell old holdings frequently will outperform portfolios that are
managed more passively. Do you agree with this statement?
15. What does the efficient market hypothesis imply with respect to technical market analysis,
fundamental analysis, and portfolio policy of investors?
16. Based on the current theoretical and empirical development of APT, do you think that this approach
offers a practical alternative to the CAPM for individual investors?
17.What factors should be considered while revising a portfolio?
18 Explain any four of the following:

(a). Discuss the essence of Technical Analysis.(b). Define the efficient market hypothesis.(c). What is
meant by portfolio risk?(d). Discuss any two weakness of MARKOWITZ approach.
19. Explain:
(a). What is the significance of Beta in portfolio selection?(b). Mention any two assumptions used in
capital Asset Pricing Model.(c). What do you meant by risk less arbitrage opportunity?(d). Mention two
advantages of managed portfolios.(e). How do volume and breadth of market indicate the trend of the
market?20. “Option and futures are zero-sum games”. What do you think is meant by this statement?
21. What factors are important in determining the investment appeal of warrant?
22. Discuss the various types of charts used by chartist to predict the prices and volumes for their
analysis of individual stocks.
23. Does the Random Work Theory suggest that rice levels are random? Explain.
24. Define the Efficient Market Hypothesis in each of its three forms. What are its implications?
25. Explain how the efficient frontier is determined using Markowitz approach.
26. Under the CAPM, what is the efficient set called? If there is buying and selling of a risk-free Asset,
what happens to the efficient set.
27. What are the advantages and disadvantages of the Arbitrage Pricing Theory over the Capital Asset
Pricing Model?
28. Discuss the Main guidelines given by SEBI for mutual funds?
29. What is meant by mutual funds? Explain its types.30. Explain:a) Mention the two primary objectives
of investment.b) Explain the process of investment undertaken by the investor.c) What do you mean by
economic forecasting?d) How is the economic growth related to stock prices?e) Why is industry analysis
important?f) What is SWOT analysis?
Q31. What are the basic assumptions and limitations of CAPM model?
Q32. List down any five differences between futures contract and forward contract.
Q33. Explain the modern approach in the construction of the portfolio.
Q34. Discuss the scope of index futures in Indian capital market.
Q35. How does technical analysis differ from the fundamental analysis?
Q36. How do volume and breadth of the market indicate the trend of the market?
Q37. What are point and figure chart, and how it is used?
Q38. Explain the strong form of market efficiency with empirical evidences.
Q39. Carry out SWOT analysis for any industry of your choice.
Q40. Explain the factors that have the most significant effect on the industry’searnings.
YEAR—2018
Q41. Outline the basic characteristics of an investment programme.

Q42. Investment and speculation are somewhat different and yet similar in certainrespect. Explain.
Q.43 Explain : a) Mention the significance of ratio analysis.b) What do you mean by bar charting?c)
Explain random walk hypothesis.d) Mention two objectives of Dow Theory.
44. "No Investment Decisions are made wiihout calculating risk." Do you agree ? As an Investment
Manager of a firm, discuss the various steps involved in the investment decision making process.
45. What are the various methods of floating the new issue ? Discuss the roles played by the
Underwriter and the Bankers to the issue.
46. Vamsi is considering the purchase of a bond currently selling at Rs. 878.50. The bond has four years
to maturity, face value of Rs. 1,000 and 8% coupon rate. The next annual interest payment is due after
one year from today. The required rate of return is 10%.(i) Calculate the intrinsic value (prerent value) of
the bond. Should Vamsi buy the bond ?(ii) Calculate the yield to maturing of the bond.
47. Explain fully the role played by the SEBI in the securities market as a regulator and as a developer of
the capital market.
48. What are the major criticisms of the technical analysis ? Do the technical analysis and the
fundamental analysis give complementary information about securities for making informal decisions ?
Explain.
49. Explain
a) Explain briefly capital Market line.
b) Explain the process of calculating the portfolio return.
c) What is meant by security market line?
d) Distinguish between put and call options.
e) What are the basic features of futures
50. Discuss the Markowitz Theory of Portfolio Selection. How does Markowitz Theory help in planning
an investor's portfolio ?
51 An aggressive Mutul Fund promises an expected rate of retum of 18% with a standard deviation of
22%. On the other hand, a conservative mutual fund promises an expected rate of return of 16% and
fluctuations of 13%.(i) In which of the funds would you like to invest ?(ii) Would you like io invest in both
the funds ?(iii) If you can borrow money from you provident fund at an opportunity cost of 15%, in
which fund would you invest your money ?
52. Explain the concept of 'Mutual Fund'. What factors should be considered before selecting a Mutual
Fund ? Discuss the present state of the Muiual Funds in India and outline the risks involved in investing
in Mutual Funds.
53. What is Technical Analysis ? Explain it's limitations.
54. Distinguish between Bond and Debenture. 55 What are the various types of risk in portfolio
management ? Also discuss relationship between them.
56 What is importance of diversification in portfolio management
57.(a) Define efficient market hypothesis in each of its its three forms.(b) Explain in detail Random Walk
Theory.
58. Explain connectivity between primary market and secondary market.
59. Distinguish between capital market line and security market line.
60 (a) Explain in brief various intermediaries of financial market and in detail explain "Broker" and
different types of broker.(b) Role of underwriters.
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61 A bond has a remaining maturity of 5 years. It pays a coupon of 8% annually for first two years and
10% for next three years and is currently trading at Rs. 140. If Mr. X expected yield is 10%, calculate
price of the bond of maturity if it redeemed at a premium of Rs. 2. Should Mr. X buy these bonds at Rs.
94 ?
62. What is the value of zero-coupon bond that has 10 years remaining to maturity and has yield to
maturity of 10% and when we know that half of the face is redeemed after 5 years.
63. List out various investment options ? Explain any five of them in detail.
Q.64 Explain: (a) Dow theory(b) Odd lot trading(c) Point and Figure charts(d) Serial bond(e) Superfluous
Diversification(f) Market Risk65.(a) What are the two major types of information necessary for security
analysis(b) What are the features of preference shares.
(c) . What do you mean by underwriting.
66(a). What do you understand by fundamental approach to security analysis (b) . Explain the three
types of trends in stock prices(c). What do you infer from the moving average theory of technical
analysis
67. (a) . What is an index fund.(b) What is the difference between SML AND CML.(c). What is
demutualization of stock exchanges
68. As an investment advisor what features would you suggest to be included in the investment bunch
of a client explain the features briefly.
69. security analysis requires as first step the sources of information on the basis of which analysis is
made. What are different types of information used for security analysis
70. Who are the key players involved in the new issues market.
71. What are the objectives and functions of SEBI
72. Industry life cycle exhibits the status of the industry and gives the clue to entry and exit for investors.
Elucidate.
73. How does ratio analysis reflect the financial healthof a company.
74. How would you use ROC to predict the stock price movement . kindly elucidate with example.
75.Chart patterns are helpful in predicting the stock price movement comment.
76. What are the basic assumptions of CAPM. What are the advantages of adopting CAPM model in the
portfolio management.
77. What factors might an individual take into account in determining his or her investment policy?
Distinguish between technical and fundamental Security Analysis.
78. Discuss why the concepts of covariance and diversification are closely related.
79. Assume the two securities, A and B, constitute the market portfolio. Their proportions and variances
are .39, 160, and .61, 340, respectively.The covariance of the two securities is 190. Calculate the betas of
the two securities.
80. How would you expect yield spreads to respond to the following macroeconomic events: recession,
high inflation, Tax cuts, Stock Market decline, improved trade balance? Explain the reasoning behind
each of your answers.
81. How would an increase in the perceived riskiness of a common stock’s future cash flows affect its
price-earnings ratio? Explain intuitively and Mathematically.
82. Give an example of an industry you feel has positive competitive conditions for your selection as an
industry to invest in. Why have you selected this industry?
YEAR—2018
83. A ratio spread amounts to buying a call option and selling two call options. The exercise price of the
option purchased is loss than that of the two options sold. How does this strategy differ from a more
regular bull or bear spread?
84. Analysis of mutual fund performance has been extensive. What does the evidence indicate about the
ability of mutual fund managers, as a group, to produce positive abnormal returns consistently?
85. Explain any FOUR of the following: (a) Zero Coupon Bonds.(b) Yield-to-maturity.(c) Underwriters(d)
Technical Analysis(e) Sweat Equity.(f) Return on equity
86. What is meant by fundamental analysis? How does fundamental analysis differ from technical
analysis?
87. Explain the Sharper Index Model? How does it differ from Markowitz model?
88. Explain CAPM theory and its validity in the stock market.
89. What are the statistical tools used to measure the risk of securities return? Explain.
90. Discuss the relationship between fundamental analysis and efficient market hypothesis.
91. The Company ABC’s next year dividend per share is expected to be Rs.3.50. The dividend in
subsequent years is expected to grow at a rate of 10% per year. If the required rate of return is 15% per
year, what should be its price? The prevailing market price is Rs.75.
92. The following information is available.Stock A Stock BExpected return 16% 12%Standard deviation
15% 8%Coefficient of correlation 0.60.(a) What is the covariance between stocks A and B?(b) What is
the expected return and risk of a portfolio in which A and B have weights of 0.6 and 0.4?
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93. Define Risk. What are different types of risks ? Explain the methods of risks handling.
94. Explain briefly the functions of the Stock Market in India. Critically evaluate the role of SEBI as stock
market developer and regulator.
95.Define Industry Analysis and bring out its relevance for selecting equity snlares for investment.
96. Why should an investor include non-security forms of investment in his portfolio ? Outline the
various investment avenues in the Indian Money Market.
97. What is the risk of a Portfolio ? Under what conditions can the portfolio risk be minimized ?
98.What is efficient frontier ? Explain about the capital market line and choice of an optimal portfolio, if
borrowing rate is allowed to exceed the lending rate.
(b) A security pays a dividend of Rs. 385 and currently sells at Rs. 83. The security is expected to sell at
Rs. 90 at the end of the year. The security has a beta of 1.15. The risk free rate is 5 per cent and the
expected return on market index is 12 per cent.
Assess whether the security is correctly priced.
99. What are benchmark portfolios ? How are they used to evaluate the performance of a portfolio
manag er ? Discuss with suitable examples.
100 . Write short notes on any FOUR of the following :

(a) Agency Cost
(b) Dow Theory
(c) E.l.C. Approach
YEAR—2018
(d) Filter Test

(e) Market Breadth Index(f) Technical Analysis
101. “Investment is nothing but Risk taking” justify this statement with example. How such Risk can be
mitigated?
102. Explain the concept of CAPM (Capital Asset Pricing Model) with the help of suitable diagram.
103. What is Portfolio Management? Explain the positive and negative effect of Portfolio Investment?
104. Define Investment? Mention its objective and Features. Discuss the different avenues available to
an investor for making investment.
105. Write short Notes (Any two)
a) Fundamental analysis
b) Efficient Market Hypothesis
c) Capital market Line
d) 6 principles (tenets) of Dow theory


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Course/semester: BBA Semester–V | Course Code: BBA 503

Name of the Paper: Security analysis and portfolio Management

SECURITIES ANALYSIS & POTFOLIO MANAGEMENT

This contains Objective Questions of 2 Marks each

Composed by: - PIYUSH R SAHAY

c. an increased number of shares d. $25

Composed by: - PIYUSH R SAHAY

A. What does the market price of a bond depend on?

C. What do activity ratios measure?

F. Which of the following is an example of a depreciable asset?

G. If interest rates rise, the price of preferred stock

H. Efficient frontier comprises of

I. Capital market line is:

J. CAPM accounts for:

SHORT ANSWER TYPE QUESTIONS:

19. Why was money a time value?

Composed by: - PIYUSH R SAHAY

LONG ANSWER TYPE QUESTIONS:

Composed by: - PIYUSH R SAHAY

17.What factors should be considered while revising a portfolio?

18 Explain any four of the following:

Q41. Outline the basic characteristics of an investment programme.

100 . Write short notes on any FOUR of the following :

(d) Filter Test

Composed by: - PIYUSH R SAHAY

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