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38. Active management of bond portfolio e all of the f A. replicating an index B. selection of individual bonds C. selection of sectors D. performing credit analysis on bond issuers E. exploiting opportunities created by market inefficiencies 39. A futures contract iss A. a contract between a buyer and a seller in which the seller agrees to compensate the buyer for the future default of a referenced corporate bond B. a contract between a buyer and a seller in which the seller agrees to pay the buyer a lump sum at the future maturity of a referenced corporate C. a contract between a buyer (seller) and an established exchange or its clearinghouse in which the buyer bond (seller) agrees to take (make) delivery of an underlying asset at a specified price at the end of a designated period of time D. a contract that is traded over-the-counter in which the seller agrees to deliver a referenced asset to the buyer on a future date E. a contract that is an exchange traded instrument in which the buyer agrees to deliver a referenced asset to the seller on a future date Credit derivatives enable investors to: A. derive the duration of a bond based on the credit rating of a bond issuer 8. transfer the liquidity risk and call risk of a bond with low credit ratings to another party C. derive the price of a bond based on the credit rating of a bond issuer D. transfer the credit risk of a financial instrument or institution to another party E. derive the convexity of a bond based on the credit rating of a bond issuer 40. Relative value includes all of the following except A. the ranking of issuers in terms of their expected performance over some future time period B. the ranking of portfolio managers in terms of their expected performance over some future time period C. the ranking of credit sectors in terms of their expected performance over some future time period D. the ranking of bond issues in terms of their expected performance over some future time period E. the ranking of bond structures in terms of their expected performance over some future time period 41. 42. The top-down approach to portfolio management: A. begins with the selection of bond issuers in a particular corporate sector B. begins by selecting individual corporate issuers that are expected to outperform their peer groups C. begins with credit analysis of the issuers that have been assigned the top credit ratings from rating agend D. begins by selecting bond issues that are expected to outperform their peer groups E. begins by creating a macroeconomic outlook and making asset allocation decisions based on that outloo