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Question 81
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Capital market theory is least likely to assume that:+ x6 `6 S7 Q- K: m4 f
A) investors can lend any amount of money at the risk-free rate.- ^8 ]- ^ P1 U. ]$ e! @8 j" i
B) all investors desire to be the same location on the efficient frontier. p/ Y1 n$ Y! |3 [; Q/ v, U
C) all investors have the same one-period time horizon.
& e& [5 P9 @! n7 x. z, vD) it is possible to buy or sell fractional shares of an investment.
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答案和详解如下：
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4 M+ S# m( h! h& \: ^. v5 s" fQuestion 821 ^/ r0 _: m. _) ?
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:, q% q* d/ h/ z, {! t' M
RF = 8%% c6 @. b @* i9 u! p1 ^# V' e% }
ERM = 16%
3 c6 y9 e. L# Y6 l/ GBeta = 1.72 c V% c/ I! ]
Should the investor purchase the stock?
3 y$ s4 X2 P2 u) uA) No, because it is undervalued.
3 G4 m, p8 { V$ M3 u* `B) Yes, because it is overvalued.# q. q% k# h$ `. h
C) No, because it is overvalued.
1 m: D- H6 t4 QD) Yes, because it is undervalued.
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6 P6 z7 z+ j. g7 }答案和详解如下：
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* u6 I; j3 N- C# ~! zQuestion 83' ]9 M0 z# R7 M
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
2 D. B) U8 p* k' f! q# O6 aA) divided by the product of the assets’ standard deviations of returns.6 B, w" n) t5 h8 C% _& { x* s
B) multiplied by the product of the assets’ variances of returns.
/ @2 f# I1 E& h1 yC) multiplied by the product of the assets’ standard deviations of returns.
0 x+ ~$ _: [) X/ GD) divided by the product of the assets’ variances of returns.
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答案和详解如下：
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8 C" x4 r3 c8 v! `% EQuestion 84
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$ z0 f0 E* ~! X0 y+ qDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:' y0 a! t, o# R+ g( \& G' ]
Cardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.3 D! B! E$ u: `8 G6 U% L
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
5 E& p8 I+ ^2 I* sCardinal, as a registered securities representative, is required to have Samuel send a copy of his account statements to the compliance officer at Cardinal’s employer.1 C `/ B7 l# ~ e6 b C B
Cardinal opposes certain policies of the government of Lower Pannonia and does not wish to own any securities of companies that do business with its regime.
9 G7 k0 O+ B/ `) x' Y" OTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:+ y, l6 }: q3 d9 ~8 [% f
A) liquidity needs.
) z8 R- o3 Z. e# SB) legal and regulatory factors.
, M1 R2 ~) n* w3 MC) unique needs and preferences.
7 k; ] o q/ z8 w& zD) tax concerns.
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答案和详解如下：" |+ v2 t3 i4 g( E
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Question 85
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Which of the following statements about short selling is least accurate?
& r5 o/ t0 Q% E+ g, ~! T9 ]A) A short sale involves securities the investor does not own.
, k& ]# [' s+ b; \' j0 G0 z2 a9 fB) A short seller loses if the price of the stock sold short decreases.' E* V/ j# Z) I! f( ~+ E, f
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
+ X" _8 d2 f( [6 ZD) A short seller is required to set up a margin account.3 t! N& U. ]7 o2 F0 H
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答案和详解如下：
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
