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Question 81, {2 v( K/ v& l" Y
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Capital market theory is least likely to assume that:
* T4 u7 T6 e2 D6 FA) investors can lend any amount of money at the risk-free rate.
* T% q _' \' D, }; T3 ^' nB) all investors desire to be the same location on the efficient frontier.# ~8 U+ q5 j( s4 i' L4 J
C) all investors have the same one-period time horizon.
1 |- h6 w, N3 O& rD) it is possible to buy or sell fractional shares of an investment.: T. {. E5 N! ~+ B
0 U" _0 ^# [6 V1 F1 ?答案和详解如下：
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Question 820 R1 h3 ~. c: b% ^+ }1 `. z
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
& j" ~* v+ E7 z7 `9 M9 rRF = 8%
0 _* k6 _5 Z: z. a; H, qERM = 16%
* C4 w% G2 r5 g7 e9 w$ j3 sBeta = 1.7
Q8 |% D# M/ ?+ RShould the investor purchase the stock?4 T, N+ p$ K A: J6 @2 s/ |
A) No, because it is undervalued.2 V* X L/ c4 D0 x$ R" J. k0 J0 q# d
B) Yes, because it is overvalued.
/ l0 b/ ~5 o6 tC) No, because it is overvalued.# G V2 y1 H L
D) Yes, because it is undervalued.
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6 h# s0 v+ ~- l' T2 k o$ Z答案和详解如下：% \% L4 x6 o! w% n# \: c
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Question 83
! m3 P' @' e6 `$ e2 x$ aThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:" X+ A; I; a' A& C
A) divided by the product of the assets’ standard deviations of returns.
% v7 G, k+ c1 s7 ^/ UB) multiplied by the product of the assets’ variances of returns.0 Z4 Z- u5 _5 J, f
C) multiplied by the product of the assets’ standard deviations of returns./ M5 ^# F/ F$ j9 V+ y% a
D) divided by the product of the assets’ variances of returns.
# F, f2 {4 N% \: O: ?2 M, n5 N6 D
答案和详解如下：
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# n+ l8 |* F/ l1 LQuestion 84
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Davis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
/ o) @# i! g0 q m. i/ gCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.9 a1 G2 ^. h4 p! \/ \
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.$ x4 E j5 ]7 T3 K1 f
Cardinal, 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.
) {. ^- R5 q& O4 K) tCardinal 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.! X$ V$ |5 X/ r `/ c
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:. S* h9 Q/ z; e* O* _$ P6 p3 r
A) liquidity needs.6 j* C& C, v& c' \6 }4 C O1 k
B) legal and regulatory factors.: J) x6 ~4 h0 J
C) unique needs and preferences.5 R. k) b* c' A4 t+ |: M
D) tax concerns.
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答案和详解如下：& V0 o. m) z0 {7 Z# o# f: M
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! O9 F" H0 ]# W. M% Y5 Y( rQuestion 85
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$ p8 v3 D0 g: }/ Q2 L% OWhich of the following statements about short selling is least accurate?: B6 v3 r7 Q# K
A) A short sale involves securities the investor does not own.
! R' }: A- A. k3 y" k: q0 vB) A short seller loses if the price of the stock sold short decreases.$ J# `$ v- [3 c0 R6 k4 q. v
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
0 r0 l4 @# \% A: FD) A short seller is required to set up a margin account.
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7 |6 _1 y# ?# m- o% w答案和详解如下：$ ]/ V l$ [: X
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
