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Question 810 s- m7 j7 x1 d( i y- o# O* j
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Capital market theory is least likely to assume that:
2 ]2 Y9 p* Q* _" m8 |7 w; T" [A) investors can lend any amount of money at the risk-free rate.
1 U0 }- r1 f9 Z% v) p. uB) all investors desire to be the same location on the efficient frontier.5 a% P8 R0 ]% H n& j
C) all investors have the same one-period time horizon.
1 h* Z1 h m5 v# v: LD) it is possible to buy or sell fractional shares of an investment. N; M I- J$ {: u( u( l
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答案和详解如下：
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Question 820 Q& W% h7 N- W) H/ F) s
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
9 g) ?. g/ i5 J$ [7 o# `RF = 8%
0 ]# C0 R- M( C! L5 M- H# N5 tERM = 16%: c3 @1 ^9 J+ P, e
Beta = 1.7
7 h& k1 \& [& w8 d/ tShould the investor purchase the stock?4 d. R# N M4 T- r7 I, e. a8 E
A) No, because it is undervalued.
: E5 \" B4 x' Y8 X( {4 }$ @( r4 y8 SB) Yes, because it is overvalued.: W9 A0 ~4 z$ ]3 f7 u
C) No, because it is overvalued.
2 C6 m6 k. |6 p4 U2 ]D) Yes, because it is undervalued.
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答案和详解如下：& ~- ?: E5 l/ P4 s# s" U
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9 [+ x9 d/ ]. TQuestion 83
7 P" n' i7 l0 H. ?7 x) jThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:( Q2 C3 K$ W) r( E2 @8 S% X/ u2 A" ~, X
A) divided by the product of the assets’ standard deviations of returns.
/ `5 Y( S! _; }4 l/ uB) multiplied by the product of the assets’ variances of returns.
?* E5 `4 I2 s8 a: FC) multiplied by the product of the assets’ standard deviations of returns.
: H# s9 I* ]9 A5 ^1 I- uD) divided by the product of the assets’ variances of returns.7 {1 g t$ h( `
8 z7 u' R2 e) P4 u; |+ ?答案和详解如下：
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Question 840 s8 G9 P7 U+ Y; @3 a, A
X/ o1 O+ P3 M( x# x& J! RDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:" ?* o* Z0 L5 P1 V% C5 w0 t
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.$ `+ C- w# k; I$ x5 D5 e
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.* m' \6 T% A( O+ K) v# r
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.3 ]; @$ h6 \) ]4 \- V/ K3 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.
3 @- Z+ b& n! aTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
/ v1 W( V# n5 u( ?+ @" `A) liquidity needs.
: e, |# n/ W: z& C7 jB) legal and regulatory factors.
2 h2 B9 r$ n2 z- k5 }C) unique needs and preferences.) v( g& u4 S. F: ^
D) tax concerns.
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答案和详解如下：, K( W# T" L. z: }
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% a2 Z! z1 \4 A7 R) V; U4 iQuestion 85+ G$ X, s( L! y/ K8 F |+ o
. D. Y, H7 Z2 y% ?1 ^6 v+ EWhich of the following statements about short selling is least accurate?: _3 s6 Z9 D: } \
A) A short sale involves securities the investor does not own.8 D4 B' G! v$ u% j
B) A short seller loses if the price of the stock sold short decreases.1 n) Z8 b. ~2 i% @
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.& @+ {9 S1 D5 ?$ M' Z# z, B# x" i
D) A short seller is required to set up a margin account., t- c2 b9 o& l: f$ V! _9 }4 D
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答案和详解如下：! E0 x" ~+ Y6 ^# P6 l
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
