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Question 81" q' Z; g* `; q/ F! m; U `
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Capital market theory is least likely to assume that:
) a) }) n6 U1 x3 \2 i4 {A) investors can lend any amount of money at the risk-free rate.- {: w5 v* c# U7 ?# ~
B) all investors desire to be the same location on the efficient frontier.
" `+ n) f; K7 S) q& {C) all investors have the same one-period time horizon.
& T( f T5 A, w8 t8 _1 XD) it is possible to buy or sell fractional shares of an investment.' L: @5 }2 R- D# u# V
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答案和详解如下：& t7 I: y# B3 L
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Question 82( t3 E& ?2 S2 ?# F# u
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:4 b0 H: l9 N5 E4 v7 j# J. `
RF = 8%
# ~2 X3 z- o: \. O- SERM = 16%1 Q# _- j/ B$ u. b5 Q! N
Beta = 1.7& v: D' l! o+ i6 |1 Y
Should the investor purchase the stock?
# ~0 B, u1 i2 l( IA) No, because it is undervalued.
5 a. @: x4 L+ N- ]% D& g. gB) Yes, because it is overvalued.
; V( @& E, H5 \; s# b T7 x. ~C) No, because it is overvalued.( c! j" ~& [1 h$ i6 `
D) Yes, because it is undervalued.
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答案和详解如下：
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Question 83
& j* U( U- t+ U) U2 W+ sThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
$ k; I# ^: Z9 @% R# o" eA) divided by the product of the assets’ standard deviations of returns.% `& ?, [: {! L% C4 A3 l
B) multiplied by the product of the assets’ variances of returns.
: z, V/ E4 e% M8 T$ I8 U2 U5 X, I3 gC) multiplied by the product of the assets’ standard deviations of returns.# M5 `- V1 l0 X" R& a8 _7 \
D) divided by the product of the assets’ variances of returns.
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% w7 ~3 [. P- P8 N' J答案和详解如下：
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& |' a- }. I- ^2 z+ \# _- SQuestion 848 u, W% U) E$ h7 |) B8 x
6 m6 K% O6 }* lDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:! x8 ^& D9 C' W( }9 ]; r7 m3 f1 h. x
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.
. G4 u" H- @6 t8 s5 {9 aCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
4 W# t8 d: s( O1 TCardinal, 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.
6 H0 I2 r8 ~/ kCardinal 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 a/ R/ y$ F2 \+ i, o; _& w A; ETo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
6 o+ F8 N0 h0 l BA) liquidity needs.4 h7 c. X" {6 C; s) ^, O x4 v
B) legal and regulatory factors.
9 L4 [3 v* ^5 |C) unique needs and preferences.5 ^& u7 z, u( n9 E9 I! j, D
D) tax concerns.
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4 y% h2 [( E+ N) G答案和详解如下：5 g9 u3 A6 S/ d8 T" O# ?
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+ k( \. l4 |8 C; T, s5 xQuestion 85
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Which of the following statements about short selling is least accurate?
. x u& n* c2 CA) A short sale involves securities the investor does not own.
^8 C2 d A& Q- |/ T9 hB) A short seller loses if the price of the stock sold short decreases.
3 q% y2 z' f7 S: g- BC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.5 `7 Y9 t3 s( T; F1 ]+ {
D) A short seller is required to set up a margin account.8 v( X$ i; v% E5 t! D
- x1 i# \- v7 m0 b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
