CFA Level 1 － 模考试题(1)(PM) Q81-85

catherine

Question 81
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/ Y  [% d, @1 M* K2 C- uCapital market theory is least likely to assume that:
A)    investors can lend any amount of money at the risk-free rate.
; e# s0 J; U. f+ V- s) v; ~/ PB)   all investors desire to be the same location on the efficient frontier.
C)   all investors have the same one-period time horizon.
9 X, ~# }5 u. P: a) T. WD)   it is possible to buy or sell fractional shares of an investment.
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Question 82
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:
$ K; Z2 l, z' n4 B2 v( [* [5 w+ gRF = 8%
ERM = 16%
! N: A0 K, S& P. g( i" h# Y) nBeta = 1.7
Should the investor purchase the stock?
) L0 a1 m/ S5 h2 t- NA)    No, because it is undervalued.
: i& n) h% @" a, \6 ^0 _" ^B)   Yes, because it is overvalued.
C)   No, because it is overvalued.
4 G! U1 y' W7 d: `8 Z& h, j1 JD)   Yes, because it is undervalued.
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答案和详解如下：
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Question 83
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
: x" t2 |- m% ]# i, @1 Y* rA)    divided by the product of the assets’ standard deviations of returns.
B)   multiplied by the product of the assets’ variances of returns.
7 j) y: d. |' P" e+ OC)   multiplied by the product of the assets’ standard deviations of returns.
D)   divided by the product of the assets’ variances of returns.

$ U5 e, E$ o' \3 g+ ?答案和详解如下：

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Question 84
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5 s7 ~1 g9 ]5 kDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
5 K' p8 z1 I& @& V4 D+ P; o$ zCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
4 q% ]! |- y  g1 S9 V7 aCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
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.
5 g& d5 l( ^2 P, l, ?) HCardinal 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.
/ o2 p6 E+ g" ~# \To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
A)    liquidity needs.
  V1 S) U$ T6 t9 U6 LB)   legal and regulatory factors.
C)   unique needs and preferences.
D)   tax concerns.
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5 p6 q  g7 R7 x: ]  ZQuestion 85
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) [. O" @) u. V5 T2 hWhich of the following statements about short selling is least accurate?
/ K  u: K& p+ ^$ f1 A* o' E1 e5 rA)    A short sale involves securities the investor does not own.
" z% _4 m* j! Q1 i! A$ L8 jB)   A short seller loses if the price of the stock sold short decreases.
C)   If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
D)   A short seller is required to set up a margin account.

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