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Question 81
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Capital market theory is least likely to assume that:
% i6 N* J7 G( Y( K( o2 U, @) |A) investors can lend any amount of money at the risk-free rate.
X+ z1 d( d- hB) all investors desire to be the same location on the efficient frontier.
7 o* b$ Z( [" X8 cC) all investors have the same one-period time horizon.6 d& p, ]: r6 _! a4 Z. u
D) it is possible to buy or sell fractional shares of an investment.
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答案和详解如下:9 y* g: s6 `2 q e; h; u
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Question 82
8 z2 y, @( b# A8 {0 ^7 H# M) JAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
9 h9 b4 W1 ^5 J5 V: n" I iRF = 8%
2 r# m" x8 q! ~: e6 j& a' @ERM = 16% ?" O9 C8 l, }) }' }5 N5 g. Q0 A
Beta = 1.7
& S9 a; u( c! o8 ^" Y. i) xShould the investor purchase the stock?) S* n# W9 Q( S2 `
A) No, because it is undervalued.
2 R' l4 v0 ?6 q4 t6 q5 J. j; EB) Yes, because it is overvalued.
) V. z+ R2 y0 u" x" T' P. {- z5 SC) No, because it is overvalued.; `* F1 G9 U6 A e% M
D) Yes, because it is undervalued.
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* q6 f, I& G3 |8 A K% o) }答案和详解如下:% m% c! Y ]) }( O3 T f' \
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q7 X* i3 Y5 L K' u! N4 U$ ?Question 83" C o5 A2 E6 B, C7 u% f
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:5 O+ u* k0 O8 d M6 j5 Q
A) divided by the product of the assets’ standard deviations of returns.5 V' Y, e/ c% A$ N
B) multiplied by the product of the assets’ variances of returns./ m/ J9 P5 d. v. M/ D
C) multiplied by the product of the assets’ standard deviations of returns.
' U+ q5 A# ]% T) |$ C) a- O: I& ?D) divided by the product of the assets’ variances of returns.4 `, [) c- {# X4 ]% k
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答案和详解如下:& y( n& A+ k7 D& x* z: T4 d
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+ W, N) X+ q1 p# A5 k2 M! B8 wQuestion 84/ j& ^) }5 v# S
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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:# T7 |+ D* h3 r* y3 D. w! h
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.
* q- M3 z# @6 T! n( dCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires./ q/ s; N- o9 \
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.
! k7 y9 I( A7 m2 P+ m6 P6 cCardinal 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.
4 a* C2 F1 _* p5 _To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:6 ~; |. a! \" ]6 c/ k
A) liquidity needs.+ z6 E, f# b3 f1 ?& Y
B) legal and regulatory factors.8 Z# T+ d7 [: v: W( n" \
C) unique needs and preferences.
: ^( z% R# h) o, O0 r$ eD) tax concerns." Y% \3 R: K4 P; P \/ F( j2 C0 H
3 h- w/ w4 d1 Y答案和详解如下:+ H& q; g$ s1 q2 i
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Question 85
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! S3 U3 x1 @& ^+ f% P7 u' QWhich of the following statements about short selling is least accurate?
- l( u: c* Q# N0 g+ ?5 ~A) A short sale involves securities the investor does not own.
; Q: J3 q( @) a' i, mB) A short seller loses if the price of the stock sold short decreases.
' w% \; H! r9 B: s) wC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.1 R. D" E+ o! E: ~; q# D3 S* j( I
D) A short seller is required to set up a margin account.5 l+ p- b! M- v8 `. _! j+ x `. ^
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答案和详解如下:' `0 \9 ~$ ~$ q# [ l3 x+ n" B
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