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Question 81
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Capital market theory is least likely to assume that:. W* w: `! `; q& C R
A) investors can lend any amount of money at the risk-free rate. N' x5 w' P- ]& j
B) all investors desire to be the same location on the efficient frontier.# u/ A2 k3 u* c6 E! H( C
C) all investors have the same one-period time horizon.
8 D+ ^& t, L" i* Y \' JD) it is possible to buy or sell fractional shares of an investment.3 e& I9 _. y! l2 M4 d5 v2 U# E z
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答案和详解如下：
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% a, D$ u( J2 i# H% L) Y( o6 eQuestion 827 D% S, x' `" ^! ~% ~. @( z% d! T
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
4 z; |! s( R( }6 i! ~' zRF = 8%$ N1 g" {1 W# r( V2 P, s) s
ERM = 16%
D4 H( j L3 ^! R& [' ABeta = 1.7
; ]; F, U" n# tShould the investor purchase the stock?
: e0 F) K( s. q4 wA) No, because it is undervalued.* ]. B! }; d# q9 o3 J$ H6 v
B) Yes, because it is overvalued.1 w! u) z. \8 D0 t
C) No, because it is overvalued.. \9 b' Q6 w) U7 M C6 o
D) Yes, because it is undervalued.
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答案和详解如下：5 |% n3 z& k; ~, v. y* U
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; x! h9 i8 i% R9 R1 EQuestion 83: t! z+ m! w( _1 P3 m$ G9 V# Y' a1 P
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:( O9 D i, |. i1 o, e/ ]) ~
A) divided by the product of the assets’ standard deviations of returns.
+ P* @) v |3 y9 Z% H: O9 c- xB) multiplied by the product of the assets’ variances of returns.
4 G2 l. ^: [" h6 W* W) |C) multiplied by the product of the assets’ standard deviations of returns.3 e: Q( S) f3 M5 g
D) divided by the product of the assets’ variances of returns.8 u8 h ]3 v/ K1 @4 e7 T/ o
S4 E7 M' h K/ f: [ C
答案和详解如下：. v4 E, h6 c. \1 O% @, ^" A
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Question 84$ L& U' ^; Z8 o, R0 f
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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:5 q: }9 V% }- M0 b
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.
+ [- N: v# K5 b! k: {+ qCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.0 g: j, u3 u, {
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.
+ P( W: Z* J$ 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.
f; C1 g9 ]8 i; B& d5 eTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
: ?- ^2 v0 B G# o9 fA) liquidity needs.: b# g: T/ v9 a7 g5 \$ m3 ?
B) legal and regulatory factors.
6 M; W; {# Y- W7 w+ {C) unique needs and preferences.: w5 x9 \) Y6 Y. v- z
D) tax concerns.
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答案和详解如下：+ r' N, {$ Q$ f. Z7 X2 f$ x
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Question 85 h2 v% e' `9 u( [% M/ Z! u7 M
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Which of the following statements about short selling is least accurate?
8 U# A' Q" g, ~& X- m5 BA) A short sale involves securities the investor does not own. d" Y) l% M% m$ E
B) A short seller loses if the price of the stock sold short decreases., l+ Z) [: Z( V+ M( U+ r* y
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
0 H7 w4 P, J1 d1 A7 wD) A short seller is required to set up a margin account.
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4 R& K$ z, N& d6 p ^$ ^+ t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
