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[Level 1] CFA Level 1 - 模考试题(1)(PM) Q81-85

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发表于 2015-7-20 09:00:07 | 显示全部楼层 |阅读模式
Question 81& x4 V/ b; S: J$ f" x

! b9 ~2 `+ D. B6 `Capital market theory is least likely to assume that:
  G! G2 D6 L$ r( C. e4 gA)    investors can lend any amount of money at the risk-free rate.
+ W+ V; P, L+ u0 C! EB)   all investors desire to be the same location on the efficient frontier.! M3 u6 m9 W/ E9 b8 C: R3 G
C)   all investors have the same one-period time horizon.6 l& c& u# A. I1 ]
D)   it is possible to buy or sell fractional shares of an investment.
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: k+ Y" H  \8 \) X8 o6 }4 z答案和详解如下:1 B: O  ~& `9 D" s; _( `* |2 M
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  l9 @& c5 Q) C: t7 dQuestion 823 B; O; Z$ d6 c
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:, v/ H. _: @- F/ {9 o- m
RF = 8%
9 @6 U; B( }6 b$ U1 Q/ E0 aERM = 16%( f2 `/ q  z& W9 h( p
Beta = 1.7
3 t! e) x+ Y! @9 v9 Y) ?Should the investor purchase the stock?/ \& _. t) y3 Y" x
A)    No, because it is undervalued.
, Z& a+ Y  }) LB)   Yes, because it is overvalued.
8 Y$ A7 y1 x: ~3 r9 L. }C)   No, because it is overvalued.# `0 o' N8 Z/ H# c5 F
D)   Yes, because it is undervalued.
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答案和详解如下:
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4 F& @4 L% L6 T- Q* {Question 83
+ @( ?5 _) G6 Z  D- ^8 ]The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
1 G8 Z1 o3 T  [5 DA)    divided by the product of the assets’ standard deviations of returns.& o% r( l& S* l/ u* u$ `
B)   multiplied by the product of the assets’ variances of returns.
$ n( ]9 d1 }0 v7 D+ `) iC)   multiplied by the product of the assets’ standard deviations of returns.
% Z& @3 C% s# @D)   divided by the product of the assets’ variances of returns.2 \% M, Q! ]( n

  t2 T, s4 m, M! b2 s1 t1 g+ W9 b5 O答案和详解如下:
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Question 84  }) R0 W$ f! B& j

3 Z: _7 c  t" d. T2 KDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
& L# m( ^$ n4 w! p5 n" _, DCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.7 [2 g' O) m# a7 h  t
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.2 D7 O8 Z, ]- d; C0 g% ~
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.: E$ F; {5 g$ v; p7 b# n! d! ~) w
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.
( G7 p$ V, }' ATo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:/ v5 g+ p% L" g6 H8 Q" q4 T
A)    liquidity needs.  M! a+ r+ [6 _& h1 N, X0 E* ~
B)   legal and regulatory factors.
( a7 D) {9 l2 y9 e& UC)   unique needs and preferences.' Z& h' X& a. K! b, k( l
D)   tax concerns.
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' ?9 L( {$ j/ y& q答案和详解如下:5 i8 `) a8 J5 }6 \
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& G6 n  H- }2 AQuestion 85
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Which of the following statements about short selling is least accurate?: z. g8 }- ~5 W' u
A)    A short sale involves securities the investor does not own.  J/ W7 W# Q9 y$ O7 j0 {
B)   A short seller loses if the price of the stock sold short decreases.
& V9 e6 C  V$ [C)   If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.4 f  f1 J4 }( f" X: m/ n, G
D)   A short seller is required to set up a margin account.7 |5 v% J" }% ^$ N; a0 _+ U. b" Y

  q2 D" I+ k5 M. N* X( l答案和详解如下:
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发表于 2015-7-24 06:56:13 | 显示全部楼层
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发表于 2015-7-25 16:24:18 | 显示全部楼层
感谢 thanks
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发表于 2015-7-26 06:25:59 | 显示全部楼层
thanks so much
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发表于 2015-7-26 15:49:51 | 显示全部楼层
好东西一定要看看!
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发表于 2018-4-17 08:57:41 | 显示全部楼层
看看看看看看看看看看
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发表于 2018-6-26 13:38:42 | 显示全部楼层
谢谢楼主谢谢楼主
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发表于 2018-7-9 14:42:34 | 显示全部楼层
12131212312313
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发表于 2018-9-12 15:55:54 | 显示全部楼层
特别感谢111
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发表于 2018-10-29 16:52:06 | 显示全部楼层
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