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Question 81
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0 D- S3 \; p0 DCapital market theory is least likely to assume that:* l2 T" O$ y* `* _" }) _
A) investors can lend any amount of money at the risk-free rate.
1 J9 p9 b/ }% _% r7 S' v& TB) all investors desire to be the same location on the efficient frontier./ s* o1 p# C( m6 ?) m* _
C) all investors have the same one-period time horizon.
8 {8 G0 a! R$ x4 v5 A: e" L6 jD) it is possible to buy or sell fractional shares of an investment.+ @7 C' u; i2 @7 N* Q
0 ?% E5 b) w4 O$ k7 d2 M$ ^3 @+ G# `答案和详解如下:/ f/ b9 f3 q1 ?1 P8 T, r, n
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- }( ~$ {) s" \% |Question 824 H' T# y& e( v
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
2 m: l% c5 ^0 B) l2 v0 k1 ?( C" [RF = 8%1 D8 H7 D( j: t
ERM = 16%) _, h0 T( K- I/ O5 {" p! T+ }' b4 }
Beta = 1.79 N! }, u4 x6 u
Should the investor purchase the stock?4 m0 s% @# ^) z2 e* u' q
A) No, because it is undervalued.2 \' R! k' u2 F) _+ E a7 Q7 r
B) Yes, because it is overvalued.8 a: T7 G1 J. s
C) No, because it is overvalued.# @! {9 _ Y* c6 ]+ |9 m
D) Yes, because it is undervalued.
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答案和详解如下:1 r6 ~$ v t* V/ d/ z5 r% ]. P
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0 o% Q% c! N+ m, ?Question 83. X- z T$ X; ?. @9 r: g8 z7 u
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:3 ^1 B9 h7 y7 ^- ^; [! Q
A) divided by the product of the assets’ standard deviations of returns.1 d" j* n! i P5 o
B) multiplied by the product of the assets’ variances of returns.
, K+ H0 q% X) L O9 ~7 g Y+ E9 @C) multiplied by the product of the assets’ standard deviations of returns.5 i- n. P6 j0 @; z/ j8 u Q6 @
D) divided by the product of the assets’ variances of returns.. `: E0 X; {: {" T. p
' X( {0 X5 Z p% i* c+ b D答案和详解如下:% `& u3 e! Y; M7 r, ?2 a9 N" Q
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1 K/ X; ~/ a/ O/ l5 s/ CQuestion 84
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+ n" Q3 @* O; z1 w3 W7 LDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
0 `$ y- ]- h8 ~4 f% g% gCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
! R% a% R1 c/ O7 f1 o3 W( _Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
`% R: w, f) z. M8 A, X' }3 \9 N5 kCardinal, 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.4 S% ^* e8 P7 K7 y8 m8 j; A
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.* t. x) ^) z3 A
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:1 o" c+ i) H5 k( S8 U1 m
A) liquidity needs.
$ Y2 b9 p2 V& x3 e4 ]( p7 d: R9 L7 EB) legal and regulatory factors.; ~) o. J# K& h; V% I# k8 B
C) unique needs and preferences.# ]$ t/ d; `3 A! A7 h
D) tax concerns.6 [' `" {2 k. L+ p5 M" x0 K8 E
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答案和详解如下:
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- C P, h* l3 Y4 {( d: M7 F$ vQuestion 85! {- b1 N* f& h) M2 @% Q& h9 {
5 ]: V/ q0 j$ B3 X8 h& gWhich of the following statements about short selling is least accurate?* H8 v1 B+ ]" `6 f
A) A short sale involves securities the investor does not own." ^, {- _1 |* n/ N6 l. y8 p4 j6 A
B) A short seller loses if the price of the stock sold short decreases.4 }7 r3 R; Q; N4 I
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock./ ^2 S+ }! L- ~" ^( E* v
D) A short seller is required to set up a margin account.
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答案和详解如下:
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