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Question 81
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) p6 a2 @1 h4 p4 Y; J' O! C# _Capital market theory is least likely to assume that:2 ^& E; t- M! s
A) investors can lend any amount of money at the risk-free rate.
1 Z- f, a# I4 l$ R$ y" D. t$ zB) all investors desire to be the same location on the efficient frontier.
9 i8 z/ A+ Q4 u3 h/ y3 \$ iC) all investors have the same one-period time horizon." ?0 d5 v `9 t7 S
D) it is possible to buy or sell fractional shares of an investment.: X1 y* A9 f' [! |" ]
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答案和详解如下：( [. O V! [9 B, V
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. p) f) Q: K7 p$ m; S& ~Question 828 K; k, ?. m: ~; v% _& M$ ?: h
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
9 Z: }! S0 Q; HRF = 8%
6 y# D2 R9 L3 O/ tERM = 16%
0 u3 o4 M0 A& W. r/ u3 z o; [( iBeta = 1.7
4 U, m$ l) W/ a8 S0 [6 cShould the investor purchase the stock?
% N) k7 M* o2 _' UA) No, because it is undervalued./ U' s) J1 e I j( d. U; D
B) Yes, because it is overvalued.
3 q9 X% o4 O5 B+ U0 J5 g5 @! ^C) No, because it is overvalued.% Y* {" X' R: J; z, o9 I# C4 I
D) Yes, because it is undervalued.3 ~- K9 D7 Y0 ^/ l, x! _2 z$ k
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答案和详解如下：; a% i2 D2 y# z" A* G* s. y# w
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Question 83
( }# t. V6 i3 E9 s) \* u( YThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:" L6 }: \2 s# ~
A) divided by the product of the assets’ standard deviations of returns.
) K' S* n8 {! w% ?, oB) multiplied by the product of the assets’ variances of returns.6 u2 }/ m+ P3 p% d6 E
C) multiplied by the product of the assets’ standard deviations of returns.: b: j3 H* @2 S# L i9 s! g, x6 [6 T
D) divided by the product of the assets’ variances of returns.% w4 x6 a3 k: l/ }
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答案和详解如下：
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, p* r) _! Z" J! f/ lQuestion 842 d* [( l& `& [4 `8 N. K$ b. p
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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:( V0 V$ `. s* z6 H8 E& u
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.6 }& h. F/ C) }
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires." V0 R. r+ ]6 u5 g- W! Q
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& n3 s1 A7 P5 z) X; M- ECardinal 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.6 H, u4 S% C, i$ K
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:$ E4 F4 } j; g& l$ ^' G6 I( A! X
A) liquidity needs.5 D. W: C' x( w4 K$ k" ?
B) legal and regulatory factors.
$ Z& o g/ a( ^% x0 p; XC) unique needs and preferences.9 i$ Y5 a% `9 R9 j& L
D) tax concerns.. o3 r& }+ Y5 j0 T. ^4 @
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答案和详解如下：
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Question 85
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/ q" V, d7 H6 Y- x8 |2 E% {% _Which of the following statements about short selling is least accurate?
! u- y2 Q' d% t" eA) A short sale involves securities the investor does not own." \# k6 Y9 t! Y# ^' ]' P
B) A short seller loses if the price of the stock sold short decreases.
1 V% S& ?, ]2 O. `, }9 l" ^: P/ n6 rC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
0 m' l6 h. p, I1 DD) 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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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
