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Question 81& O7 b4 o j. s: r. v, I4 m
8 q. [/ T2 ]/ n9 CCapital market theory is least likely to assume that:3 `7 w' c' t" I" Y( a0 E
A) investors can lend any amount of money at the risk-free rate./ l$ r1 L* z. {0 B
B) all investors desire to be the same location on the efficient frontier., F" b2 J$ Q3 r$ H5 I T* Z5 }" I
C) all investors have the same one-period time horizon.: z, m. S- b5 V7 D+ T! A6 P
D) it is possible to buy or sell fractional shares of an investment.
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答案和详解如下：
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& t Z6 N+ n% ^Question 827 [# i4 ?3 I% I4 c' R! ?' l
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
; l8 H3 d/ K( p: Q) k9 YRF = 8%! H- t6 p4 s# f" ?7 Q' y# N
ERM = 16%3 ^9 r3 P! D7 D7 h% j
Beta = 1.7% B# A2 N& J" d- g: I: M1 D
Should the investor purchase the stock?
( F. u0 T# z8 g! R" O$ r% SA) No, because it is undervalued.. l1 J0 m! I$ ~( R5 X+ G
B) Yes, because it is overvalued.4 e& u# F7 H1 ^9 S, _
C) No, because it is overvalued.
' ^0 P9 w& F+ nD) Yes, because it is undervalued.
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- k5 d" Z. Y+ T4 k答案和详解如下：
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, F7 e" s# a1 U% k( g; \0 L7 MQuestion 83; C9 K# o2 k: Q; K/ l* K! w
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
: B8 ] Y; F4 `4 e- {7 AA) divided by the product of the assets’ standard deviations of returns.
1 c* H& e6 y& _7 U* C, ] H6 NB) multiplied by the product of the assets’ variances of returns. H! d# U# s# h1 y, S
C) multiplied by the product of the assets’ standard deviations of returns.! p4 ? n( @( q) E
D) divided by the product of the assets’ variances of returns.$ V2 O$ a9 O5 H$ h4 `, G
4 ?0 u; `, `+ ~- V' t答案和详解如下：
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Question 84# ]9 ?3 o3 S& y4 _( O
+ B3 [) {0 l1 C: Q5 c& ODavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
% A5 C( ^7 p' U& ~# o1 LCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
, g- p( y" d! y. H! ACardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
7 R% d2 {2 o/ O ^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.
' ?* `9 j+ u. F- v$ UCardinal 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.
3 M, e2 q! f' H, M* v& a7 NTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:' Y! h9 x( W* g+ z' I5 p# n( u8 g
A) liquidity needs.
6 m' }/ k4 Z. K# G" ]B) legal and regulatory factors.; P1 {5 f0 M$ {$ O2 ^3 d
C) unique needs and preferences. o1 a8 B8 d' \) H8 h; y: v
D) tax concerns.: S/ r6 l3 t& U* c- f1 B8 `1 i' S
7 D# Y, P" P+ z: c2 W答案和详解如下：
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Question 85; y' Y- k6 N+ }
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Which of the following statements about short selling is least accurate?
4 t) t' h, E: [/ Q% K4 uA) A short sale involves securities the investor does not own.
" E. x' c9 d$ B1 [+ kB) A short seller loses if the price of the stock sold short decreases.9 F+ z6 z1 K) S" f$ D" K! y6 \
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
, i' r* l+ C' l, P0 w2 ^' C( jD) A short seller is required to set up a margin account.
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5 a+ g" Q# Z1 \2 l& M答案和详解如下：: D! d$ @5 V7 F) {
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
