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Question 81
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Capital market theory is least likely to assume that:
) K; `5 _: \4 w3 [& H; {; pA) investors can lend any amount of money at the risk-free rate.
3 `! w/ J6 l% x% hB) all investors desire to be the same location on the efficient frontier.
1 L6 a) L/ B+ U& s" qC) all investors have the same one-period time horizon.; a. } Y% O2 k6 ?4 K" N+ m: R
D) it is possible to buy or sell fractional shares of an investment.9 }/ d6 q9 A) o) ? ~9 s
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答案和详解如下：: t) Y& k( g0 `+ B! l
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Question 82
$ V2 P2 P) i# t/ q$ qAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:( x# p. I: k( }2 a3 T
RF = 8%, J2 S6 r4 q6 t Y7 N' f
ERM = 16%) w' ^7 B# ?. v2 E$ t9 G7 G
Beta = 1.7. J) z' g+ v; ^9 D c) i. f0 F6 H$ a
Should the investor purchase the stock?% G4 z& P: Q4 z! k+ P
A) No, because it is undervalued.( i! T" b6 W6 f$ m+ C
B) Yes, because it is overvalued.
; b' G a% d: M2 G0 h. [* s2 OC) No, because it is overvalued.
: j+ W1 @; J% c# _% zD) Yes, because it is undervalued.
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答案和详解如下：
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! Z! v" @" \( n8 k# D1 k4 CQuestion 838 B" B, L1 A& I, W' R5 a
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:3 q& R& t2 U5 u) f/ n
A) divided by the product of the assets’ standard deviations of returns.! M# a- e8 p8 D8 m
B) multiplied by the product of the assets’ variances of returns.5 U7 w" d; J" V: r
C) multiplied by the product of the assets’ standard deviations of returns.
/ S0 Q Q+ f' h' f) k E$ XD) divided by the product of the assets’ variances of returns.
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答案和详解如下：8 U! _% A' H+ ~0 ~& h
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! \+ Z7 u& x! A" {# `: l$ RQuestion 84
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8 |: t" X. }+ g( j" q: bDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
U% p# f% o; I6 XCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
: V. j7 n/ `0 ]8 L% g6 P' A3 GCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires./ E* w1 u1 n) z
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. ~. x/ G# N$ f, |) J
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./ O6 A+ t9 o f5 R
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
7 [) W D+ y6 V8 F9 TA) liquidity needs.8 X2 k' p5 ]3 }3 G7 b' i
B) legal and regulatory factors.
' f. p' x+ ]' W1 {! v5 A( rC) unique needs and preferences.- u/ ^' ]- H! j* c& @7 F
D) tax concerns.9 M; ?; J' o$ k' F: e6 L5 D& d3 q
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答案和详解如下：/ M5 e7 \* W& e
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5 T( l2 u! q( I' E4 _Question 85
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Which of the following statements about short selling is least accurate?
* D, B' `# f5 D0 {A) A short sale involves securities the investor does not own.
7 u- e1 z4 [3 u7 m' e/ rB) A short seller loses if the price of the stock sold short decreases.
2 b" L. A0 @5 A5 Z# }* I9 gC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.. _% `4 _3 H' S: j! {
D) A short seller is required to set up a margin account.
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7 k( S" x4 w+ O# h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
