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Question 81$ C, `' j1 E; _* D
' Z* j, V3 u6 j* x* t3 e* T; X8 B7 nCapital market theory is least likely to assume that:
- E% H+ X# _7 u3 kA) investors can lend any amount of money at the risk-free rate.
- j7 b. _. G; D$ ?5 {6 X$ IB) all investors desire to be the same location on the efficient frontier.
; _8 E# f: c$ |# {$ CC) all investors have the same one-period time horizon.8 x5 \. j! q7 I4 J- m7 C& ^! ~
D) it is possible to buy or sell fractional shares of an investment. s& l* D9 h4 ] J& N& l- |, [
. j& p. [. g; O4 S) P, i% x& c o答案和详解如下：
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Question 82' ~& W# V- I+ |6 L. e; \* Q9 W
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
5 ~2 Y$ I! h3 ?& n1 T" G' ]8 R+ CRF = 8%
$ y R7 o7 ~" I4 i( VERM = 16%# t+ o( S: E/ A; t8 N% P
Beta = 1.7# ~& S# b |$ @
Should the investor purchase the stock?) L0 o; [4 S6 U5 [
A) No, because it is undervalued.
A8 r1 j- @! e( r' O& q: y+ GB) Yes, because it is overvalued.9 L. q: p# O3 n7 }1 [ Y! Z {
C) No, because it is overvalued.
6 s; t; O. f$ q- ?6 O9 p$ s' CD) Yes, because it is undervalued.
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% `4 W' L& m$ p) ?$ ?' d* c: z答案和详解如下：* `2 p' W. S/ ~' [# U2 u, J
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Question 831 U% ?1 T! a8 A/ }) @1 D6 E, t
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
! f4 d2 k6 p. v0 x2 O: q' [A) divided by the product of the assets’ standard deviations of returns.. C+ u& ~) |7 R/ l& Y- |' p
B) multiplied by the product of the assets’ variances of returns./ {4 T# j1 [8 f# r
C) multiplied by the product of the assets’ standard deviations of returns.& s( y9 z/ g; m. U6 H K
D) divided by the product of the assets’ variances of returns.
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. h$ m; W8 {8 O答案和详解如下：$ Y5 A( E3 m7 t
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9 q! h6 [ d1 Y9 i5 k) v( T; o; |0 |Question 84$ c+ L; O' D* V8 l+ E: P7 X9 o( S1 q
- N1 v2 d4 ]8 X) p2 J2 B' BDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
; A# @5 |; \3 s5 t3 V; Y; F x- 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.0 D* T" z7 J$ t6 |/ N3 S
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
$ u- I7 F' J. X1 a* s4 Y% o& PCardinal, 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.
& g' h0 w5 |, c7 |0 W0 o* DCardinal 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 B$ s" z3 O) M9 d+ y
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
+ Z1 B: X4 z0 Q# @A) liquidity needs.
. s' n5 g& w$ Q; w4 J* @7 hB) legal and regulatory factors.
! T: x, |! E- E9 \% x5 iC) unique needs and preferences., x% o2 |" j( q7 a& U
D) tax concerns.
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答案和详解如下：' F. d8 h! j9 v8 f* ? k4 C. N1 b
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Question 85
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3 n% f. u! v7 W/ F0 b* zWhich of the following statements about short selling is least accurate?! o- ^3 f% P" ~* p
A) A short sale involves securities the investor does not own.
! a5 g/ e7 }0 ^B) A short seller loses if the price of the stock sold short decreases.
% ]! D4 Y% m& [6 Q7 WC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
8 K& b0 d X, tD) A short seller is required to set up a margin account.* s& u' c+ e' Z7 A7 J( D& O) T
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答案和详解如下：$ S4 }* ?! Y0 R0 X
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
