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Question 81
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Capital market theory is least likely to assume that:
+ B' i9 g3 s# j- eA) investors can lend any amount of money at the risk-free rate.
# M& N" }( x/ g# U5 o1 S; YB) all investors desire to be the same location on the efficient frontier., o Q( T) X, L
C) all investors have the same one-period time horizon.; n. H& h$ p) t
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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) q# C) k2 g: ?Question 827 t: Z9 U8 h' O8 k" [) u
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
) [& A$ Z$ Z- D( T$ s6 s& iRF = 8%
) ~. }% ~" @) LERM = 16%
- Q h( [) B; hBeta = 1.7
9 f4 U* D/ x0 u4 N2 [3 qShould the investor purchase the stock?( n* t% }$ C- D! s2 p5 y6 |
A) No, because it is undervalued.! M" N+ \% I, y
B) Yes, because it is overvalued.1 V3 O% k" i; d A1 R( g$ c$ s
C) No, because it is overvalued.
2 |" G# s' E* O, e: H/ LD) Yes, because it is undervalued.; ]$ k2 X; z& k _* t
0 }; [$ s c, s2 A答案和详解如下：
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Question 83
( z+ K A6 J( o3 ?5 PThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:# U$ }! I# A+ x4 Y& H- R
A) divided by the product of the assets’ standard deviations of returns.
# A) c- F l/ Y# D# @9 p; {0 IB) multiplied by the product of the assets’ variances of returns.
0 Y6 ~7 _/ j$ oC) multiplied by the product of the assets’ standard deviations of returns.6 ^+ V& S j: d2 y% ?
D) divided by the product of the assets’ variances of returns.
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答案和详解如下：7 f5 b0 L2 ]; L- J1 R
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Question 84
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! J9 S# `) K1 FDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:& p1 g+ K+ X: X k9 U6 P* j
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.
# H7 \' o& k1 G; c* x& ]" d) gCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.3 W) _. x! S( C3 u
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.) V k4 I/ J Y: f
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.
* ]+ z B* b2 s [5 ~To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
- h; V4 S$ s" k4 m1 QA) liquidity needs.
8 Z4 Q& n0 t# }. L3 }B) legal and regulatory factors.: ^* t4 H$ B4 S4 t
C) unique needs and preferences.
9 w5 y! V% Y# _6 mD) tax concerns.
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答案和详解如下：
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( @7 h. S1 U& j1 r9 S/ TQuestion 85. M# _, ?5 O; o$ r8 B$ u1 g
: i3 g3 |- [/ c @Which of the following statements about short selling is least accurate?
( e l$ U4 t' k8 k! iA) A short sale involves securities the investor does not own.
V* @. B/ J7 b3 Q2 A* R& p( [B) A short seller loses if the price of the stock sold short decreases.: H# H* X: b9 V- ?% w; v
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock. m* x& Y; T: @$ g* t% k+ A
D) A short seller is required to set up a margin account.
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; [2 N+ `1 A3 I" K- \' H* q1 \答案和详解如下：* Y; F- l$ M8 u' X
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
