|
|
Question 81
S8 Z6 _ F/ |' l3 h" z% J9 W! V, P& t9 {% c$ A; U7 @8 T6 L6 T
Capital market theory is least likely to assume that:
: @# j# O* m# P' t, @: EA) investors can lend any amount of money at the risk-free rate.1 W& E8 V9 y' g& [$ q% e$ V5 b
B) all investors desire to be the same location on the efficient frontier.! Z' B* f4 g" F% E4 {2 Y: l$ l
C) all investors have the same one-period time horizon.
+ V, t2 m1 A Y& l3 BD) it is possible to buy or sell fractional shares of an investment.7 _3 {% ^6 h3 K( V' b3 X
5 f( A/ o! x3 B. ?, C7 O
答案和详解如下：0 o; u# E; W: R! X0 ^
, Q* h" a: g. O2 l; S* P8 r1 i
0 e o+ {! h) g" Z) hQuestion 82( J6 P* _ _$ C3 A
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
+ s6 L9 }+ H' g; M+ gRF = 8%) }( P! Z2 o3 @# O! j
ERM = 16%4 M! w& J, X) W7 e' [1 j$ ~( |
Beta = 1.7
. S" Q" \; F( \2 D, xShould the investor purchase the stock?
( |. B) I+ v# ]: SA) No, because it is undervalued.5 g5 n4 E7 x$ e W1 C* N. J% n- E
B) Yes, because it is overvalued.9 H+ ^& v; `4 p7 {4 B1 @) }
C) No, because it is overvalued.
* K* o9 m8 I$ V% J9 [" u' ND) Yes, because it is undervalued.
. y7 v3 n' c5 s$ x& ^. Z7 ~! S
3 m& K* h% q; @, O/ H答案和详解如下：8 V6 u. [7 S5 u/ \2 h1 }7 E
; y* U4 H; f, V
D3 F6 K$ ]# G# G. B6 L- {! u. R1 qQuestion 83* |% ~. G( r8 f7 t) h* f
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:. O1 ~. {* `* `# g. U
A) divided by the product of the assets’ standard deviations of returns.
' j; Y- I! ^* aB) multiplied by the product of the assets’ variances of returns.6 w4 D0 S4 ` g7 p4 }- x1 Z& e
C) multiplied by the product of the assets’ standard deviations of returns.
2 D1 O! z4 @8 y# C' C, fD) divided by the product of the assets’ variances of returns.& ]$ H2 D4 x7 [, B; F& Z! @! @
* w4 V t0 E3 ?+ S9 @2 ~; s
答案和详解如下：3 Z5 B/ B! }) D# c) q6 p
3 \" a; ^; ], B% \: J- X8 e _
3 E( t' w( @/ o2 ]) k7 BQuestion 84
! |) J/ V1 X! q) r- W- D; R: N' _' E: g
Davis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:& p O; e& Q; P' p
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.
; q! Z7 B" ]. R+ a" S$ [; _Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.+ A* u7 A5 }# R2 A! w6 \/ ?4 s. 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.
7 Y& N) ~# A6 v( X, KCardinal 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.
4 G8 M) R* f6 Q2 BTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:6 U* `4 c9 U0 e6 O0 |; d& ~
A) liquidity needs.
0 L6 F! D- k$ s- y/ U9 GB) legal and regulatory factors.' R$ {6 ~! C9 j
C) unique needs and preferences.
8 A5 u& i' a. pD) tax concerns.) J; m! g! Y" y& T( z( J* G
: D$ r: D g: b p5 j4 Q+ S9 d' _
答案和详解如下：: g) H; q; V9 H3 F
& p9 \$ v9 Z$ X2 l0 a: a
6 ?/ e+ m9 y0 M) C- ]6 iQuestion 854 T3 A- M) M2 O$ a8 X' W7 c) [1 q) e
+ N1 x" T& j" L
Which of the following statements about short selling is least accurate?, _2 E1 z# ^& ~9 x, m) Z+ ^
A) A short sale involves securities the investor does not own.
- m' N ? Y! n7 EB) A short seller loses if the price of the stock sold short decreases.
- E' R) T5 m1 L, aC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock., D: M2 ^! O1 R s5 V( S
D) A short seller is required to set up a margin account.
. V8 i+ ^# s$ V& `- }5 J
; w& D/ O/ e( E$ O# A" l答案和详解如下：
" w! `# D0 f- J$ B: E" r) M |
|
发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
