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Question 81
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+ c" ~2 u' ?# O+ e9 pCapital market theory is least likely to assume that:8 {- a/ u* D, s9 r/ p, @
A) investors can lend any amount of money at the risk-free rate.
# N! G$ o; A1 o$ e. e! R4 YB) all investors desire to be the same location on the efficient frontier.
. \" m9 \1 f/ L6 p1 Q, i# FC) all investors have the same one-period time horizon.% ]2 W9 n& H w& F
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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Question 82
, Q9 `$ h' n3 MAn 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:9 U. c& e( X8 }5 N0 g8 T
RF = 8%, o, ?" W" j% ~' a' q
ERM = 16%
- y7 L6 q0 Q D# W; ABeta = 1.7
' a% T& p1 q; M+ }. O% yShould the investor purchase the stock?/ @; W: z( B7 I# j1 w0 r2 M
A) No, because it is undervalued.3 A- w6 \( \' d! e' z# o+ X# i* z
B) Yes, because it is overvalued.
/ X- h% n" Z5 E J( E5 c+ s% f- e/ ZC) No, because it is overvalued.6 W9 j, E- D# V2 d
D) Yes, because it is undervalued.
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1 ?; N: O# W" s2 b, e答案和详解如下：
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) I3 e- K8 @! R: iQuestion 83
1 L4 W/ K: J( f' B. K9 f4 F3 [The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:" W$ X# u4 r% H& f
A) divided by the product of the assets’ standard deviations of returns.
" m+ b6 d, T# P) G& I* ZB) multiplied by the product of the assets’ variances of returns.
0 A/ y( d& ^7 U0 o4 Z" p eC) multiplied by the product of the assets’ standard deviations of returns.& ^; n7 E! `: j# [, v
D) divided by the product of the assets’ variances of returns.
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$ ~6 s. V- l5 Y' h/ d4 q( r答案和详解如下：5 b: ?6 |1 @+ o$ {! c$ e$ X8 i7 i
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$ d* o$ @- }7 b U! n" g. s$ aQuestion 84
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6 W8 C' e- E9 T4 j @8 p9 ]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& a* n, x# s: t- ]7 z9 n2 m5 r/ JCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.; x* S0 Q! e6 j6 e+ t
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.4 E3 h8 e7 ?* Z) i% [! j 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.
1 U3 t4 E1 `3 ^0 U: u5 `5 cCardinal 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./ I2 S; F- J! Z& t! q! {
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:+ v: h# A" u* h, i' M' H
A) liquidity needs.& Z& ^& l# L! r) f8 u3 P8 f
B) legal and regulatory factors.9 V+ t; n; z1 D8 b; t$ v1 }
C) unique needs and preferences." l5 a$ d& \& q: M4 I8 v4 ^
D) tax concerns.
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答案和详解如下：& a' x; P) l$ y' V
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3 f$ ~' P/ S/ [# x' PQuestion 85$ Z- Z1 j% O; p- t6 C- Q
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Which of the following statements about short selling is least accurate?/ }( g8 F1 M) A7 C! D$ m
A) A short sale involves securities the investor does not own.
6 E. S1 U( m+ g# L3 R: X8 n1 DB) A short seller loses if the price of the stock sold short decreases.
; b4 b. y# m8 m4 f* WC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.' L; g" w4 ^; ~* o# e& }
D) A short seller is required to set up a margin account., i/ s& s2 ^5 Z3 N/ y* @" t- X
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答案和详解如下：! B. x# A8 \! p5 W
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
