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Question 81
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5 r# @3 w$ ]8 E3 ~- @Capital market theory is least likely to assume that:4 f7 S( Y9 Z) d" }/ O
A) investors can lend any amount of money at the risk-free rate.
0 u3 t! a7 u3 _B) all investors desire to be the same location on the efficient frontier.6 \+ h0 R5 I, a* j9 J1 K/ u
C) all investors have the same one-period time horizon.
: Q! k' f4 b* V/ [' FD) it is possible to buy or sell fractional shares of an investment.( v3 s! _2 y% d' R1 C" K, j. D
" ^6 W/ T' a% L/ H/ ]答案和详解如下：
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, h P% S; p% J8 L0 `2 cQuestion 824 k( A; K! _( x5 c) }* j
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:
+ E1 l- W1 G2 g8 F0 ERF = 8%* }! C' s) f; \- \
ERM = 16%
7 c m3 \7 [) V" q: Q. m+ {Beta = 1.7: e b; q5 w; x
Should the investor purchase the stock?
6 H+ }* s4 q8 y/ O5 {: {A) No, because it is undervalued.
- r t' t( X1 {7 G; P3 jB) Yes, because it is overvalued.: B* z3 X C" D& r, S) g
C) No, because it is overvalued.! F* w( j& [2 L8 {
D) Yes, because it is undervalued.! `* Y8 z0 J. }3 ]
% _9 ^ x: r' ]( X1 `, k答案和详解如下：
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Question 83- }% g8 E# u/ W
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:- j5 i# R- P3 l8 H" U/ g
A) divided by the product of the assets’ standard deviations of returns.5 S1 s2 F. T: a; F
B) multiplied by the product of the assets’ variances of returns.! i! p8 ]2 w7 d7 }' J; N
C) multiplied by the product of the assets’ standard deviations of returns. a8 l# G) g/ R8 w* R
D) divided by the product of the assets’ variances of returns.
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答案和详解如下：4 V- F1 r1 m C6 n& H, E: e
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* T. E/ w, T" vQuestion 847 |7 U. t( n2 l5 f/ q
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Davis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
& d* D6 X l7 \- o' iCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.7 t! @6 I, w: l8 h6 @* y
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
- }0 P" N( ]5 UCardinal, 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.; Z6 x& f% z9 B2 f0 q$ h+ r1 O: o) R( {; 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.
/ e( p5 W0 F( V: i+ F3 G' gTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:+ G+ G0 S1 B" I3 S
A) liquidity needs.
* t6 E: E& P" @- x+ ?B) legal and regulatory factors.
$ a9 D3 O! K; L1 M8 T6 a/ z: R' zC) unique needs and preferences." l q7 x1 q- W# ?' C: X9 `. Z. `
D) tax concerns.* J8 r* y2 E! A" k
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答案和详解如下：
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- X- q% j0 }4 I* p7 g9 M) cQuestion 85
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( R5 t3 \. e9 g0 ? L' ~) OWhich of the following statements about short selling is least accurate?. t! q! N6 R9 g9 {8 O$ D- V4 i
A) A short sale involves securities the investor does not own.5 F! o/ i7 g P
B) A short seller loses if the price of the stock sold short decreases.
! N# ^ l) j! H2 N! p' XC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.; ^& Z( J6 I1 }8 }: `
D) A short seller is required to set up a margin account.
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' L- J$ q. H" v7 a答案和详解如下： h4 Y5 A+ x6 G, y/ f
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
