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Question 812 T+ |* x: w$ `' w, y. b5 i
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Capital market theory is least likely to assume that:
9 N* L; [) F; t8 W! AA) investors can lend any amount of money at the risk-free rate.
) {) M# ~. P: A) n) mB) all investors desire to be the same location on the efficient frontier.. p% A- ?$ Y3 g% l- [( D) W- t; b
C) all investors have the same one-period time horizon.
! Y5 w. ~' E' P! T3 G6 lD) it is possible to buy or sell fractional shares of an investment.
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! k. v; H0 B( V5 ^! T答案和详解如下：
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( Y B/ r# h5 j$ Y7 pQuestion 827 @2 V( r3 F! ^. {! X
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:
( V1 {3 |6 a6 I8 W& P0 pRF = 8%7 A' v' z/ C6 l8 g
ERM = 16%/ \( C+ h1 [' }& ]9 P
Beta = 1.77 X; I4 o6 A; ]- q. m
Should the investor purchase the stock?5 ?, i$ h; Y/ w- D- K
A) No, because it is undervalued.
' `- O- ~9 [( H0 z8 B4 }B) Yes, because it is overvalued.! I4 h i; R. G. y1 |! l. y" s
C) No, because it is overvalued.7 L1 m, s5 s; @( |) O& o
D) Yes, because it is undervalued.# j! N$ z7 H6 _
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答案和详解如下：
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Question 83
5 F3 {3 z& H( n% ~The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
4 G3 i3 J v, G; U) p$ wA) divided by the product of the assets’ standard deviations of returns.
1 ^6 g' i; h& t8 s+ FB) multiplied by the product of the assets’ variances of returns.
/ o) d7 M( u uC) multiplied by the product of the assets’ standard deviations of returns.
( r# ~* e& f* q# V: YD) divided by the product of the assets’ variances of returns.
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答案和详解如下：1 g+ s4 y* o, f" Y: z0 e1 G
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Question 84$ m# o! Y) H. m/ ?* i
/ j; N. d( o3 p ~3 g; I+ ]$ M. gDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
. G/ F, i( u- v; ECardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.6 Y- {. _" l! p0 S, k$ ?% _4 p) ~
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.- _! J6 {' u) m, n1 W4 V& A
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./ s0 B2 T8 V9 `, E
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.
8 S) L" X& t6 s/ s, l# B6 P TTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
" \5 {, o" i+ v, eA) liquidity needs.% F; b; E' p# v: j
B) legal and regulatory factors.
& e% y) L0 F) j) j9 s# Y1 E2 EC) unique needs and preferences.9 M$ U: u( ]# U
D) tax concerns.
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' G2 w6 j- x0 a! W答案和详解如下：
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# U5 b& G& ]" HQuestion 85
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' e3 e0 S$ F7 r: UWhich of the following statements about short selling is least accurate?
% z6 _2 w# `5 V% [8 LA) A short sale involves securities the investor does not own.
, f& R( m7 ~7 K% M% U* D! gB) A short seller loses if the price of the stock sold short decreases.
D4 G. X( u. SC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.+ ?8 T& R( x& j9 o
D) A short seller is required to set up a margin account.& H" B2 b7 s0 Y+ x! J {* L8 w
( T; ^% R9 X& ^6 c1 D! B答案和详解如下：
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
