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Question 816 s# w8 u0 K$ j' N! E, g
6 q' X/ x: k( ^Capital market theory is least likely to assume that:
- H) }1 p! J# |, |A) investors can lend any amount of money at the risk-free rate.- i( p5 g' ?0 N5 H" ^+ g
B) all investors desire to be the same location on the efficient frontier.1 I4 \4 S5 i. }, }
C) all investors have the same one-period time horizon.# v8 ` }* [' q. @* N5 q
D) it is possible to buy or sell fractional shares of an investment.; p) o/ _* M* S7 W: H# ]6 ~" Q2 N
8 x8 a# o5 i+ Q, z) h3 [/ Z' `答案和详解如下：9 O4 ^# g* {% Y$ @, _8 u, d) y* O
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Question 825 @1 o3 S* F" }; b# c# K& p* z
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:. G* w0 s/ n% o" Q$ l% H: x
RF = 8%
; B9 `/ ?$ K3 Z+ k" H0 dERM = 16%
1 t" r9 J( }2 E; ?Beta = 1.7
3 m1 m* {( H# U/ OShould the investor purchase the stock?0 ?. f! ^! `9 D! G U$ ~3 X; N
A) No, because it is undervalued.0 X7 w" t" N$ n1 M3 k4 g ^# U
B) Yes, because it is overvalued.* ~! d; a) k5 ?" q i" O( _+ B Z3 A
C) No, because it is overvalued.. |' K/ p8 P9 I* S
D) Yes, because it is undervalued.- p1 A0 r/ P+ @5 I2 }
- h0 V0 l8 l0 `, `8 T' a; ~# d答案和详解如下：
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' P1 u `, N: s0 w+ m; NQuestion 83
6 s; z n5 c. Y9 kThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
$ w7 {8 X/ l0 N# n& M7 D; `$ _2 bA) divided by the product of the assets’ standard deviations of returns.. w" f d4 s9 W
B) multiplied by the product of the assets’ variances of returns.
5 V4 G R" M+ x. B0 f1 W4 AC) multiplied by the product of the assets’ standard deviations of returns.
- G+ ~2 |; t4 r6 ?: MD) divided by the product of the assets’ variances of returns.2 i1 Z5 R' a3 o' }7 }$ _! k
5 X( u1 N0 ?, A o* ^7 i; l/ U# E答案和详解如下：
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4 c+ F9 w! R$ P; Z1 P% u+ b! dQuestion 84
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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:
4 l" {5 f; h1 [- B0 [. mCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
( J& }" }) K' ^. ~0 Z- i5 YCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.9 m, F4 C' { s( V! j K7 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.
5 q1 r: H# D/ a( o7 I* yCardinal 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.- V2 K. ^2 V# @, _3 D
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:: \$ s+ T4 I3 ]% ]6 |& |
A) liquidity needs.4 }7 E. `. u! v i8 x
B) legal and regulatory factors.
* m I4 B9 N, VC) unique needs and preferences.9 [7 w! y8 F/ N: P
D) tax concerns.
, i' q5 M4 K3 i" l' _ }- D) e4 I; r. V& I% L
答案和详解如下：
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Question 85. n' L; q6 `6 S4 h% j4 t% }& a
2 y. d( t- D- i8 Q Y& i pWhich of the following statements about short selling is least accurate?" N: o+ s. ?; G8 E2 s5 |
A) A short sale involves securities the investor does not own.5 Z: @& q ?2 w- s! _% l* h
B) A short seller loses if the price of the stock sold short decreases., U L5 W6 Y* ~) t$ N; z {
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.* v) b/ o0 u' \& e% G
D) A short seller is required to set up a margin account. W% O4 c8 z Y% c( K' v- O' n
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答案和详解如下：9 { u% Q6 R9 i O8 J6 n
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
