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Question 81
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3 t! p5 I' n1 n, ~0 u, |Capital market theory is least likely to assume that:
6 d( R' F2 \6 x) j( H0 P4 { cA) investors can lend any amount of money at the risk-free rate.6 M: B7 F: S& Q' T$ A. Y
B) all investors desire to be the same location on the efficient frontier.
3 ^% v9 }# g6 D, A* gC) all investors have the same one-period time horizon.
: }% E; n. Y y ^D) it is possible to buy or sell fractional shares of an investment.* B) `& Y6 F# v6 ^5 f) f I, ?
' I. e2 t! g% R答案和详解如下：* i2 S% P _, N* j5 b
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. ~9 C4 X3 a% G% b8 zQuestion 82' A/ z; K1 J0 r) m! Z4 p
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:6 x) p" s! T4 ?/ e' U
RF = 8%8 p( g$ L9 y, R; U* R; c0 ]
ERM = 16%
' f" d2 n8 R) y8 R. R! gBeta = 1.7- t8 a* b: b! G7 Q! ^2 [
Should the investor purchase the stock?) e' H8 ~2 P* B9 y d) z7 q5 p9 |
A) No, because it is undervalued.
- T2 g" N9 d7 }+ k8 o2 S- kB) Yes, because it is overvalued.7 R# d1 a3 ~- d5 N& T' F
C) No, because it is overvalued.: @4 k5 _! c/ Z- k4 N
D) Yes, because it is undervalued.( e9 I" R( P% N1 ^3 a
4 }- v5 ?: j; Z& |8 t答案和详解如下：
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Question 830 A. L4 {% m8 ^# T7 z7 b
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
# w' I4 L4 @7 iA) divided by the product of the assets’ standard deviations of returns.( Y* o1 t, T% d9 M" z' @
B) multiplied by the product of the assets’ variances of returns.5 L" e+ g, P7 X
C) multiplied by the product of the assets’ standard deviations of returns.$ U( m, N0 p9 l% Y; f( e1 f
D) divided by the product of the assets’ variances of returns.
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' w, V1 a0 `$ a5 A ?答案和详解如下： V$ D5 U; u8 ]& A
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Question 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:
& _/ v- @ S& K- I! ?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.! L: W! g) o- i2 z5 w& H u4 k( {. Y+ h
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
$ w7 I7 Y' [/ O8 q, Z0 _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.* ^+ j! \0 c4 ?. [$ r+ \
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.
4 m3 k. L* z4 M2 iTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:7 C/ h) X q) H: e) q! B
A) liquidity needs. s+ K5 ?& Q3 y# h/ ~
B) legal and regulatory factors., F- n; ]) @1 g7 u' p
C) unique needs and preferences.+ a% k t9 E2 h4 T6 L
D) tax concerns.
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. ~4 ~. {- |: C答案和详解如下：
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4 ^. q/ a) N! ?. p# k0 e' JQuestion 85
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3 v' E0 ]) d$ }" C+ ?Which of the following statements about short selling is least accurate?
% d6 |. J3 A, W2 `8 d0 y" h2 cA) A short sale involves securities the investor does not own.
. U0 l1 t' m( T4 eB) A short seller loses if the price of the stock sold short decreases., X: ?* e0 _/ O7 {
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.' a1 {! G5 ]# b$ U6 u/ k
D) A short seller is required to set up a margin account.
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# z8 b6 Y& D+ h6 C. |$ ?: u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
