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Question 81
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Capital market theory is least likely to assume that:
+ x4 w+ S8 c/ l: dA) investors can lend any amount of money at the risk-free rate.6 Q# l5 [# ^8 \+ G
B) all investors desire to be the same location on the efficient frontier.
8 K; Y: z, x. r# RC) all investors have the same one-period time horizon.
$ ~& e( L5 K( X6 AD) it is possible to buy or sell fractional shares of an investment.
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# V* q! Z, s: G" \/ I答案和详解如下：, X/ w# ^* e5 W# m
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! T( I3 [+ _* A& y1 W9 iQuestion 82
1 t, e1 R8 d& P; W( W3 rAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
: G! L& C! r% uRF = 8%
0 d$ [1 }& @. FERM = 16%
3 H4 p& ]$ o6 d* k' y, SBeta = 1.7$ R% Y% o8 ~: @% u; d* C. g0 y
Should the investor purchase the stock?1 Z. ^0 W% b' X6 ]( d% Y/ c
A) No, because it is undervalued., U' @- m* a. {1 s: n2 N
B) Yes, because it is overvalued.3 I6 x9 U4 t- X% g5 G
C) No, because it is overvalued.; ?6 C# f* K* H) [8 I' E7 H7 h+ [
D) Yes, because it is undervalued.' d$ j) {; ^ R b7 n( I' G1 }$ v
0 S/ {, w/ b' q7 n答案和详解如下：
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. | K: P* \& s* ~. CQuestion 83
) x' R7 K: s( z2 @; iThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
0 i, P; c% R, e2 yA) divided by the product of the assets’ standard deviations of returns.
$ t8 g! H+ l p; |B) multiplied by the product of the assets’ variances of returns.
5 K& X0 i- V2 y6 J1 Q- aC) multiplied by the product of the assets’ standard deviations of returns.! f/ O- t; |, f- q+ w
D) divided by the product of the assets’ variances of returns.
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答案和详解如下：$ G6 U2 F& E3 A3 ^- G
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Question 84; h+ M; u5 G; B$ s% [: n* u( b
@. ` ]9 J4 n# [' eDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
* G1 q; t |0 T/ ]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.. X. ~" @' [# u" G- ]
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires." D y/ j' }$ Y8 J- e
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.4 a3 E& X; u+ i3 H1 o3 N! v
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.$ W2 }4 e( Z1 f- Q) Z
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:2 s, v/ z+ J: o2 b. \% V: s
A) liquidity needs.
1 p7 C$ B5 O# u/ |+ }+ Z' dB) legal and regulatory factors.
5 i& {/ {! V7 I" c6 y( G. A4 zC) unique needs and preferences.
6 A7 h) Q* H. p% B1 LD) tax concerns. ~) @! k1 ]9 [. P
. h9 O6 R6 x/ ]' G答案和详解如下：
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Question 855 c9 f' W6 |5 b! c
2 Y4 E1 q8 Q' G& h- ~. D# LWhich of the following statements about short selling is least accurate?
) y& k! |% _1 f u- NA) A short sale involves securities the investor does not own.
: d2 |4 l6 s( a5 q! s4 f5 t( zB) A short seller loses if the price of the stock sold short decreases.
: B1 ^* T8 t# |; ^ E: BC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.. I* R# L8 i# C% n# e
D) A short seller is required to set up a margin account.4 o0 s! G% A$ _& ?5 ]3 i% A
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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
