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Question 81
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Capital market theory is least likely to assume that:
; b& w$ T. Z2 ^( {A) investors can lend any amount of money at the risk-free rate.
4 s) g3 |: ^/ I5 j+ o8 OB) all investors desire to be the same location on the efficient frontier.
* w0 w X) f- x) l0 {C) all investors have the same one-period time horizon.
$ H8 @. ^% e, E$ \1 ZD) it is possible to buy or sell fractional shares of an investment.
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* r& \8 {1 Y$ L+ W8 `答案和详解如下：
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Question 82
& Y8 J6 B5 j2 M. ?0 ?# [+ oAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
" T( L2 L1 O7 Q% I+ F( uRF = 8%
. J9 B/ q8 u! b" ?/ T! b" F( gERM = 16%
8 q3 g7 q. j/ B) l K/ FBeta = 1.7" A) H) m- M6 p
Should the investor purchase the stock?. |2 f1 S$ W# [9 Q1 \
A) No, because it is undervalued.
0 i& t- d7 @7 l4 CB) Yes, because it is overvalued.( P; ? N! P4 }" Q$ @$ u
C) No, because it is overvalued.! a, U1 }2 _& h7 f! S+ x( f: _
D) Yes, because it is undervalued.
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答案和详解如下：: |4 |% ^* q; {
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* n2 V& j( ?1 S& [2 D- g; }Question 83. F( H# M5 W4 U" S+ Z' L
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
7 K# z4 P; j4 H2 t0 ?( EA) divided by the product of the assets’ standard deviations of returns.
+ x, E+ L: J8 s3 U' GB) multiplied by the product of the assets’ variances of returns." j* z. M/ U8 s
C) multiplied by the product of the assets’ standard deviations of returns.1 |% _7 D5 \" s7 t. E4 Y7 V
D) divided by the product of the assets’ variances of returns.
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答案和详解如下：3 o9 }$ U0 A" |2 Z# V% O! j# A
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Question 849 ~6 f# y+ I) D/ N" L! E
) ] @+ N! z2 W. lDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
# t+ ^: D, {9 ]. n4 D) M3 n% P1 dCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.; t0 H4 \& l: J! n0 Z1 D
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
3 n7 s1 U; i% D0 CCardinal, 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.
7 [, f$ s% A# q4 k; v! t7 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.
, o$ X z7 y5 a% X- K( }& C$ D( KTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
7 {5 G, n7 P7 @' W! y; K% M- uA) liquidity needs.3 N! k7 a1 `: s2 C) ~/ u
B) legal and regulatory factors.
" N/ Q. T) w ?, @0 WC) unique needs and preferences.8 ?% T% E) t) @9 _
D) tax concerns.+ f' n8 X, }4 c/ G7 B
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答案和详解如下：
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: D. }6 T- J8 P. {/ `2 d& c2 jQuestion 85
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Which of the following statements about short selling is least accurate?
8 k3 \, f8 _' |/ C1 mA) A short sale involves securities the investor does not own.
7 Y& m8 \5 D1 y7 h+ w9 p- V; n5 |0 ]B) A short seller loses if the price of the stock sold short decreases.
6 n+ E, T/ {; y7 z# \0 WC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.3 G+ I2 y/ ^8 {. u
D) A short seller is required to set up a margin account.
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( P7 i# O$ \. T( k7 ?' _) r! N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
