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Question 81 g# }& _% h! l/ {3 n3 S4 G9 m$ I1 n1 V
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Capital market theory is least likely to assume that:
$ B- b; B3 n+ \! Y. g. q! s! E; b5 zA) investors can lend any amount of money at the risk-free rate.
8 |$ f( T5 p4 g$ @9 T1 q1 u" l) IB) all investors desire to be the same location on the efficient frontier.
/ O, F/ Y) | v. NC) all investors have the same one-period time horizon.
+ z2 ]# j- a- c+ {+ N1 c1 [+ k! `D) it is possible to buy or sell fractional shares of an investment.% i9 K& Z2 A( E0 C
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答案和详解如下：
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. _# b# j J! K7 kQuestion 82
- O6 r! ^2 v+ p6 _* EAn 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:" n' _" P2 t* h2 x
RF = 8%
& C9 y+ C% l0 @& fERM = 16%7 ^# j0 k1 w8 _8 b
Beta = 1.7
$ C0 C/ ?# a4 q6 f( t' GShould the investor purchase the stock?5 M) j$ |. z X% \5 V* Q/ }
A) No, because it is undervalued.
1 _9 p A: O$ T, uB) Yes, because it is overvalued.
9 N6 ^& H1 k. c1 P+ U1 Q* RC) No, because it is overvalued.
7 O6 x I# U- Y3 l+ q) o) y8 ~3 h) DD) Yes, because it is undervalued.! ]& k- A* ]1 J' G
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答案和详解如下：
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) S4 V* K" b: O) K+ L& UQuestion 83
) j. |) \+ a, B7 @The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:. o$ U0 f! ]0 Y; c1 ~/ W8 K
A) divided by the product of the assets’ standard deviations of returns.- I. k1 s9 B- ^' m8 c I/ l0 z
B) multiplied by the product of the assets’ variances of returns.8 ~7 K9 h5 w# ] k7 u. y, l& U
C) multiplied by the product of the assets’ standard deviations of returns.
# B) u' R, Z/ [: tD) divided by the product of the assets’ variances of returns. h# |' |/ I& N3 w! N/ F
: C0 g N5 e4 o( M答案和详解如下：6 ^. t0 y7 t9 [" P3 ?5 F& ?- S( ~
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j3 p9 |+ r; r3 t) ~5 n" ]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:
. |% s' _2 u) v, ]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., f+ f4 z- a/ A0 k" u9 x. ]
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.4 M: X. f/ A i8 p8 m, H
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.
. c) \+ J- h7 c% Q; vCardinal 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.$ _( B6 A+ I) i: U" o
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
6 y' n9 a ? cA) liquidity needs.
* N+ p* y; t& G' V5 FB) legal and regulatory factors.; U2 G2 @: F4 p: ]
C) unique needs and preferences.
! T/ O% C" F1 Z" N; ~) r6 kD) tax concerns.2 Z* i* x% `. E) |$ {- W* L6 @9 u
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答案和详解如下：
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Question 85
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Which of the following statements about short selling is least accurate?& j4 W# y' L! |: C
A) A short sale involves securities the investor does not own.: t" I2 q( L0 [4 R; d3 b
B) A short seller loses if the price of the stock sold short decreases.
% l: @& w) r" _" V: LC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.2 q, l: Y! A9 B, k
D) A short seller is required to set up a margin account.
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5 E9 h. b# F+ g0 y; N6 P7 [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
