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Question 81
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@3 |8 e, g; B- {7 S5 A" _Capital market theory is least likely to assume that:
( L, t0 C5 c" u$ g8 a0 I( Z; ZA) investors can lend any amount of money at the risk-free rate.1 ~1 [- i. D7 K- k# `3 P h
B) all investors desire to be the same location on the efficient frontier.
. `1 o" d# s* o; U: n" e$ |C) all investors have the same one-period time horizon.
\' M% @- J; ZD) it is possible to buy or sell fractional shares of an investment.
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1 M0 F3 z( `" c7 b, e9 O答案和详解如下：
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Question 82
/ ~6 s L% ^$ T D* nAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:8 Y3 d2 ~, `* p- O% L. R
RF = 8%
6 j" F* A8 T8 L$ R; ]7 B; Q/ BERM = 16%$ s6 D Y3 f4 i; |; y# x5 g/ |
Beta = 1.7
/ _' P8 r$ W, M) i* L+ nShould the investor purchase the stock?! y9 R" R" f8 I4 `1 ^2 g0 f9 f
A) No, because it is undervalued.
$ j8 Z3 u! h4 D0 P3 }1 rB) Yes, because it is overvalued.0 V/ M) W& e4 p3 U
C) No, because it is overvalued.
4 v# s* a6 V: U( XD) Yes, because it is undervalued., R/ R$ u+ c6 C. \/ w# [
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答案和详解如下：
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Question 83
* ^0 `4 _& b! L: V7 S6 ^) ZThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:; [( @+ r( ^1 k
A) divided by the product of the assets’ standard deviations of returns.5 B' U3 T$ m9 U. L, x/ \) I
B) multiplied by the product of the assets’ variances of returns.5 j0 \) e( V! s9 z2 a5 Q/ H e
C) multiplied by the product of the assets’ standard deviations of returns.
+ A9 K3 D/ J* G! ZD) divided by the product of the assets’ variances of returns.
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* q- h/ x+ |! c1 C9 I答案和详解如下：) t+ H: u! ~) X1 B6 e( P- T0 ?
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, A# [8 ]" s& O& l8 {& lQuestion 84
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, B N6 w6 k" e. O" @* D# k/ S3 vDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:. ~: D6 K/ o- X
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.
B; M: h3 }, Z/ b ~Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires. k- x, z; [+ e0 a' ^
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.: P2 T3 M8 N% i }& V1 Y' z
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.
/ Q( L. R* x% w* X0 H# Q _8 kTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
& R6 }. `2 C, k6 j: h; ]; Z! LA) liquidity needs.
8 U: H* ~: H% ~0 {9 SB) legal and regulatory factors.
) ~) g. }6 `' {1 |4 M/ LC) unique needs and preferences.! P7 G* A* r7 v5 _+ [. p" j
D) tax concerns.
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答案和详解如下：0 x7 d9 J: w7 v; U' H
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' l Q/ h) t! E; f: \- J3 yQuestion 85, _% l# S. T$ X6 @
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Which of the following statements about short selling is least accurate?$ j; v- G9 B2 J6 h% z0 f$ A9 T
A) A short sale involves securities the investor does not own.7 Z9 l7 f K2 |+ G: F+ V. N. m$ D
B) A short seller loses if the price of the stock sold short decreases.
/ t& t7 y# g* \C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.( X3 z5 }" M @6 t
D) A short seller is required to set up a margin account.7 c9 c- w2 F! }. y& v4 m& s6 m* v
! j5 c. d! `8 s) k3 d( d) \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
