|
|
Question 81; u* i8 S1 _. }" J1 B! V" U
+ ?! J" D9 a; U& @5 uCapital market theory is least likely to assume that:7 j" |* O. V3 q& a7 Y
A) investors can lend any amount of money at the risk-free rate.$ t1 B- o# X) Y' o
B) all investors desire to be the same location on the efficient frontier.
# E1 B$ J. d" W3 k. ?8 L! bC) all investors have the same one-period time horizon.
- v) E& W% ^; `7 N" lD) it is possible to buy or sell fractional shares of an investment.
4 G/ I: X5 l `7 h5 p8 M% j s2 z) ]2 \8 q$ O& P
答案和详解如下：9 i. L+ g1 n- H2 E% s1 g% @
* c, O3 N2 D W) B. B4 z
! n! w2 |6 f$ o* PQuestion 82) k* m/ ?% W, h( A, U9 ~
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:: _; K% W9 r, w q
RF = 8%- b' B$ U2 n' L
ERM = 16%
1 w4 r7 a& m* k" ^& I E$ h* BBeta = 1.7& e, V1 s. m9 l" _9 x' E" y: ?
Should the investor purchase the stock?7 @! l* o- |! o& R$ X
A) No, because it is undervalued.$ G3 _5 x% v' Q7 @
B) Yes, because it is overvalued.3 b( ]. q4 h; d( u
C) No, because it is overvalued.
; _! ]. B7 n& i L5 y p' PD) Yes, because it is undervalued.4 v* z( p& W+ r3 J. i& w
. H# x( k3 \& T/ a6 o0 K
答案和详解如下：
4 \- ~, {$ r1 Z6 I- P. ]. l$ E; ]3 D2 ?+ O
7 Q; J$ r* _( F( y' FQuestion 83
$ b8 x, Z1 T( I+ ]1 R3 r) I) p; M4 o7 IThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
2 F5 ^( x3 i) {3 ^A) divided by the product of the assets’ standard deviations of returns.
5 W7 \- Q. E2 @/ d- [" I/ I0 }/ BB) multiplied by the product of the assets’ variances of returns.
' Y* U( ?, O# c6 mC) multiplied by the product of the assets’ standard deviations of returns.9 M+ c P: g3 j' \
D) divided by the product of the assets’ variances of returns.
% ^6 Z! w( W1 G/ n4 e- j% g& s, e& U% }0 m2 K) ^+ k
答案和详解如下：" m" H; f( p% F% t( b9 a
, i7 H1 Q- @4 Y $ A. D0 O! V) N: n- ]% |1 k
Question 84
4 e s1 k' {( G& C" W7 y' \" P6 L7 H8 x2 `
Davis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:, h" I; u- D% B( B* ]# s% J
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.1 y: |. L& f7 w8 \
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires." v h m# h) @& ?7 G: D
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.3 ]/ V: b3 R2 H; c4 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.
) _$ {6 J" V# {5 y8 \2 h# T kTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:/ w( q5 S* @0 m9 `& b
A) liquidity needs.* ^3 y! a+ M( N b) N# a
B) legal and regulatory factors., z0 _3 v$ c) M/ } [- H- ?6 o
C) unique needs and preferences.
# I3 q: |* [1 ^5 ^ t% P" |D) tax concerns.
2 p. Y; f- g, c0 c: J2 I; y7 t) l8 T6 u0 E
答案和详解如下：0 { j# q. A) X2 S4 R1 C9 e
( l% i' T( q8 B) M- J, c
: Z) U) f5 o2 O; f: ]Question 85
, v) R, t4 l, \8 D% o8 B1 d6 u9 _- b d* b- r- b+ m) i
Which of the following statements about short selling is least accurate?) u: d) m$ N" {# c, e
A) A short sale involves securities the investor does not own.
, d% n7 ^" t" Y( h3 ? ]B) A short seller loses if the price of the stock sold short decreases.
* h1 y- R) F& x- Q2 SC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
6 L* e/ l/ w: ]/ k# L$ g& fD) A short seller is required to set up a margin account.$ q) l) {) e/ C! N0 Q8 z
( `& d4 a6 j; z" P( f# q( }
答案和详解如下：! p" Z- e* i- ]8 E- X
|
|
发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
