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Question 81- n% ^# {) w6 f# i
1 P6 q7 C1 j3 j" Q$ y5 nCapital market theory is least likely to assume that:, V# O" v2 I) n, n4 D5 |- m; D
A) investors can lend any amount of money at the risk-free rate.
% y/ K; _- M5 j6 p- @/ N7 kB) all investors desire to be the same location on the efficient frontier.6 ]% P, @( M$ ?' P' C. R
C) all investors have the same one-period time horizon.
3 J& f2 p4 r- ]% PD) it is possible to buy or sell fractional shares of an investment.
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答案和详解如下：8 M" X/ U' o; {% z
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9 M$ ? r" y5 j' o. P6 YQuestion 82
8 L0 y8 A/ C1 l) S& o" MAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
* ~% V9 [2 x! R/ IRF = 8%! y. ?4 B0 i6 x
ERM = 16%0 q- U5 W! z, y+ D9 k% R
Beta = 1.7+ A [( j% Q, N6 m+ j7 z6 @
Should the investor purchase the stock?
" z: Z) V' a3 J* w, i+ O4 ]A) No, because it is undervalued.
7 _5 |$ g# ~7 U2 [8 qB) Yes, because it is overvalued.
* a% F3 J) Q/ A( g, r; \9 bC) No, because it is overvalued.
/ S, ?: G5 J) K3 G. yD) Yes, because it is undervalued.3 n4 b: e6 t# Z' S; {4 @, f8 p. D
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答案和详解如下：
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Question 83! }6 U2 ?' \" y$ S% S/ U
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
$ u; C- v' ~7 E* iA) divided by the product of the assets’ standard deviations of returns.
/ I! }! R9 C! @" ]$ uB) multiplied by the product of the assets’ variances of returns.! [+ F: X+ o7 s) U
C) multiplied by the product of the assets’ standard deviations of returns.$ h! s$ H9 p% u9 U
D) divided by the product of the assets’ variances of returns., E) _4 a0 t, O& a. ?
$ z$ f0 c" Y |% ~* k答案和详解如下：* X# _& `, I* U" ]7 K( B3 p5 ]
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Question 84
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# r, U# I: M% k: C7 UDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
. d" W- V3 `- S: |: [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.6 ]0 H$ w* j H$ R
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.# K Y) S* b. A t. L
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.+ B* B* q: `7 d$ O
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.$ u" I3 ?. ^' i a U- y
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:4 J( N( s/ s9 v0 z
A) liquidity needs.
- ~1 J0 Y/ k" [9 d) nB) legal and regulatory factors.
7 [, d1 j/ O! R) XC) unique needs and preferences.
, g$ Z& a0 ^. a& x YD) tax concerns.
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答案和详解如下：
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Question 85
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U" H/ n" x1 R- I# K1 zWhich of the following statements about short selling is least accurate?
1 t5 M5 S; z' G# Q$ aA) A short sale involves securities the investor does not own./ o& R7 W7 R0 l6 F3 H- ]) i; L
B) A short seller loses if the price of the stock sold short decreases.
2 K+ u9 {% n# F# e _C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
( r6 L' R, R1 s, N$ P" u2 GD) A short seller is required to set up a margin account.
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- j: X! j9 G7 g答案和详解如下：4 |5 G& r* H" X! s3 v' M" U# f
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
