|
|
Question 81" q' Z; g* `; q/ F! m; U `
& o/ Q" Z1 ^9 |4 ~- ]+ W* ^
Capital market theory is least likely to assume that:
) a) }) n6 U1 x3 \2 i4 {A) investors can lend any amount of money at the risk-free rate.- {: w5 v* c# U7 ?# ~
B) all investors desire to be the same location on the efficient frontier.
" `+ n) f; K7 S) q& {C) all investors have the same one-period time horizon.
& T( f T5 A, w8 t8 _1 XD) it is possible to buy or sell fractional shares of an investment.' L: @5 }2 R- D# u# V
7 Q. C9 z8 j: F' P `3 R6 Q* e
答案和详解如下:& t7 I: y# B3 L
. N m- t$ f* ?* D/ d4 {
' `- H7 S$ k& ~, E& }3 a( H
Question 82( t3 E& ?2 S2 ?# F# u
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:4 b0 H: l9 N5 E4 v7 j# J. `
RF = 8%
# ~2 X3 z- o: \. O- SERM = 16%1 Q# _- j/ B$ u. b5 Q! N
Beta = 1.7& v: D' l! o+ i6 |1 Y
Should the investor purchase the stock?
# ~0 B, u1 i2 l( IA) No, because it is undervalued.
5 a. @: x4 L+ N- ]% D& g. gB) Yes, because it is overvalued.
; V( @& E, H5 \; s# b T7 x. ~C) No, because it is overvalued.( c! j" ~& [1 h$ i6 `
D) Yes, because it is undervalued.
0 b' h R+ y+ P& d7 J5 n8 w* Z3 ]/ |; E
答案和详解如下:
) Y! [. ^: R3 ]8 H Y" ~* a `
9 T- o! h! l5 a( Z- q6 @, b9 t ' [) O. e9 E( m) c# c
Question 83
& j* U( U- t+ U) U2 W+ sThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
$ k; I# ^: Z9 @% R# o" eA) divided by the product of the assets’ standard deviations of returns.% `& ?, [: {! L% C4 A3 l
B) multiplied by the product of the assets’ variances of returns.
: z, V/ E4 e% M8 T$ I8 U2 U5 X, I3 gC) multiplied by the product of the assets’ standard deviations of returns.# M5 `- V1 l0 X" R& a8 _7 \
D) divided by the product of the assets’ variances of returns.
1 z5 E9 U M+ u/ y" p
% w7 ~3 [. P- P8 N' J答案和详解如下:
, n+ v) l; P- J) b( V0 j; e2 c2 j2 \3 ]' \( J
& |' a- }. I- ^2 z+ \# _- SQuestion 848 u, W% U) E$ h7 |) B8 x
6 m6 K% O6 }* lDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:! x8 ^& D9 C' W( }9 ]; r7 m3 f1 h. 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.
. G4 u" H- @6 t8 s5 {9 aCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
4 W# t8 d: s( O1 TCardinal, 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.
6 H0 I2 r8 ~/ kCardinal 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.
3 a/ R/ y$ F2 \+ i, o; _& w A; ETo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
6 o+ F8 N0 h0 l BA) liquidity needs.4 h7 c. X" {6 C; s) ^, O x4 v
B) legal and regulatory factors.
9 L4 [3 v* ^5 |C) unique needs and preferences.5 ^& u7 z, u( n9 E9 I! j, D
D) tax concerns.
- Z. G# u% M. c0 d; D5 M
4 y% h2 [( E+ N) G答案和详解如下:5 g9 u3 A6 S/ d8 T" O# ?
7 g$ `* _: r, ~6 k. r, x# D! C' V% R
+ k( \. l4 |8 C; T, s5 xQuestion 85
2 z& s+ l8 ~% o+ E6 H* K0 g2 M) d" v1 V5 ?
Which of the following statements about short selling is least accurate?
. x u& n* c2 CA) A short sale involves securities the investor does not own.
^8 C2 d A& Q- |/ T9 hB) A short seller loses if the price of the stock sold short decreases.
3 q% y2 z' f7 S: g- BC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.5 `7 Y9 t3 s( T; F1 ]+ {
D) A short seller is required to set up a margin account.8 v( X$ i; v% E5 t! D
- x1 i# \- v7 m0 b答案和详解如下:
0 n& c: P' E; ]* b+ v/ ~ |
|