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Question 81
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Capital market theory is least likely to assume that:7 K$ q' u" k7 x+ O0 I7 Z
A) investors can lend any amount of money at the risk-free rate.$ q) N+ C- ~4 J' {7 e6 m2 P/ @8 d
B) all investors desire to be the same location on the efficient frontier.
. c' i' k& p; E$ W$ dC) all investors have the same one-period time horizon.
% V* T5 n9 d7 o% b9 H* qD) it is possible to buy or sell fractional shares of an investment.
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. l0 ^( d7 \% |: ]9 i7 X答案和详解如下：6 y+ |& X4 X) {6 d
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. C& w% Z! u& K. _8 ]" n# ~Question 82. L& X6 M! m" H7 Z" i ]/ a _
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
, J* N; a! C6 g ^2 L6 P9 rRF = 8%0 X6 R5 \8 z$ O. v+ }2 Z
ERM = 16%
( C$ ?0 F) W8 Z; }% pBeta = 1.7
) K. v" N: l& |/ P+ |Should the investor purchase the stock?, m7 _0 y9 M( X* C% T/ x" C# `
A) No, because it is undervalued.( y8 d P: [8 t# e5 ^
B) Yes, because it is overvalued.8 v5 J' L9 p: i+ @" `- b$ Z
C) No, because it is overvalued.
2 _7 B7 B: N- `! S' jD) Yes, because it is undervalued.
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H$ `. n$ ~" k, S! f答案和详解如下：- `' {) K u% R5 p j6 Z# G9 Y$ \
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1 b& L" j) ^1 b3 e4 U! K( ]Question 83
+ b2 p) g5 _' [, J, d' zThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:' N# {$ [: u# f, ?" F, @, l
A) divided by the product of the assets’ standard deviations of returns.
4 o7 V1 ^: C. O- R+ o$ NB) multiplied by the product of the assets’ variances of returns.7 m1 r9 f$ f& S3 s; O
C) multiplied by the product of the assets’ standard deviations of returns.0 e. _6 _7 q7 c! u5 I8 \
D) divided by the product of the assets’ variances of returns.
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2 B0 `2 M! f4 Q t3 V答案和详解如下：% t( k( O* g* s& @4 v
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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:, P! P5 C2 K. o: G0 ^5 ?
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.
4 J$ o& R( Y% FCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
5 y; `5 _: v F6 K! aCardinal, 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$ l: m; @; s% ECardinal 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.
8 a4 P# z+ k+ b% R" OTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
8 [; `9 O1 ^# D8 W; `A) liquidity needs.
6 V4 K% F& F- y8 ?7 RB) legal and regulatory factors.( ~: B) n" Q; K
C) unique needs and preferences.
* x" Q& |& e. N# c+ W4 HD) tax concerns.
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, n. n3 U+ y R5 M d: X% D答案和详解如下：
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1 Q( {; {8 |4 i4 @0 ~8 W3 XQuestion 858 d* y, I/ I* v- Q
' Y' i$ H* @: L2 u! }/ vWhich of the following statements about short selling is least accurate?
; Y% g! M% b" \: EA) A short sale involves securities the investor does not own.' l, R" u I+ b* O& w
B) A short seller loses if the price of the stock sold short decreases.
1 H4 m. F. i; x( c! o% zC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.1 `2 T0 G$ U) d" A6 W
D) A short seller is required to set up a margin account.
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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
