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Question 81
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Capital market theory is least likely to assume that:
' k7 B6 y* ]# a- ?A) investors can lend any amount of money at the risk-free rate.0 l6 Q: z/ T! ~) @ m- n n3 j& y% ?
B) all investors desire to be the same location on the efficient frontier.
: g8 `5 `1 F5 z, f! ~3 M0 {) l! eC) all investors have the same one-period time horizon.
5 Y* `9 N0 E! [/ _* }D) it is possible to buy or sell fractional shares of an investment.
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1 U1 z: S0 Y v$ M8 S) L; Q答案和详解如下：
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( G) d3 h+ u) u4 A5 W( m4 e; k# _% xQuestion 827 ?& G- f* C/ L% u3 r) A
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:: _$ ~+ q' _5 k+ X& y
RF = 8%
1 U. Y, V& B8 z( @4 F- P( oERM = 16%
( l& G: P) _# TBeta = 1.7
6 h1 D, H2 e. T6 A# t" {+ SShould the investor purchase the stock?: k& j& x$ [5 v" u: G
A) No, because it is undervalued." p% E/ l: N3 {, S: p9 k
B) Yes, because it is overvalued./ f8 Y: j- s# O. G% Z
C) No, because it is overvalued.
# s# m/ l0 o# N$ gD) Yes, because it is undervalued.
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答案和详解如下：
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: X4 i( I* D4 E5 A$ w7 hQuestion 835 M+ Z, o8 ~5 [8 T% a& }
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:: [, V) f* |/ ~# [$ v/ N: F4 W2 V( P* ~
A) divided by the product of the assets’ standard deviations of returns.
- K: E) G* R/ f: x4 M' N7 `, DB) multiplied by the product of the assets’ variances of returns.+ ^1 O: e7 |& {% ^9 v
C) multiplied by the product of the assets’ standard deviations of returns.
" g' K9 U! h. `/ ~0 k2 PD) divided by the product of the assets’ variances of returns., H) b) ^* n- K, A
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答案和详解如下：, |8 k% n: f8 C: S! n
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Question 84
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2 X& ~; t: c: s' X: }Davis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:/ z0 l2 Y/ a' k- |% d: d; N) \8 a2 E
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 c `5 @" [+ R3 y" zCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
5 Q# w# o8 R! h6 Y* \" {9 YCardinal, 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.
5 ?/ r* y) E5 M+ x- G/ U2 ACardinal 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.
* ]- e, f& r( T$ C0 `3 UTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:' e+ k" I0 ]( G
A) liquidity needs.
7 g' J! f. U z3 i+ J& aB) legal and regulatory factors.
* E5 G* n, M3 G5 j' f2 ?. @! RC) unique needs and preferences.
4 W5 ^, P8 c' w3 r% a8 K. u4 cD) tax concerns.
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! J5 w8 `3 l) I E Q; ~% O9 Z/ q答案和详解如下：
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; z" j$ W% J: I2 hQuestion 85) o( }1 |- d$ b& r5 E
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Which of the following statements about short selling is least accurate?
3 {- J9 u' }/ _+ qA) A short sale involves securities the investor does not own.& [5 T& B. D X3 z$ i
B) A short seller loses if the price of the stock sold short decreases.
! T. |0 \6 q" sC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
# E o' N! H& A, @ S: W( p9 fD) A short seller is required to set up a margin account.
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7 h4 A5 p7 _, U答案和详解如下：& _0 d7 \4 P U
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
