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Question 817 g+ p6 I, p L w* A4 y
" z3 a9 h- J9 x& d# RCapital market theory is least likely to assume that:7 E F$ A# f. ~! w2 |7 G7 T" I, W! f
A) investors can lend any amount of money at the risk-free rate.7 t+ M: K; X. d$ a
B) all investors desire to be the same location on the efficient frontier.
4 P. t: J% Z5 k" [3 y7 oC) all investors have the same one-period time horizon.. A4 H4 ?, G9 I4 t6 A
D) it is possible to buy or sell fractional shares of an investment.8 H* H' |- G- U7 Y
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答案和详解如下：; `* R/ x! \8 M5 R! ^# X! K8 s
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: `+ I: X0 Y6 t2 gQuestion 82
9 r9 J- k9 n/ T) ?An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:. I4 n3 ~& r, j
RF = 8%% k) B* E' Y7 [% J3 D4 }
ERM = 16%- Z# o$ G3 G" a1 J3 m8 R
Beta = 1.7
5 s) N- v0 p iShould the investor purchase the stock?
) Q( c& ^: A7 ^) S4 W/ _A) No, because it is undervalued.
' N# I$ U6 A! e3 G5 ~B) Yes, because it is overvalued. \- d8 ]4 i0 ?( z
C) No, because it is overvalued.
% R5 Q, q4 U4 F2 ?" N* \- x' G5 G/ qD) Yes, because it is undervalued.
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# E! \ L5 \4 m" I6 p5 V) N! a3 w7 J答案和详解如下：
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Question 83/ [2 U( f. j, T! u$ E$ Q
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:# H6 ]1 b/ D7 b" X6 b- r' |- B- F
A) divided by the product of the assets’ standard deviations of returns.
K" h4 H+ Y. b. x; |B) multiplied by the product of the assets’ variances of returns.( c! h5 g& a3 ]( R
C) multiplied by the product of the assets’ standard deviations of returns.
0 y: H2 G8 t/ b; ED) divided by the product of the assets’ variances of returns.
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+ T9 g/ U' n/ W6 j答案和详解如下：* U( l; J7 C0 ~# k, o+ p6 H; u
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2 t+ d$ y# h4 G0 F3 Q9 Y$ lQuestion 84% m; N5 \+ y. y: @3 ~4 X0 e7 Y
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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:& s' {- j# T* i9 Q9 L
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.
$ R% E6 B' m4 w/ T# A0 ]Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires." Z' h' U5 ?! t9 ^! w$ {/ }
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.
. e t }6 y$ xCardinal 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.
1 o! ~9 [5 |$ F( J9 X1 d0 ETo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
5 ^/ E! w) g; D( q2 M! OA) liquidity needs. E0 P; m! R# p) y
B) legal and regulatory factors.% [. R* M% T' U$ M1 z" b
C) unique needs and preferences." }( L9 A1 T' K# s/ l1 ]6 z5 S
D) tax concerns.% Z) T2 f! c* @4 I, \- z n
4 j2 i7 P8 ^/ r4 {' w4 `答案和详解如下：7 G5 M$ f; G6 B6 X4 p: n7 J5 L0 h
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Question 85
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( I# u* f4 ~+ H8 m5 B4 r$ ^# aWhich of the following statements about short selling is least accurate?( u6 _/ @) Q" c$ C" U# k' s) e( e
A) A short sale involves securities the investor does not own.
, l9 L6 n; I: z2 JB) A short seller loses if the price of the stock sold short decreases.# l" K9 C! G* {; J- b& [
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
& ^: d+ s. \ dD) A short seller is required to set up a margin account.
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. o& h/ Q5 D A- w答案和详解如下：& |+ {0 S' i* t) P/ \
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
