|
|
Question 81
: V) U1 {! V5 K0 L3 q2 m% x0 F$ e5 B( L N/ q9 y" l! t
Capital market theory is least likely to assume that:5 W. c9 N' h5 _" F6 l# t5 V* ]% f
A) investors can lend any amount of money at the risk-free rate./ g( G+ b, m$ F$ r
B) all investors desire to be the same location on the efficient frontier.
( A4 s7 `3 ?" UC) all investors have the same one-period time horizon.
1 r% |) \( @4 p2 g/ iD) it is possible to buy or sell fractional shares of an investment.5 H. x4 R8 s/ i: [; t! X7 H
/ G5 b" j# N0 U
答案和详解如下：
+ ^- d$ e8 U# Z/ K9 [" y5 }$ A r0 T5 O* S: P
! o+ F& m8 K# a
Question 82
8 F0 X& J& z' \8 ^An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
# Z+ y& o) n# m5 W0 sRF = 8%
7 B" }6 |0 m+ ~/ e! {ERM = 16%
* [2 @1 |: a) Y' A, CBeta = 1.7
4 Q# U( b3 R9 s- kShould the investor purchase the stock?
7 D0 E* \3 x; I) N3 e; EA) No, because it is undervalued.
9 }- u6 ?- t/ K# Q3 c, jB) Yes, because it is overvalued.
: N( K9 F" o9 o3 F- d- P2 bC) No, because it is overvalued.0 o: S6 C0 d2 A1 ~8 ]
D) Yes, because it is undervalued.: F; `' G7 o" O/ @( n' m
% ^( a6 J' }3 K1 T5 |8 ~
答案和详解如下：
7 k3 ~3 H$ v/ a% H9 g' c# ?* t, _/ Q) s1 [
/ t- Q' J2 F$ ]$ b7 Y$ h9 R
Question 83% O* c6 y- `. U6 d- s
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
: H+ X4 ^) w' i. s kA) divided by the product of the assets’ standard deviations of returns.
; N. Y9 e2 Q$ u6 ~ lB) multiplied by the product of the assets’ variances of returns.8 h$ a. D+ a5 `( r
C) multiplied by the product of the assets’ standard deviations of returns.
# r% w1 }5 s9 vD) divided by the product of the assets’ variances of returns.
/ e) E! ?% p" X g& Y" w3 E5 t+ m0 N1 H3 ^# R, z. O# \
答案和详解如下：
1 f3 w$ b; o% P k0 {
$ C+ Z$ a; j* T( {2 H. n* X
3 v9 b* A4 f: b( Y+ Y5 VQuestion 84
p' L- l% j' U. Z' q8 W o; [. w: `& m
Davis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
7 {& i# W6 n0 }/ n$ S* zCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
0 S6 J' x' y7 J- ^. FCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.5 R/ \1 c; M1 d5 O
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." @% y& T6 a( p
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.
- m% A7 n& Y/ H9 e ^, F! oTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:9 ^" ~- I/ Z8 U, [
A) liquidity needs.
/ G: C/ }9 @& H% P ?B) legal and regulatory factors.
8 N2 n4 P1 Z9 ^3 B$ YC) unique needs and preferences.) u5 e& [. y( b2 v. `( o
D) tax concerns.; A9 ]7 u v9 S8 E: c
" R) T q0 {& X, ^/ }答案和详解如下：+ I' |1 o$ `5 M3 s* L. s% w- u2 M
. _: @" V: I2 \: x3 w* }
0 e3 Y5 z6 S- q& |' k A4 V7 s+ P ~) \Question 854 d5 h) b- V+ O( N
9 ]: H0 ^- O+ R' W6 p6 mWhich of the following statements about short selling is least accurate?2 [) c9 T e. q
A) A short sale involves securities the investor does not own.3 f; r5 w# R+ u7 I% W& I
B) A short seller loses if the price of the stock sold short decreases." N. a4 U a- F0 u& I
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
+ g; A9 `' Z4 @$ S* LD) A short seller is required to set up a margin account." e7 B) G2 r4 \" `% [- r; S
! ?" X" F/ ?( b/ |6 K答案和详解如下：- j" @3 A+ j) M2 z8 H
|
|
发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
