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Question 81$ g1 w1 [# Y: k% d! y: a
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Capital market theory is least likely to assume that:, G8 {% _6 v% x4 v& B- c
A) investors can lend any amount of money at the risk-free rate.
_0 ^; M# v& MB) all investors desire to be the same location on the efficient frontier.
^, b' j" ~- t" `7 `C) all investors have the same one-period time horizon.3 w0 a. J- y9 \- K0 d
D) it is possible to buy or sell fractional shares of an investment.2 m* d, ^$ [: ?8 @) A, @
6 u! p2 s% M4 Y6 L& g答案和详解如下：4 X9 d/ `% J- x7 N
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Question 82, l! m% L. n/ Z
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
. H. Q+ o- ~8 y5 o+ ?- r/ H0 Y1 eRF = 8%
d4 O; ?. M0 AERM = 16%
( {! E! @7 ?' \2 r. ], r4 YBeta = 1.7/ i3 L8 w, ^5 n) W: F5 g/ h
Should the investor purchase the stock?
" ]1 z4 x+ m' b7 j! |+ DA) No, because it is undervalued.
: L& l* V4 E1 l, _7 [/ w, eB) Yes, because it is overvalued.' p8 R' |% u* p. ]/ W( b% j6 G
C) No, because it is overvalued.% w! c1 s1 F- \ O
D) Yes, because it is undervalued.6 i9 u4 l! R5 E; Q8 \
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答案和详解如下：& O6 h" C7 L9 N
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Question 83, i& E! s1 i- t1 q
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:4 x) ^. l. T( T( K
A) divided by the product of the assets’ standard deviations of returns.5 x; H0 e, s1 z6 m# U
B) multiplied by the product of the assets’ variances of returns. S6 }) k9 }' C% n4 l! X
C) multiplied by the product of the assets’ standard deviations of returns.
! ^, }) [ |* ID) divided by the product of the assets’ variances of returns.+ [! _ _* _7 n% O3 X+ s8 R
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答案和详解如下：. H8 Z j$ x% c( y4 y$ @ _% S8 L- M
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Question 84! s. x W. L6 J9 s. B
: E) _" B) n+ U4 bDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:7 e$ H1 ^4 c, z" [5 R# W
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.8 a \2 h7 A4 `$ m( c; _
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.9 u7 h8 ^ ]9 H2 p 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.; v8 }+ W q# A
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.! o/ k6 q* w) b" s2 A
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
* \, P7 d& }8 r9 ^+ MA) liquidity needs.' @+ Q) F1 b/ Q+ Q5 W/ e" J
B) legal and regulatory factors.
7 x$ Z4 \2 F/ D1 |8 C) R0 yC) unique needs and preferences.# c" }; T- P7 O& T4 y" d
D) tax concerns.9 T* Z# `! k; k& ]4 Q/ p2 K0 G% N
J/ }$ d2 E; X. F
答案和详解如下：8 E6 D3 w& o" ?! }& G' m5 W
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Question 85. f+ A# @; k. O3 o3 I" x1 m! p6 ?
4 l( W7 `7 C- A# k! XWhich of the following statements about short selling is least accurate?- k m% l1 [0 v$ y
A) A short sale involves securities the investor does not own.
0 `! U- G3 D& Z/ eB) A short seller loses if the price of the stock sold short decreases.6 u/ ]' F9 W) }* h4 p9 b/ w
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock. V% V1 p2 |, \. p$ T' W" h
D) A short seller is required to set up a margin account.% e2 W8 V- _; X/ q! w4 x
2 A; B* R6 S% r4 T8 M- C
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
