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Question 81
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Capital market theory is least likely to assume that:$ L" `& p& s; Q% q9 E+ J+ c$ n- r
A) investors can lend any amount of money at the risk-free rate.0 j. Z) B n( t# O! _0 c
B) all investors desire to be the same location on the efficient frontier.1 r3 [: A5 H3 t6 l: `3 z1 K( P
C) all investors have the same one-period time horizon.
' {7 r; z/ d4 Z0 w/ e# KD) it is possible to buy or sell fractional shares of an investment.+ `) T1 V' u( E. ?; y' [
) P9 C9 q: r2 n) {- o答案和详解如下：+ K5 `+ ]5 \ A; d/ ]
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2 l8 l# }; ]% ~# j& f) k! tQuestion 82
/ T( G3 b2 s( t) I, DAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
( j6 D* s& _# d! ~; T8 ]2 MRF = 8%
6 x% F- n! D6 D, ~ERM = 16%# U6 R# |; Y0 o- I3 N: I+ G$ H
Beta = 1.7$ X4 Q. T# l! R, t; Q7 Y! {
Should the investor purchase the stock?# b- d2 @+ _9 N% W
A) No, because it is undervalued.
" y) Y$ T5 K, h# m6 N7 b/ X1 @; GB) Yes, because it is overvalued.
- L1 _. I4 a# @4 NC) No, because it is overvalued.0 k8 {2 w# }5 v8 C* V/ {% Q( Q
D) Yes, because it is undervalued.
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& y1 ?6 J# h8 [答案和详解如下：
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! ?1 ]7 J% C! kQuestion 83
, W! r* e& K0 [& _The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:0 V! U1 P- a& g* Q7 q! D4 y
A) divided by the product of the assets’ standard deviations of returns.
. X3 Q3 ^4 V- U& ?; o y4 O% DB) multiplied by the product of the assets’ variances of returns.# x% R% P& C' W0 l' W. o' u
C) multiplied by the product of the assets’ standard deviations of returns.
8 g! X$ W/ E; w+ sD) divided by the product of the assets’ variances of returns., m" c, K' i9 ^3 A0 R3 e
8 I$ R- C, L/ K) V0 R+ K* M" j答案和详解如下：
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* P: J8 C( }& [4 d+ `Question 84
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$ s* R, R {& y+ K! }: D4 v" _0 r' [Davis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
8 J! `; {& y; V- TCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
1 p. v x5 {3 n% {$ ?! x2 {Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
+ @5 q3 ~4 L2 X0 uCardinal, 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.% w. m$ `& v7 ~
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.
, A8 C" i- K5 c8 m9 c6 r& p" K) ?To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:8 Q* k& l, H0 [7 g* O
A) liquidity needs.
: n% b% V: r* m. h. K% A1 U6 K* ?B) legal and regulatory factors.' t# b- A1 V; \/ S
C) unique needs and preferences.
! P' H" F3 F# W1 k! \6 GD) tax concerns.' x% X! i* i5 B4 `# |' ?1 Q5 W+ L
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答案和详解如下：
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. B, D2 ]- p( B( @4 KQuestion 85
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Which of the following statements about short selling is least accurate?1 u9 D$ X8 ~. L0 B7 l8 Q
A) A short sale involves securities the investor does not own.* U$ I6 E; T: p8 U6 I
B) A short seller loses if the price of the stock sold short decreases.
! w0 v4 [9 b$ B8 cC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock., {/ ]! P* y. c9 J) R9 q$ N# F
D) A short seller is required to set up a margin account.4 U: h- Y$ K1 n# J# {. y( P3 v) M
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答案和详解如下：# |& K' m. y' I
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
