|
|
Question 81: Z4 g6 o5 b7 o0 t" I3 ]: y- K( X
, J4 u4 P( X: F: W r6 X5 e
Capital market theory is least likely to assume that:
$ n! _. |+ w2 n1 ^# d% _' z: MA) investors can lend any amount of money at the risk-free rate.
) @3 @5 [/ H9 e, c1 o' PB) all investors desire to be the same location on the efficient frontier.+ i3 K3 B2 [' l' F
C) all investors have the same one-period time horizon.
8 a. Z/ h1 C; p @* p7 uD) it is possible to buy or sell fractional shares of an investment.5 K; P1 h4 I4 ?
5 ^5 b1 z& n5 f" Y7 U5 b- e答案和详解如下：. |: w1 m" I: J) a" e- D
) c: s2 r4 G$ s( ?! [% g
' V1 W) p! E1 Q, e3 ^. SQuestion 82; j# \ n* U# U, Z
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:' X0 e8 }" P5 @0 A l
RF = 8%
# `( u0 R! B uERM = 16%5 e6 x- d5 e9 w5 T$ l0 b0 V
Beta = 1.7 I2 z, D2 b w# _' ]1 B& Y) ~) H
Should the investor purchase the stock?1 r, p. ^- n* @7 t5 L, N8 ], f9 f
A) No, because it is undervalued.
3 u7 m6 w$ T, K; N+ ZB) Yes, because it is overvalued. Y7 x, P+ v- J- W5 G( u5 N
C) No, because it is overvalued.
# I4 v' g" c) O* O2 }D) Yes, because it is undervalued.
& F8 ?3 q2 z' @. w
, V4 a( f; R. i& I. p% h$ c答案和详解如下：
* C# g( v4 p# p( l+ W
8 R; c# L3 t" ` j8 Q6 U " Q1 i# A" E/ G
Question 83, n0 `2 R1 C! x P; i: K
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
4 }9 X% {7 h* l& UA) divided by the product of the assets’ standard deviations of returns.1 T- X/ V( y3 I/ Y$ l1 ?+ t
B) multiplied by the product of the assets’ variances of returns.
) I' X9 G# p IC) multiplied by the product of the assets’ standard deviations of returns.
0 n# {! e+ G1 v+ F/ Q: jD) divided by the product of the assets’ variances of returns.
4 m8 I$ Q$ t1 I0 E& D+ d5 c/ y8 @. [; D
答案和详解如下：
1 }9 k9 {, A# Q3 Z3 k/ ~4 \1 J3 f" i5 w
* x8 R$ G0 J5 N6 \- L- ^
Question 84
m; k9 `6 ?, I
* k* S) P: O+ g# v4 t; {Davis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:2 O' M& ]* Y. {
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.
! C E1 _! R+ m" nCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
" _: ~+ w4 A. w- u+ l6 N5 CCardinal, 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.2 t. `2 D1 X% u+ _
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.1 ~4 Q/ [" g. z& _
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
3 s7 _/ `5 W: @* M: u/ r6 c$ B% IA) liquidity needs.
% c, k$ f) W, }, p+ x/ ?B) legal and regulatory factors.
' Y& A4 T7 Z% k# x$ D7 u& KC) unique needs and preferences.
/ _( Q7 Q' P5 pD) tax concerns.( I( K, ?; B4 D2 a- u& }
( x5 t& i0 w! Q$ d3 n0 V; h, k答案和详解如下：. @+ M% {0 W9 E
* O8 \1 g9 u; X N
* R( C) I1 d! V7 f$ n4 L5 ]Question 85" ^7 Z' {' z1 `. [ E/ s0 F
) ~* j. A0 Y. n) {3 |, B p. BWhich of the following statements about short selling is least accurate?
) X8 y1 B+ Z4 p% v0 l3 k4 O" k! y6 |A) A short sale involves securities the investor does not own.- K9 ~. x7 |0 W! |$ I u/ Q$ N3 S; N
B) A short seller loses if the price of the stock sold short decreases.
4 L( f9 W; V3 WC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
2 r3 Q/ q1 T6 I" t2 l( SD) A short seller is required to set up a margin account.4 j0 q/ t5 N; O7 O" n' h! z9 r% a
% J! I" ?, x1 R: B答案和详解如下：
5 u- Z# B7 j" p( _' R0 M) P2 b- O |
|
发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
