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Question 81
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Capital market theory is least likely to assume that:% _8 j8 o# ^6 D4 T+ t
A) investors can lend any amount of money at the risk-free rate.
% }) ?6 l" j1 w; u% n* SB) all investors desire to be the same location on the efficient frontier.6 W, Z# p8 n* b1 C
C) all investors have the same one-period time horizon.5 j2 p0 `" D N$ n
D) it is possible to buy or sell fractional shares of an investment.
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( o V" d; Y" Z答案和详解如下:
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0 q# h, ~4 p3 F# }7 Q5 }Question 82
3 J/ l$ P9 y3 aAn 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:; V0 o. d2 g8 T4 W
RF = 8%
3 ?) Q9 Q9 v0 y. h% _ERM = 16%' j3 ^' f5 g- `# L% G
Beta = 1.7
$ P8 B& h7 ]7 f1 J# W( t2 _Should the investor purchase the stock?! F( ^9 {5 d w# l; g/ [4 ~
A) No, because it is undervalued.
, k$ ^+ m% M% M: a1 J8 VB) Yes, because it is overvalued.+ `7 a0 i5 a8 ~' i( W$ l4 ^
C) No, because it is overvalued.
1 r( v; P1 m; }+ TD) Yes, because it is undervalued.
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2 m$ r( D& A- e0 N! M答案和详解如下:2 ]6 x' \* k( d% H$ q5 u6 J# l
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Question 83
* O$ D5 ^" Q1 t. u! e9 RThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:* h$ w+ x' _7 ]. b! F& u. V
A) divided by the product of the assets’ standard deviations of returns.
% ~; O4 L" _* l" U& D+ BB) multiplied by the product of the assets’ variances of returns.
\- U. k3 j0 c" s& fC) multiplied by the product of the assets’ standard deviations of returns.
; X4 k1 W/ ]6 n8 M, d' s& VD) divided by the product of the assets’ variances of returns. p! o0 W( D) H& x1 l
4 Q1 r4 C# ?* h3 |8 [8 o' U答案和详解如下:
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Question 841 L' s, {. {( a
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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:
I' ]( t- l+ B! }" K1 M7 pCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
( n, K! [, W, ~# k$ f5 \! l$ I2 h# q/ pCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.2 p! j t# ]2 b# X. y$ Q
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.7 B$ }" `6 e. L1 i( v+ d4 K- T# i7 v
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.0 y6 o) D5 C# H. ^! G
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:" p$ W" L w' |, F2 D# I) _$ J8 o$ X
A) liquidity needs.
1 `( L7 L+ D) j0 D# K% _" M" bB) legal and regulatory factors.
3 h% ]% D" u: k, d. p Z; a0 lC) unique needs and preferences.( ]: k& c4 L% ^" U4 n
D) tax concerns.- J+ ?) ~( c0 s9 U& f2 m
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答案和详解如下:
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- o$ D9 G/ R( x! ?Question 85
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Which of the following statements about short selling is least accurate?
2 g; y- f. s3 _% FA) A short sale involves securities the investor does not own.( q5 F' G7 W& O
B) A short seller loses if the price of the stock sold short decreases.
- Z% @8 K7 x: V$ W* Y) [C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
5 P1 Z" P$ p- vD) A short seller is required to set up a margin account.
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& I' f; r7 I) j% O) }: e答案和详解如下:
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