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Question 81, d4 G- c9 c9 |5 i
: s) g- v/ [/ [7 m% ICapital market theory is least likely to assume that:6 h5 R% m$ c B& |9 F
A) investors can lend any amount of money at the risk-free rate.+ e$ U* Y5 }6 c! A- v; c
B) all investors desire to be the same location on the efficient frontier.
& { V# b5 t* c# n5 j6 s* jC) all investors have the same one-period time horizon.3 ]5 t+ D$ L( s& z8 }9 q$ m& D5 A; u) i
D) it is possible to buy or sell fractional shares of an investment.7 C8 Q! j. z i) J. K
+ f6 v' F% w- N答案和详解如下：
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$ m& o1 ^* P: V. F0 H) ~5 TQuestion 82
, d+ [, `) Q3 v) r# w9 JAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
) \' i; e+ u) m/ L! c& SRF = 8%
: |5 H/ R" l5 W W& wERM = 16%! w; y" ~3 b/ f3 i
Beta = 1.7
[9 h8 L7 ?0 s3 K7 h! P9 WShould the investor purchase the stock?
9 S) K7 X; Y% L0 x2 rA) No, because it is undervalued.
" p+ e, i: z& u- `6 NB) Yes, because it is overvalued.7 Y! Y( K9 X( M% b7 K8 X7 n
C) No, because it is overvalued.
) c2 k+ w4 J' T- Q' k: ND) Yes, because it is undervalued.0 V. J+ a8 \* D) k( d, i1 q; r5 f O
& C# {- \6 K! u' U答案和详解如下：1 Z! ? j; R' p( `& }, ]' i/ ~
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Question 83
4 D% o1 ~) L/ `& O5 j! DThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
: \3 c8 d1 w5 Y" x- j) g aA) divided by the product of the assets’ standard deviations of returns.
, y: H9 S5 m' Z( j FB) multiplied by the product of the assets’ variances of returns.0 W E4 E; T) J7 M$ ]2 ^( |
C) multiplied by the product of the assets’ standard deviations of returns.! Q" q8 `4 B- |
D) divided by the product of the assets’ variances of returns.
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答案和详解如下：
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Question 84
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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:7 j* u$ T- L9 @# m+ ?0 c6 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.: R4 b: `) O6 y- b. E2 v; _* D
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires./ i" G. |! t: h/ U+ S- j! {! F
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.
( k3 }" F$ q6 D, i" g$ U9 tCardinal 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.
; b0 u0 R+ N: S2 cTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:$ m# x1 c! ~1 w9 {
A) liquidity needs.
2 b$ G8 L( C4 u5 |B) legal and regulatory factors." s) H: \. q1 G ~, M. a) s
C) unique needs and preferences., t5 W8 ]% y. n
D) tax concerns.
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8 N# x7 S, ^) R9 ~8 G: N答案和详解如下：9 J( F Z8 s; @- i
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Question 85
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Which of the following statements about short selling is least accurate?' t4 M5 r* T* ^0 k1 U. G# n
A) A short sale involves securities the investor does not own.
4 S$ k8 e3 A3 U' I' nB) A short seller loses if the price of the stock sold short decreases.) c& V; G; y( \; N4 @3 G( Y7 Y/ Q& V
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.8 B/ s I) Z8 U+ B
D) A short seller is required to set up a margin account.
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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
