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Question 81
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; {7 z P& n; RCapital market theory is least likely to assume that:4 `, m+ _9 Q" Z4 R( Y
A) investors can lend any amount of money at the risk-free rate.
. ^" ^7 b& Q* q) N! jB) all investors desire to be the same location on the efficient frontier.
. r4 }( v" L! O1 }( r BC) all investors have the same one-period time horizon.2 U5 ~3 Y0 i+ P' V% r
D) it is possible to buy or sell fractional shares of an investment.7 ~. [( t# a, R
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答案和详解如下：
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Question 826 W- _ U: C% y* ^
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:( v- v. z9 j9 L0 l
RF = 8%
: v/ ^ f% Y: C. C7 l( E; _# jERM = 16%' h: {5 K& U9 u' `7 ]2 u; ^* i1 ~8 ^5 V- Y
Beta = 1.7
+ S7 W1 ?# I/ Q3 qShould the investor purchase the stock?+ V j/ W) [5 c& t! U& T
A) No, because it is undervalued.
?7 h( ]+ n9 Y4 a& XB) Yes, because it is overvalued.2 }# @+ ~; w% ?0 _3 ?
C) No, because it is overvalued.) g: Y+ s3 a$ K4 G* X2 y& p
D) Yes, because it is undervalued.2 P3 ^+ U1 p* q0 {# N
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答案和详解如下：" |+ ^- O# R/ G1 f8 Y! H& h
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; f, `3 B3 ^; N0 YQuestion 83$ N4 P. o+ v' ?3 F) e7 E/ Z9 W6 h! A
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:; e1 T7 Y- ?1 ~/ p; L
A) divided by the product of the assets’ standard deviations of returns.. w, ?; ^8 |3 N0 p
B) multiplied by the product of the assets’ variances of returns.6 T! N1 f# |; l* n* E3 P' R+ _. G
C) multiplied by the product of the assets’ standard deviations of returns.3 o( A( V! L9 v% c% I3 e
D) divided by the product of the assets’ variances of returns.
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3 S6 l& j d& W0 A; k8 z% K; `% ]答案和详解如下：
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. a9 p' v' d% sQuestion 84: T0 y# E% N6 O
# \3 @3 n$ k$ f$ n' p; ^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 P, J' k1 F+ q* C* bCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
5 R a- W# ~0 Z1 s5 D" `Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
# |% d( e B! _5 [% C% jCardinal, 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.# l, [ v: g- `; J! x0 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.
) O2 z) m! Y# u5 O) xTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
/ X. T- |6 x& t4 @/ mA) liquidity needs.
2 R! R" Z0 N( R# ^B) legal and regulatory factors.
" y, l3 I6 T3 m( j! aC) unique needs and preferences.
$ A. h7 S/ M+ X* B9 h6 c& J4 @D) tax concerns.( j; H+ Z F1 E8 l) @5 M1 B, k
8 m' [% \$ X2 N; n$ s答案和详解如下：
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) y4 M% `3 a- C7 U7 G' EQuestion 85
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Which of the following statements about short selling is least accurate?( o/ U( R7 q- J# l: t
A) A short sale involves securities the investor does not own.
1 V% p2 p# Z; w3 R9 G$ \. z) hB) A short seller loses if the price of the stock sold short decreases.
c' o/ K1 F3 r9 kC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock., B+ A: Y y# ]0 @) ~9 G
D) A short seller is required to set up a margin account.% g. |7 W/ g) C" c3 W
, O+ l" p' p4 V+ r答案和详解如下：8 M' ^. g0 L) X5 `! A5 @2 o
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
