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Question 81+ |% _2 m* L6 Y3 h0 H
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Capital market theory is least likely to assume that:
. s4 v: W4 z; B5 ^; J4 v/ FA) investors can lend any amount of money at the risk-free rate.; x9 k9 {2 P# K
B) all investors desire to be the same location on the efficient frontier.3 L* }1 M7 Y9 \1 m
C) all investors have the same one-period time horizon.
8 m$ [# i8 K8 Q0 kD) it is possible to buy or sell fractional shares of an investment.0 U6 G! q2 u7 q4 I. i& U/ s1 z
/ ]' E2 b. l% i答案和详解如下：
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2 t7 [) e. A- K! RQuestion 82
( z i) O1 m2 IAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
6 f0 [( q+ n- f1 j( I( ZRF = 8%
9 M* }8 r' S! QERM = 16%
7 c% C. e( G) u6 l5 |Beta = 1.71 U" @8 j8 V2 Z2 f t8 z& G/ A6 R6 b
Should the investor purchase the stock?: k( j0 m# j' Q0 o& S$ n5 S
A) No, because it is undervalued.4 x# H& @3 l6 c6 [) b
B) Yes, because it is overvalued.
: ~ V1 s! ]' ~* r7 lC) No, because it is overvalued.$ o' k7 {9 N% E
D) Yes, because it is undervalued.
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) z9 v3 }% z1 ]" ]# \" s- G/ ~答案和详解如下：
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Question 83
# j1 `: j: P3 _( h9 ?The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:. p5 Z; J: N7 G) S$ ]! j
A) divided by the product of the assets’ standard deviations of returns.
8 ?1 q3 Q4 u+ G0 O0 b* eB) multiplied by the product of the assets’ variances of returns.
/ @7 ~6 r) m' M+ ~C) multiplied by the product of the assets’ standard deviations of returns.
; X# @# }6 F- R. i$ `& C( SD) divided by the product of the assets’ variances of returns., i) _; u. i5 E) p$ }
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答案和详解如下：5 |' m& z8 k! t- g* I' D
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( L+ v- _. F: M! }) NQuestion 84/ V& X: v8 o* {3 r& D* z5 `1 `
$ }% z) n9 T0 a" U4 XDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:! A# K! j" z' H/ C& G" I3 r2 ^
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.1 W- L6 K, W( @( ?. D- e) p
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.* |0 J9 F' @6 [8 A5 M& Q# N, `/ T
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 P& D) D: W" G1 N* y
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. y. X/ ~# w, ^6 k4 U8 p: }
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
$ u# C5 \. p0 SA) liquidity needs.
) V% @5 X; D5 |5 Y8 R! }B) legal and regulatory factors.
4 A* ?/ C2 w* F7 t6 p9 g$ mC) unique needs and preferences.
: N- Z& K% g) X' GD) tax concerns.
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答案和详解如下：. w" f3 k, J% X: }- X) x
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& W4 Z! @# r, Z. w) K! h% aQuestion 85
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& x+ F$ T1 b2 ~. I' y4 N3 W2 D9 OWhich of the following statements about short selling is least accurate?
$ o* S3 N. `* F( z( v5 H" zA) A short sale involves securities the investor does not own., ^; i+ T+ i" M# [
B) A short seller loses if the price of the stock sold short decreases.
7 s @2 n8 q' t6 @, _- z" ~0 r/ bC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.5 P0 V% y0 m! \8 I2 ?
D) A short seller is required to set up a margin account.
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答案和详解如下：* O" M, q8 W" n' p4 m
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
