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Question 81
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, ]* N. u* m% z8 oCapital market theory is least likely to assume that:
' V# a0 v1 v cA) investors can lend any amount of money at the risk-free rate.# ^7 k+ a* y/ G% @
B) all investors desire to be the same location on the efficient frontier.
5 S2 G' c) N* QC) all investors have the same one-period time horizon.
3 Z5 D& g2 [/ `. A! t4 RD) it is possible to buy or sell fractional shares of an investment.
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答案和详解如下：
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Question 82
" p- w |" S( W, U6 ZAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:* q% G6 U/ |0 ^: B7 Y
RF = 8%
! e+ V! N# U. R! S. I: w0 {/ WERM = 16%$ S8 W i$ k- R
Beta = 1.7
# ^, P W& r! U/ CShould the investor purchase the stock?
! M J5 E7 T- rA) No, because it is undervalued.
! V' \: T6 h: J% T5 {: |+ c7 a- FB) Yes, because it is overvalued.
$ B& E7 I% ~! F( f7 g# V S0 jC) No, because it is overvalued.
8 O5 o! ~( H0 I/ @) H+ S$ g, x. h1 PD) Yes, because it is undervalued.+ T8 N2 b v9 @8 G
3 H8 z9 H+ m5 h( A# C0 @0 a& W答案和详解如下：
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+ n% r0 Y: T. S+ i' U5 SQuestion 830 v/ X/ Q! N- P
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
3 h# _& R+ z5 QA) divided by the product of the assets’ standard deviations of returns.
6 |3 z7 d- c8 e$ q. s4 }B) multiplied by the product of the assets’ variances of returns.
) e9 d" a6 y4 E( {4 LC) multiplied by the product of the assets’ standard deviations of returns. D; ~6 ^' D* z
D) divided by the product of the assets’ variances of returns.1 c$ v2 V+ ^) I& P6 A- m
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答案和详解如下：" f m3 @% d9 v5 A
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, R# U8 r8 i* L! K" v4 \2 N; iQuestion 845 \% c# m) \2 ^
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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:+ y0 @) G7 s* I+ y- a. a
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.9 C7 P: Y; U" ^0 x# a( K8 l& A- I
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
' Q6 ^" E0 {: L5 [1 U/ SCardinal, 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.
( B: u/ s5 D5 X) r/ k! ]3 i: Y4 UCardinal 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.8 o9 T0 v" u$ y R* p
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
8 P% P$ e! p2 M0 s7 A: Q# Q$ RA) liquidity needs.
! u. u' ~2 x8 l @B) legal and regulatory factors.+ @! v& i. F' H! c7 f N; x
C) unique needs and preferences., L1 G9 o$ }5 R
D) tax concerns.
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' b) u4 [8 L# t7 e7 j" f答案和详解如下：: v' ] F7 X2 H6 Y
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: A) C# P$ r) N! F$ x. m8 c: F8 j8 yQuestion 85
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Which of the following statements about short selling is least accurate?
' ^) q( c- C/ G: U$ iA) A short sale involves securities the investor does not own.4 K0 j( @9 X2 _! W! r6 A
B) A short seller loses if the price of the stock sold short decreases.
( b* I5 ]. m* M9 M; NC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock. H$ G0 W; A% L; M
D) A short seller is required to set up a margin account.9 Z3 D9 t7 v( Q% U V' i/ D
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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
