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Question 81% x3 |* }' P% n2 s+ Z" Q C
6 @" e% n: h# E" F) Z z% B3 gCapital market theory is least likely to assume that:
# r# c( k) ]9 }/ ?A) investors can lend any amount of money at the risk-free rate.
7 _; T& K9 a6 A8 v0 C, M% fB) all investors desire to be the same location on the efficient frontier.
4 P/ Y" F2 R G/ ^ CC) all investors have the same one-period time horizon.& O. Q' }4 X$ ?1 i( b! x
D) it is possible to buy or sell fractional shares of an investment.
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答案和详解如下：0 u* f# d4 l/ _8 B' B+ g9 ^( X
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. R7 T* V- ~% @" V% F: b/ t( ~Question 82$ I8 N( g7 R; F
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
8 {- W6 y3 {, ~RF = 8%
' e# x9 O: p/ U8 ]ERM = 16%) s% A4 S3 c4 n/ Z$ t6 ?) r
Beta = 1.7
5 b/ s8 f0 S) {3 {" I2 w5 p* lShould the investor purchase the stock?. B+ Q4 [6 B( Y. e9 N
A) No, because it is undervalued.+ h G; G* N/ T1 \2 e
B) Yes, because it is overvalued.
3 x5 s- ~) C* n. d/ t/ B- }C) No, because it is overvalued., W* m8 @3 q8 e, E8 o! k& z. s( l
D) Yes, because it is undervalued.
7 \/ X1 `8 R4 q- M C5 H5 Q7 @# X& O, J6 D
答案和详解如下：' @( J M" ~* q% D
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Question 83
5 K0 d& \: `0 f2 |: @- Z4 d( \9 q7 UThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:+ r' m8 i7 W) C9 `7 X6 d6 V
A) divided by the product of the assets’ standard deviations of returns./ h7 f% Z8 K- W1 [8 M6 q
B) multiplied by the product of the assets’ variances of returns.
8 F7 R, x( B# r5 V: |3 A. S/ ?/ FC) multiplied by the product of the assets’ standard deviations of returns.% E; M: o- e: I& n/ v# i
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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8 Z) w# R4 H8 J- |- xQuestion 84
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9 z, @4 t( O2 I9 `Davis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:3 b. ~7 e0 W: {6 e! R# j
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.
% h8 N$ n# u' a) @' Z' {Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.4 G. z+ c1 }& E' w' ?- }
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.6 J" g. I! A& A8 ^' B1 T8 l
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.
- W @% x* B0 _6 k( z! ^; wTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:0 y" F% n1 w! k5 q3 h3 r3 t) q
A) liquidity needs.: i4 Q( n8 k' X% {( f
B) legal and regulatory factors.% e# D' I" \' B
C) unique needs and preferences. K7 d' ~+ c1 C7 t
D) tax concerns.! k0 u( w( Y% ^- n2 v" I
8 s9 u% Y, a5 W答案和详解如下：
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4 g6 b# X. v. ?) Q1 ?Question 855 t" [- E5 ? W4 F N
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Which of the following statements about short selling is least accurate?: F& O/ z+ J1 D" X% A1 p5 U, p
A) A short sale involves securities the investor does not own.6 a$ D5 b$ j# F- b% D3 r+ E7 \, x
B) A short seller loses if the price of the stock sold short decreases.1 L4 R% W* Q7 b d% i- g
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.0 q; M: a- y, J6 o# _
D) A short seller is required to set up a margin account.
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答案和详解如下：/ S0 O/ G: E( b# ^) Y$ i
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
