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Question 81
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Capital market theory is least likely to assume that:
$ M7 [& m7 ]: E( ]9 t( p6 TA) investors can lend any amount of money at the risk-free rate.
1 x2 E! A+ n' c/ t6 K$ B+ |B) all investors desire to be the same location on the efficient frontier.
& y! n; C, F8 D9 g6 nC) all investors have the same one-period time horizon.
$ h* H- H# I: O P: a9 x vD) it is possible to buy or sell fractional shares of an investment.
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/ s. S* M& A( `答案和详解如下：
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9 l1 ~1 S' X* u0 R! }8 A( y" @. S o8 y! LQuestion 82
8 b( q* _: N9 A- D% ^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:* O8 I3 t& J) ]2 e6 _
RF = 8%4 s: l1 t2 m k" c* f. M
ERM = 16%: J7 y) i: w; @7 t
Beta = 1.72 H" s/ ~1 W/ a" m' q
Should the investor purchase the stock?
3 [ g+ w4 u4 F- Q, [' zA) No, because it is undervalued./ L6 \) M7 w. U1 o
B) Yes, because it is overvalued.
j+ |7 o! Z! c. j. h3 zC) No, because it is overvalued.
) u! t( a& F2 [D) Yes, because it is undervalued.
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. N$ x8 \& ~" m2 e: [答案和详解如下：
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2 T/ b, ^( D/ Q/ MQuestion 83
+ `) f7 @4 k, G2 q" JThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:9 y7 q7 P5 T, x# S, ]$ ^
A) divided by the product of the assets’ standard deviations of returns.$ i( d8 q- w. G, z: L
B) multiplied by the product of the assets’ variances of returns./ H* E* i0 J( g) L0 R
C) multiplied by the product of the assets’ standard deviations of returns.1 W; k) a8 m. [. R3 m
D) divided by the product of the assets’ variances of returns.- X! e2 `6 f0 y6 x2 W/ @' t, _! r
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答案和详解如下：8 `: o6 @9 D9 T4 Q+ C" e
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1 [( r) t! X- g% C; f6 S x3 QQuestion 84
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: r: m" E: {7 h4 I6 q2 GDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
7 B5 R# `) W- i+ j# FCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
0 E) ^# D7 @6 u# l0 b4 r0 x5 BCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
0 ?+ X# }' O: ]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.
2 A( Z# z. _% z, e- ~ c0 R3 X# 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.. J, x" b3 L. a/ i
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
0 C1 x: Q# c. @0 G& l2 z3 \5 jA) liquidity needs.
, M* y! P* H9 h% B" S# k" s3 h2 x8 kB) legal and regulatory factors." e, U% j; I2 A7 i6 j3 M& M0 X
C) unique needs and preferences.! _6 R1 B% l. W. E, x9 T7 G1 [8 ]
D) tax concerns.
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4 w% g6 `5 ~9 {# {8 \答案和详解如下：
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Question 856 A: ]! M9 X) W8 k. G/ ~. p( y
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Which of the following statements about short selling is least accurate?0 R: Z4 G! }& k3 k$ E2 p$ N
A) A short sale involves securities the investor does not own.7 M0 P7 y/ h; q
B) A short seller loses if the price of the stock sold short decreases.) d, ^6 `# F" m( O3 L4 W% `
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.$ z! H* q4 w$ \5 }6 u. l1 g) R
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
