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Question 81 j1 U' i8 E ?$ ]/ B. N# Q
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Capital market theory is least likely to assume that:, m7 `4 K3 h3 Z, j: \
A) investors can lend any amount of money at the risk-free rate.
4 w3 g: s4 I K$ {# DB) all investors desire to be the same location on the efficient frontier.
5 i+ Y: w& A; bC) all investors have the same one-period time horizon.
% q: _" g. H' J8 ?1 h9 A( MD) it is possible to buy or sell fractional shares of an investment.
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* j8 C3 l2 T$ |% C6 R答案和详解如下：8 _" e Z4 \. v* g! o4 h: X
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# ?8 e2 {& `# t% G r/ t0 ]Question 82
. D; t8 e3 c" N9 FAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:) f+ K/ B; p% D
RF = 8%2 } ?& t. K4 m& p1 q# l
ERM = 16%
1 j9 f3 t- `7 C4 k) g- B, K+ t' v2 fBeta = 1.7 H. E5 x6 s* T, {3 e6 s
Should the investor purchase the stock?
- O6 O# f# j8 e A% \3 aA) No, because it is undervalued.
7 Y& `9 b' v) R6 l' O# u2 LB) Yes, because it is overvalued.
/ |# E3 g# ]; V$ l0 c" l& b9 n7 lC) No, because it is overvalued.2 i& j) E5 L9 [+ ^' @ x1 P" n
D) Yes, because it is undervalued., ~- L2 t5 Q( D0 h J
% c& N1 {2 T* U; y答案和详解如下：+ P, _- ]! n. T+ x8 B& v! E$ P" {
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/ ^) A+ M2 N, x' U' u. I! b* WQuestion 83+ E$ ]- T/ a" x6 }% U# B
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:- S1 N( @3 b1 {/ p
A) divided by the product of the assets’ standard deviations of returns.
% I6 K& \% q' p0 q7 A% k kB) multiplied by the product of the assets’ variances of returns.. [3 P) [. H ]/ k7 K/ i
C) multiplied by the product of the assets’ standard deviations of returns. u9 J3 l$ N$ J7 ^
D) divided by the product of the assets’ variances of returns.' C$ R/ d2 U6 ^4 x- C& e
8 q2 I8 G3 ~8 ~6 ` i0 m答案和详解如下：# M) ^" ~- a/ _* y' E+ j5 W
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Question 847 |4 T9 `+ ^3 C# f
$ K. U" X7 b9 _& s4 TDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:# f) n! _& |5 H, C# w
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.
4 J9 j) U' j' U5 c9 Z& x CCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
4 p2 o) a( W& D. o: 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.% G1 u1 j4 N4 K5 _. {$ l3 e7 |
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.. v# n- j% j( Q" W9 n. \
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:+ v) M+ t% a8 K# S: M# w5 d
A) liquidity needs.
# p/ R! {( J P# F" q& \B) legal and regulatory factors.( H: l B; Q- Q0 l' Y: y! _5 p! Q4 D
C) unique needs and preferences.3 S* M8 C& {7 d
D) tax concerns.1 B) I- {0 t* G4 w7 X* A5 S) |3 V
) f, F5 a. c' N& `, W/ B& r9 ?答案和详解如下：
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# e2 L9 S& U0 g9 pQuestion 850 e# n* T$ R& G1 l7 v2 }
, f0 W" H& _: R) |( q WWhich of the following statements about short selling is least accurate?; P1 X& W; k5 X/ s4 O' x5 n& o
A) A short sale involves securities the investor does not own.1 `( j) w& y7 X& k* Y
B) A short seller loses if the price of the stock sold short decreases.
. I& i& H$ M% U) J/ JC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock. J! B- s, h+ P7 l
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
