|
|
Question 81& k6 J7 k/ x: M/ H
7 Z0 i; @# V; g5 Z1 h. R
Capital market theory is least likely to assume that:) |7 w0 B: j1 y( p# |% y3 H2 W
A) investors can lend any amount of money at the risk-free rate.; z* v2 @0 r1 ^5 I' d' I* O1 t- V6 Q
B) all investors desire to be the same location on the efficient frontier.( X c6 F$ D$ F. [* t2 X9 \' F7 r
C) all investors have the same one-period time horizon.
8 H4 @/ z, Q; t, ^D) it is possible to buy or sell fractional shares of an investment.
3 q3 P8 X; ?1 D2 w& h; L* ?% D
_3 y& V4 u0 N% P3 @- p答案和详解如下：( Q+ O5 t& O0 H2 ?# J( |
$ W0 u; l; e9 r/ d" k6 }5 U' K , d( c9 m" s' `
Question 82) G% F& |4 W! H7 K9 S+ d
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:- O4 w- v( S% U$ _, z
RF = 8%6 \$ `0 w- }8 [! g! ?
ERM = 16%
1 @1 {6 B- L+ IBeta = 1.76 X) Z( _1 T# m# z) ]/ c
Should the investor purchase the stock?
& s6 O- g/ Z, S k# O! j5 }' Z* ZA) No, because it is undervalued.1 C' Q8 _% S4 O3 \* X: w# Y
B) Yes, because it is overvalued.
3 A, v, r' _+ [! G6 s; a) B% d! vC) No, because it is overvalued.& Z) _! S; ]/ p7 Q. _; A" c9 ~5 M
D) Yes, because it is undervalued.+ i H& Y1 @7 T+ }# V+ _
: U9 [0 o! j- S s+ R t答案和详解如下：8 _' X& O$ P- G0 ?& {
# r" V% R- [; K+ l+ C
7 R3 N2 ?: Z5 H; Q; I' A& z
Question 83
K$ i, }, o. X/ AThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:, l* A8 {; H0 B! V9 P3 k
A) divided by the product of the assets’ standard deviations of returns." O. E; k8 v5 f+ |: z8 B
B) multiplied by the product of the assets’ variances of returns.
9 u! h1 ^. I$ pC) multiplied by the product of the assets’ standard deviations of returns.
- r. _0 V: ]9 X* x% M# qD) divided by the product of the assets’ variances of returns.
6 {$ Y) i2 T0 S5 e6 k' {+ X; c1 r4 y% I& {5 {4 u
答案和详解如下：/ g0 {* K7 K! v/ `* J. k
9 g! n9 ~# @2 k! \- K# [$ A
/ p$ s \) q" n% o' D; dQuestion 84
4 K' j+ e1 D. c3 O5 q1 M4 }3 `0 o" g
Davis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
! U. P- X. G: B2 D+ a( }, W RCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
) O3 ]) j& W `: Z7 ACardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.) I3 o% }, b9 P4 u) t* ?* Z
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.% a: Y7 P! F' ~
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.
- q" }$ I/ J% g" F* B- tTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
- s5 {1 g* g7 \% Z9 V# d Y/ j u, J, XA) liquidity needs.* i+ ?" N( C7 u7 V! \7 S; R8 f$ ]) F
B) legal and regulatory factors.
6 t2 S/ o& u- A# Z" v' t) N/ N, vC) unique needs and preferences.
6 S# R% i0 _$ n- ]: i, m/ \D) tax concerns.- x$ ~; @+ K% [6 E7 P2 B0 Q; y
; K( P9 @1 K8 X5 {" U; z) }答案和详解如下：4 B) m/ y z6 D+ g
$ k% e! i% \; E, v) D( `+ x+ I: D ( j* F5 y8 I t$ V, ^# ~9 @; q
Question 851 C2 x9 o0 S) Q) H
7 W: r4 }6 Q# p/ mWhich of the following statements about short selling is least accurate?
$ z' o6 z8 X* C& ^# O# U, wA) A short sale involves securities the investor does not own.
/ U- F- l; j: i$ h4 \) VB) A short seller loses if the price of the stock sold short decreases." |+ L# D8 t1 ?" ^0 F" B1 P `
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.6 i. S. R! Y' ?
D) A short seller is required to set up a margin account.
6 L3 E# D4 `0 V1 ^+ |% \) I/ |7 J- v" c
答案和详解如下：
4 S" z, Y4 D$ r8 W' J. M4 ~ |
|
发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
