|
|
Question 81
{2 o/ E$ L6 `1 j: I3 R. q s5 M$ T+ {- `; o/ D
Capital market theory is least likely to assume that: c( p7 o0 W+ Q5 o; x- N5 \
A) investors can lend any amount of money at the risk-free rate.: b% C- l- [) T4 w* S8 I& o
B) all investors desire to be the same location on the efficient frontier.
% w: i7 L" \0 LC) all investors have the same one-period time horizon.
% H3 U& h9 z1 x, pD) it is possible to buy or sell fractional shares of an investment.0 v( I- V. w* `& |
5 p$ Z" v4 [! a4 Y1 H. Z o, {
答案和详解如下：0 l, q s- h# ?3 i# t
8 w; J. @( v( z8 K. X" Z
- u4 w' g) ]5 g @) KQuestion 82
7 E ~' N: o3 ?9 eAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:% e# |* h- T5 i1 m2 \% p5 k' F
RF = 8%2 P, _. B, H. j
ERM = 16%1 T! Z1 T1 Z! ^ N% G/ [
Beta = 1.70 A7 ?5 ]9 d2 r7 [
Should the investor purchase the stock?3 g3 I% M. R4 Q; N5 e
A) No, because it is undervalued.+ J" X. R' y8 \& @$ O
B) Yes, because it is overvalued.) G$ f0 a, C; I8 C) s
C) No, because it is overvalued.
+ _' c1 @$ v2 |& w, H9 oD) Yes, because it is undervalued.
4 a# U4 ^, T; @9 f* Z
: i; L; _& T$ r W答案和详解如下：9 k. ]9 N% L( ]. X; z
9 C/ F9 g$ m/ J( J7 U( {& c
8 F2 q# S: \8 h/ M
Question 834 t" {8 g. d" s5 |3 B. U* R* x
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
. H3 w+ ~, w1 QA) divided by the product of the assets’ standard deviations of returns.
1 C, F2 U, l9 F' m" O9 j* p& JB) multiplied by the product of the assets’ variances of returns.
7 B; L/ L) k% s* o* K' B' z8 p3 _C) multiplied by the product of the assets’ standard deviations of returns.
# g y. b& }* ~D) divided by the product of the assets’ variances of returns.- D7 [- X% `8 V9 Z
/ B9 k" d0 s* e
答案和详解如下：
- ]2 w* e- |! w# d, ?0 B g: V. L
$ r$ o7 O: U. R' o0 X8 ^& e1 \0 R3 ?. G
Question 84
& S2 W7 O4 G# E4 Z1 R7 W N/ D- ^5 V
1 J6 L' v- \9 w8 B1 iDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:* S% s6 M# E* Y4 W$ F
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.
A2 ?, A) m9 b; b+ I, d' DCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.3 r/ k$ R/ p% F7 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., H4 s1 K, j7 r7 u ?5 @# H/ P
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.
) A. b% ]0 j% T' ?7 S; k$ UTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:) H* h! p- s6 P8 m1 \: c
A) liquidity needs.
4 \: ] P _7 Y8 g9 U. t. TB) legal and regulatory factors. p3 W# N- {4 d: t9 t' t8 R# R
C) unique needs and preferences.
( I- U# f; z* p" T( v6 @, q. JD) tax concerns.3 }. s. p K/ q# U: x( c& O
, ?: ^1 C7 M) U6 w4 h答案和详解如下：0 B2 t6 O4 T9 o% ^
* Y( o! T/ N. A( l * ?) O1 V3 x6 m- z9 M3 c
Question 85
* S! ?9 }2 \8 a+ y5 _( ?9 ]% L' A9 M- N) K# Q
Which of the following statements about short selling is least accurate?) ]: ^! G- V( h
A) A short sale involves securities the investor does not own.6 }/ j v- x: w$ a
B) A short seller loses if the price of the stock sold short decreases.9 l) o6 a' B6 a' F. H5 d1 l4 p
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
z+ @3 r' G- m8 G; @" ^- v C- m4 \( ED) A short seller is required to set up a margin account.
% i' a9 [. T) ^6 Q1 ^+ p; O
6 U$ G7 x* F$ F6 L答案和详解如下：
8 n+ K) ?' d3 S2 f |
|
发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
