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[Level 1] CFA Level 1 - 模考试题(1)(PM) Q81-85

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发表于 2015-7-20 09:00:07 | 显示全部楼层 |阅读模式
Question 81
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$ h9 |' V" T, q/ L" aCapital market theory is least likely to assume that:3 m) e5 e2 D6 i+ Q
A)    investors can lend any amount of money at the risk-free rate.
! C' i! Y! ^- |( `$ M4 g9 }4 N, I- \- SB)   all investors desire to be the same location on the efficient frontier.
/ T* v1 _+ T+ l" N2 w6 S% f: y; JC)   all investors have the same one-period time horizon.. c+ l& h0 S5 ~" v# V! g' i! p
D)   it is possible to buy or sell fractional shares of an investment." _6 C) A( s4 J4 J# t: ]. y, ~3 [
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答案和详解如下:
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. l$ O1 m! T0 AQuestion 82) \1 W! x5 ^$ N, z( b$ ^' N5 l& J
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:2 V& e, I" i% \' a
RF = 8%, n8 u: ?- k$ I. b
ERM = 16%8 _) b) u* M- N7 ~- i0 M, d
Beta = 1.7
1 w  R, t7 F& G' O0 T/ `! q) ]Should the investor purchase the stock?" o( g, m: |8 t. \8 S
A)    No, because it is undervalued.
% e9 S4 u; L/ T- tB)   Yes, because it is overvalued.4 w; h$ @3 K4 n% y
C)   No, because it is overvalued.
. O$ A+ `7 H. H. OD)   Yes, because it is undervalued.0 y+ e4 e2 r) c/ S* e4 m) T. l* ]
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答案和详解如下:# a8 j  i9 g7 C/ z
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Question 839 }1 K, K7 Q* N8 d0 R0 U
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:5 e% z* }; R! a* N/ S3 e
A)    divided by the product of the assets’ standard deviations of returns.* b5 q2 t4 X6 f2 r+ a% E
B)   multiplied by the product of the assets’ variances of returns.( x6 d0 ~' Q" Y. g8 ~. e
C)   multiplied by the product of the assets’ standard deviations of returns.: Z6 J# H' ^3 }) b- e' ~
D)   divided by the product of the assets’ variances of returns.- e6 Y4 G1 o( S! j: h8 ]/ m
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答案和详解如下:
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Question 841 i1 n. T6 N% J- ~( H9 {* ?$ F: H) W) z
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Davis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
" e$ E# ~, o. a3 ~* g' ~6 w. y  ACardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income." M7 U/ J( Y2 Z7 |
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
, E: a8 e6 k* c/ q9 _6 tCardinal, 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." K2 Y0 R. }; F0 j
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.
$ u- g: a5 g) g. L, Z$ y- a: uTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:1 W' ^& `6 s* Q% G
A)    liquidity needs.  |, w8 }- x/ t* T. f
B)   legal and regulatory factors.
% P/ A! r6 i) U1 C0 mC)   unique needs and preferences.
& F, F0 O$ u  R/ H2 N; K8 P) d7 FD)   tax concerns.
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答案和详解如下:
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6 [& C( i$ X% `6 NQuestion 85
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  p$ P% B0 n3 N. GWhich of the following statements about short selling is least accurate?$ \8 t; H( s) ]! l
A)    A short sale involves securities the investor does not own.
+ x+ Y+ A0 L7 J* y8 Q5 {! QB)   A short seller loses if the price of the stock sold short decreases.. w* v- O  }2 P7 Y+ _
C)   If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.; c5 \) P* `% d! ?* T, p" C$ {* K( P% ~
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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CFA,你好!
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发表于 2015-7-24 06:56:13 | 显示全部楼层
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发表于 2015-7-25 16:24:18 | 显示全部楼层
感谢 thanks
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发表于 2015-7-26 06:25:59 | 显示全部楼层
thanks so much
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发表于 2015-7-26 15:49:51 | 显示全部楼层
好东西一定要看看!
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发表于 2018-4-17 08:57:41 | 显示全部楼层
看看看看看看看看看看
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发表于 2018-6-26 13:38:42 | 显示全部楼层
谢谢楼主谢谢楼主
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发表于 2018-7-9 14:42:34 | 显示全部楼层
12131212312313
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发表于 2018-9-12 15:55:54 | 显示全部楼层
特别感谢111
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发表于 2018-10-29 16:52:06 | 显示全部楼层
111111111111
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