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Question 818 L- ~9 O; Z% v5 A1 ~( f: [1 ~" j7 B
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Capital market theory is least likely to assume that:: ?6 C7 c* L; ^4 c: z6 S" f
A) investors can lend any amount of money at the risk-free rate.6 G' T# J, Q: T8 k0 v) P' {- y
B) all investors desire to be the same location on the efficient frontier.) w$ M3 I# L; L1 p6 m! @7 ]* U
C) all investors have the same one-period time horizon.
9 ?( J1 l! ]1 Q/ tD) it is possible to buy or sell fractional shares of an investment.* E u: h! B0 s, m+ D9 B f; X
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答案和详解如下：. E" X; k# k, B) Y4 N7 D+ u
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Question 82/ c% H @) e c" F. z& E$ x
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
" A' u9 s4 M) _) i- C$ ?, q' fRF = 8%
: V' x$ r3 r, O9 |ERM = 16%
1 x4 N5 u# _. A8 z/ b2 t, _! VBeta = 1.7/ i* ]) V$ O) P
Should the investor purchase the stock?2 |, |9 ~1 g$ }, t0 L6 F. W
A) No, because it is undervalued.
4 U7 t% z5 e7 v9 ?2 aB) Yes, because it is overvalued.0 ^, \$ a4 w) x- b. {
C) No, because it is overvalued.
* |3 i$ A, x& S$ \: }! Z6 K9 o6 mD) Yes, because it is undervalued.
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; K6 o1 l$ p! r0 M0 e+ C答案和详解如下：
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Question 83
- u3 r( X" H& V/ p6 R3 k( }3 @The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:( a( D2 ?! }% y4 i) p/ B6 y! k- a% u$ U
A) divided by the product of the assets’ standard deviations of returns.
( `3 Y" O, W" ^- J* mB) multiplied by the product of the assets’ variances of returns.* S. V/ X& a O; O" o% m( L
C) multiplied by the product of the assets’ standard deviations of returns.3 |4 E5 }( h' p% Z
D) divided by the product of the assets’ variances of returns./ {+ t. \8 R/ s2 o9 _3 B3 R
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答案和详解如下：
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) @9 J$ S" k, OQuestion 84- O% J% T- O9 N) D2 t3 ]
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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:
" |1 [0 u% A/ m" O. X; eCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
# U! K0 ^# K, ]/ Z& P( [# W- ACardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
; X( d7 ^0 A7 k: d4 W+ J! mCardinal, 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.
" E& l6 L4 x1 g9 M; Y. j& |& xCardinal 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./ p: j. O# N b! L
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:, i# h( `7 [0 X6 w3 e
A) liquidity needs.9 D1 F, q# ? \. m; e
B) legal and regulatory factors.6 M! q7 q- A1 q W( o4 ~' ?6 B
C) unique needs and preferences.
. p9 D6 J1 N4 c! O9 kD) tax concerns.! i3 I* g1 O7 P
1 m u) v5 L: ^+ a0 e答案和详解如下：5 G; X" i. Y# x4 D7 j0 E
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: u9 h) v9 x" R; ]. P1 oQuestion 85
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! G$ N7 \9 J1 U1 s+ N8 U; oWhich of the following statements about short selling is least accurate?( `- O3 X4 _* o4 K2 e( C& ~
A) A short sale involves securities the investor does not own.
3 U r& A1 P, M* E5 sB) A short seller loses if the price of the stock sold short decreases./ t) M( f8 j4 [2 [0 j
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.( F6 y4 z7 k+ L5 f% h) G" V
D) A short seller is required to set up a margin account.
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答案和详解如下：' z; d: J8 A! @* H8 K
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
