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Question 81# X/ h8 M& ^% V) Y
1 ?" c% }7 a; Q- KCapital market theory is least likely to assume that:
/ R: f7 l5 c4 T/ M7 W$ s( Z! FA) investors can lend any amount of money at the risk-free rate.
) }, g! ^/ B9 x9 }# TB) all investors desire to be the same location on the efficient frontier.* g5 ~. B8 o. W& s6 V
C) all investors have the same one-period time horizon.
1 c3 ~6 G, a3 uD) it is possible to buy or sell fractional shares of an investment.' L0 n3 D5 F, N2 z6 K
! q( a! o, q) K. \3 m答案和详解如下：
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6 s+ p! g6 ?, @! U0 I4 C' Z9 B* ~Question 82/ s' K) J% t# _" d
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:2 c3 r) w9 }% G p, G. `
RF = 8%
0 r! U0 l# @# S$ V3 Z+ @* s+ pERM = 16%7 W* t* k- E: x. `
Beta = 1.71 M. s$ B% i8 a' C6 j4 A5 [
Should the investor purchase the stock?
1 m6 e8 b8 p. eA) No, because it is undervalued.
8 u, u! x/ {1 \4 Y8 e% \' ]B) Yes, because it is overvalued.
$ l$ o8 d+ J, f" L: uC) No, because it is overvalued.' X5 I: [2 V: Z) h
D) Yes, because it is undervalued./ v+ A, k) u6 b
; V+ U" j1 X5 @! I* H/ z1 D答案和详解如下：( X: c! D3 R6 H& l
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8 p% u8 R. c: K9 W7 J5 P' z/ o: H. LQuestion 83
8 c( s7 H1 Y" X! C' E6 EThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
, r# c& k1 a2 n5 J vA) divided by the product of the assets’ standard deviations of returns.
B4 E/ B$ e: S GB) multiplied by the product of the assets’ variances of returns.' p' ~9 x$ c! M9 }. I
C) multiplied by the product of the assets’ standard deviations of returns.- c4 o, Q6 @" Z7 D7 E- Q, [6 z
D) divided by the product of the assets’ variances of returns.; X7 S4 C; P0 @; t$ V1 c8 x4 |- ~
/ S2 ~, d: N, t1 u* g& i答案和详解如下：
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Question 84
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1 r! U: f. I: ~+ N) ?Davis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
0 H* S$ D+ _0 f1 n) \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.8 N# ?6 `1 Z3 E7 F: c
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.* p; d, f9 F9 a6 @0 M
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.
3 v0 [+ {- P2 s" Z1 q- gCardinal 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.. T3 J z! d. q8 ~. i/ ~( N' N, q
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:& l, p+ u1 G5 g! v3 W& u0 {
A) liquidity needs.% }( l1 I0 d- y! E, Q$ ~! ]( A
B) legal and regulatory factors.
" @' z3 q5 ~: `C) unique needs and preferences.* E; f) v1 u$ j/ g- C$ m0 j+ n
D) tax concerns.
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' D% G G5 J2 |2 m7 L+ X8 T答案和详解如下：
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Question 85
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7 L$ F& {0 N7 _1 {Which of the following statements about short selling is least accurate?
}$ l, D! J$ P( nA) A short sale involves securities the investor does not own.' \, t( n0 J% I3 E/ s3 M
B) A short seller loses if the price of the stock sold short decreases.
5 f# @; N- x# DC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
; d0 d( C, R! d9 {7 u! F: rD) A short seller is required to set up a margin account.( Z) j- p6 K! n4 V; n
* O L3 Y5 r0 y5 g( B* D+ M3 {/ d答案和详解如下：) H5 d& p$ X" T" L2 ?) ?& C
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
