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Question 81" m; L* s! t# K& c5 A8 b/ k
2 ~8 B f9 e4 {# |! KCapital market theory is least likely to assume that:% u1 `- E i3 R: H" A2 f9 b
A) investors can lend any amount of money at the risk-free rate., c2 l8 o. ^) ~( M- v+ y/ y
B) all investors desire to be the same location on the efficient frontier.
W1 ?: G4 R8 `; V& p( aC) all investors have the same one-period time horizon., l, B$ v, I; x4 d
D) it is possible to buy or sell fractional shares of an investment.
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. h* B! W) p1 M# ~" x答案和详解如下：
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Question 824 F7 r1 X/ G' ]
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:* X$ x& s% y- G& C- M. B6 {7 e
RF = 8%5 w0 i! A+ F* S# g) o
ERM = 16%; m1 A9 A! C- u5 B
Beta = 1.7
- n8 r9 a) C6 E0 R% N$ u( L6 t' U3 u/ { _Should the investor purchase the stock?
9 H4 V, h6 b5 {; N: RA) No, because it is undervalued.
0 b4 O. V( u: Q7 f2 YB) Yes, because it is overvalued.' }5 y0 g4 S; U2 Z
C) No, because it is overvalued.0 L/ H! X, w+ P* r! s
D) Yes, because it is undervalued.6 `$ H- K7 @! }
5 q; I6 U3 R5 l& A0 |2 e答案和详解如下：8 e! m( w4 L0 [2 I9 h
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Question 83' i, U, n, V0 C% |1 i5 v1 [, p
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
8 [) r4 N& W+ W9 [% T8 MA) divided by the product of the assets’ standard deviations of returns.
9 E1 i2 `( s4 o; ?B) multiplied by the product of the assets’ variances of returns.
) }1 V" U: P& u) M0 Z5 E& ~/ l4 rC) multiplied by the product of the assets’ standard deviations of returns., N% X) c# l) v4 h+ C) b
D) divided by the product of the assets’ variances of returns.
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答案和详解如下：
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! j- v8 ]- ]4 t% J5 V# h" gQuestion 84
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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:
! d4 t1 H, n6 r1 ~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.
" O% c; [+ o; D8 K; ~8 DCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
3 A* _' @9 O: X' Z0 j. hCardinal, 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.; @, v$ I% }3 i0 b, i4 V' _( 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.+ t3 s Y, C: [6 n* H
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
. ~: X$ n! a$ NA) liquidity needs.1 `( p2 M; x1 ]
B) legal and regulatory factors.
: e3 c& X9 k1 S' ?6 w, hC) unique needs and preferences.
% {( p& t% W2 ND) tax concerns.- A" n0 o$ M6 v' n8 n
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答案和详解如下：6 X& ^5 N* w# r9 K/ r8 [+ S
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Question 85
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5 Q& \: \" i7 L% EWhich of the following statements about short selling is least accurate?; \, P7 \/ p3 s8 v. K M8 K T
A) A short sale involves securities the investor does not own.
" y' h. c" `* z, k% [, w4 \B) A short seller loses if the price of the stock sold short decreases.
+ d, |2 L, n j; D- m& j: c& p2 DC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
, r+ [* Q7 y5 C. D4 f$ f1 e, `D) A short seller is required to set up a margin account.* q8 u6 V8 K8 h6 V. W; H3 F
( }9 ~4 S5 U, }' G) l答案和详解如下：$ |3 ~! R9 x3 F/ j
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
