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Question 817 v8 T) b$ c2 E7 Q3 S: W
0 b" N5 l- @& ICapital market theory is least likely to assume that:
* ~4 K0 @8 w3 ^. J# Y1 }5 O! oA) investors can lend any amount of money at the risk-free rate.
8 Y8 B J2 M1 KB) all investors desire to be the same location on the efficient frontier.
7 i: ?1 t6 E3 a) i" n* MC) all investors have the same one-period time horizon.
# N& F: N- E ^! M' tD) it is possible to buy or sell fractional shares of an investment.
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答案和详解如下：* {/ @, ^. T: T2 h; V4 h
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Question 82+ A- L6 F/ @0 [4 q. i0 E& U
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
* E/ Q& k0 M$ W& L4 S0 }RF = 8%
W8 ^: }% i- o AERM = 16%$ E6 U8 c6 f' p+ D3 Q
Beta = 1.7- t1 T$ J! Z& v4 k5 S H
Should the investor purchase the stock?( e- ~$ \0 z0 g% M9 h7 j3 F# d5 `- y
A) No, because it is undervalued.' P6 x" t1 _& |: W+ m: Y! l
B) Yes, because it is overvalued.0 |; E3 X8 `/ _7 O
C) No, because it is overvalued.
3 u5 j, j0 E3 kD) Yes, because it is undervalued.
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答案和详解如下：: A% e' U* ]# Z7 G4 s9 U) J
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Question 83( R: s' m/ t+ I" i( a7 C" P- y3 R
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
8 ]; g# @2 X8 |9 Y9 V: w* K( lA) divided by the product of the assets’ standard deviations of returns.
3 \+ \: e. F* }( |8 TB) multiplied by the product of the assets’ variances of returns.
4 x- c: T) d. C- _" i; A/ RC) multiplied by the product of the assets’ standard deviations of returns.
- Q& k6 M6 V( u9 K: aD) divided by the product of the assets’ variances of returns.
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0 Z9 p8 L& o0 j: U( _/ T答案和详解如下：& F0 y' E$ Q" S* `" E( K, C6 E
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6 B4 _) q. h0 V- Z: }Question 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:& _5 A9 T3 p. l) D" O) C
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." R( u# G( A! A5 i2 L9 s
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
$ {+ J9 M' I; `/ I6 [0 kCardinal, 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., U) z1 {$ b; N! W% o- I
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.
# q; L8 G9 F/ B8 k" HTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
8 h1 _5 f7 I3 _A) liquidity needs.
; ?: r) U9 m) T+ I/ oB) legal and regulatory factors.
- }3 g) b/ E% R, _* |* U# I7 U$ TC) unique needs and preferences.' a5 |! T. L! T% Y( T; |
D) tax concerns.
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答案和详解如下：0 W/ w* X% _+ l# R" W) ]
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Question 85
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Which of the following statements about short selling is least accurate?
`+ M5 [0 r) x* ]: QA) A short sale involves securities the investor does not own.
& ~( ~3 m. W* P5 D9 dB) A short seller loses if the price of the stock sold short decreases.' T- z0 K" T- m4 A& p
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
3 [. D* v( f' R: P: c! _4 m; L" DD) A short seller is required to set up a margin account.
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答案和详解如下：9 i1 F) W$ d) w/ Q/ f0 ]. K) n4 t
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
