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Question 81
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Capital market theory is least likely to assume that:
% U9 I" P: s5 w z! tA) investors can lend any amount of money at the risk-free rate.9 o/ {1 B3 M! n, ~+ N
B) all investors desire to be the same location on the efficient frontier.( L+ ~0 U8 @/ A2 p& p+ L
C) all investors have the same one-period time horizon.* e \' h5 K7 l( j. r
D) it is possible to buy or sell fractional shares of an investment.
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7 }0 ~5 t Y, I* V; W答案和详解如下：
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4 g" H, i# m, ]+ `. b KQuestion 82
. O8 v1 A4 C* f! d s; QAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
9 h; M) o5 i) n: q/ rRF = 8%
5 S6 M) l. T/ |: N0 ^: MERM = 16%
6 _1 E1 M7 ~: v& v2 `3 `Beta = 1.76 D5 e% Z+ Q! ~
Should the investor purchase the stock?( q7 K4 c$ Z0 q% ?
A) No, because it is undervalued.
! f/ v# `6 q% V* lB) Yes, because it is overvalued.9 C* \2 F: t! J |
C) No, because it is overvalued.
7 W# x3 C: I& R" jD) Yes, because it is undervalued.4 Q1 R1 r: s# ~* L! e
M, G" R$ p0 B! f$ L1 q `答案和详解如下：! I9 d5 t0 v4 R G
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Question 83( A) t0 c4 D% o7 w
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:" \1 m4 N! R4 S$ i+ n3 x9 f L0 F& v
A) divided by the product of the assets’ standard deviations of returns.
/ W8 l2 @* j' k/ o! m" u; tB) multiplied by the product of the assets’ variances of returns.
* `( P/ Y" j5 n) Y! kC) multiplied by the product of the assets’ standard deviations of returns., x/ i' I I# s# U
D) divided by the product of the assets’ variances of returns.
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7 b) ]) b% f; B* J( ?答案和详解如下：
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3 k+ v0 x, l) ]- s! K0 q, M2 AQuestion 847 g" U& |# X# q; h; k( p D# z4 }
K0 n! P# c/ a& |. ~# }/ m8 n; SDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:, V& G% }$ ^" a. M& v+ V6 F) G
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.4 ^9 L! B7 s5 y
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.) Q7 t5 ]6 r& F: J- i3 U) @
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.% W9 x+ k6 A; t P. W
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.
" m1 X H/ c3 @, v# S* kTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:! \5 [- k0 ~" @. L
A) liquidity needs.. R ^3 r& c5 j: b9 s5 D
B) legal and regulatory factors.! F' F2 q+ {+ H! h
C) unique needs and preferences.
8 b; J$ _: Q- M( SD) tax concerns.
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/ ]( p2 p7 f" L3 ?1 N; I7 V- _( D9 A答案和详解如下： Q" a7 Z0 D3 o7 z( K
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; J* a9 n2 v# i" n. ^( VQuestion 85
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Which of the following statements about short selling is least accurate?/ T6 i$ |$ Y- b, P
A) A short sale involves securities the investor does not own.. O8 q' y5 i& }- `5 y5 i5 a! s
B) A short seller loses if the price of the stock sold short decreases.$ g% T+ \$ `1 z8 @
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
$ s4 C# o+ I/ A3 dD) A short seller is required to set up a margin account.1 y- H0 {+ N9 _
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答案和详解如下：
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
