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Question 81
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d) T% _& s7 i/ h h; |2 C( V& UCapital market theory is least likely to assume that:) F8 B2 Q4 W4 w
A) investors can lend any amount of money at the risk-free rate.
4 u& c3 V3 B: @' _1 v# [3 hB) all investors desire to be the same location on the efficient frontier.
- q3 Z! r3 R& ~8 j; [) RC) all investors have the same one-period time horizon.8 k9 ]6 }' C1 P6 W. \
D) it is possible to buy or sell fractional shares of an investment.
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答案和详解如下：. D2 [, ~7 W: [7 N( o
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$ S0 r) h, C8 v! a( R$ w: e' a8 @Question 828 A6 t% [" t* A1 c6 ^5 W! _/ A$ Z: r
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
* x1 p7 W' h/ H( C- T- d/ LRF = 8%
# P: t) U( @, i0 c- b" b0 C5 yERM = 16%# p# O9 [. B7 W q0 w. B, x
Beta = 1.77 B& j1 |( y" u
Should the investor purchase the stock?
3 Z( z+ t4 H, k. F# h+ C! R# D7 sA) No, because it is undervalued.' b; Y0 g/ }; o- J. R
B) Yes, because it is overvalued.
) d& p0 t/ W. q* S& r1 W" b1 I TC) No, because it is overvalued.
^$ `+ s) U' B9 W4 VD) Yes, because it is undervalued.
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答案和详解如下：' J2 M3 p; l( x* L. Y
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Question 836 R% Z. V3 S! K/ C% ?/ ]& r+ x
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:' k- ]3 ?. \) L3 @- P( q+ t
A) divided by the product of the assets’ standard deviations of returns.
& U) m. D/ i1 f) f! cB) multiplied by the product of the assets’ variances of returns.! H& l4 {6 b E+ F3 E/ ^ u
C) multiplied by the product of the assets’ standard deviations of returns.; W0 t/ T# q) e" R$ c! R) O
D) divided by the product of the assets’ variances of returns.7 G- }( V) W2 D! t1 v: l; L6 m
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答案和详解如下：5 x8 Z' U; [3 Z; N7 Z
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Question 84/ [( s2 A$ i: k1 d' Y9 {
% l* _- @+ g! kDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:' \8 C/ E, \) I$ z1 J4 J# }# d
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.
' Y0 K& B8 b0 Q8 ?0 Y! fCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
9 G0 r6 N5 }/ I9 a+ [2 C( r* [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.
5 Z& S, Y) w4 c. q( i) P# bCardinal 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./ ?' R3 b+ T8 C
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
* ?/ | d& P- G: RA) liquidity needs.: i# h1 e- D2 \' i
B) legal and regulatory factors.- x, p7 Z7 A' i# f$ S- x" ~/ h
C) unique needs and preferences.
1 [/ q! y7 [9 n; l3 GD) tax concerns.7 c0 n5 @* O7 A' d9 t
6 s+ f$ x! J. [答案和详解如下：
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Question 85/ G* G3 A8 ^) h1 ~% X% T* F
/ U* I7 u* k5 x9 z; T( f. Y' g" TWhich of the following statements about short selling is least accurate?
0 a$ @6 Y4 t( Y4 E/ W0 hA) A short sale involves securities the investor does not own.
( f, y, b' I8 ?7 w0 [0 SB) A short seller loses if the price of the stock sold short decreases.
3 U- J! A: `1 EC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.4 A; `( H( @. s6 t1 |! s
D) A short seller is required to set up a margin account.
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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
