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Question 81
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$ l' v: m, {( U3 K; xCapital market theory is least likely to assume that:6 N0 v& d& q6 Q. b2 [# \
A) investors can lend any amount of money at the risk-free rate.
; H, B8 ~7 }0 O1 S- o0 Y5 E. z" ]B) all investors desire to be the same location on the efficient frontier.
! _9 ?$ I) M M" Z( AC) all investors have the same one-period time horizon.4 o7 t7 B2 H- Q) w% Z/ t3 h
D) it is possible to buy or sell fractional shares of an investment.2 k1 Y& L0 F" N/ G% U
) e0 o3 E1 ^4 G0 F9 V5 G; ?% N* k% s2 P答案和详解如下：
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& _7 ]) A& V; S. BQuestion 82( O4 z3 W1 w7 Z
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
6 S+ i0 n3 L& P: k7 NRF = 8%
' t. q& M, g( q: c: r5 L. y* NERM = 16%! o; s Y# R5 k& V: {% K
Beta = 1.7
, @% [. F, h p; ^- s6 u8 B+ @9 t$ sShould the investor purchase the stock?( T/ O/ H: _. ^4 H# N1 X) Z
A) No, because it is undervalued.
, h' p0 h) _, A6 o5 JB) Yes, because it is overvalued.
* w: }: q" H- {/ w9 k# a% tC) No, because it is overvalued." Z. L& p* z4 ]% V7 S" X. K
D) Yes, because it is undervalued.2 v& b6 I1 t6 x
& ^ T! U* E/ y答案和详解如下：! @, h3 n% C. H5 t! A
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Question 83
! \/ U1 E/ s8 [( V+ m' ]. JThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
/ G9 r e3 f. t* I3 `A) divided by the product of the assets’ standard deviations of returns.5 H2 q1 u2 b3 i( D
B) multiplied by the product of the assets’ variances of returns.
* b0 m, }7 [8 j+ Y5 R. @C) multiplied by the product of the assets’ standard deviations of returns.
& V o3 ?8 P; B1 LD) divided by the product of the assets’ variances of returns.' m( Q3 r( z7 e* e' }% P$ H
& ~: `6 B' d3 r* O8 C答案和详解如下： M" S, f4 {/ e0 M3 L
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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:8 o3 F4 Z# v; X
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.: w p0 I8 d: T" P3 g' T' h
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.; ]2 b1 Y2 N8 q& ^% 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., P' q3 _' R: P; u
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.3 ?2 Z a! n' [7 O7 N6 a
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
: g% [3 A( Q2 h2 n9 Z' b9 z2 @5 TA) liquidity needs.0 @9 ]( U7 N/ _4 G$ c( Q( G
B) legal and regulatory factors.
6 x( x( R' a& }. HC) unique needs and preferences.+ ]) F: q! L# s$ e( ?
D) tax concerns.
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答案和详解如下：1 T5 a" R7 U( c( \& A5 x0 F# f9 L6 y
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9 }1 k5 u2 p- ~9 I& R) ~3 ^Question 85
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`+ i. C( P, M O# ~* RWhich of the following statements about short selling is least accurate?0 y; w8 z9 x# B1 J# R' `4 l6 {
A) A short sale involves securities the investor does not own.3 s. W4 ^$ Y; a5 h3 G n
B) A short seller loses if the price of the stock sold short decreases. z% G. O5 n' k1 |
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
( O+ r$ Z: r2 R- R8 A7 PD) A short seller is required to set up a margin account.# h% @; V$ z4 g8 ^
* _8 Q4 j$ B2 S) a7 ~4 j) U1 D5 }答案和详解如下：6 r2 w5 P8 P2 C0 X4 o# B+ O) ^: v
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
