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Question 81# m9 u3 P b6 ^& j7 G8 m/ i- i9 N. H
% o6 [5 I! I1 U) D! a* mCapital market theory is least likely to assume that:
& Y1 c' R, @- b+ m k6 Z; uA) investors can lend any amount of money at the risk-free rate.
7 M* ]% D5 r4 R$ d& V0 r9 JB) all investors desire to be the same location on the efficient frontier.
. b! `' v7 q: _, e bC) all investors have the same one-period time horizon.
1 o$ C d5 s; H; Z# gD) it is possible to buy or sell fractional shares of an investment.
) [" k/ [2 s$ L) A1 a: {( P- u9 M4 i. l# J' p" w) Q; b5 U
答案和详解如下：( V) b/ Z8 ~5 k/ f |: a; I9 m, J5 U
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# t$ j8 r: `- }4 O# o( T7 uQuestion 82, d9 T+ O/ k$ Z9 F) A0 M8 S
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
N) R8 B0 I; z2 ], P" e8 o( GRF = 8%- T* B% C6 I& M2 M! d% K
ERM = 16%
+ R5 H7 A1 S( d$ G0 yBeta = 1.7
6 X* D+ q z' t1 qShould the investor purchase the stock?: K" s( r1 h3 R. X0 f7 |# j
A) No, because it is undervalued.; b% a4 J) N g
B) Yes, because it is overvalued.
5 F' J- V3 W" P. ZC) No, because it is overvalued.1 q7 j- x' M, r7 E r/ X
D) Yes, because it is undervalued.
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: l6 E2 A4 ~5 c1 d* V! e! s答案和详解如下：* v, ^2 u! b: N9 N0 _
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Question 83+ z8 k# l& B6 t+ r# h1 {0 i5 j
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:9 \! ?* n6 x2 r0 A
A) divided by the product of the assets’ standard deviations of returns.4 Y$ o# Z- e% ]- k
B) multiplied by the product of the assets’ variances of returns.3 {8 T4 [: g8 ^! k3 q
C) multiplied by the product of the assets’ standard deviations of returns. y7 V3 f' O: ?% q" A- @$ P: J
D) divided by the product of the assets’ variances of returns.6 |) _( V8 s2 L. ]) S4 A
: D- f, c* l, G答案和详解如下：
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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:
- S. {; x* |$ l9 j! xCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.' C. N' w& U! O* C. E1 K& e" D
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.' {7 V Z& P" U; r, A7 @. Q
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.
+ [0 K( |0 B% }8 N( N. b5 P- TCardinal 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.
0 G7 |/ R' Z7 c8 O) D" T8 S5 A- STo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
1 E) d' `# ?: u6 F' g( IA) liquidity needs.
; m9 C# q6 X' Q. L% e/ P w7 BB) legal and regulatory factors.
1 e% ?9 A6 u2 u0 L5 yC) unique needs and preferences.
7 E8 f6 J8 j* }7 b5 u2 G+ v% UD) tax concerns.7 K7 Y+ a& A# ^: t6 A
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答案和详解如下：* }2 A( D$ @1 Z# E9 K
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Question 85
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* Q( A) n; ~% g) B/ l* A3 cWhich of the following statements about short selling is least accurate?
3 r& l$ W9 y7 W3 u0 f3 UA) A short sale involves securities the investor does not own.4 z; Z% U$ r5 Q6 [- z- ]) I$ T4 {" K* m) _
B) A short seller loses if the price of the stock sold short decreases.
/ A! G3 ~& _8 F: `% d; b6 @C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
5 j* T4 U) u* {9 JD) A short seller is required to set up a margin account.2 j% v N: X4 p2 f
3 `) L2 r) b1 h; D4 }% d答案和详解如下： b0 Y& O: G. C$ m
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
