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Question 812 U2 r6 F, J: P- ^, m
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Capital market theory is least likely to assume that:9 P. ~7 h3 c+ ~- P9 d! H" `" E- Q
A) investors can lend any amount of money at the risk-free rate.0 v- H) S& h+ h) E# L" S6 A
B) all investors desire to be the same location on the efficient frontier.
4 c# t$ j1 H) j) t; q# |) f6 r7 pC) all investors have the same one-period time horizon.9 Z- ^5 |7 x+ E1 E& w
D) it is possible to buy or sell fractional shares of an investment.
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) W% I+ A% d, L( n答案和详解如下：
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! H4 \- B/ ]: [& f% J7 q. x% {, sQuestion 82. ^" x, g6 Y* @, t8 U$ \8 R4 Y
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
: A$ _' ~8 r p1 b7 mRF = 8%
2 i& Q+ U3 s* D' x9 n" S5 J: GERM = 16%
2 f! C0 A! X: e+ O* zBeta = 1.7
6 k. U1 U+ c- c. eShould the investor purchase the stock?
2 T- _) D* l2 z' I9 }3 X/ t6 JA) No, because it is undervalued.: Q+ l# |1 }% Z
B) Yes, because it is overvalued.
* }* N5 k5 k+ Z9 h5 xC) No, because it is overvalued.
. x0 e0 H) C- J( c; o9 ^D) Yes, because it is undervalued.
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8 |2 p$ f/ A& A' _答案和详解如下：
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" J: v6 g. M6 B; mQuestion 83
" h8 w- e2 x! I. X* u1 ^The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:0 t! B9 Z9 U6 g/ _ I; }1 @
A) divided by the product of the assets’ standard deviations of returns.
4 c2 M3 O1 G$ PB) multiplied by the product of the assets’ variances of returns.
6 o/ W& R4 @6 f" m7 X" TC) multiplied by the product of the assets’ standard deviations of returns.4 {1 b8 O7 `8 n4 y# I
D) divided by the product of the assets’ variances of returns.1 d' e$ X$ A7 D) O# q+ g! x7 r
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答案和详解如下：& g! W9 P' ]4 ~# ]+ C
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Question 844 P2 m9 I9 ^' J8 p3 S. ~
- q# c$ p @! ]9 KDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
/ U8 r f9 h$ r2 p" _+ kCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
$ d- I: d. P: j! U! Z2 y/ GCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires. C( H- M8 d. _' g% s8 x
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.
: J, J7 c1 X2 i" |. P, ~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.8 f3 U# P3 p" \% y, F3 T# C, c
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
4 m1 t( Q# a2 h3 }3 CA) liquidity needs.
8 _* v5 p' I7 N! S- {; Z. [5 D( U% RB) legal and regulatory factors.6 W2 A3 e) Y' B( F7 C2 L
C) unique needs and preferences.
* h4 v7 J- M1 J: e) [D) tax concerns.
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答案和详解如下：6 E( S% b0 d. U0 E2 c) }. p
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, s& L" N% x) i# w0 G) O, O5 r& XQuestion 85
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# P$ |5 ^& v9 i; ~Which of the following statements about short selling is least accurate?
" `) I( f) m% |6 DA) A short sale involves securities the investor does not own." v' r* |* `2 t# w7 C+ w8 L0 m
B) A short seller loses if the price of the stock sold short decreases.% m5 m- N$ |( p# B
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
7 ?( X- ^- s) u" d4 i5 U, XD) A short seller is required to set up a margin account.
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答案和详解如下：" \0 n; D0 \1 i, C
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
