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Question 81& N' `3 q; ]' {! F3 ?
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Capital market theory is least likely to assume that:+ i* P" K* h/ J, S0 H# y% X3 U
A) investors can lend any amount of money at the risk-free rate.+ S9 i' f" L. ^6 ^" R6 l' T/ z
B) all investors desire to be the same location on the efficient frontier.5 g" U9 U5 f K8 s8 T
C) all investors have the same one-period time horizon.
Z. ~9 a5 O3 V& X+ y, d9 L* `D) it is possible to buy or sell fractional shares of an investment., l/ N/ p' M, t- h+ E- @
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答案和详解如下：
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& u- r/ `/ c- X2 d6 `8 aQuestion 82
2 d7 a& |! P$ gAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
. r- I( G8 S0 G5 e7 B1 H0 w$ hRF = 8%
I" f7 {: w8 B' c" a' YERM = 16%; C6 W" J8 I' v! h/ j, i
Beta = 1.7
8 {: `) j$ }4 ^7 [( m! jShould the investor purchase the stock?
# x% H& [' z8 M* b: `& o+ {" _A) No, because it is undervalued.
8 }" c1 w3 S! O* H0 T9 A4 }- [B) Yes, because it is overvalued." e) u* m! i( x. i2 O0 {
C) No, because it is overvalued. U* }0 `- W9 g2 k4 W
D) Yes, because it is undervalued.
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答案和详解如下：0 V% G2 O9 Q4 b( S6 V
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Question 831 \. |( r1 h. o! F5 _2 K; x, n
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:7 X# W- _0 f' i; L1 E
A) divided by the product of the assets’ standard deviations of returns.
2 S( v5 n9 o- QB) multiplied by the product of the assets’ variances of returns.5 H0 R0 {) n2 |1 D$ D0 `, m5 e
C) multiplied by the product of the assets’ standard deviations of returns.
0 X Z9 b. T5 w" Y4 u& l/ `D) divided by the product of the assets’ variances of returns.
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6 Z* D- k& ~# T- C0 x" m( k答案和详解如下：1 ?2 }, Q7 C( f% ]% N8 v& x
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: r# h/ T! y7 h! V7 GQuestion 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:
6 `5 _8 K4 j& r4 F8 vCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
$ X5 Y7 F/ V; W/ kCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
7 b* _; l4 ]" d9 T" }) o) X' ECardinal, 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.- d: w% L: j) S9 ?6 Z7 R
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.
$ o* I5 U/ L; `+ VTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:( @7 ?! R3 P& I# j# F# B- H# T; G8 t
A) liquidity needs.
7 C6 J' p3 M& c" N) iB) legal and regulatory factors.
! D/ j# ?. p$ N& `* sC) unique needs and preferences.. z+ N/ p# I4 ]/ y
D) tax concerns." N% c; F/ h1 h6 A
/ a. Q2 x* I+ S! A# L答案和详解如下：; N# |" E; v. {! F
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Question 85
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, ^9 m4 E* Q+ o2 ~/ hWhich of the following statements about short selling is least accurate?
& c/ Q6 o& {, H* RA) A short sale involves securities the investor does not own.
0 Y# \# b3 I4 rB) A short seller loses if the price of the stock sold short decreases.
! E" ?" F X2 LC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.* T+ K: s+ f& y* H& g9 k
D) A short seller is required to set up a margin account.
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答案和详解如下：+ d/ M* B) |+ X; K4 x" h
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
