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Question 81; k1 u. @5 g f0 M2 E3 a- ?$ n$ I2 V
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Capital market theory is least likely to assume that:$ y' ?1 s' d) P1 M5 _, t
A) investors can lend any amount of money at the risk-free rate.
1 {. z. @! U0 z9 s) ^B) all investors desire to be the same location on the efficient frontier.
9 i- d) z( Q2 Q2 r ~/ TC) all investors have the same one-period time horizon.
1 b: u6 K4 m g/ sD) it is possible to buy or sell fractional shares of an investment.
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; l6 \' }/ L- Y9 d8 [; t答案和详解如下：
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Question 82
, ~( E% v4 y% O/ x# M0 S0 CAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:) C/ E0 e7 B. n' ^
RF = 8%
& D; M5 Y) q% Y! w( L4 uERM = 16%
: }# w1 _ h9 a% |8 OBeta = 1.77 n1 P, |5 K4 @: b _3 ?. V
Should the investor purchase the stock?
, e) w2 D$ i+ r( eA) No, because it is undervalued.
8 E# b! ~( ?" a/ g6 {9 pB) Yes, because it is overvalued.) l. I* q# G! `
C) No, because it is overvalued.
* ?2 H/ k9 k3 D, M, a4 J. wD) Yes, because it is undervalued.
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答案和详解如下：
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Question 83
8 L2 {- J% }( A9 t0 v) K$ VThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
5 F1 _! K+ g3 WA) divided by the product of the assets’ standard deviations of returns.
& {( w! `7 _4 r3 t* D+ b- OB) multiplied by the product of the assets’ variances of returns.' [' g3 l8 E) h& k
C) multiplied by the product of the assets’ standard deviations of returns.
7 k7 W9 Q7 a3 x4 S2 N! JD) divided by the product of the assets’ variances of returns.
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0 a9 t. B! x7 } a4 A* A答案和详解如下：
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% e7 V% v4 e& IQuestion 841 L; \# y( r8 d0 [ Q9 @" g$ |
+ ^4 ?6 c# `* sDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:; C' }7 S1 y F+ t
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.+ e/ G" a, e" U {! F
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
. g# c7 j( `" U5 }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.
* g4 v, \. F6 K' V- x, PCardinal 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 O2 R+ u0 a, J' O
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
; G$ w3 t. i/ h6 s( L% dA) liquidity needs.5 s$ j8 S7 y/ S- W
B) legal and regulatory factors.
4 I E8 E/ c+ n; cC) unique needs and preferences.
# C; R1 ?& |& b& s% \2 ^! `D) tax concerns.3 o+ k5 }$ Y2 L! _$ h9 n
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答案和详解如下：/ @5 ?4 n) ^( w6 F! b. _$ D4 n
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8 o9 d9 ~# f5 {+ yQuestion 85
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! [6 a' H; C0 G9 }) F* kWhich of the following statements about short selling is least accurate?
& E5 e* N% y0 E Y; O: d/ @A) A short sale involves securities the investor does not own.
# a) ?' g/ e7 }0 \B) A short seller loses if the price of the stock sold short decreases.
$ a7 V1 G$ Q% ?6 s/ gC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.1 g' H5 A4 U% ^+ d: h1 V1 x' w5 g
D) A short seller is required to set up a margin account.) J7 X5 L6 U1 ?8 O9 `; o$ Y
- i6 Y9 \9 x" x5 A; ^0 [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
