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Question 81
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Capital market theory is least likely to assume that:
0 Z+ ~* q1 E* s: x. N( [A) investors can lend any amount of money at the risk-free rate.8 ~* y3 @5 o' o8 w9 W6 S7 c2 p# V0 H
B) all investors desire to be the same location on the efficient frontier.( W* f8 }% q* w+ c
C) all investors have the same one-period time horizon.
: @. U6 _' c8 u2 `$ m% j( UD) it is possible to buy or sell fractional shares of an investment./ p! w4 V" O9 V Q
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答案和详解如下：
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Question 82* p0 j( O# R5 Q
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:! j) ]/ F: v0 g
RF = 8%
* `( w1 c9 d: D$ E/ U' j4 P9 vERM = 16%
! K0 |2 z# }, r4 O' F+ UBeta = 1.7
- D, L3 }- g; t4 p% a9 t* \7 OShould the investor purchase the stock? Q$ v0 l! y6 K9 J
A) No, because it is undervalued., ^9 N8 w, v9 }* m1 W
B) Yes, because it is overvalued.
) W8 G7 C$ O. l5 E: }# dC) No, because it is overvalued.2 Y' b1 h* n( |" U6 q. `$ e
D) Yes, because it is undervalued.1 p5 Z q$ \/ w# Q4 }
2 h9 S H! T1 o6 r2 K9 _; U3 j8 Q答案和详解如下：, W3 R6 h6 w; g0 C8 \
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Question 83" G5 o6 c) H$ o0 @. [1 X2 X+ D
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:/ F0 i+ u6 w: p, y: q1 q+ P
A) divided by the product of the assets’ standard deviations of returns.. L. ?* \/ ?- S j: e; @: P
B) multiplied by the product of the assets’ variances of returns.
/ M$ h) e& \9 ~1 z/ `3 HC) multiplied by the product of the assets’ standard deviations of returns.
8 i% D' Z) X) W$ k) B& {; c/ ?8 ID) divided by the product of the assets’ variances of returns.$ |0 C/ C& |! ?, x7 c+ i5 @
; x3 U- T8 @1 u' p答案和详解如下：" C' E' y1 b1 X- T( Y
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i& _. ?- R: JQuestion 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:- B2 a! _0 k7 e9 P) i
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.( I, i1 ~! P. f. e+ n- U
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.- T' i: q6 \) |
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.
# I6 `, p6 F: f4 t. U: b, aCardinal 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.5 n1 b# I* N7 s3 ]
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:% z9 N4 y1 S0 U {6 C! S
A) liquidity needs.
! Q( D- `& p/ Q* q' V5 IB) legal and regulatory factors.+ i+ `2 J8 L7 s* f7 m$ j6 y
C) unique needs and preferences.
! e7 Z' y5 S% B$ B! L& ~+ I: [D) tax concerns.
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答案和详解如下：
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Question 85
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Which of the following statements about short selling is least accurate?# b- M, j8 s0 j( v. K
A) A short sale involves securities the investor does not own.. ^7 n( Q t+ p
B) A short seller loses if the price of the stock sold short decreases.
7 S3 `( Y1 c; ?C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
8 P! C) [) p( ~0 Q) b6 v+ i! x) J) H& dD) A short seller is required to set up a margin account.7 d( H5 z: i5 i, y/ N; M( a" U# `5 V
" E( v& g/ G5 I1 X答案和详解如下：; |9 e0 e. W& z' `# g
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
