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Question 81
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Capital market theory is least likely to assume that:
3 [* d- N8 i. u1 R9 MA) investors can lend any amount of money at the risk-free rate. y" E/ ]3 z. e
B) all investors desire to be the same location on the efficient frontier.$ T8 g6 D5 o7 i0 a8 N) O- c
C) all investors have the same one-period time horizon.
. s/ s: b6 u" _% e7 L- p- YD) it is possible to buy or sell fractional shares of an investment.
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1 H: q' [3 Q# c- l& z4 E5 h答案和详解如下：
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0 e# h' }6 |$ X: e% {) z1 P* yQuestion 82# T: n7 l h9 a/ D' e) c6 r! T
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:- G+ p+ y7 g/ H5 Y: v$ T0 a
RF = 8%$ B+ v: `& n4 R2 _2 I8 ?
ERM = 16%
/ F; B9 @& w& Q* k: f) QBeta = 1.7
& n( P: u6 i% R6 _Should the investor purchase the stock?- B$ N, t, ^! N8 W& |. I
A) No, because it is undervalued.' U j9 `5 |# {. r! O; t- K* Q
B) Yes, because it is overvalued.
\$ i G0 U# a% q4 {3 dC) No, because it is overvalued.
2 L ? Z+ {8 T. BD) Yes, because it is undervalued.
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8 b1 } C8 I1 G. X( s6 j; y答案和详解如下：& J- u) i5 s3 W
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Question 83
' n+ z: V5 G$ m( r! y: VThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:! x0 ?3 P; y$ Z
A) divided by the product of the assets’ standard deviations of returns.
. ]/ n' D4 q# aB) multiplied by the product of the assets’ variances of returns.
* }& J! s- E) o# a5 j5 QC) multiplied by the product of the assets’ standard deviations of returns.
* J, [0 U% o6 {: m, d, k& eD) divided by the product of the assets’ variances of returns.% N$ u! R4 H3 [- T7 s
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答案和详解如下：
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Question 84
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3 K* ^4 S, k0 h: W }% d% tDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:9 U8 X1 z5 N' _4 ] O6 ], U4 w
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.
0 y O# T* B# E. E$ {Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
( l- G- x; {3 j+ dCardinal, 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.
; s& L4 r0 e4 U4 M& _- z! ?. Q; |" rCardinal 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.! F2 c2 B. b: }% f' [# d' l
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
7 @2 ], l: e9 X' fA) liquidity needs./ p* O6 H$ E7 L2 T+ `0 S% ]' e
B) legal and regulatory factors.
4 w' P( L% }1 {! u/ FC) unique needs and preferences.: d1 e2 ~) K' I
D) tax concerns.
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答案和详解如下：# ?5 L4 H: d# J/ _4 q+ d! k: b
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! _5 H& e( e! ^. s4 X" VQuestion 85% _ P, O$ M% z$ \# s3 e% a- b
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Which of the following statements about short selling is least accurate?
) g, B N+ o, x: cA) A short sale involves securities the investor does not own.
& B( ], _: g3 E/ ?4 @9 GB) A short seller loses if the price of the stock sold short decreases.1 T- t5 K/ u" r" z8 v S) U
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
! r3 w! c6 [0 L6 sD) A short seller is required to set up a margin account.
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7 `0 d/ R8 z, W' A答案和详解如下：" i1 f- u4 C$ @
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
