|
|
Question 81
. q0 \5 O4 z) Z8 X% c! v( V) Z% a( b& } ~! V7 @
Capital market theory is least likely to assume that:
( x8 r' j" V: q N3 m. RA) investors can lend any amount of money at the risk-free rate.( y" Q _7 J/ L5 g& I1 f
B) all investors desire to be the same location on the efficient frontier.: R" }8 K$ U! m, `; e) C
C) all investors have the same one-period time horizon.
+ U" `6 e) ~4 G, fD) it is possible to buy or sell fractional shares of an investment.% Q4 H3 F4 f1 }) `1 d1 h5 @: s
& x$ ~/ Z: q, }: W6 V/ V6 Y2 @
答案和详解如下：
1 | j: F% C+ h) i1 v) b' h( v# R( F' j9 B8 Q( L0 j( G. j& b7 ?; {
& N2 O2 `. |/ u/ ?7 y5 b6 p k
Question 82
, w) C4 a; V7 uAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:9 `) {0 ~5 x3 f7 Y( g- i9 ^8 a4 n
RF = 8%: ]% n5 ?8 o3 S. W, k
ERM = 16%
3 i. L( |( c: {9 |0 P6 ~/ f- YBeta = 1.7
; N' Z& h. f& ^. [8 e4 e# YShould the investor purchase the stock?7 l) ?) S: _0 k+ p: z5 c9 x
A) No, because it is undervalued.
% M4 P" Q$ b1 s8 B5 {B) Yes, because it is overvalued.
' E1 l$ {; i0 h2 m l: aC) No, because it is overvalued.
- E4 _+ J# v& ID) Yes, because it is undervalued.& u$ |1 h. F0 K/ c0 b
5 Z7 N2 U. U! R
答案和详解如下：" {# N/ \4 O6 _8 s3 u
) R0 s' N. M6 t2 K) I
+ F, T6 P; `" `0 rQuestion 83
6 c+ b: U$ q/ y NThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:6 n8 m* ]/ P# J
A) divided by the product of the assets’ standard deviations of returns.- |9 E5 Y* ~' G
B) multiplied by the product of the assets’ variances of returns.) [) j- S0 k5 r6 [! G
C) multiplied by the product of the assets’ standard deviations of returns.8 q( m4 {( S: J! D j9 H
D) divided by the product of the assets’ variances of returns." q8 ^# C6 z& U
+ s) J; Y+ M, D& L
答案和详解如下：
6 w0 M! G- M7 W# `6 B3 g& B3 Z" X" b) N9 Q1 H" K
5 r" i" h! D! }6 a- M$ q- \2 VQuestion 84
. u9 F: y b5 _% O! Q2 f0 o* M+ T" ], {+ ^5 \
Davis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
5 i! T1 t& i3 B% G, }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.
( q' J( I5 `! ]2 n4 K. \6 D3 V7 rCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
6 U) [1 ?9 m9 g8 v* s% @- s% V# ]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.. ?' w) g W, M5 Q4 \8 W: 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.
; {# ~+ V& B4 yTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:( Z! |3 Y/ S) M+ Q' T' f/ x
A) liquidity needs.
3 u7 Y6 y2 D9 X4 G/ ?5 k' b& \B) legal and regulatory factors.' w1 S2 N# X$ Y+ v P# d
C) unique needs and preferences., F8 W4 X9 g* A6 ^1 s1 b _
D) tax concerns.
0 i% d: b& T7 w( @2 [' g1 u( N% W0 ^ H O
答案和详解如下：
- h3 ]0 F E! g1 Z7 [; V, h# P. V; w4 Q* o
! d2 L( e) S4 M! h5 q, v9 U
Question 85
4 m% e& j3 V2 {) S( l
9 ^8 Y2 Y' J' G) o6 q1 W5 xWhich of the following statements about short selling is least accurate?; W" x8 ]2 h" Q9 P& F) h
A) A short sale involves securities the investor does not own.
" ?. M* d; X, {( W4 c1 S+ H' PB) A short seller loses if the price of the stock sold short decreases.
1 R& z2 g2 [; j( a0 W5 R. W/ ?C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
4 Y |! {3 `& D, l/ DD) A short seller is required to set up a margin account.
9 ?" l; k1 D$ j% H9 l: o- d8 Z. q% o$ b8 S& \1 w4 @. _0 k8 D& ^; u& T
答案和详解如下：
6 u6 p- w9 J* u |
|
发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
