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Question 81 J9 K- A* N& v5 v! {* H, q5 l
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Capital market theory is least likely to assume that:' O6 o3 J8 c0 E2 {1 K: [
A) investors can lend any amount of money at the risk-free rate.- `. q0 W0 f, o& p: x2 @
B) all investors desire to be the same location on the efficient frontier.
: h5 T8 C; p* h& g# ?. ^C) all investors have the same one-period time horizon.
3 q3 Y3 e) r0 Z0 t) eD) it is possible to buy or sell fractional shares of an investment.0 m0 h4 ^$ t' I9 c+ G/ p
0 q1 W. H6 C: t. x答案和详解如下：% }3 i/ f/ D/ [2 h( Q8 \& }
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. d9 [/ G" J8 s, K9 E0 c. GQuestion 82; @9 y( c: I3 Y& S
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:- y3 n8 z4 q- r* o3 }
RF = 8%
8 T8 W7 W; S, y* bERM = 16%
3 ?$ j, r; Q) E) QBeta = 1.7, C3 R3 Y1 K* d, `! Z3 g$ x: V
Should the investor purchase the stock?
) a+ |: m, H w vA) No, because it is undervalued.
3 e6 F! a. ~: H4 g/ W8 L( l3 ^: {! E. IB) Yes, because it is overvalued.
, V: ^' e( q! F8 @C) No, because it is overvalued., F: B: A6 b2 A
D) Yes, because it is undervalued.+ W, h0 U7 L0 i; o/ n; D2 e! ~
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答案和详解如下：
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6 X& l' u1 n4 }; _: u- B% ~Question 831 n( D& E$ J- I# `3 r
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
7 D8 \1 Z: Z( a5 C% N+ GA) divided by the product of the assets’ standard deviations of returns.$ Y0 |: C3 [7 T, I) a- R T6 s
B) multiplied by the product of the assets’ variances of returns.
) G* g3 x A1 R. K" y8 pC) multiplied by the product of the assets’ standard deviations of returns.' Z: q+ P/ z2 M$ w5 w4 b
D) divided by the product of the assets’ variances of returns.) W* i- W6 Y- v1 ?4 R, M$ M
9 R5 _# n' `9 ^( `答案和详解如下：8 ]1 n! n# ^ N; \$ w, C' T2 V
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Question 84; ]1 s8 I' n9 e) g( ^" ?2 S7 i
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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:
9 Q+ T. s' n% t" KCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
% \7 O. H8 d( |Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.# y3 h8 C' t1 @. ?
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.
* ~" q5 c6 l; Y8 BCardinal 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 ? E, q8 q3 _3 |
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
% E4 w8 Y5 v" l0 [* F4 h0 K% ?A) liquidity needs.
. R: p" H0 } kB) legal and regulatory factors.! H. U, q0 j: ~7 z
C) unique needs and preferences.
& Z* P" W/ @( D# |: U9 R: X3 `D) tax concerns.
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答案和详解如下：
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Question 85/ H+ L) `) C1 [2 o% t( e2 ^& Y- \
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Which of the following statements about short selling is least accurate?2 }" X- `1 \# t/ g1 M( t
A) A short sale involves securities the investor does not own.* U z2 v8 }) @1 X0 G
B) A short seller loses if the price of the stock sold short decreases.
: ^5 z6 W w* M* |- x" _! \- ]C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.6 n- d. D% N. |3 v
D) A short seller is required to set up a margin account.
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答案和详解如下：/ d: P0 w" l* b3 x$ T
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
