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Question 816 ]* e; H/ j. K2 h B
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Capital market theory is least likely to assume that:
- E; H9 U: e! E6 A5 c! y8 ^$ U4 gA) investors can lend any amount of money at the risk-free rate. ?3 k2 L# L: I" v3 ]$ {' N
B) all investors desire to be the same location on the efficient frontier.
. o v8 B$ Z. a# F- ~C) all investors have the same one-period time horizon.
" d8 H ` {: \$ }& |: @- n6 SD) it is possible to buy or sell fractional shares of an investment.. x* A) |, d% F1 y9 `
0 u4 k) C& A5 H. l, f6 X' O答案和详解如下：$ W* [4 }7 {' f- A9 Z
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Question 82
0 V! M4 `- {1 e: v m$ CAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:: U$ i1 p# p8 |9 i
RF = 8%
a& z9 M+ t& j* ^* @2 L# lERM = 16%
8 } W$ N$ T4 u6 E+ kBeta = 1.73 o W$ x+ u# u2 R3 w
Should the investor purchase the stock?% n% {( ?, N+ K$ j/ \/ c
A) No, because it is undervalued.: t5 g! \9 G0 J8 l" O- J( ]
B) Yes, because it is overvalued.
/ x _% H, l7 b& cC) No, because it is overvalued.
$ _) t7 J2 {. z; Y9 s& qD) Yes, because it is undervalued.% g0 f' k( B2 V) {& s. z
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答案和详解如下：) U8 O- Q9 I: H8 W: q
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# D8 S5 r0 l5 o( \/ G4 j( FQuestion 83: C- V" f% X( _- x* N$ T
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
( q$ _3 Y$ |( t+ R1 z8 f6 _- lA) divided by the product of the assets’ standard deviations of returns.
9 r6 |" K% ~4 uB) multiplied by the product of the assets’ variances of returns.
0 r# l( F5 O l1 {# i3 [C) multiplied by the product of the assets’ standard deviations of returns.$ r, Z6 @+ K. O, _
D) divided by the product of the assets’ variances of returns.
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" z2 ]* |1 v ]0 h1 V答案和详解如下：
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Question 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:
B5 f; Z, {+ r( H' s8 yCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
9 a( Z+ s9 r8 g1 |- {Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
/ P* u! H# {$ [0 nCardinal, 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.
, T. b" Y }6 U/ p$ r& HCardinal 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.
/ x5 ]1 C7 q5 b0 g1 fTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:5 m' k X6 w. g% h/ D
A) liquidity needs.+ m2 ^5 t; H3 ^ A( K
B) legal and regulatory factors.
* g. I: C$ W. Z# ]. o$ DC) unique needs and preferences.5 C, J; f0 a$ G* r) g( M$ }$ Y
D) tax concerns.
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/ S' `! C- h: K+ c/ C( u) j答案和详解如下：
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1 f2 e& N! _; e& SQuestion 85
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Which of the following statements about short selling is least accurate? Q" P! y2 P! B1 N
A) A short sale involves securities the investor does not own.
+ y* d- e3 w! o5 F8 c0 _B) A short seller loses if the price of the stock sold short decreases.
( Y$ @# a; [, f* c8 j8 m2 R6 t. UC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.* E L( q, t# a& F
D) A short seller is required to set up a margin account.1 _1 P# U! M. h/ j* r' T/ c
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答案和详解如下：& l7 M& T; U" b+ A: U4 y/ L! O: b
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
