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Question 81
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$ R+ G8 }, v0 W- W* p6 sCapital market theory is least likely to assume that:
+ }; Y- W0 N# DA) investors can lend any amount of money at the risk-free rate.3 p9 [# x, }5 O: P5 {& |6 e
B) all investors desire to be the same location on the efficient frontier.
8 N: L9 d7 O" ~C) all investors have the same one-period time horizon.* M4 m0 p& w: x
D) it is possible to buy or sell fractional shares of an investment.
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" Z8 y% O. ^7 f: @) N答案和详解如下：* u8 }8 m; D2 g( j* O
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Question 82
. e, F1 |3 n2 N7 m, a6 ]2 \: LAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:" Y7 ~- ]6 V+ t+ o0 G3 a8 ~
RF = 8%( G7 R3 } G( Y+ p( z
ERM = 16%: ^: a( _& Q3 e4 Q1 M) X
Beta = 1.7
( l/ l; f' M0 {. L; }7 C1 O' rShould the investor purchase the stock?0 T) z6 h4 ?; {4 H. l7 u
A) No, because it is undervalued.$ k$ X; ~* W. m! K/ `* p
B) Yes, because it is overvalued.4 ]; v& r/ ^8 u; i* `
C) No, because it is overvalued.
2 @) _! Y3 C1 X/ ?- l6 |D) Yes, because it is undervalued. ^8 r d4 A+ E2 ^' r, ]3 y) q( Z
% p' w* i, M m3 [" v& X% V答案和详解如下：3 f0 ]3 f; j5 j+ }% u: s6 M2 r& n
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Question 83
1 l1 i( c1 s5 r. W! ~% z+ a7 vThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:8 q( O5 T7 b' W& q b( B+ ^! L
A) divided by the product of the assets’ standard deviations of returns.4 N6 z' u0 W, c# k! ~! |7 j/ @
B) multiplied by the product of the assets’ variances of returns./ \) O: F" y( K& k7 n6 G3 K% Z
C) multiplied by the product of the assets’ standard deviations of returns.
9 y9 b$ {) o9 G, I& v. hD) divided by the product of the assets’ variances of returns.
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) F1 H, B+ Z3 H$ {/ y' }8 _答案和详解如下：
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0 W8 F$ [ a4 VQuestion 84
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, c! } T" h& X+ WDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:3 e+ `5 l+ R3 J! I1 v6 u2 }
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.
% i2 n0 a( U" ~ d) b0 W) cCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
; Z9 x( `1 i7 F- O S [' eCardinal, 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.# Z3 X! A+ ~' _5 f: l- S+ `
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.0 F- w' k: B9 O: U( n5 Q' [
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
- r! ?1 b3 T& m" d8 Y1 Y4 w* lA) liquidity needs./ Z0 E. {# F3 U. f
B) legal and regulatory factors.
% E" \/ ^( s& d9 ?C) unique needs and preferences.
( N: J! L2 ~& f* m' {- D1 X& AD) 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?
! B6 ~' H0 ]* ~$ X2 q; R- T& J. M) |A) A short sale involves securities the investor does not own.$ F/ G7 a7 c2 P9 o- o% S; m! [
B) A short seller loses if the price of the stock sold short decreases.
; e ?" T5 u7 y- C+ Q9 cC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
$ }( |4 N2 c4 W" g1 ~, yD) A short seller is required to set up a margin account.
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7 v c) k9 X( e. X$ \答案和详解如下：2 a3 Q/ i' ?; Y3 s" H" e
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
