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Question 81: c, V% K d# |- t% r% J
j- ]9 X9 a- ~Capital market theory is least likely to assume that:* {0 N' w# U8 p% A) L
A) investors can lend any amount of money at the risk-free rate.5 x Q4 `# [2 n9 m' z: q
B) all investors desire to be the same location on the efficient frontier.5 k4 T5 a& [4 E0 L2 [- b
C) all investors have the same one-period time horizon.
_6 k4 g/ M0 UD) it is possible to buy or sell fractional shares of an investment. R6 N" N6 I! \ Y# n4 S
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答案和详解如下：
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Question 825 K% j: V$ u5 O, b5 I5 \- X& W* Y
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:3 m" ~5 b! R: p1 {
RF = 8%- Q1 v: e6 _/ q7 ` C
ERM = 16%
+ M2 v' s8 H. y+ B( N- i4 |Beta = 1.75 V' ^# g" S' O4 O
Should the investor purchase the stock?( L L2 A* u7 x! ]
A) No, because it is undervalued.
" ?+ q' B! x) U) k3 \- kB) Yes, because it is overvalued.' _) Y6 [ P5 y G
C) No, because it is overvalued.
% {$ o; D" p; Y% }D) Yes, because it is undervalued.5 K# P9 N+ s1 k, V1 i
8 C$ X$ G5 T q p答案和详解如下：/ r: g9 M" u5 M
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Question 83
0 u6 m" S* F9 KThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:8 _, p2 p! m: [
A) divided by the product of the assets’ standard deviations of returns.
3 U/ f6 Y" R3 i" {; K/ uB) multiplied by the product of the assets’ variances of returns.
7 a. d4 b9 u. oC) multiplied by the product of the assets’ standard deviations of returns.; a8 Z+ f, V. g$ H
D) divided by the product of the assets’ variances of returns.
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答案和详解如下：
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* W' c8 Q) @; \- l( KQuestion 844 `3 j3 v% k8 ~+ F6 e" ~
9 ?6 M3 S* P ?4 y& c1 W dDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
: h: H6 m# l1 o/ O( m" O) jCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
, m- H) T5 z" ?/ CCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
: f( {- P5 D4 h% s& @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.
9 b. ^: k: {; l4 CCardinal 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.
& _1 z9 K% f: ^4 |To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
" J+ A9 |/ d! ]( k- W$ jA) liquidity needs.
- S+ ^. ?3 v( y/ e- DB) legal and regulatory factors.5 }) p. p, t0 v; B, g5 C
C) unique needs and preferences.
% e5 ^6 C5 m9 G4 v: ]D) tax concerns./ h9 r# L( _7 p3 i ^; Y
& W7 _ \2 y! M/ P& ^5 p8 O答案和详解如下：
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/ ]7 P+ j- o% b# O' z' C4 `Question 85( X0 F" {1 {& u' @6 M
) H3 o8 C) ]* o! VWhich of the following statements about short selling is least accurate?
! p, p8 l9 D! P3 VA) A short sale involves securities the investor does not own.
& T1 B# v3 F( U) ?2 y! hB) A short seller loses if the price of the stock sold short decreases.
$ z3 B/ e1 y# D; s0 F( _) }C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
% B: l6 I+ @: h C1 P: kD) A short seller is required to set up a margin account.
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答案和详解如下：" F# f. i# K% q
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
