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Question 81
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9 v% o8 Y4 s) i6 J- @8 @% ^Capital market theory is least likely to assume that:
* d) m. [3 {- F, P- W# e( p$ hA) investors can lend any amount of money at the risk-free rate.
* \3 f# w' f5 X! f- X6 ~( JB) all investors desire to be the same location on the efficient frontier.
5 e0 A# k9 L6 w6 | k1 O4 Q2 V. {: P aC) all investors have the same one-period time horizon.
7 q! ?, j: o# u! S0 xD) it is possible to buy or sell fractional shares of an investment.9 U# Y2 I9 T% P) j
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答案和详解如下：) T& N& M" L6 l6 y: d. b& P$ S& Y
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; P& [+ r% E! A7 E5 @; X. r- h% ]5 OQuestion 82
& n! s, {* I5 t2 g! Q! k/ bAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
% k% \3 D4 l4 u5 P% g' E* HRF = 8%
R6 c, r" C/ S) XERM = 16%
% E8 u& S1 H, H# `8 aBeta = 1.7, T* [) e: l; t0 J8 N X
Should the investor purchase the stock?+ \* P: S9 J, H* X
A) No, because it is undervalued.
' b' {, d8 L4 `6 ]( M2 CB) Yes, because it is overvalued.; B/ C5 x% j+ O& x( M& L' t
C) No, because it is overvalued.
' n! L, ]/ X/ D" G* ID) Yes, because it is undervalued.$ U7 B1 S$ M# n4 x; T' \0 w
1 q& a' i( Z! N" r5 w/ C答案和详解如下：5 |- r0 s4 d/ S# }
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Question 83
' E" f4 G/ j: S0 }: PThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:" B1 L( q0 p$ w5 e- D
A) divided by the product of the assets’ standard deviations of returns.
) t$ v( s* U+ f _3 qB) multiplied by the product of the assets’ variances of returns.
) P; |( c. h* Q+ ^5 @1 p0 [1 kC) multiplied by the product of the assets’ standard deviations of returns." }: Q! L+ V3 e8 u z
D) divided by the product of the assets’ variances of returns.- ]8 Q+ r% ^; ]( t& N- V9 H
2 T5 ]1 r: a& ~% }! F答案和详解如下：" f7 h$ b: H P1 m# P! l6 F+ [' A
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+ }# u( K+ b2 z( r2 f6 OQuestion 84
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/ V% R) i0 E1 c. @6 jDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
, l+ |- V2 s8 x. aCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income., Y5 I$ D: I7 Y9 i1 q/ ~( a
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.3 B1 b) o/ Q, u8 r% o$ I* B
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 ?& e7 ^3 D% W) f1 {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.
& ? D9 Y2 P/ s/ W1 E5 ~8 k9 pTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:0 M" ^" p+ V& Z6 W
A) liquidity needs.
# P, ], t J6 T1 F0 MB) legal and regulatory factors.
. L0 [4 I/ B$ p1 I' ?6 K' M- rC) unique needs and preferences.
) M. G, _8 F' L0 [4 dD) tax concerns.' O4 e' K, D6 H, A( d
* D/ T5 A `+ S1 Z0 Q1 `( r答案和详解如下：6 b6 k1 F2 \9 S- ^! d
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8 C2 i$ F0 W& J2 _% L! UQuestion 85, Q7 Y& J. O7 y; Y l# u" r7 a
" r! V* E5 i6 I! I, c0 @6 s) mWhich of the following statements about short selling is least accurate?
' n: b* i! R' P$ t/ ?A) A short sale involves securities the investor does not own.1 K+ b& @; N* `3 d: }1 J
B) A short seller loses if the price of the stock sold short decreases.
$ d+ x% d% Q& H% Q; P! LC) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
1 J. E) Q7 ?! R/ i; |D) A short seller is required to set up a margin account., \. o F4 J" V! f0 q3 I/ P3 l
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答案和详解如下：6 n3 J. [7 z, w3 L7 U
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发表于 2015-7-20 09:00:07
发表于 2015-7-26 15:49:51
