|
Question 81
& w- S+ n( I& Z
$ h9 |' V" T, q/ L" aCapital market theory is least likely to assume that:3 m) e5 e2 D6 i+ Q
A) investors can lend any amount of money at the risk-free rate.
! C' i! Y! ^- |( `$ M4 g9 }4 N, I- \- SB) all investors desire to be the same location on the efficient frontier.
/ T* v1 _+ T+ l" N2 w6 S% f: y; JC) all investors have the same one-period time horizon.. c+ l& h0 S5 ~" v# V! g' i! p
D) it is possible to buy or sell fractional shares of an investment." _6 C) A( s4 J4 J# t: ]. y, ~3 [
0 C( f( E) w y% r0 D) P4 q( ?
答案和详解如下:
" X9 S! k2 L0 W4 T/ r1 i
' ]2 C6 \+ \7 I: ^6 ~: J
. l$ O1 m! T0 AQuestion 82) \1 W! x5 ^$ N, z( b$ ^' N5 l& J
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:2 V& e, I" i% \' a
RF = 8%, n8 u: ?- k$ I. b
ERM = 16%8 _) b) u* M- N7 ~- i0 M, d
Beta = 1.7
1 w R, t7 F& G' O0 T/ `! q) ]Should the investor purchase the stock?" o( g, m: |8 t. \8 S
A) No, because it is undervalued.
% e9 S4 u; L/ T- tB) Yes, because it is overvalued.4 w; h$ @3 K4 n% y
C) No, because it is overvalued.
. O$ A+ `7 H. H. OD) Yes, because it is undervalued.0 y+ e4 e2 r) c/ S* e4 m) T. l* ]
7 w7 N; `( {5 u6 w2 a
答案和详解如下:# a8 j i9 g7 C/ z
b( r _5 L" t$ x) _- L 9 C4 R( U; b A( Z6 K9 k" d: G
Question 839 }1 K, K7 Q* N8 d0 R0 U
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:5 e% z* }; R! a* N/ S3 e
A) divided by the product of the assets’ standard deviations of returns.* b5 q2 t4 X6 f2 r+ a% E
B) multiplied by the product of the assets’ variances of returns.( x6 d0 ~' Q" Y. g8 ~. e
C) multiplied by the product of the assets’ standard deviations of returns.: Z6 J# H' ^3 }) b- e' ~
D) divided by the product of the assets’ variances of returns.- e6 Y4 G1 o( S! j: h8 ]/ m
/ m! X6 e4 Z T& G9 T( u
答案和详解如下:
1 f" ~% a. P2 f$ k
5 a$ R3 ]9 W7 b b" t1 D 3 r3 F4 g k0 F' t
Question 841 i1 n. T6 N% J- ~( H9 {* ?$ F: H) W) z
+ C/ P* K( m$ F$ @0 `
Davis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
" e$ E# ~, o. a3 ~* g' ~6 w. y 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." M7 U/ J( Y2 Z7 |
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
, E: a8 e6 k* c/ q9 _6 tCardinal, 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." K2 Y0 R. }; F0 j
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.
$ u- g: a5 g) g. L, Z$ y- a: uTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:1 W' ^& `6 s* Q% G
A) liquidity needs. |, w8 }- x/ t* T. f
B) legal and regulatory factors.
% P/ A! r6 i) U1 C0 mC) unique needs and preferences.
& F, F0 O$ u R/ H2 N; K8 P) d7 FD) tax concerns.
* ]* l& ~0 a2 H5 U$ H: q4 M; k6 d* T; Z+ Y7 ]2 i" J3 A
答案和详解如下:
) F# v( N+ Q9 W# F
$ I1 E! b0 |% A$ Q
6 [& C( i$ X% `6 NQuestion 85
# u' u8 K$ m& Z# Q$ W
p$ P% B0 n3 N. GWhich of the following statements about short selling is least accurate?$ \8 t; H( s) ]! l
A) A short sale involves securities the investor does not own.
+ x+ Y+ A0 L7 J* y8 Q5 {! QB) A short seller loses if the price of the stock sold short decreases.. w* v- O }2 P7 Y+ _
C) If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.; c5 \) P* `% d! ?* T, p" C$ {* K( P% ~
D) A short seller is required to set up a margin account.
$ H! R: u' J# B, L5 B" y F) i/ R& \" _8 J% r
答案和详解如下:
3 c$ H3 E0 M: ^6 t: ~ |
|