标题: Reading 13: A Survey of Behavioral Finance －LOS b [打印本页]
作者: cfaedu 时间: 2008-9-16 18:06 标题: [2008] Session 3－Reading 13: A Survey of Behavioral Finance －LOS b
CFA Institute Area 3-5, 7, 12, 14-18: Portfolio Management
Session 3: Behavioral Finance
Reading 13: A Survey of Behavioral Finance
LOS b: Explain how the statement there is no free lunch can be valid in both efficient and inefficient markets, and discuss its relationship to the statement prices are right.
作者: cfaedu 时间: 2008-9-16 18:07
When implementing a trade to take advantage of a potential mispricing opportunity, which of the following implementation costs are least readily calculated?
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| C) | Short sale borrowing fees. |
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Answer and Explanation
Impact costs are the least readily calculated implementation costs.
作者: cfaedu 时间: 2008-9-16 18:07
Profiting from a perceived mispricing is greatest when which of the following is the smallest?
| A) | Deviation from CAPM price. |
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| B) | Difference in fundamental and market price. |
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Answer and Explanation
Implementation costs reduce mispricing profits. The greater the implementation costs, the lower the profit.
作者: cfaedu 时间: 2008-9-16 18:08
Which of the following are NOT necessarily connected to mispricing calculations?
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| B) | Cash flow discount rates. |
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D) | Short sale constraints. |
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Answer and Explanation
Short sale constraints are not necessary to calculate potential mispricing. Short sale constraints are implementation costs that must be incurred after a mispricing calculation has been completed.
作者: miguelliu 时间: 2009-4-23 07:04
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作者: pundit 时间: 2009-4-23 09:49
A
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