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发表于 2008-9-16 18:06 | 只看该作者

Reading 13: A Survey of Behavioral Finance －LOS b

efficient, discuss

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.

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发表于 2008-9-16 18:07 | 只看该作者

When implementing a trade to take advantage of a potential mispricing opportunity, which of the following implementation costs are least readily calculated?

A)	Impact costs.

B)	Commissions.

C)	Short sale borrowing fees.

D)	Research costs.

Answer and Explanation

Impact costs are the least readily calculated implementation costs.

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发表于 2008-9-16 18:07 | 只看该作者

Profiting from a perceived mispricing is greatest when which of the following is the smallest?

A)	Deviation from CAPM price.

B)	Difference in fundamental and market price.

C)	Implementation costs.

D)	Discount rates.

Answer and Explanation

Implementation costs reduce mispricing profits. The greater the implementation costs, the lower the profit.

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发表于 2008-9-16 18:08 | 只看该作者

Which of the following are NOT necessarily connected to mispricing calculations?

A)	Projected cash flows.

B)	Cash flow discount rates.

C)	Current market price.

D)	Short sale constraints.

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.

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