An analyst wants to determine whether Dover Holdings is overvalued or undervalued, and by how much (expressed as percentage return). The analyst gathers the following information on the stock:
· Market standard deviation = 0.70
· Covariance of Dover with the market = 0.85
· Dover's current stock price (P0) = $35.00
· The expected price in one year (P1) is $39.00
· Expected annual dividend = $1.50
· 3-month Treasury bill yield = 4.50%
· Historical average S&P 500 return = 12.0%
Dover Holdings stock is:

Which of the following is not a characteristic of a portfolio located on the efficient frontier?

An analyst is investigating the security market line (SML). Given no major changes in asset risk characteristics, which of the following changes is most likely to be associated with an increase in the slope of the security market line?

Which of the following has the greatest liquidity needs on average?

An analyst is checking the information from his two clients William and Robert. William has been retired and is primarily concerned with achieving an investment return no less than the rate of inflation. Jules York is just in this mid-age and primarily concerned with his portfolio long term prospects setting a proper balance between capital gains and current income. Which of the following investment objectives is most appropriate for William and Robert, respectively?
  William       Robert

With respect to the security market line, if two risky assets have the same covariance with the market portfolio but have different estimated rates of return, the most accurate conclusion is that the two risky assets have:

Does trading take place only once a day at closing market prices in the case of:
Exchange traded funds?   Traditional mutual funds?

A typical hedge fund fee structure is least likely to include a:

An investor gathered the following information about a real estate investment:

The investment's net present value (NPV) and yield to an equity investor respectively are best described as being:
Investment's NPV       Investment's yield to an equity investor

Which classification of hedge funds is least likely to use a short position in stock as a part of its strategy?

Venture capital investments used to provide capital for companies initiating commercial manufacturing and sales are most likely to be considered a forma of :

Hedge funds that contain infrequently traded assets would most likely exhibit a downward bias with respect to:

Consider a corporate bond with a yield of 6.8% and a municipal bond (with equivalent risk) with a 4.9% yield. Which of the following statements is most accurate?

The concept that forward rates reflect investors' expectations of future rates plus a liquidity premium to compensate them for exposure to interest rate risk is associated with which of the following explanations of the term structure of interest rates?

At 1 January, 2009, an option-free 8 percent annual coupon bond, with 10 years to maturity and a par value of $1,000, had a discount rate of 9 percent. On 1 January 2010, the discount rate had decreased to 8.5 percent because of an upgrade in the bond's rating. If interest is paid annually, the portions of the bond's price change from 2009 to 2010 attributable to the passage of time and the rating upgrade respectively, are closest to:
Passage of time      Rating upgrade

If a 15-year, $1,000 U.S. semiannually zero-coupon bond is priced to yield 10 percent, what is its market price?

If interest rate falls, which of the following statements is true?

A five-year bond with an 8.00 percent semiannual coupon currently trades at 102.345 percent of a par value of $1,000. Which of the following is closest to the current yield on the bond?

Which of the following will most likely have the least impact on a corporate bond rating?

An analyst gathered the following information about a bond:

The bond's yield to call is closest to:

Do measures that take into account how the expected cash flows from a bond may change as yields change include:
Modified duration?  Modified convexity?

An analyst gathered the following information:

For the tax-exempt security, the investor's tax-equivalent yield is closest to:

Which of the following statements about option-adjusted spread and nominal spread is most accurate?

For an option-free bond, if yields increase by 200 basis points, the parts of the total estimated percentage price change attributable to duration and the convexity adjustment, respectively, will most likely be:
Part of the total estimated    Part of the total estimated percentage price
percentage price change     change attributable to the convexity
attributable to duration       adjustment

TDK commercial bank makes an adjustable rate mortgage for a big construction customer. Which of the following would be an appropriate position for the bank to hedge its risk with this loan? TDK should pay:

Which of the following statements regarding the seller of a call and a put is true? A call writer:

The following information relates to an investor's positioning the futures market:

If the investor deposited enough funds to just meet the initial margin requirement, the amount of funds that the investor would be required to deposit on Day 2 is closest to:

What is the most likely effect of an increase in volatility on the price of a:
Call option?    Put option?

An investor buys a stock at $90 and also buys a put option on the stock with a put price of $4 and having an exercise price of $80. At expiration of the put option, the stock price has fallen to $60. The loss for the investor's position would be:

An analyst gathered the following information about a futures market contract:

If no funds are withdrawn and margin calls are met at the beginning of the next day, the ending balance on Day 3 for an investor with a long position of 10 contracts is closest to:

An analyst gathered the following annual data for SMG Corporation on 2008:

The SMG Corporation's estimated dividend growth rate is closest to:

Which of the following statements concerning security valuation is least accurate?

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