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Which of the following should NOT be included as a constraint in an investment policy statement (IPS)

A. How funds are spent after being withdrawn from the portfolio.
B. Tax implications on the returns generated by the portfolio.
Constraints put on investment activities by regulatory agencies.

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The Objectives part of the investment policy statement serves to:

A. set out what the invested money will be used for.
B. establish the benchmarks to be used in evaluating performance of the investments.
C. express the expected risk and return for the invested capital.

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Securities A and B have forecasted returns of 14% and 18% over the next 12 months. During the same period, the market (M) is expected to generate returns of 16%. The risk-free rate is 6% , and β = 1.1. The forecasted price for next year for security A is $ 60. According to the CAPM, what should A sell for today

A. $51.72.
B. $54.05.
C. $51.28.

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An analyst gathered the following information about stock A and the market index: Estimated future rate of retum for stock A 16% Covariance of stock Awith the market index 600.0 standard deviation of the market index 20.0 Risk-free rate of retum 5% Yield of zero coupon Treasury bond 6% Expected future rate of return for the market index 13% Based only on the information above, the analyst"s most appropriate conclusion is that the stock is:

A. overvalued because the required rate of return for the stock is 15.5%.
B. overvalued because the required rate of return for the stock is 17.0%.
C. undervalued because the required rate of return for the stock is 15.5%.

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An investor has identified the following possible portfolios. Which portfolio lies to the right of the efficient frontier Portfolio Expected Return Standard Deviation A 18% 35% B 14% 20% C 13% 24%

A. Ａ.
B. Ｃ.
C. Ｂ.

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Which of the following should NOT be included as a constraint in an investment policy statement (IPS)

A. How funds are spent after being withdrawn from the portfolio. B. Tax implications on the returns generated by the portfolio. Constraints put on investment activities by regulatory agencies.

The Objectives part of the investment policy statement serves to:

An investor has identified the following possible portfolios. Which portfolio lies to the right of the efficient frontier Portfolio Expected Return Standard Deviation A 18% 35% B 14% 20% C 13% 24%

A. How funds are spent after being withdrawn from the portfolio.
B. Tax implications on the returns generated by the portfolio.
Constraints put on investment activities by regulatory agencies.