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Friday, April 25, 2014

Dibrugarh University - Security Analysis and Portfolio Management 2012

2012 (Old Course)
Speciality
Full Marks: 70
Time: 3 Hours

1. (a) Define the term “Investment.” Discuss the different avenues available to an investor for making investments.                4+10=14
Or
(b) A company is expected to pay a dividend of Rs. 4 per equity share now. Its dividends are expected to grow at 15% for the next 5 years and then at the rate of 10% indefinitely. Find out the present value of its equity share, if the capitalisation rate is 12%. Following are the present value factors at 12% per annum.
Year
1
2
3
4
5
6
PV Factor at 12%
0.893
0.797
0.712
0.636
0.567
0.507


2. (a) What is risk? How can risk on an asset be calculated? Distinguish between systematic and unsystematic risks. 4+4+6=14
Or
(b) “Diversification helps in the reduction of unsystematic risk and promotes the optimisation of returns for a given level of risks in portfolio management.” Discuss the effects of combining the securities.                14
3. (a) Discuss in detail the Capital Asset Pricing Model.                    14
Or
(b) What are the basic assumptions behind Arbitrage Pricing Theory (APT)? Describe some of the problems associated with the empirical testing of APT.       6+8=14
4. (a) Discuss in detail Sharpe’s and Treynor’s measures of portfolio performance.           14
Or
(b) What is the essential difference between Sharpe’s and Treynor’s indexes of portfolio performance?                              14
5. (a) What is an option trading? How can an option transaction be liquidated?                   6+8=14
Or
(b) Differentiate between an option and a future. What are the essential specifications of a future contract?                      8+6=14