完整版投资学第7版TestBank答案12.docx
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完整版投资学第7版TestBank答案12.docx
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完整版投资学第7版TestBank答案12
MultipleChoiceQuestions
1.Conventionaltheoriespresumethatinvestorsandbehavioralfinance
presumesthatthey.
A)areirrational;areirrational
B)arerational;maynotberational
C)arerational;arerational
D)maynotberational;maynotberational
E)maynotberational;arerational
Answer:
BDifficulty:
Easy
2.Thepremiseofbehavioralfinanceisthat
A)conventionalfinancialtheoryignoreshowrealpeoplemakedecisionsandthatpeoplemakeadifference.
B)conventionalfinancialtheoryconsidershowemotionalpeoplemakedecisionsbutthemarketisdrivenbyrationalutilitymaximizinginvestors.
C)conventionalfinancialtheoryshouldignorehowtheaveragepersonmakesdecisionsbecausethemarketisdrivenbyinvestorsthataremuchmoresophisticatedthantheaverageperson.
D)BandC
E)noneoftheabove
Answer:
ADifficulty:
Easy
3.Someeconomistsbelievethattheanomaliesliteratureisconsistentwithinvesto'rsand.
A)abilitytoalwaysprocessinformationcorrectlyandthereforetheyinfercorrectprobabilitydistributionsaboutfutureratesofreturn;givenaprobabilitydistributionofreturns,theyalwaysmakeconsistentandoptimaldecisions
B)inabilitytoalwaysprocessinformationcorrectlyandthereforetheyinferincorrectprobabilitydistributionsaboutfutureratesofreturn;givenaprobabilitydistributionofreturns,theyalwaysmakeconsistentandoptimaldecisions
C)abilitytoalwaysprocessinformationcorrectlyandthereforetheyinfercorrectprobabilitydistributionsaboutfutureratesofreturn;givenaprobabilitydistributionofreturns,theyoftenmakeinconsistentorsuboptimaldecisions
D)inabilitytoalwaysprocessinformationcorrectlyandthereforetheyinferincorrectprobabilitydistributionsaboutfutureratesofreturn;givenaprobabilitydistributionofreturns,theyoftenmakeinconsistentorsuboptimaldecisions
E)noneoftheabove
Answer:
DDifficulty:
Moderate
4.Informationprocessingerrorsconsistof
I)
forecastingerrors
II)
overconfidence
III)
conservatism
IV)
framing
A)
IandII
B)
IandIII
C)
IIIandIV
D)
IVonly
E)
I,IIandIII
Answer:
EDifficulty:
Moderate
5.Forecastingerrorsarepotentiallyimportantbecause
A)researchsuggeststhatpeopleunderweightrecentinformation.
B)researchsuggeststhatpeopleoverweightrecentinformation.
C)researchsuggeststhatpeoplecorrectlyweightrecentinformation.
D)eitherAorBdependingonwhethertheinformationwasgoodorbad.
E)noneoftheabove.
Answer:
BDifficulty:
Moderate
6.DeBondtandThalerbelievethathighP/Eresultfrominvestors
A)earningsexpectationsthataretooextreme.
B)earningsexpectationsthatarenotextremeenough.
C)stockpriceexpectationsthataretooextreme.
D)stockpriceexpectationsthatarenotextremeenough.
E)noneoftheabove.
Answer:
ADifficulty:
Moderate
7.Ifapersongivestoomuchweighttorecentinformationcomparedtopriorbeliefs,theywouldmakeerrors.
A)framing
B)selectionbias
C)overconfidence
D)conservatism
E)forecasting
Answer:
EDifficulty:
Moderate
8.Singlementradefarmoreoftenthanwomen.Thisisduetogreateramong
men.
A)framing
B)regretavoidance
C)overconfidence
D)conservatism
E)noneoftheabove
Answer:
CDifficulty:
Moderate
9.mayberesponsiblefortheprevalenceofactiveversuspassive
investmentsmanagement.
A)Forecastingerrors
B)Overconfidence
C)Mentalaccounting
D)Conservatism
E)Regretavoidance
Answer:
BDifficulty:
Moderate
10.BarberandOdean(2000)rankedportfoliosbyturnoverandreportthatthedifferenceinreturnbetweenthehighestandlowestturnoverportfoliosis7%peryear.Theyattributethisto
A)overconfidence
B)framing
C)regretavoidance
D)sampleneglect
E)alloftheabove
Answer:
ADifficulty:
Moderate
11.biasmeansthatinvestorsaretooslowinupdatingtheirbeliefsinresponseto
evidence.
A)framing
B)regretavoidance
C)overconfidence
D)conservatism
E)noneoftheabove
Answer:
DDifficulty:
Moderate
12.Psychologistshavefoundthatpeoplewhomakedecisionsthatturnoutbadlyblamethemselvesmorewhenthatdecisionwasunconventional.Thenameforthisphenomenonis
A)regretavoidance
B)framing
C)mentalaccounting
D)overconfidence
E)obnoxicity
Answer:
ADifficulty:
Moderate
Rationale:
Aninvestmentsexamplegiveninthetextisbuyingthestockofastart-upfirmthatshowssubsequentpoorperformance,versusbuyingbluechipstocksthatperformpoorly.Investorstendtohavemoreregretiftheychosethelessconventionalstart-upstock.DeBondtandThalersaythatsuchregrettheoryisconsistentwiththesizeeffectandthebook-to-marketeffect.
13.Anexampleofisthatapersonmayrejectaninvestmentwhenitisposedin
termsofrisksurroundingpotentialgainsbutmayacceptthesameinvestmentifitisposedintermsofrisksurroundingpotentiallosses.
A)framing
B)regretavoidance
C)overconfidence
D)conservatism
E)noneoftheabove
Answer:
ADifficulty:
Moderate
14.Statman(1977)arguesthatisconsistentwithsomeinvestors'irrational
preferenceforstockswithhighcashdividendsandwithatendencytoholdlosingpositionstoolong.
A)mentalaccounting
B)regretavoidance
C)overconfidence
D)conservatism
E)noneoftheabove
Answer:
ADifficulty:
Moderate
15.Anexampleofisthatitisnotaspainfultohavepurchasedablue-chipstock
thatdecreasesinvalue,asitistolosemoneyonanunknownstart-upfirm.
A)mentalaccounting
B)regretavoidance
C)overconfidence
D)conservatism
E)noneoftheabove
Answer:
BDifficulty:
Moderate
16.Arbitrageursmaybeunabletoexploitbehavioralbiasesdueto.
I)
fundamentalrisk
II)
implementationcosts
III)
modelrisk
IV)
conservatism
V)
regretavoidance
A)IandIIonly
B)I,II,andIII
C)I,II,III,andV
D)II,III,andIV
E)IVandV
Answer:
BDifficulty:
Moderate
17.aregoodexamplesofthelimitstoarbitragebecausetheyshowthatthe
lawofonepriceisviolated.
I)
SiameseTwinCompanies
II)
Unittrusts
III)
Closedendfunds
IV)
Openendfunds
V)
Equitycarveouts
A)
IandII
B)
I,II,andIII
C)
I,III,andV
D)
IVandV
E)
V
Answer:
CDifficulty:
Moderate
18.wasthegrandfatheroftechnicalanalysis.
A)HarryMarkowitz
B)WilliamSharpe
C)CharlesDow
D)BenjaminGraham
E)noneoftheabove
Answer:
CDifficulty:
Easy
Rationale:
CharlesDow,theoriginatoroftheDowTheory,wasthegrandfatheroftechnicalanalysis.BenjaminGrahammightbeconsideredthegrandfatheroffundamentalanalysis.HarryMarkowitzandWilliamSharpemightbeconsideredthegrandfathersofmodernportfoliotheory.
19.ThegoaloftheDowtheoryisto
A)identifyheadandshoulderpatterns.
B)identifybreakawaypoints.
C)identifyresistancelevels.
D)identifysupportlevels.
E)identifylong-termtrends.
Answer:
EDifficulty:
Easy
Rationale:
TheDowtheoryusestheDowJonesIndustrialAverageasanindicatoroflong-termtrendsinmarketprices.
20.Along-termmovementofprices,lastingfromseveralmonthstoyearsiscalled
A)aminortrend
B)aprimarytrend
C)anintermediatetrend
D)trendanalysis
E)BandD
Answer:
BDifficulty:
Easy
Rationale:
Minortrendsaremerelyday-to-daypricemovements;intermediatetrendsareoroffsettingmovementsinonedirectionafterlonger-termmovementsinanotherdirection;trendslastingfortheperioddescribedaboveareprimarytrends.
21.Adailyfluctuationoflittleimportanceiscalled
A)aminortrend
B)aprimarytrend
C)anintermediatetrend
D)amarkettrend
E)noneoftheabove
Answer:
ADifficulty:
Easy
22.Pricemovementsthatarecausedbyshort-termdeviationsofpricesfromtheunderlyingtrendlinearecalled
A)primarytrends.
B)secondarytrends.
C)tertiarytrends.
D)Dowtrends.
E)contrarytrends.
Answer:
BDifficulty:
Easy
Rationale:
Thesecondarytrendiscausedbythesedeviations,whichareeliminatedbycorrectionsthatbringthepricesbacktothetrendlines.
23.TheDowtheorypositsthatthethreeforcesthatsimultaneouslyaffectstockpricesare
I)
primarytrend
II)
intermediatetrend
III)
momentumtrend
IV)
minortrend
V)
contrariantrend
A)I,II,andIII
B)II,III,andIV
C)III,IVandV
D)I,II,andIV
E)I,III,andV
Answer:
DDifficulty:
Moderate
24.TheElliotWaveTheory.
A)isarecentvariationoftheDowTheory
B)suggeststhatstockpricescanbedescribedbyasetofwavepatterns
C)issimilartotheKondratieffWavetheory
D)AandB
e)A,B,andC
Answer:
EDifficulty:
Easy
Rationale:
BoththeElliotWaveTheoryandtheKondratieffWaveTheoryarerecentvariationsontheDowTheory,whichsuggeststhatstockpricesmoveinidentifiablewavepatterns.
25.Atrinratiooflessthan1.0isconsideredasa.
A)bearishsignal
B)bullishsignal
C)bearishsignalbysometechnicalanalystsandabullishsignalbyothertechnicalanalysts
D)bullishsignalbysomefundamentalists
E)CandD
Answer:
BDifficulty:
Easy
Rationale:
Atrinratiooflessthan1.0isconsideredbullishbecausethedecliningstockshaveloweraveragevolumethantheadvancingstocks,indicatingnetbuyingpressure.
26.OnOctober29,1991therewere1,031stocksthatadvaneedontheNYSEand610that
declined.Thevolumeinadvancingissueswas112,866,000andthevolumeindecliningissueswas58,188,000.Thetrinratioforthatdaywasandtechnicalanalysts
werelikelytobe.
A)0.87,bullish
B)0.87,bearish
C)1.15,bullish
D)1.15,bearish
E)noneoftheabove
Answer:
ADifficulty:
Moderate
Rationale:
(1,031/610)/(112,866,000/58,388,000)=0.87.Atrinratiolessthan1isconsideredbullishbecauseadvancingstockshaveahighervolumethandecliningstocks,indicatingabuyingpressure.
27.Inregardt
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- 完整版 投资 TestBank 答案 12