金融市场与机构6文档格式.docx
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金融市场与机构6文档格式.docx
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(a)isthediscountednetpresentvalueoffutureinterestpayments.
(b)isdeterminedbythehighestsuccessfulbidder.
(c)fullyreflectsallavailablerelevantinformation.
(d)isaresultofnoneoftheabove.
C
3.Theefficientmarkethypothesis
(a)isbasedontheassumptionthatpricesofsecuritiesfullyreflectallavailableinformation.
(b)holdsthattheexpectedreturnonasecurityequalstheequilibriumreturn.
(c)both(a)and(b).
(d)neither(a)nor(b).
4.Iftheoptimalforecastofthereturnonasecurityexceedstheequilibriumreturn,then
(a)themarketisinefficient.
(b)anunexploitedprofitopportunityexists.
(c)themarketisinequilibrium.
(d)only(a)and(b)oftheabovearetrue.
(e)only(b)and(c)oftheabovearetrue.
D
5.Accordingtotheefficientmarkethypothesis
(a)onecannotexpecttoearnanabnormallyhighreturnbypurchasingasecurity.
(b)informationinnewspapersandinthepublishedreportsoffinancialanalystsisalreadyreflectedinmarketprices.
(c)unexploitedprofitopportunitiesabound,therebyexplainingwhysomanypeoplegetrichbytradingsecurities.
(d)alloftheabovearetrue.
(e)only(a)and(b)oftheabovearetrue.
6.Anotherwaytostatetheefficientmarketconditionisthatinanefficientmarket,
(a)unexploitedprofitopportunitieswillbequicklyeliminated.
(b)unexploitedprofitopportunitieswillneverexist.
(c)arbitrageursguaranteethatunexploitedprofitopportunitiesneverexist.
(d)both(a)and(c)oftheaboveoccur.
A
7.Anotherwaytostatetheefficientmarkethypothesisisthatinanefficientmarket,
(a)unexploitedprofitopportunitieswillneverexistasmarketparticipants,suchasarbitrageurs,ensurethattheyareinstantaneouslydissipated.
(b)unexploitedprofitopportunitieswillnotexistforlong,asmarketparticipantswillactquicklytoeliminatethem.
(c)everyfinancialmarketparticipantmustbewellinformedaboutsecurities.
(d)only(a)and(c)oftheabove.
B
8.Asituationinwhichthepriceofanassetdiffersfromitsfundamentalmarketvalueiscalled
(a)anunexploitedprofitopportunity.
(b)abubble.
(c)acorrection.
(d)ameanreversion.
9.Asituationinwhichthepriceofanassetdiffersfromitsfundamentalmarketvalue
(a)indicatesthatunexploitedprofitopportunitiesexist.
(b)indicatesthatunexploitedprofitopportunitiesdonotexist.
(c)neednotindicatethatunexploitedprofitopportunitiesexist.
(d)indicatesthattheefficientmarkethypothesisisfundamentallyflawed.
10.Studiesofmutualfundperformanceindicatethatmutualfundsthatoutperformedthemarketinonetimeperiod
(a)usuallybeatthemarketinthenexttimeperiod.
(b)usuallybeatthemarketinthenexttwosubsequenttimeperiods.
(c)usuallybeatthemarketinthenextthreesubsequenttimeperiods.
(d)usuallydonotbeatthemarketinthenexttimeperiod.
11.Theefficientmarkethypothesissuggeststhatallocatingyourfundsinthefinancialmarketsontheadviceofafinancialanalyst
(a)willcertainlymeanhigherreturnsthanifyouhadmadeselectionsbythrowingdartsatthefinancialpage.
(b)willalwaysmeanlowerreturnsthanifyouhadmadeselectionsbythrowingdartsatthefinancialpage.
(c)isnotlikelytoprovesuperiortoastrategyofmakingselectionsbythrowingdartsatthefinancialpage.
(d)isgoodfortheeconomy.
12.IvanBoesky,themostsuccessfuloftheso-calledarbsinthe1980s,wasabletooutperformthemarketonaconsistentbasis,indicatingthat
(a)securitiesmarketsarenotefficient.
(b)unexploitedprofitopportunitieswereabundant.
(c)investorscanoutperformthemarketwithinsideinformation.
(d)only(b)and(c)oftheabove.
13.Tosaythatstockpricesfollowa“randomwalk”istoarguethat
(a)stockpricesrise,thenfall.
(b)stockpricesrise,thenfallinapredictablefashion.
(c)stockpricestendtofollowtrends.
(d)stockpricesare,forallpracticalpurposes,unpredictable.
14.Tosaythatstockpricesfollowa“randomwalk”istoarguethat
(a)stockpricesrise,thenfall,thenriseagain.
(d)stockpricescannotbepredictedbasedonpasttrends.
15.Rulesusedtopredictmovementsinstockpricesbasedonpastpatternsare,accordingtotheefficientmarketstheory,
(a)awasteoftime.
(b)profitablyemployedbyallfinancialanalysts.
(c)themostefficientrulestoemploy.
(d)consistentwiththerandomwalkhypothesis.
16.Testsusedtoratetheperformanceofrulesdevelopedintechnicalanalysisconcludethat
(a)technicalanalysisoutperformstheoverallmarket.
(b)technicalanalysisfaroutperformstheoverallmarket,suggestingthatstockbrokersprovidevaluableservices.
(c)technicalanalysisdoesnotoutperformtheoverallmarket.
(d)technicalanalysisdoesnotoutperformtheoverallmarket,suggestingthatstockbrokersdonotprovideservicesofanyvalue.
17.Whichofthefollowingtypesofinformationwillmostlikelyenabletheexploitationofaprofitopportunity
(a)Financialanalysts’publishedrecommendations
(b)Technicalanalysis
(c)Hottipsfromastockbroker
(d)Insiderinformation
18.Whichofthefollowingtypesofinformationwillmostlikelyenabletheexploitationofaprofitopportunity
(d)Noneoftheabove
19.Theadvantageofa“buy-and-holdstrategy”isthat
(a)netprofitswilltendtobehigherbecausetherewillbefewerbrokeragecommissions.
(b)losseswilleventuallybeeliminated.
(c)thelongerastockisheld,thehigherwillbeitsprice.
(d)only(b)and(c)oftheabovearetrue.
20.Theefficientmarkethypothesissuggeststhat
(a)investorsshouldnottrytooutguessthemarketbyconstantlybuyingandsellingsecurities.
(b)investorsdobetteronaverageiftheyadopta“buyandhold”strategy.
(c)buyingintoamutualfundisasensiblestrategyforasmallinvestor.
(d)alloftheabovearesensiblestrategies.
(e)only(a)and(b)oftheabovearesensiblestrategies.
21.Sometimesoneobservesthatthepriceofacompany’sstockfallsaftertheannouncementoffavorableearnings.Thisphenomenonis
(a)clearlyinconsistentwiththeefficientmarkethypothesis.
(b)consistentwiththeefficientmarkethypothesisiftheearningswerenotashighasanticipated.
(c)consistentwiththeefficientmarkethypothesisiftheearningswerenotaslowasanticipated.
(d)theresultofnoneoftheabove.
22.Importantimplicationsoftheefficientmarkethypothesisincludewhichofthefollowing
(a)Futurechangesinstockpricesshould,forallpracticalpurposes,beunpredictable.
(b)Stockpriceswillrespondtoannouncementsonlywhentheinformationintheseannouncementsisnew.
(c)Sometimesastockpricedeclineswhengoodnewsisannounced.
(d)Alloftheabove.
(e)Only(a)and(b)oftheabove.
23.Althoughtheverdictisnotyetin,theavailableevidenceindicatesthat,formanypurposes,theefficientmarkethypothesisis
(a)agoodstartingpointforanalyzingexpectations.
(b)notagoodstartingpointforanalyzingexpectations.
(c)toogeneraltobeausefultoolforanalyzingexpectations.
(d)noneoftheabove.
24.Theefficientmarkethypothesissuggeststhat
(a)investorsshouldpurchaseno-loadmutualfundswhichhavelowmanagementfees.
(b)investorscanusetheadviceoftechnicalanalyststooutperformthemarket.
(c)investorslettoomanyunexploitedprofitopportunitiesgobyiftheyadopta“buyandhold”strategy.
(d)only(a)and(b)oftheabovearesensiblestrategies.
25.Theefficientmarkethypothesisappliesto
(a)boththestockmarketandtheforeignexchangemarket.
(b)thestockmarketbutnottheforeignexchangemarket.
(c)theforeignexchangemarketbutnotthestockmarket.
(d)neitherthestockmarketnortheforeignexchangemarket.
26.AccordingtotheJanuaryeffect,stockprices
(a)experienceanabnormalpricerisefromDecembertoJanuary.
(b)experienceanabnormalpricedeclinefromDecembertoJanuary.
(c)followarandomwalkduringJanuary.
(d)setthepatternfortheentireyearinJanuary.
27.Thesmall-firmeffectreferstotheobservationthatsmallfirms’stocks
(a)followarandomwalkbutlargefirms’stocksdonot.
(b)haveearnedabnormallylowreturnsgiventheirgreaterrisk.
(c)haveearnedabnormallyhighreturnseventakingintoaccounttheirgreaterrisk.
(d)sellforlowerpricesthandolargefirms’stocks.
28.Theefficientmarketshypothesisisweakenedbyevidencethat
(a)stockpricestendtofollowarandomwalk.
(b)stockpricesaremorevolatilethanfluctuationsintheirfundamentalvaluescanexplain.
(d)aninvestmentadviser’spastsuccessorfailureatpickingstocksdoesnotpredicthisorherfutureperformance.
29.Meanreversionreferstotheobservationthat
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