投资分析组合补充选择判断Word下载.docx
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投资分析组合补充选择判断Word下载.docx
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a)Towardtheendofarecession,financialstockstypicallyincreaseinvalueasinvestmentandborrowingactivitiesaccelerate.
b)Oncetheeconomyhitsatroughandbeginstorecover,consumerdurablestocksbecomeattractiveinvestments.
c)Oncetheeconomyhasrecoveredandcurrentlevelsofconsumptionaresustainable,businessesmayconsidermodernizingorexpanding,thusstocksofcapitalgoodsindustriesbecomeattractiveinvestments.
d)Asthebusinesscyclereachesapeak,inflationratesdecrease.
e)Noneoftheabove(thatis,allaretruestatements)
2.Anumberofeconomicvariablesaffectboththeeconomyandindustries.Whichofthefollowingstatementsisfalse?
(a)
a)Industrieswithhighlevelsofoperatingandfinancialleverageshouldbenefitfromlowerinflationrates.
b)Banksgenerallybenefitfromvolatileinterestrates,whilestableinterestratesreducemargins.
c)Consumerswhoareoptimisticabouttheeconomywillspendmoneyonhigh-priceditems,suchasautosandhouses.
d)Theabundanceorscarcityofinputcomponentscanaffecttheperceivedattractivenessofanindustry.
3.Whichofthefollowingisnotconsideredastructuralinfluenceontheeconomyandindustry?
(c)
a)Demographics
b)Life-styles
c)Internationaleconomics
d)Socialvalues
e).Technology
4.Whatmightcauseanindustry'
ssalestodecline?
(e)
a)Changesinconsumertastes
b)Productobsolescence
c)Growthofsubstituteproducts
d)Sluggisheconomicgrowth
e)Alloftheabove
5.A____(d)____stockpossessesahighprobabilityoflowornegativeratesofreturnandalowprobabilityofnormalorhighratesofreturn.
a)Growth
b)Defensive
c)Cyclical
d)Speculative
e)Value
6.Agrowthcompanyisonethathastheabilityto(c)
a.Acquirecapitalatalowcostandisabletoinvestinprojectsthatyieldanaveragereturn.
b.Acquirecapitalatalowcostandisabletoinvestinprojectsthatyieldabelowaveragereturn.
c.Acquirecapitalatanaveragecostandisabletoinvestinprojectsthatyieldanaboveaveragereturn.
d.Acquirecapitalatanaveragecostandisabletoinvestinprojectsthatyieldanaveragereturn.
e.Acquirecapitalatanaboveaveragecostandisabletoinvestinprojectsthatyieldanaveragereturn.
7.Portercontendsthatandaretwoimportantcompetitivestrategies.(c)
a)Lowcostleadership,barriertoentry
b)Newentrantdeterrent,differentiation
c)Lowcostleadership,differentiation
d)Differentiation,monopolistic
e)Monopolisticsimulation,differentiation
8.Whichofthefollowingstatementsabouttherisk-freeassetiscorrect?
(b)
a)Therisk-freeassetisdefinedasanassetforwhichthereisuncertaintyregardingtheexpectedrateofreturn.
b)Thestandarddeviationofreturnfortherisk-freeassetisequaltozero.
c)Thestandarddeviationofreturnfortherisk-freeassetcannotbezero,sincedivisionbyzeroisundefined.
d)Choicesaandbe)Choicesaandc
9.WhatdoesWRF=-0.50mean?
(a)
a)Theinvestorcanborrowmoneyattherisk-freerate.
b)Theinvestorcanlendmoneyatthecurrentmarketrate.
c)Theinvestorcanborrowmoneyatthecurrentmarketrate.
d)Theinvestorcanborrowmoneyattheprimerateofinterest.
e)Theinvestorcanlendmoneyattheprimerateofinterest.
10.Themarketportfolioconsistsofall(e)
a)NewYorkStockExchangestocks.
b)Highgradestocksandbonds.
c)Stocksandbonds.
d)U.S.andnon-U.S.stocksandbonds.
e)Riskyassets.
11.Theseparationtheoremdividesdecisionson_______fromdecisionson_______.(c)
a)Lending,borrowing
b)Risk,return
c)Investing,financing
d)Riskyassets,riskfreeassets
e)Buyingstocks,buyingbonds
12.Whenidentifyingundervaluedandovervaluedassets,whichofthefollowingstatementsisfalse?
(d)
a)Anassetisproperlyvaluedifitsestimatedrateofreturnisequaltoitsrequiredrateofreturn.
b)Anassetisconsideredovervaluedifitsestimatedrateofreturnisbelowitsrequiredrateofreturn.
c)Anassetisconsideredundervaluedifitsestimatedrateofreturnisaboveitsrequiredrateofreturn.
d)Anassetisconsideredovervaluedifitsrequiredrateofreturnisbelowitsestimatedrateofreturn.
Noneoftheabove(thatis,allaretruestatements)
13.Thelineofbestfitforascatterdiagramshowingtheratesofreturnofanindividualriskyassetandthemarketportfolioofriskyassetsovertimeiscalledthe(c)
a)Securitymarketline.
b)Capitalassetpricingmodel.
c)Characteristicline.
d)Lineofleastresistance.
e)Marketline.
14.Utilizingthesecuritymarketlineaninvestorowningastockwithabetaof-2wouldexpectthestock'
sreturnto________inamarketthatwasexpectedtodecline15percent.(e)
a)Riseorfallanindeterminateamount
b)Fallby3%
c)Fallby30%
d)Riseby13%
e)Riseby30%
15.Allofthefollowingquestionsremaintobeansweredintherealworldexcept(d)
a)Whatisagoodproxyforthemarketportfolio?
b)Whathappenswhenyoucannotborroworlendattheriskfreerate?
c)Howgoodisthecapitalassetmodelasapredictor?
d)Whatisthebetaofthemarketportfolioofriskyassets?
e)Whatisthestabilityofbetaforindividualstocks?
16.Thecorrelationcoefficientbetweenthemarketreturnandarisk-freeassetwould(e)
a)be+¥
.
b)be-¥
c)be+1.
d)be–1.
e)beZero.
17.Asthenumberofsecuritiesinaportfolioincreases,theamountofsystematicrisk(a)
a)Remainsconstant.
b)Decreases.
c)Increases.
d)Changes.
e)Noneoftheabove
18.Theoretically,thecorrelationcoefficientbetweenacompletelydiversifiedportfolioandthemarketportfolioshouldbe(b)
a)-1.0.
b)+1.0.
c)0.0.
d)-0.5.
e)+0.5.
19.Afairgamemodeldealswith(a)
a)Priceataspecifiedtime.
b)Pricesoveraspecifiedtimeperiod.
c)Pricesofoddlottransactions.
d)Historicalpricesandreturns.
e)Transactioncosts.
20.Theweakformoftheefficientmarkethypothesisstatesthat(b)
a)Successivepricechangesaredependent.
b)Successivepricechangesareindependent.
c)Successivepricechangesarebiased.
d)Successivepricechangesdependontradingvolume.
e)Properlyspecifiedtradingrulesareofvalue.
21.Whichstatementistrueconcerningalternativeefficientmarkethypothesis?
(c)
a)Theweakhypothesisencompassesthesemi-stronghypothesis.
b)Theweakhypothesisencompassesthestronghypothesis.
c)Thesemi-stronghypothesisencompassestheweakhypothesis.
d)Thestronghypothesisrelatesonlytopublicinformation.
e)Noneoftheabove(allstatementsarefalse)
22.Ifstatisticaltestsofstockreturnsovertimesupporttheefficientmarkethypothesistheresultingcorrelationsshouldbe(c)
a)Positive.
b)Negative.
c)Zero.
d)Lagged.
e)Skewed.
23.A"
runstest"
onsuccessivestockpricechangeswhichsupportstheefficientmarkethypothesiswouldshowtheactualnumberofruns(a)
a)Fallsintotherangeexpectedofarandomseries.
b)Fallsintotherangeexpectedofadependentseries.
c)Issmall.
d)Islarge.
e)WouldapproximateN/2.
24.AtradingrulewhichsignalspurchaseofastockifitrisesXpercentandsaleofastockifitfallsXpercentisknownasa(d)
a)Breakout.
b)Shortsale.
c)Sieve.
d)Filter.
e)Relativestrength.
25.Whichofthefollowinghasnotbeeninvolvedinadirecttestofthesemi-strongformoftheefficientmarkethypothesis?
(e)
a)Stocksplits
b)NewIssues
c)Exchangelisting
d)Accountingchanges
e)NYSESpecialists'
returns
26.Examplesofanomaliesprovidingcontraryevidencetothesemi-strongefficientmarkethypothesisincludestudiesofallofthefollowingexcept(d)
a)Quarterlyearningsreports.
b)Priceearningsratios.
c)Totalmarketvalue.
d)StocksrankedbyStandard&
Poor'
s.
e)TheJanuaryeffect.
27.Theopportunitytotakeadvantageofthedownwardpressureonstockpricesthatresultfromend-of-the-yeartaxsellingisknownas(d)
a)TheEnd-of-the-YearEffect.
b)TheDecemberAnomaly.
c)TheEnd-of-the-YearAnomaly.
d)TheJanuaryAnomaly.
e)TheNewYearsAnomaly.
28.BanzandReinganumfoundthatsmallfirmsconsistentlyoutperformedlargefirms.Thisanomalyisreferredtoasthe(b)
a)Largefirmeffect.
b)Sizeeffect.
c)Smallfirmeffect.
d)PIEeffect.
e)Noneoftheabove.
29.Theperformanceoffourmajorgroupsofinvestorshasbeenstudiedinconnection
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