投资学题库Word文档格式.docx
- 文档编号:21621591
- 上传时间:2023-01-31
- 格式:DOCX
- 页数:10
- 大小:20.86KB
投资学题库Word文档格式.docx
《投资学题库Word文档格式.docx》由会员分享,可在线阅读,更多相关《投资学题库Word文档格式.docx(10页珍藏版)》请在冰豆网上搜索。
maintainsapassivecoreandaugmentsthepositionwithanactivelymanagedportfolio.
5.
Thedifferencebetweenarandomwalkandasubmartingaleistheexpectedpricechangeinarandomwalkis______andtheexpectedpricechangeforasubmartingaleis______.
6.D.
zero;
positive
7.6.
8.D.
9.
7.
ProponentsoftheEMHtypicallyadvocate
10.B.
investinginanindexfund.
11.C.
apassiveinvestmentstrategy.
12.E.
BandC
8.
9.C.
Ifyoubelieveinthe_______formoftheEMH,youbelievethatstockpricesreflectallinformationthatcanbederivedbyexaminingmarkettradingdatasuchasthehistoryofpaststockprices,tradingvolumeorshortinterest.
10.C.
Weak
10.
Ifyoubelieveinthe_________formoftheEMH,youbelievethatstockpricesreflectallavailableinformation,includinginformationthatisavailableonlytoinsiders.
11.B.
strong
12.
11.
Ifyoubelieveinthereversaleffect,youshould
13.C.
buystocksthisperiodthatperformedpoorlylastperiod.
__________focusmoreonpastpricemovementsofafirm'
sstockthanontheunderlyingdeterminantsoffutureprofitability.
D.
Technicalanalysts
13.
_________abovewhichitisdifficultforthemarkettorise.
B.
Resistancelevelisavalue
14.
_________belowwhichitisdifficultforthemarkettofall.
C.
Supportlevelisavalue
15.
___________thereturnonastockbeyondwhatwouldbepredictedfrommarketmovementsalone.
Anexcesseconomicreturnis
Anabnormalreturnis
E.
AandC
16.
Thedebateoverwhethermarketsareefficientwillprobablyneverberesolvedbecauseof________.
theluckyeventissue.
themagnitudeissue.
theselectionbiasissue.
alloftheabove.
17.
Acommonstrategyforpassivemanagementis____________.
creatinganindexfund
18.
Arbel(1985)foundthat
theJanuaryeffectwashighestforneglectedfirms.
19.
Researchershavefoundthatmostofthesmallfirmeffectoccurs
inJanuary.
20.
Basu(1977,1983)foundthatfirmswithlowP/Eratios
earnedhigheraveragereturnsthanfirmswithhighP/Eratios.
21.
Jaffe(1974)foundthatstockprices_________afterinsidersintensivelyboughtshares.
increased
22.
Banz(1981)foundthat,onaverage,therisk-adjustedreturnsofsmallfirms
werehigherthantherisk-adjustedreturnsoflargefirms.
23.
ProponentsoftheEMHthinktechnicalanalysts
arewastingtheirtime.
24.
Studiesofpositiveearningssurpriseshaveshownthatthereis
apositiveabnormalreturnonthedaypositiveearningssurprisesareannounced.
apositivedriftinthestockpriceonthedaysfollowingtheearningssurpriseannouncement.
bothAandBaretrue.
25.
Studiesofnegativeearningssurpriseshaveshownthatthereis
anegativeabnormalreturnonthedaynegativeearningssurprisesareannounced.
26.
Studiesofstockpricereactionstonewsarecalled
eventstudies.
27.
OnNovember22,2005thestockpriceofWalmartwas$andtheretailerstockindexwas.OnNovember25,2005thestockpriceofWalmartwas$andtheretailerstockindexwas.ConsidertheratioofWalmarttotheretailerindexonNovember22andNovember25.Walmartis_______theretailindustryandtechnicalanalystswhofollowrelativestrengthwouldadvise_______thestock.
outperforming,buying
28.
WorkbyAmihudandMendelson(1986,1991)
arguesthatinvestorswilldemandarateofreturnpremiumtoinvestinlessliquidstocks.
mayhelpexplainthesmallfirmeffect.
mayberelatedtotheneglectedfirmeffect.
A,B,andC.
29.
FamaandFrench(1992)foundthatthestocksoffirmswithinthehighestdecileofmarket/bookratioshadaveragemonthlyreturnsof_______whilethestocksoffirmswithinthelowestdecileofmarket/bookratioshadaveragemonthlyreturnsof________.
lessthan1%,greaterthan1%
30.
Amarketdeclineof23%onadaywhenthereisnosignificantmacroeconomicevent______consistentwiththeEMHbecause________.
wouldnotbe,itwasnotaclearresponsetomacroeconomicnews.
31.
Inanefficientmarket,__________.
securitypricesreactquicklytonewinformation
securitypricesareseldomfaraboveorbelowtheirjustifiedlevels
securityanalystswillnotenableinvestorstorealizesuperiorreturnsconsistently
A,B,andC
32.
Theweakformoftheefficientmarkethypothesisassertsthat
futurechangesinstockpricescannotbepredictedfrompastprices.
technicianscannotexpecttooutperformthemarket.
33.
Asupportlevelisthepricerangeatwhichatechnicalanalystwouldexpectthe
34.C.
demandforastocktoincreasesubstantially.
34.
Afindingthat_________wouldprovideevidenceagainstthesemistrongformoftheefficientmarkettheory.
35.A.
lowP/Estockstendtohavepositiveabnormalreturns
36.C.
onecanconsistentlyoutperformthemarketbyadoptingthecontrarianapproachexemplifiedbythereversalsphenomenon
37.E.
35.
Theweakformoftheefficientmarkethypothesiscontradicts
technicalanalysis,butissilentonthepossibilityofsuccessfulfundamentalanalysis.36.
Twobasicassumptionsoftechnicalanalysisarethatsecuritypricesadjust
graduallytonewinformationandmarketpricesaredeterminedbytheinteractionofsupplyanddemand.
37.
Cumulativeabnormalreturns(CAR)
areusedineventstudies.
arebettermeasuresofsecurityreturnsduetofirm-specificeventsthanareabnormalreturns(AR).
AandB.
38.
Studiesofmutualfundperformance
indicatethatoneshouldnotrandomlyselectamutualfund.
indicatethathistoricalperformanceisnotnecessarilyindicativeoffutureperformance.
39.
Thelikelihoodofaninvestmentnewsletter'
ssuccessfullypredictingthedirectionofthemarketforthreeconsecutiveyearsbychanceshouldbe
between10%and25%.
40.
Inanefficientmarketthecorrelationcoefficientbetweenstockreturnsfortwonon-overlappingtimeperiodsshouldbe
zero.
41.
TheweatherreportsaysthatadevastatingandunexpectedfreezeisexpectedtohitFloridatonight,duringthepeakofthecitrusharvest.InanefficientmarketonewouldexpectthepriceofFloridaOrange'
sstockto
dropimmediately.
42.
MatthewsCorporationhasabetaof.Theannualizedmarketreturnyesterdaywas13%,andtherisk-freerateiscurrently5%.YouobservethatMatthewshadanannualizedreturnyesterdayof17%.Assumingthatmarketsareefficient,thissuggeststhat
goodnewsaboutMatthewswasannouncedyesterday.
43.
NicholasManufacturingjustannouncedyesterdaythatits4thquarterearningswillbe10%higherthanlastyear'
s4thquarter.YouobservethatNicholashadanabnormalreturnof%yesterday.Thissuggeststhat
investorsexpectedtheearningsincreasetobelargerthanwhatwasactuallyannounced.
44.
WhenMauriceKendallfirstexaminedstockpricepatternsin1953,hefoundthat
therewerenopredictablepatternsinstockprices.
45.
Ifstockpricesfollowarandomwalk
pricechangesarerandom.
46.
Themaindifferencebetweenthethreeformsofmarketefficiencyisthat
thedefinitionofinformationdiffers.
47.
Chartistspractice
technicalanalysis.
48.
Whichofthefollowingareusedbyfundamentalanalyststodetermineproperstockprices
I)trendlines
II)earnings
III)dividendprospects
IV)expectationsoffutureinterestrates
V)resistancelevels
II,III,andIV
49.
Accordingtoproponentsoftheefficientmarkethypothesis,thebeststrategyforasmallinvestorwithaportfolioworth$40,000isprobablyto
investinmutualfunds.
50.
Whichofthefollowingareinvestmentsuperstarswhohaveconsistentlyshownsuperiorperformance
I)WarrenBuffet
II)PhoebeBuffet
III)PeterLynch
IV)MerrillLynch
V)JimmyBuffet
IandIII
51.
Googlehasabetaof.Theannualizedmarketreturnyesterdaywas11%,andtherisk-freerateiscurrently5%.YouobservethatGooglehadanannualizedreturnyesterdayof14%.Assumingthatmarketsareefficient,thissuggeststhat
goodnewsaboutGooglewasannouncedyesterday.
52.
MusicDoctorshasabetaof.Theannualizedmarketreturnyesterdaywas12%,andtherisk-freerateiscurrently4%.YouobservethatMusicDoctorshadanannualizedreturnyesterdayof15%.Assumingthatmarketsareefficient,thissuggeststhat
badnewsaboutMusicDoctorswasannouncedyesterday.
53.
QQAGhasabetaof.Theannualizedmarketreturnyesterdaywas13%,andtherisk-freerateiscurrently3%.YouobservethatQQAGhadanannualizedreturnyesterdayof20%.Assumingthatmarketsareefficient,thissuggeststhat
nosignificantn
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 投资 题库