投资学题库Chap006Word下载.docx

投资学题库Chap006Word下载.docx

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Theyonlycareabouttherateofreturn.

B. 

Theyacceptinvestmentsthatarefairgames.

C. 

Theyonlyacceptriskyinvestmentsthatofferriskpremiumsovertherisk-freerate.

D. 

Theyarewillingtoacceptlowerreturnsandhighrisk.

E. 

Theyonlycareabouttherateofreturn,andtheyacceptinvestmentsthatarefairgames.

2.

Whichofthefollowingstatementsis（are）true?

I）Risk-averseinvestorsrejectinvestmentsthatarefairgames.

II）Risk-neutralinvestorsjudgeriskyinvestmentsonlybytheexpectedreturns.

III）Risk-averseinvestorsjudgeinvestmentsonlybytheirriskiness.

IV）Risk-lovinginvestorswillnotengageinfairgames. 

Ionly

IIonly

IandIIonly

IIandIIIonly

II,III,andIVonly

3.

Whichofthefollowingstatementsis（are）false?

IIIandIVonly

4.

Inthemean-standarddeviationgraphanindifferencecurvehasa________slope. 

negative

zero

positive

vertical

cannotbedetermined

5.

Inthemean-standarddeviationgraph,whichoneofthefollowingstatementsistrueregardingtheindifferencecurveofarisk-averseinvestor?

Itisthelocusofportfoliosthathavethesameexpectedratesofreturnanddifferentstandarddeviations.

Itisthelocusofportfoliosthathavethesamestandarddeviationsanddifferentratesofreturn.

Itisthelocusofportfoliosthatofferthesameutilityaccordingtoreturnsandstandarddeviations.

Itconnectsportfoliosthatofferincreasingutilitiesaccordingtoreturnsandstandarddeviations.

Noneoftheoptions

6.

Inareturn-standarddeviationspace,whichofthefollowingstatementsis（are）trueforrisk-averseinvestors?

（Theverticalandhorizontallinesarereferredtoastheexpectedreturn-axisandthestandarddeviation-axis,respectively.）

I）Aninvestor'

sownindifferencecurvesmightintersect.

II）Indifferencecurveshavenegativeslopes.

III）Inasetofindifferencecurves,thehighestoffersthegreatestutility.

IV）Indifferencecurvesoftwoinvestorsmightintersect. 

IandIVonly

7.

Eliasisarisk-averseinvestor.Davidisalessrisk-averseinvestorthanElias.Therefore, 

forthesamerisk,DavidrequiresahigherrateofreturnthanElias.

forthesamereturn,EliastolerateshigherriskthanDavid.

forthesamerisk,EliasrequiresalowerrateofreturnthanDavid.

forthesamereturn,DavidtolerateshigherriskthanElias.

Cannotbedetermined

8.

Whenaninvestmentadvisorattemptstodetermineaninvestor'

srisktolerance,whichfactorwouldtheybeleastlikelytoassess?

Theinvestor'

spriorinvestingexperience

sdegreeoffinancialsecurity

stendencytomakeriskyorconservativechoices

Thelevelofreturntheinvestorprefers

sfeelingsaboutloss

9.

Assumeaninvestorwiththefollowingutilityfunction:

U=E（r）-3/2（s2）.

Tomaximizeherexpectedutility,shewouldchoosetheassetwithanexpectedrateofreturnof_______andastandarddeviationof________,respectively. 

12%;

20%

10%;

15%

10%

8%;

10.

Tomaximizeherexpectedutility,whichoneofthefollowinginvestmentalternativeswouldshechoose?

Aportfoliothatpays10%witha60%probabilityor5%with40%probability.

Aportfoliothatpays10%with40%probabilityor5%witha60%probability.

Aportfoliothatpays12%with60%probabilityor5%with40%probability.

Aportfoliothatpays12%with40%probabilityor5%with60%probability.

11.

Aportfoliohasanexpectedrateofreturnof0.15andastandarddeviationof0.15.Therisk-freerateis6%.Aninvestorhasthefollowingutilityfunction:

U=E（r）-（A/2）s2.WhichvalueofAmakesthisinvestorindifferentbetween