金融市场与机构6文档格式.docx

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