完整word版投资学第7版TestBank答案12Word文档格式.docx
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C）conventionalfinancialtheoryshouldignorehowtheaveragepersonmakesdecisionsbecausethemarketisdrivenbyinvestorsthataremuchmoresophisticatedthantheaverageperson.
D）BandC
E）noneoftheabove
ADifficulty:
3.Someeconomistsbelievethattheanomaliesliteratureisconsistentwithinvesto'
rsand.
A）abilitytoalwaysprocessinformationcorrectlyandthereforetheyinfercorrectprobabilitydistributionsaboutfutureratesofreturn;
givenaprobabilitydistributionofreturns,theyalwaysmakeconsistentandoptimaldecisions
B）inabilitytoalwaysprocessinformationcorrectlyandthereforetheyinferincorrectprobabilitydistributionsaboutfutureratesofreturn;
C）abilitytoalwaysprocessinformationcorrectlyandthereforetheyinfercorrectprobabilitydistributionsaboutfutureratesofreturn;
givenaprobabilitydistributionofreturns,theyoftenmakeinconsistentorsuboptimaldecisions
D）inabilitytoalwaysprocessinformationcorrectlyandthereforetheyinferincorrectprobabilitydistributionsaboutfutureratesofreturn;
4.Informationprocessingerrorsconsistof
I）
forecastingerrors
II）
overconfidence
III）
conservatism
IV）
framing
A）
IandII
B）
IandIII
C）
IIIandIV
D）
IVonly
E）
I,IIandIII
EDifficulty:
Moderate
5.Forecastingerrorsarepotentiallyimportantbecause
A）researchsuggeststhatpeopleunderweightrecentinformation.
B）researchsuggeststhatpeopleoverweightrecentinformation.
C）researchsuggeststhatpeoplecorrectlyweightrecentinformation.
D）eitherAorBdependingonwhethertheinformationwasgoodorbad.
E）noneoftheabove.
6.DeBondtandThalerbelievethathighP/Eresultfrominvestors
A）earningsexpectationsthataretooextreme.
B）earningsexpectationsthatarenotextremeenough.
C）stockpriceexpectationsthataretooextreme.
D）stockpriceexpectationsthatarenotextremeenough.
7.Ifapersongivestoomuchweighttorecentinformationcomparedtopriorbeliefs,theywouldmakeerrors.
A）framing
B）selectionbias
C）overconfidence
D）conservatism
E）forecasting
8.Singlementradefarmoreoftenthanwomen.Thisisduetogreateramong
men.
B）regretavoidance
CDifficulty:
9.mayberesponsiblefortheprevalenceofactiveversuspassive
investmentsmanagement.
A）Forecastingerrors
B）Overconfidence
C）Mentalaccounting
D）Conservatism
E）Regretavoidance
10.BarberandOdean（2000）rankedportfoliosbyturnoverandreportthatthedifferenceinreturnbetweenthehighestandlowestturnoverportfoliosis7%peryear.Theyattributethisto
A）overconfidence
B）framing
C）regretavoidance
D）sampleneglect
E）alloftheabove
11.biasmeansthatinvestorsaretooslowinupdatingtheirbeliefsinresponseto
evidence.
12.Psychologistshavefoundthatpeoplewhomakedecisionsthatturnoutbadlyblamethemselvesmorewhenthatdecisionwasunconventional.Thenameforthisphenomenonis
A）regretavoidance
C）mentalaccounting
D）overconfidence
E）obnoxicity
Rationale:
Aninvestmentsexamplegiveninthetextisbuyingthestockofastart-upfirmthatshowssubsequentpoorperformance,versusbuyingbluechipstocksthatperformpoorly.Investorstendtohavemoreregretiftheychosethelessconventionalstart-upstock.DeBondtandThalersaythatsuchregrettheoryisconsistentwiththesizeeffectandthebook-to-marketeffect.
13.Anexampleofisthatapersonmayrejectaninvestmentwhenitisposedin
termsofrisksurroundingpotentialgainsbutmayacceptthesameinvestmentifitisposedintermsofrisksurroundingpotentiallosses.
14.Statman（1977）arguesthatisconsistentwithsomeinvestors'
irrational
preferenceforstockswithhighcashdividendsandwithatendencytoholdlosingpositionstoolong.
A）mentalaccounting
15.Anexampleofisthatitisnotaspainfultohavepurchasedablue-chipstock
thatdecreasesinvalue,asitistolosemoneyonanunknownstart-upfirm.
16.Arbitrageursmaybeunabletoexploitbehavioralbiasesdueto
fundamentalrisk
implementationcosts
modelrisk
V）
regretavoidance
IandIIonly
I,II,andIII
I,II,III,andV
II,III,andIV
IVandV
17.aregoodexamplesofthelimitstoarbitragebecausetheyshowthatthe
lawofonepriceisviolated.
SiameseTwinCompanies
Unittrusts
Closedendfunds
Openendfunds
Equitycarveouts
I,III,andV
V
18.wasthegrandfatheroftechnicalanalysis.
A）HarryMarkowitz
B）WilliamSharpe
C）CharlesDow
D）BenjaminGraham
CharlesDow,theoriginatoroftheDowTheory,wasthegrandfatheroftechnicalanalysis.BenjaminGrahammightbeconsideredthegrandfatheroffundamentalanalysis.HarryMarkowitzandWilliamSharpemightbeconsideredthegrandfathersofmodernportfoliotheory.
19.ThegoaloftheDowtheoryisto
A）identifyheadandshoulderpatterns.
B）identifybreakawaypoints.
C）identifyresistancelevels.
D）identifysupportlevels.
E）identifylong-termtrends.
TheDowtheoryusestheDowJonesIndustrialAverageasanindicatoroflong-termtrendsinmarketprices.
20.Along-termmovementofprices,lastingfromseveralmonthstoyearsiscalled
A）aminortrend
B）aprimarytrend
C）anintermediatetrend
D）trendanalysis
E）BandD
Minortrendsaremerelyday-to-daypricemovements;
intermediatetrendsareoroffsettingmovementsinonedirectionafterlonger-termmovementsinanotherdirection;
trendslastingfortheperioddescribedaboveareprimarytrends.
21.Adailyfluctuationoflittleimportanceiscalled
D）amarkettrend
22.Pricemovementsthatarecausedbyshort-termdeviationsofpricesfromtheunderlyingtrendlinearecalled
A）primarytrends.
B）secondarytrends.
C）tertiarytrends.
D）Dowtrends.
E）contrarytrends.
Thesecondarytrendiscausedbythesedeviations,whichareeliminatedbycorrectionsthatbringthepricesbacktothetrendlines.
23.TheDowtheorypositsthatthethreeforcesthatsimultaneouslyaffectstockpricesare
primarytrend
intermediatetrend
momentumtrend
minortrend
contrariantrend
A）I,II,andIII
B）II,III,andIV
C）III,IVandV
D）I,II,andIV
E）I,III,andV
DDifficulty:
24.TheElliotWaveTheory.
A）isarecentvariationoftheDowTheory
B）suggeststhatstockpricescanbedescribedbyasetofwavepatterns
C）issimilartotheKondratieffWavetheory
D）AandB
E）A,B,andC
BoththeElliotWaveTheoryandtheKondratieffWaveTheoryarerecentvariationsontheDowTheory,whichsuggeststhatstockpricesmoveinidentifiablewavepatterns.
25.Atrinratiooflessthan1.0isconsideredasa.
A）bearishsignal
B）bullishsignal
C）bearishsignalbysometechnicalanalystsandabullishsignalbyothertechnicalanalysts
D）bullishsignalbysomefundamentalists
E）CandD
Atrinratiooflessthan1.0isconsideredbullishbecausethedecliningstockshaveloweraveragevolumethantheadvancingstocks,indicatingnetbuyingpressure.
26.OnOctober29,1991therewere1,031stocksthatadvancedontheNYSEand610thatdeclined.Thevolumeinadvancingissueswas112,866,000andthevolumeindecliningissueswas58,188,000.Thetrinratioforthatdaywasandtechnicalanalysts
werelikelytobe.
A）0.87,bullish
B）0.87,bearish
C）1.15,bullish
D）1.15,bearish
（1,031/610）/（112,866,000/58,388,000）=0.87.Atrinratiolessthan1isconsideredbullishbecauseadvancingstockshaveahighervolumethandecliningstocks,indicatingabuyingpressure.
27.Inregardtomovingaverages,itisconsideredtobeasignalwhen
marketpricebreaksthroughthemovingaveragefrom.
A）bea
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