公司理财-习题库-Chap012

CHAPTER12SomeLessonsfromCapitalMarketHistoryI.DEFINITIONSRISKPREMIUMa1.Theexcessreturnrequiredfromariskyassetoverthatrequiredfromarisk-freeassetiscalledthe:a.riskpremium.b.geometricpremium.c.excessreturn.d.averagereturn.e.variance.VARIANCEb2.Theaveragesquareddifferencebetweentheactualreturnandtheaveragereturniscalledthe:a.volatilityreturn.b.variance.c.standarddeviation.d.riskpremium.e.excessreturn.STANDARDDEVIATIONc3.Thestandarddeviationforasetofstockreturnscanbecalculatedasthe:a.positivesquarerootoftheaveragereturn.b.averagesquareddifferencebetweentheactualreturnandtheaveragereturn.c.positivesquarerootofthevariance.d.averagereturndividedbyNminusone,whereNisthenumberofreturns.e.variancesquared.NORMALDISTRIBUTIONd4.Asymmetric,bell-shapedfrequencydistributionthatiscompletelydefinedbyitsmeanandstandarddeviationisthe_____distribution.a.gammab.Poissonc.bi-modald.normale.uniformGEOMETRICAVERAGERETURNd5.Theaveragecompoundreturnearnedperyearoveramulti-yearperiodiscalledthe_____averagereturn.a.arithmeticb.standardc.variantd.geometrice.realCHAPTER12ARITHMETICAVERAGERETURNa6.Thereturnearnedinanaverageyearoveramulti-yearperiodiscalledthe_____averagereturn.a.arithmeticb.standardc.variantd.geometrice.realEFFICIENTCAPITALMARKETe7.Anefficientcapitalmarketisoneinwhich:a.brokeragecommissionsarezero.b.taxesareirrelevant.c.securitiesalwaysofferapositiverateofreturntoinvestors.d.securitypricesareguaranteedbytheU.S.SecuritiesandExchangeCommissiontobefair.e.securitypricesreflectavailableinformation.EFFICIENTMARKETSHYPOTHESISa8.Thenotionthatactualcapitalmarkets,suchastheNYSE,arefairlypricediscalledthe:a.EfficientMarketsHypothesis(EMH).b.LawofOnePrice.c.OpenMarketsTheorem.d.Laissez-FaireAxiom.e.MonopolyPricingTheorem.STRONGFORMEFFICIENCYb9.Thehypothesisthatmarketpricesreflectallavailableinformationofeverykindiscalled_____formefficiency.a.openb.strongc.semi-strongd.weake.stableSEMISTRONGFORMEFFICIENCYc10.Thehypothesisthatmarketpricesreflectallpublicly-availableinformationiscalled_____formefficiency.a.openb.strongc.semi-strongd.weake.stableCHAPTER12WEAKFORMEFFICIENCYd11.Thehypothesisthatmarketpricesreflectallhistoricalinformationiscalled_____formefficiency.a.openb.strongc.semi-strongd.weake.stableII.CONCEPTSTOTALRETURNd12.Thetotalpercentagereturnonanequityinvestmentiscomputedusingtheformula______,whereP1isthepurchasecost,P2representsthesaleproceeds,anddisthedividendincome.a.(P2–P1)(P2+d)b.(P1–P2)(P2+d)c.(P1–P2–d)P1d.(P2–P1+d)P1e.(P2–P1+d)P2DIVIDENDYIELDa13.Thedividendyieldisequalto_____,whereP1isthepurchasecost,P2representsthesaleproceeds,anddisthedividendincome.a.dP1b.dP1c.dP2d.dP2e.d(P1+P2)DIVIDENDYIELDc14.TheZoloCo.justdeclaredthattheyareincreasingtheirannualdividendfrom$1.00pershareto$1.25pershare.Ifthestockpriceremainsconstant,then:a.thecapitalgainsyieldwilldecrease.b.thecapitalgainsyieldwillincrease.c.thedividendyieldwillincrease.d.thedividendyieldwillalsoremainconstant.e.neitherthecapitalgainsyieldnorthedividendyieldwillchange.CAPITALGAINb15.Thedollaramountofthecapitalgainonaninvestmentiscomputedas_____,whereP1isthepurchasecost,P2representsthesaleproceeds,anddisthedividendincome.a.P1–P2b.P2–P1c.P2P1d.P1–P2+de.P2–P1–dCHAPTER12TOTALRETURNe16.Thecapitalgainsyieldplusthedividendyieldonasecurityiscalledthe:a.varianceofreturns.b.geometricreturn.c.averageperiodreturn.d.summationofreturns.e.totalreturn.REALRETURNc17.Therealrateofreturnonastockisapproximatelyequaltothenominalrateofreturn:a.multipliedby(1+inflationrate).b.plustheinflationrate.c.minustheinflationrate.d.dividedby(1+inflationrate).e.dividedby(1-inflationrate).REALRETURNc18.Aslongastheinflationrateispositive,therealrateofreturnonasecurityinvestmentwillbe____thenominalrateofreturn.a.greaterthanb.equaltoc.lessthand.greaterthanorequaltoe.unrelatedtoHISTORICALRECORDd19.Aportfoliooflargecompanystockswouldcontainwhichoneofthefollowingtypesofsecurities?a.stockofthefirmswhichrepresentthesmallest20percentofthecompanieslistedontheNYSEb.U.S.Treasurybillsc.long-termcorporatebondsd.stocksoffirmsincludedintheS&P500indexe.long-termgovernmentbondsHISTORICALRECORDd20.Basedontheperiodof1926through2003,_____havetendedtooutperformothersecuritiesoverthelong-term.a.U.S.Treasurybillsb.largecompanystocksc.long-termcorporatebondsd.smallcompanystockse.long-termgovernmentbondsCHAPTER12HISTORICALRECORDa21.Whichoneofthefollowingtypesofsecuritieshastendedtoproducethelowestrealrateofreturnfortheperiod1926through2003?a.U.S.Treasurybillsb.long-termgovernmentbondsc.smallcompanystocksd.largecompanystockse.long-termcorporatebondsHISTORICALRECORDd22.Onaverage,fortheperiod1926through2003:a.therealrateofreturnonU.S.Treasurybillshasbeennegative.b.smallcompanystockshaveunderperformedlargecompanystocks.c.long-termgovernmentbondshaveproducedhigherreturnsthanlong-termcorporatebonds.d.theriskpremiumonlong-termcorporatebondshasexceededtheriskpremiumonlong-termgovernmentbonds.e.theriskpremiumonlargecompanystockshasexceededtheriskpremiumonsmallcompanystocks.HISTORICALRECORDe23.Overtheperiodof1926through2003,th