金融市场与机构 (6)

Chapter6AreFinancialMarketsEfficient?MultipleChoiceQuestions1.Howexpectationsareformedisimportantbecauseexpectationsinfluence(a)thedemandforassets.(b)bondprices.(c)theriskstructureofinterestrates.(d)thetermstructureofinterestrates.(e)alloftheabove.Answer:E2.Accordingtotheefficientmarkethypothesis,thecurrentpriceofafinancialsecurity(a)isthediscountednetpresentvalueoffutureinterestpayments.(b)isdeterminedbythehighestsuccessfulbidder.(c)fullyreflectsallavailablerelevantinformation.(d)isaresultofnoneoftheabove.Answer:C3.Theefficientmarkethypothesis(a)isbasedontheassumptionthatpricesofsecuritiesfullyreflectallavailableinformation.(b)holdsthattheexpectedreturnonasecurityequalstheequilibriumreturn.(c)both(a)and(b).(d)neither(a)nor(b).Answer:C4.Iftheoptimalforecastofthereturnonasecurityexceedstheequilibriumreturn,then(a)themarketisinefficient.(b)anunexploitedprofitopportunityexists.(c)themarketisinequilibrium.(d)only(a)and(b)oftheabovearetrue.(e)only(b)and(c)oftheabovearetrue.Answer:D70Mishkin/Eakins•FinancialMarketsandInstitutions,FifthEdition5.Accordingtotheefficientmarkethypothesis(a)onecannotexpecttoearnanabnormallyhighreturnbypurchasingasecurity.(b)informationinnewspapersandinthepublishedreportsoffinancialanalystsisalreadyreflectedinmarketprices.(c)unexploitedprofitopportunitiesabound,therebyexplainingwhysomanypeoplegetrichbytradingsecurities.(d)alloftheabovearetrue.(e)only(a)and(b)oftheabovearetrue.Answer:E6.Anotherwaytostatetheefficientmarketconditionisthatinanefficientmarket,(a)unexploitedprofitopportunitieswillbequicklyeliminated.(b)unexploitedprofitopportunitieswillneverexist.(c)arbitrageursguaranteethatunexploitedprofitopportunitiesneverexist.(d)both(a)and(c)oftheaboveoccur.Answer:A7.Anotherwaytostatetheefficientmarkethypothesisisthatinanefficientmarket,(a)unexploitedprofitopportunitieswillneverexistasmarketparticipants,suchasarbitrageurs,ensurethattheyareinstantaneouslydissipated.(b)unexploitedprofitopportunitieswillnotexistforlong,asmarketparticipantswillactquicklytoeliminatethem.(c)everyfinancialmarketparticipantmustbewellinformedaboutsecurities.(d)only(a)and(c)oftheabove.Answer:B8.Asituationinwhichthepriceofanassetdiffersfromitsfundamentalmarketvalueiscalled(a)anunexploitedprofitopportunity.(b)abubble.(c)acorrection.(d)ameanreversion.Answer:B9.Asituationinwhichthepriceofanassetdiffersfromitsfundamentalmarketvalue(a)indicatesthatunexploitedprofitopportunitiesexist.(b)indicatesthatunexploitedprofitopportunitiesdonotexist.(c)neednotindicatethatunexploitedprofitopportunitiesexist.(d)indicatesthattheefficientmarkethypothesisisfundamentallyflawed.Answer:C10.Studiesofmutualfundperformanceindicatethatmutualfundsthatoutperformedthemarketinonetimeperiod(a)usuallybeatthemarketinthenexttimeperiod.(b)usuallybeatthemarketinthenexttwosubsequenttimeperiods.(c)usuallybeatthemarketinthenextthreesubsequenttimeperiods.(d)usuallydonotbeatthemarketinthenexttimeperiod.Chapter6AreFinancialMarketsEfficient?71Answer:D72Mishkin/Eakins•FinancialMarketsandInstitutions,FifthEdition11.Theefficientmarkethypothesissuggeststhatallocatingyourfundsinthefinancialmarketsontheadviceofafinancialanalyst(a)willcertainlymeanhigherreturnsthanifyouhadmadeselectionsbythrowingdartsatthefinancialpage.(b)willalwaysmeanlowerreturnsthanifyouhadmadeselectionsbythrowingdartsatthefinancialpage.(c)isnotlikelytoprovesuperiortoastrategyofmakingselectionsbythrowingdartsatthefinancialpage.(d)isgoodfortheeconomy.Answer:C12.IvanBoesky,themostsuccessfuloftheso-calledarbsinthe1980s,wasabletooutperformthemarketonaconsistentbasis,indicatingthat(a)securitiesmarketsarenotefficient.(b)unexploitedprofitopportunitieswereabundant.(c)investorscanoutperformthemarketwithinsideinformation.(d)only(b)and(c)oftheabove.Answer:D13.Tosaythatstockpricesfollowa“randomwalk”istoarguethat(a)stockpricesrise,thenfall.(b)stockpricesrise,thenfallinapredictablefashion.(c)stockpricestendtofollowtrends.(d)stockpricesare,forallpracticalpurposes,unpredictable.Answer:D14.Tosaythatstockpricesfollowa“randomwalk”istoarguethat(a)stockpricesrise,thenfall,thenriseagain.(b)stockpricesrise,thenfallinapredictablefashion.(c)stockpricestendtofollowtrends.(d)stockpricescannotbepredictedbasedonpasttrends.Answer:D15.Rulesusedtopredictmovementsinstockpricesbasedonpastpatternsare,accordingtotheefficientmarketstheory,(a)awasteoftime.(b)profitablyemployedbyallfinancialanalysts.(c)themostefficientrulestoemploy.(d)consistentwiththerandomwalkhypothesis.Answer:AChapter6AreFinancialMarketsEfficient?7316.Testsusedtoratetheperformanceofrulesdevelopedintechnicalanalysisconcludethat(a)technicalanalysisoutperformstheoverallmarket.(b)technicalanalysisfaroutperformstheoverallmarket,suggestingthatstockbrokersprovidevaluableservices.(c)technicalanalysisdoesnotoutperformtheoverallmarket.(d)technicalanalysisdoesnotoutperformtheoverallmarket,suggestingthatstockbrokersdonotprovideservicesofanyvalue.Answer:C17.Whichofthefollowingtypesofinformationwillmostlikelyenabletheexploitationofaprofitopportunity?(a)Financialanalysts’publish