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【单选题】
debt security pays ()
A.
a fixed level of income for the life of the owner.
B.
a variable level of income for owners on a fixed income.
C.
a fixed or variable income stream at the option of the owner.
D.
a fixed stream of income or a stream of income that is determined according to a specified formula for the life of the security.
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【单选题】Firms raise capital by issuing stock ()
A.
in the secondary market.
B.
in the primary market.
C.
to unwary investors.
D.
only on days when the market is up.
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【单选题】You purchased a share of stock for \$20. One year later you received \$1 as a dividend and sold the share for \$29. What was your holding-period return?
A.
45%
B.
50%
C.
5%
D.
40%
E.
None of the options
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【单选题】Assume an investor with the following utility function: $U=E(r)-3/2(s^2)$. To maximize her expected utility, she would choose the asset with an expected rate of return of ___ and a standard deviation ...
A.
12%; 20%
B.
10%; 15%
C.
10%; 10%
D.
8%; 10%
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【单选题】In a return-standard deviation space, which of the following statements is (are) true for risk-averse investors? (The vertical and horizontal lines are referred to as the expected return-axis and the ...
A.
I and II only
B.
II and III only
C.
I and IV only
D.
III and IV only
E.
None of the options
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【单选题】You have been given this probability distribution for the holding-period return for KMP stock. What is the expected holding-period return for KMP stock?State of the EconomyProbabilityHPRBoom.3018%Norm...
A.
10.40%
B.
9.32%
C.
11.63%
D.
11.54%
E.
10.88%
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【单选题】According to the mean-variance criterion, which one of the following investments dominates all others? ()
A.
E(r) = 0.15; Variance = 0.20
B.
E(r) = 0.10; Variance = 0.20
C.
E(r) = 0.10; Variance = 0.25
D.
E(r) = 0.15; Variance = 0.25
E.
None of these options dominates the other alternatives.
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【单选题】Consider the following three stocks. The price-weighted index constructed with the three stocks is ( ) StockPriceNumber of shares outstandingStock A$40200Stock B$70500Stock C$10600
A.
30.
B.
40.
C.
50.
D.
60.
E.
70.
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【单选题】An investor invests 30% of his wealth in a risky asset with an expected rate of return of 0.13 and a variance of 0.03 and 70% in a T-bill that pays 6%. His portfolio's expected return and standard dev...
A.
0.114; 0.128
B.
0.087; 0.063
C.
0.295; 0.125
D.
0.081; 0.052
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【单选题】Market risk is also referred to as ()
A.
systematic risk, diversifiable risk.
B.
systematic risk, nondiversifiable risk.
C.
unique risk, nondiversifiable risk.
D.
unique risk, diversifiable risk.
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【单选题】The capital allocation line can be described as the ( )
A.
investment opportunity set formed with a risky asset and a risk-free asset.
B.
investment opportunity set formed with two risky assets.
C.
line on which lie all portfolios that offer the same utility to a particular investor.
D.
line on which lie all portfolios with the same expected rate of return and different standard deviations.
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