答案和详解如下： Q7. Bison Services announced their third quarter earnings last week. The earnings were 6% greater than expected. Jill Hoover and Charles Kershaw are both following the stock. Hoover is an overconfident investor. Kershaw is a stock analyst who uses anchoring to form his expectations of earnings. Which of the following is the most likely scenario in the future? A) Hoover will be disappointed by the subsequent movements in Bison stock and Kershaw will be pleased by the subsequent movements in Bison stock. B) Both Hoover and Kershaw will be pleased by the subsequent movements in Bison stock. C) Hoover will be pleased by the subsequent movements in Bison stock and Kershaw will be disappointed by the subsequent movements in Bison stock. Correct answer is A) When overconfident investors revise their forecasts based on new information, they tend to overestimate the impact. As an overconfident investor, Hoover will be disappointed by the subsequent movements in Bison stock because of her initial overoptimism after the earnings announcement. Investors who use anchoring tend to underestimate the impact of new information because they are anchored in their old beliefs. Kershaw will be pleased by the subsequent movements in Bison stock because he will have initially underestimated the impact of the positive earnings announcement. Q8. Bobby Steele, a software engineer at a local firm, has been investing for the past two years and has been very successful. He shuns professional investment advice and in fact provides advice to his neighbors and friends. He states that his investment philosophy consistently outperforms the experts. Which of the following best describes the implications of Steele’s investment style? A) Steele is likely to have low turnover in his portfolio and is likely to make unjustified bets. B) Steele is likely to have high turnover in his portfolio and is likely to make unjustified bets. C) Steele is likely to have low turnover in his portfolio and is likely to base stock valuation on fundamental analysis. Correct answer is B) Steele is an overconfident investor. As a result, he will have high turnover in his portfolio because he will believe that he can accurately forecast the future performance of stocks. He will also make bets that are unjustified because he does not understand that he does not possess all the information necessary to form unbiased projections. Q9. Buffalo Manufacturing has just announced earnings that are 3% higher than analysts’ forecasts. Panda Technologies has just announced earnings that are 4% less than analysts’ forecasts. According to the representative heuristic description of investor behavior, what is the most likely future performance of each stock? A) Buffalo Manufacturing stock will underperform in the future while Panda Technologies stock will outperform in the future. B) Both Buffalo Manufacturing stock and Panda Technologies stock will outperform in the future. C) Buffalo Manufacturing stock will outperform in the future while Panda Technologies stock will underperform in the future. Correct answer is A) Buffalo Manufacturing stock will underperform in the future because investors will think that the good earnings announcement “represents” good future performance for the stock and bid the price too high. The Buffalo Manufacturing stock will become overpriced and its future performance will be weak as a result. Similarly, investors will think that the bad Panda Technologies earnings announcement “represents” poor future performance for the stock and force the price too low. As a result, Panda Technologies stock will become underpriced and its future performance will be strong.
| 
发表于 2009-1-19 15:06
| 
