答案和详解如下： 6.Which of the following is NOT an assumption that underlies an efficient capital market? A) The expected returns implicitly include risk in the price of the security. B) A large number of profit-maximizing participants are analyzing and valuing securities independent of each other. C) Investors adjust their estimate of security prices slowly to reflect their interpretation of the new information received. D) New information comes to the market in a random fashion and the timing of the news announcements are independent of each other. The correct answer was C) Investors adjust their estimate of security prices rapidly to reflect their interpretation of the new information.
7.Which one of the following is NOT an assumption of efficient capital markets?
A) Market participants correctly adjust prices when new information is received. B) There are a large number of participants that analyze and value securities independently of one another. C) Risk is included in the pricing of the security. D) Security prices adjust rapidly. The correct answer was A) Market efficiency assumes that market participants adjust prices rapidly to reflect their interpretation of new information, but not always correctly.
8.Classifying a capital market as efficient implies all of the following EXCEPT:
A) corporate insider’s investment performance will consistently exceed the performance of other investors. B) stock prices adjust swiftly to new information. C) stock price changes are random and unpredictable. D) active trading strategies will not consistently outperform passive strategies.
The correct answer was In efficient markets, stock prices reflect all available information. Therefore, insiders have no advantage.
9.An efficient capital market:
A) fully reflects all of the information currently available about a given security, excluding risk. B) does not fully reflect all of the information currently available about a given security, excluding risk. C) does not fully reflect all of the information currently available about a given security, including risk. D) fully reflects all of the information currently available about a given security, including risk. The correct answer was D) An efficient capital market fully reflects all of the information currently available about a given security, including risk. 10.Which of the following is NOT an assumption behind efficient capital markets? A) New information occurs randomly, and the timing of announcements is independent of one another. B) There exists a large number of profit-maximizing market participants. C) Return expectations implicitly include risk. D) Market participants correctly adjust prices to reflect new information. The correct answer was D) The set of assumptions that imply an efficient capital market includes: There exists a large number of profit-maximizing market participants. New information occurs randomly. Market participants adjust their price expectations rapidly (but not necessarily correctly). Return expectations implicitly include risk. | 
发表于 2008-4-9 11:18
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