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Q8. A trading rule which signals purchase of a stock if it rises X percent and sale of stock if it falls X percent is known as a:
A) breakout.
B) sieve.
C) filter.
Q9. A “runs test” on successive stock price changes which supports the efficient market hypothesis would show that the actual number of runs:
A) is small.
B) falls into the range expected of a dependent series.
C) falls into the range expected of a random series.
Q10. Which of the following statements about the efficient market hypothesis is least accurate?
A) Efficient markets tests have found that professional money managers, as a group, have consistently outperformed the market.
B) Exchange specialists derive above-average returns from private information.
C) The use of a price weighting versus a market value weighting produces a downward bias on the index.
Q11. Which category of tests assumes that, in an efficient market, securities lie on the security market line?
A) Anomaly studies.
B) Time-series tests.
C) Cross-sectional tests.
Q12. Which of the following has least likely been involved in a direct test of the semistrong form of the efficient market hypothesis (EMH)?
A) Exchange listing.
B) Stock splits.
C) NYSE Specialists' returns.
Q13. Which of the following forms of the EMH assumes that no group of investors has monopolistic access to relevant information?
A) Weak-form.
B) Both weak and semistrong form.
C) Strong-form.
Q14. Which of the following tests are NOT used to examine the weak form of the efficient market hypothesis? Those that examine:
A) whether security returns are independent over time.
B) whether excess returns can be obtained from using mechanical trading rules.
C) a security's return relative to the market return.
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发表于 2009-3-2 13:18
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