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答案和详解如下:

Q1. If we define an investor’s equity holding cycle as a series of stages, in each stage the common factors that impede diversification are:

A)   liquidity and emotions.

B)   taxes and emotions.

C)   taxes and liquidity.

Correct answer is B)         

If we define an investor’s equity holding cycle as a series of stages, in each stage the common factors that impede diversification are taxes and emotions.

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