答案和详解如下： Q1. Correct answer is B) Rebalancers tend to dampen overall market movements because they buy stock as the market falls and sell stock as the market rises. Momentum valuators and shifters tend to buy stock as the market rises and sell stock as the market falls so they accentuate market movements. Q2. Correct answer is C) If Falcon Manufacturing is downsizing, then it is likely that the economy is in a recession and that the stock market is declining. If Falcon employees are shifters, they respond to the loss of their job by shifting assets away from equities. This would exacerbate the decline of the stock market. Q3. Correct answer is C) In formulaic rebalancing, the investor sells stock when the market rises so equities are rebalanced back to their original allocation. Equities are bought when the market falls. Q4. Correct answer is B) In formulaic rebalancing, the investor buys stock when the market falls so equities are rebalanced back to their original allocation. The argument is that they are buying stock when equities are cheap and this helps improve the portfolio’s performance. However, if equities really are so cheap, the formulaic rebalancers should actually buy more stock than their original allocation to equities. Q5. Correct answer is A) In formulaic rebalancing, the investor buys stock when the market falls so equities are rebalanced back to their original allocation. If they were actually consistent with efficient market theory however, they would reduce the allocation to equities in their portfolio because the allocation to equities in the market portfolio has also fallen. | 
发表于 2009-4-23 09:59
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