权益证券投资：证券市场(二)及答案解析.doc

《权益证券投资：证券市场(二)及答案解析.doc》由会员分享，可在线阅读，更多相关《权益证券投资：证券市场(二)及答案解析.doc（33页珍藏版）》请在麦多课文档分享上搜索。

1、权益证券投资：证券市场(二)及答案解析(总分：58.00，做题时间：90 分钟)一、B单项选择题/B(总题数：58，分数：58.00)1.If the market prices of each of the 30 stocks in the Dow Jones Industrial Average (DJIA) all change by the same percentage amount during a given day, which stock will have the greatest impact on the DJIA? A. The one whose stock tra

2、des at the highest dollar price per share. B. The one whose total equity has the highest market value. C. The one having the greatest amount of equity in its capital structure.（分数：1.00）A.B.C.2.Regarding the technical points affecting the short sales of a stock, which of the following statements is T

3、RUE? A. The short seller must pay all dividends due to the lender of the shorted stock. B. Stocks can only be shorted in a down market. C. The lender must also deposit margin money to guarantee the eventual repurchase of the stock.（分数：1.00）A.B.C.3.Which of the following statements about trading shar

4、es of stock or market efficiency is FALSE? A. Maintenance margin is the required percentage of an investors equity compared to the total value of the stock after the investor trades on margin. B. The up tick rule requires that the last trade in the security be at a price higher than the previous tra

5、de. C. External efficiency means prices adjust rapidly to new information.（分数：1.00）A.B.C.4.In securities exchange markets, a member who executes stop loss or stop buy orders when the specified price occurs is most likely a: A. floor broker. B. market maker. C. commission broker.（分数：1.00）A.B.C.5.Cons

6、ider the following information:Assume an investor acquires 300 shares of a $ 40 stock for a total cost of $12000. There is a 50% initial margin requirement. If the stock price increases to $50 a share, the equity is: A. 60%. B. 70%. C. 80%.（分数：1.00）A.B.C.6.Which of the following groups of stocks do

7、NOT tend to show above average returns over time? A. Stocks with low Book Value to Market Value (BV/MV). B. Neglected stocks. C. Small stocks.（分数：1.00）A.B.C.7.The implication of efficient capital markets and a lack of superior analysts have led to the introduction of: A. futures options. B. index fu

8、nds. C. balanced funds.（分数：1.00）A.B.C.8.Which of the following statements regarding capital market efficiency is TRUE ? A. Study results generally do not support the strong form of the efficient market hypothesis. B. Event studies and time series tests provide evidence that markets do not tend to be

9、 semistrong form efficient. C. Corporate insiders and stock exchange specialists have monopolistic access to information that can be used to obtain positive abnormal returns.（分数：1.00）A.B.C.9.Assume a stock index consists of many firms who have recently split their stock. Which of the following weigh

10、ting schemes will see a bias due to the impact of stock splits? A. Unweighted price series. B. Standard and Poors 500 Index. C. Price-weighted series.（分数：1.00）A.B.C.10.Which of the following statements about the implications of tests for the efficient market hypothesis (EMH) is least accurate? A. By

11、 purchasing an index fund, an investor can match the market return and minimize costs. B. Other than corporate insiders and market specialists, most traders have monopolistic access to information, which rejects the strong-form EMH. C. The best way to measure the performance of investments professio

12、nals is against a randomly selected buy-hold strategy of stocks (assuming the same risk level).（分数：1.00）A.B.C.11.Which of the following statements regarding secondary markets is FALSE? Secondary markets are important because they provide: A. investors with continuous information. B. firms with great

13、er access to external capital. C. regulators with information about market participants.（分数：1.00）A.B.C.12.Which of the following statements does NOT describe the role of a portfolio manager in perfectly efficient markets? Portfolio managers should: A. construct diversified portfolios that include in

14、ternational securities to eliminate unsystematic risk. B. quantify clients risk tolerance, communicate portfolio policies and strategies, and maintain a strict buy and hold policy avoiding any changes in the portfolio to minimize transaction costs. C. help clients minimize taxes and reduce trading t

15、urnover.（分数：1.00）A.B.C.13.Which of the following efficient markets studies suggests that securities markets are semistrong-form efficient? A. Small-firm effect. B. Short-term stock splits. C. Neglected-firm effect.（分数：1.00）A.B.C.14.An investor wishes to short sell 500 shares of McDonald Corporation.

16、 The shares open lower at $14.50 and the next five transactions are $14.00, $14.00, $13.50, $14.25, and $14.50. The lowest price at which the order can be executed is: A. $14.25. B. $13.50. C. $14.00.（分数：1.00）A.B.C.15.The reasons why a mispricing can persist all relate to the idea that: A. taxes and

17、 other transactions costs make exploiting the anomaly prohibitive. B. the size of the available profit is too small. C. an anomaly cannot be quickly exploited by traders or arbitrageurs.（分数：1.00）A.B.C.16.An investor sold a stock short and is worried about rising prices. To protect himself from risin

18、g prices he would place a: A. stop order to sell. B. limit order to sell. C. stop order to buy.（分数：1.00）A.B.C.17.A stocks abnormal rate of return is defined as the: A. expected risk-adjusted rate of return minus the market rate of return. B. actual rate of return less the expected risk-adjusted rate

19、 of return. C. the market rate of return less the actual rate of return.（分数：1.00）A.B.C.18.An index was recently begun with the following two stocks: Company A -50 shares valued at $ 2 each. Company B - 10 shares valued at $10 each. Given that the value-weighted index was originally set at 100 and Co

20、mpany As stock is currently selling for $ 4 per share while Company Bs stock is still at $10 per share, what is the current value of the price-weighted index and the value-weighted index? Price -weighted Value -weighted A. 7 300 B. 8 150 C. 7 150 A. B. C. （分数：1.00）A.B.C.19.The semi-strong form of th

21、e efficient market hypothesis (EMH) asserts that stock prices: A. fully reflect all historical price information. B. fully reflect all relevant information including insider information. C. fully reflect all publicly available information.（分数：1.00）A.B.C.20.Which form (s) of the efficient market hypo

22、thesis (EMH) is/are tested by measuring a securitys excess returns with respect to market returns while considering the securitys market risk? A. Weak-form. B. Semi-strong form. C. Strong-form.（分数：1.00）A.B.C.21.If statistical tests of stock returns over time support the efficient market hypothesis,

23、the resulting correlations should be: A. lagged. B. negative. C. zero.（分数：1.00）A.B.C.22.Which of the following statements is INCORRECT? A. The strong-form EMH assumes cost free availability of all information, both public and private. B. The weak-form EMH suggests that fundamental analysis will not

24、provide excess returns while the semi-strong form suggests that technical analysis cannot achieve excess returns. C. The semi-strong form EMH addresses market and non-market public information.（分数：1.00）A.B.C.23.Which of the following statements about bond and stock market indexes is FALSE? A. Bond m

25、arket indexes have been in existence virtually as long as the major stock indexes such as the Dow Jones Industrial Average (DJIA). B. A small number of very large firms can dominate a value-weighted index. C. When a company splits its stock, it loses weight in a price-weighted index.（分数：1.00）A.B.C.2

26、4.An investor purchases 200 shares of Merxx on margin. The shares are trading at $40. Initial and maintenance margins are 50 percent and 25 percent. If the investor sells the stock when the price rises to $50 at year-end, the return on the investment would be closest to: A. 50.00%. B. 18.75%. C. 25.

27、00%.（分数：1.00）A.B.C.25.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. Market participants correctly adjust prices to reflect new information. C. Return expectations imp

28、licitly include risk.（分数：1.00）A.B.C.26.Index funds are: A. on average underpriced by 15%, but this underpricing varies over time, which supports the EMH. B. on average overderpriced by 15%, but this overpricing varies over time, which supports the EMH. C. security portfolios designed to duplicate th

29、e composition and therefore the performance of a selected market index series.（分数：1.00）A.B.C.27.Lynne Hampton purchased 100 shares of $75 stock on margin. The margin requirement set by the Federal Reserve Board was 40 percent, but Hamptons brokerage firm requires a total margin of 50 percent. Curren

30、tly the stock is selling at $62 per share. What is Hamptons return on investment before commission and interest if she sells the stock now? A. -17%. B. -35%. C. -40%.（分数：1.00）A.B.C.28.June Rutherford is preparing a research report on Andronicus Fund, an offshore hedge fund that specializes in identi

31、fying market pricing inefficiencies and profiting from the arbitrage opportunities they present. Rutherford includes these statements in her report: Statement 1: The rate of return that investors require from Andronicus should reflect the risk that the fund managers will not consistently capture pos

32、itive abnormal returns from the anomalies they have identified. Statement 2: Arbitrage trading is unlikely to bring about fully efficient prices because Andronicus and other arbitrageurs will not trade if the gains to be captured are less than their transactions costs. Are Rutherfords statements cor

33、rect? Statement 1 Statement 2 A. Correct Correct B. Correct Incorrect C. Incorrect Correct A. B. C. （分数：1.00）A.B.C.29.According to EMH knowledge, is the information set associated with the weak-form of the EMH best described as including all information associated with the: semistrong-form of the EM

34、H strong-form of the EMH A. No No B. No Yes C. Yes No A. B. C. （分数：1.00）A.B.C.30.In a value-weighted index firms with: A. larger market caps have lesser impacts on the index. B. greater market caps have greater impacts on the index. C. higher stock prices have greater impacts on the index.（分数：1.00）A

35、.B.C.31.Many academics claim that a particular anomalys results reflect the inability of the asset pricing model to provide a complete measure of risk. Which of the following anomalies are the academics discussing? A. The size effect. B. Stock splits. C. The neglected firm effect.（分数：1.00）A.B.C.32.T

36、he DJIA is a biased measure and has been criticized. Which of the statements below regarding the bias and criticisms of a price-weighted series is false? A. Because it is price weighted, when companies have a stock split, their prices decline, and therefore their weight in the DJIA is reduced. B. Th

37、e weighting scheme causes a downward bias in the DJIA, because the stocks that have higher growth rates will have higher prices. C. Because the series is price weighted, a high-priced stock carries more weight than a low priced stock.（分数：1.00）A.B.C.33.Which of the following statements regarding marg

38、in accounts is TRUE? A. A margin call is issued only on short positions. B. Margin accounts can be used to purchase securities by borrowing part of the purchase price. C. Margin refers to the amount of funds the investor can borrow.（分数：1.00）A.B.C.34.Use the data below to determine which of the state

39、ments is TRUE? As of December 31Company Stock Price Shares OutstandingA $25 20000B $50 20000C $100 10000 A. A 100% increase in the stock price of Company A will have a smaller impact on the price-weighted index than a 100% increase in the stock price of Company C. B. For a given percentage change in

40、 the stock price, Company A will have a greater impact on the market-value weighted index than Companies B or C. C. For a given percentage change in the stock price, Company B will have less of an impact on the market-value weighted index as Company C.（分数：1.00）A.B.C.35.The most appropriate reason fo

41、r an investor to sell a security short is the investors belief that, in the near future. A. the securitys price will decline. B. interest rates will decline. C. The required rate of return on the security will decline.（分数：1.00）A.B.C.36.Which of the following statements about securities exchanges is

42、FALSE? A. A stock with a relatively large market volume is most likely to trade in the continuous market. B. A call market is an open-outcry market where bids are called out in a trading pit. C. The price in continuous markets is set by either the auction process or by dealer bid-ask quotes.（分数：1.00

43、）A.B.C.37.Which of the following statements about “short selling“ is TRUE? A. A short position may be hedged by purchasing put options. B. Short sellers may be subject to margin calls if the stock price increases. C. Stocks that pay large dividends should be sold short before the ex-dividend date an

44、d bought afterward to take advantage of the large price decline in a short time period.（分数：1.00）A.B.C.38.The opportunity to take advantage of the downward pressure on stock prices that result from end-of-the-year tax selling is known as the: A. January anomaly. B. December anomaly. C. end-of-the-yea

45、r effect.（分数：1.00）A.B.C.39.The recent creation of indexes tracking both stocks and bonds provides better benchmarking information for which of the following portfolios? A. sector index funds. B. the typical stock mutual fund. C. investment funds broadly diversified across asset classes.（分数：1.00）A.B.

46、C.40.Tests of trading rules based on available market data are tests of which form of the efficient markets hypothesis (EMH)? A. Strong-form. B. Semistrong-form. C. Weak-form.（分数：1.00）A.B.C.41.Which of the following statement about market is FALSE? A. Over-the-counter-market is called a continuous m

47、arket. B. Dealer-markets are price driven markets. C. If trades occur at any time the market is open, it is called continuous market.（分数：1.00）A.B.C.42.Toby Jensen originally purchased 400 shares of CSC stock on margin at a price of $60 per share.The initial margin requirement is 50 percent and the m

48、aintenance margin is 25 percent. CSC stock price has fallen dramatically in recent months and it closed today with a sharp decline bringing the closing price to $ 40 per share. Will Jensen receive a margin call? A. Yes, he does not meet the minimum maintenance margin requirement. B. Yes, he does not

49、 meet the minimum initial margin requirement. C. No, he meets the minimum maintenance margin requirement.（分数：1.00）A.B.C.43.Given that markets are efficient, which of the following is least likely to cause an actively managed mutual fund to underperform an index fund? A. Taxes. B. Inferior stock selection. C. Management