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1、InternationalFinancialManagement,2e(Bekaert/Hodrick)Chapter13InternationalCapitalMarketEquilibrium13.1MultipleChoiceEasy1)TheSharperatioismeasuredasthe________returnrelativetothe________ofthereturn.A)risk,trade-offB)variability,lossC)averageexcess,volat
2、ilityD)risk,averageexcessAnswer:CComment:SharpRatios,p.4622)Forthemostpart,stocksare________________,soyou________diversifyawayallofaportfolio'svariance.Becausetheaveragecovarianceis________,evenalargeportfolioofinternationalstockwillhavea________varian
3、ce.A)negativelyrelated,can,negative,negativeB)negativelyrelated,cannot,positive,negativeC)positivelycorrelated,cannot,positive,positiveD)positivelycorrelated,can,negative,positiveAnswer:CComment:RiskReductionThroughInternationalDiversification,p.4633)Wh
4、atisthenamegiventothevariancethatcannotbediversifiedaway?A)nonsystematiccovarianceB)marketcovarianceC)nonsystematicvarianceD)systematicvarianceAnswer:DComment:RiskReductionThroughInternationalDiversification,p.4634)Theexposureofareturntofluctuationsinth
5、ereturnonthemarketportfolio,whichcannotbediversifiedawayiscalledA)marketrisk.B)riskreturn.C)idiosyncraticrisk.D)systematicrisk.Answer:AComment:HasIdiosyncraticVarianceIncreased?p.4645)________tradeonthe________equitymarketandrepresenta________portfoliot
6、hatmayinvestintheworldmarkets________restrictedtoaregion.A)Open-endfunds,local,fixed,neverB)Closed-endfunds,local,fixed,sometimesC)Open-endfunds,foreign,variable,oftenD)Closed-endfunds,foreign,variable,alwaysAnswer:B7Copyright©2012PearsonEducation,Inc.C
7、omment:HowtoDiversifyatHome,p.4686)Whatisthenamegiventothefundsthataresometimesrestrictedtoaparticularcountry?A)restrictedfundsB)worldfundsC)regionalfundsD)countryfundsAnswer:DComment:HowtoDiversifyatHome,p.4687)Ahybridalternativethatisrapidlygainingpop
8、ularitywhichtradesonanexchangebutwherepricesarekeptclosetothevalueoftheunderlyingportfoliothrougharbitrageactivitiesbyafewinstitutionalinvestorsiscalledA)exchange-tradedfund.B)open-endfund.C)closed-endfund.D)countryfund.Answer:AC
