公司理财习题库.doc

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1、CHAPTER12SomeLessonsfromCapitalMarketHistoryI.DEFINITIONSRISKPREMIUMa1.Theexcessreturnrequiredfromariskyassetoverthatrequiredfromarisk-freeassetiscalledthe:a.riskpremium.b.geometricpremium.c.excessreturn.d.averagereturn.e.variance.VARIANCEb2.Theaveragesquar

2、eddifferencebetweentheactualreturnandtheaveragereturniscalledthe:a.volatilityreturn.b.variance.c.standarddeviation.d.riskpremium.e.excessreturn.STANDARDDEVIATIONc3.Thestandarddeviationforasetofstockreturnscanbecalculatedasthe:a.positivesquarerootoftheaverag

3、ereturn.b.averagesquareddifferencebetweentheactualreturnandtheaveragereturn.c.positivesquarerootofthevariance.d.averagereturndividedbyNminusone,whereNisthenumberofreturns.e.variancesquared.NORMALDISTRIBUTIONd4.Asymmetric,bell-shapedfrequencydistributionthat

4、iscompletelydefinedbyitsmeanandstandarddeviationisthe_____distribution.a.gammab.Poissonc.bi-modald.normale.uniformGEOMETRICAVERAGERETURNd5.Theaveragecompoundreturnearnedperyearoveramulti-yearperiodiscalledthe_____averagereturn.a.arithmeticb.standardc.varian

5、td.geometrice.realARITHMETICAVERAGERETURNa6.Thereturnearnedinanaverageyearoveramulti-yearperiodiscalledthe_____averagereturn.a.arithmeticb.standardc.variantd.geometrice.realEFFICIENTCAPITALMARKETe7.Anefficientcapitalmarketisoneinwhich:a.brokeragecommissions

6、arezero.b.taxesareirrelevant.c.securitiesalwaysofferapositiverateofreturntoinvestors.d.securitypricesareguaranteedbytheU.S.SecuritiesandExchangeCommissiontobefair.e.securitypricesreflectavailableinformation.EFFICIENTMARKETSHYPOTHESISa8.Thenotionthatactualca

7、pitalmarkets,suchastheNYSE,arefairlypricediscalledthe:a.EfficientMarketsHypothesis(EMH).b.LawofOnePrice.c.OpenMarketsTheorem.d.Laissez-FaireAxiom.e.MonopolyPricingTheorem.STRONGFORMEFFICIENCYb9.Thehypothesisthatmarketpricesreflectallavailableinformationofev

8、erykindiscalled_____formefficiency.a.openb.strongc.semi-strongd.weake.stableSEMISTRONGFORMEFFICIENCYc10.Thehypothesisthatmarketpricesreflectallpublicly-availableinformationiscalled_____formefficiency.a