[经济学]投资学第7版TestBank答案24.docVIP

Multiple Choice Questions 1. Trading activity by mutual funds just prior to quarterly reporting dates is known as A) insider trading. B) program trading. C) passive security selection. D) window dressing. E) none of the above. Answer: D Difficulty: Moderate Rationale: Mutual funds must disclose portfolio composition quarterly, and trading activity that immediately precedes the reporting date is referred to as window dressing. The speculation is that window dressing involves changes in portfolio composition, which gives the appearance of successful stock selection. 2. The comparison universe is __________. A) a concept found only in astronomy B) the set of all mutual funds in the world C) the set of all mutual funds in the U. S. D) a set of mutual funds with similar risk characteristics to your mutual fund E) none of the above Answer: D Difficulty: Easy Rationale: A mutual fund manager is evaluated against the performance of managers of funds of similar risk characteristics. 3. __________ did not develop a popular method for risk-adjusted performance evaluation of mutual funds. A) Eugene Fama B) Michael Jensen C) William Sharpe D) Jack Treynor E) A and B Answer: A Difficulty: Easy Rationale: Michael Jensen, William Sharpe, and Jack Treynor developed popular models for mutual fund performance evaluation.  4. Henriksson (1984) found that, on average, betas of funds __________ during market advances A) increased very significantly B) increased slightly C) decreased slightly D) decreased very significantly E) did not change Answer: C Difficulty: Moderate Rationale: Portfolio betas should have a large value if the market is expected to perform well and a small value if the market is not expected to perform well; thus, these results reflect the poor timing ability of mutual fund managers. 5. Most professionally managed equity funds generally __________. A) outperform the SP 500 index on both