投资管理--(investmentmanagement)第11节自测免费下载-.docxVIP

Chapter 11 - The Efficient Market Hypothesis 11- PAGE 18 Chapter 11 The Efficient Market Hypothesis ? MCQ? 1.?If you believe in the ________ form of the EMH, you believe that stock prices reflect all relevant information including historical stock prices and current public information about the firm, but not information that is available only to insiders.?A.?semistrongB.?strongC.?weakD.?A, B, and CE.?none of the above The semistrong form of EMH maintains that stock prices immediately reflect all historical and current public information, but not inside information. ?Difficulty: Easy? 2.?When Maurice Kendall examined the patterns of stock returns in 1953 he concluded that the stock market was __________. Now, these random price movements are believed to be _________.?A.?inefficient; the effect of a well-functioning marketB.?efficient; the effect of an inefficient marketC.?inefficient; the effect of an inefficient marketD.?efficient; the effect of a well-functioning marketE.?irrational; even more irrational than before Random price changes were originally thought to be driven by irrationality. Now, financial economists believe random price changes occur because markets are informationally efficient. ?Difficulty: Easy? 4.?A hybrid strategy is one where the investor?A.?uses both fundamental and technical analysis to select stocks.B.?selects the stocks of companies that specialize in alternative fuels.C.?selects some actively-managed mutual funds on their own and uses an investment advisor to select other actively-managed funds.D.?maintains a passive core and augments the position with an actively managed portfolio.E.?none of the above. A hybrid strategy is one where the investor maintains a passive core and augments the position with an actively managed portfolio. ?Difficulty: Easy? 5.?The difference between a random walk and a submartingale is the expected price change in a random walk is ______ and the expected price change for a submartinga