金融市场与机构 (6);.docxVIP

PAGE 78Mishkin/Eakins?Financial Markets and Institutions, Fifth Edition Chapter 6Are Financial Markets Efficient? PAGE 77 Chapter 6Are Financial Markets Efficient? ?Multiple Choice Questions 1. How expectations are formed is important because expectations influence (a) the demand for assets. (b) bond prices. (c) the risk structure of interest rates. (d) the term structure of interest rates. (e) all of the above. Answer: E 2. According to the efficient market hypothesis, the current price of a financial security (a) is the discounted net present value of future interest payments. (b) is determined by the highest successful bidder. (c) fully reflects all available relevant information. (d) is a result of none of the above. Answer: C 3. The efficient market hypothesis (a) is based on the assumption that prices of securities fully reflect all available information. (b) holds that the expected return on a security equals the equilibrium return. (c) both (a) and (b). (d) neither (a) nor (b). Answer: C 4. If the optimal forecast of the return on a security exceeds the equilibrium return, then (a) the market is inefficient. (b) an unexploited profit opportunity exists. (c) the market is in equilibrium. (d) only (a) and (b) of the above are true. (e) only (b) and (c) of the above are true. Answer: D 5. According to the efficient market hypothesis (a) one cannot expect to earn an abnormally high return by purchasing a security. (b) information in newspapers and in the published reports of financial analysts is already reflected in market prices. (c) unexploited profit opportunities abound, thereby explaining why so many people get rich by trading securities. (d) all of the above are true. (e) only (a) and (b) of the above are true. Answer: E 6. Another way to state the efficient market condition is that in an efficient market, (a) unexploited profit opportunities will be quickly eliminated. (b) unexploited profit opportunities will never exist. (c) arbitrageurs guarantee t