题目内容

Which of the following statements about the various tests of the efficient market hypothesis (EMH) is INCORRECT（）

A. Tests of the semi-strong form EMH give mixed results. Time-series tests such as dividend yield and default spread reject the semi-strong form EMH while event studies of stock splits and announcements of accounting changes support it.
B. The superior historical performance of exchange specialists and corporate insiders rejects the semi-strong form of the EMH.
C. The historical performance of professional money managers supports the semi-strong form of the EMH.

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A company had the following changes in its stock: The company had 2 million shares outstanding on December 31,2006. On March 31,2007, the company paid a 10% stock dividend. On June 30,2007, the company sold $10 million face value of 7% convertible debentures, convertible into common at $ 5 per share. On September 30,2007, the company issued and sold 100000 shares of common stock. The company should compute its 2007 basic earnings per share based on.（）

A. 2225000 shares.
B. 2250000 shares.
C. 3225000 shares.

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An analyst compared the performance of a hedge fund index with the performance of a major stock index over the past eight years. She noted that the hedge fund index (created from a database) had a higher average return, higher standard deviation, and higher Sharpe ratio than the stock index. All the successful funds that have been in the hedge fund database continued to accept new money over the eight-year period. Are the average return and the standard deviation, respectively, for the hedge fund index most likely overstated or understated Average return for the Standard deviation for the hedge fund indes hedge fund index（）

A. Understated Overstated
B. Overstated Understated
C. Overstated Overstated

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Which of the following statements is most correct concerning a member’s obligation to his or her employer under the Code and Standards（）

A. Consent from the employer is necessary to permit independent practice that could result in compensation or other benefits in competition with the member’s employer.
B. Members are prohibited from making arrangements or preparations to go into competitive business before terminating their relationship with their employer.
C. Members are prohibited from undertaking independent practice in competition with their employer.

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Closed-end funds and exchange traded funds (ETFs) have which of the following characteristics in common（）

A. Both closed-end funds and ETFs stand ready to redeem shares.
B. Shares of both closed-end funds and ETFs trade in the secondary market.
C. The structures of closed-end funds and ETFs prevent shares from trading at a significant premium or discount to NAV.

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