A composite series of stocks and bonds makes it possible to:
A. examine the benefits of diversifying with a combination of asset classes such as stocks and bonds in addition to diversifying with the asset classes of stocks or bonds.
B. examine the correlation among the various asset classes of stocks or bonds.
C. examine the benefits of diversifying with a combination of asset classes such as stocks and bonds.
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Which of the following statements is most accurate7 A continuous market most likely exists for a stock when:
A. numerous dealers are willing to make a market in the stock.
B. an overnight buildup of buy and sell orders for the stock occurs.
C. significant new information about the company is released to market participants.
If a firm announces an unexpectedly large cash dividend, the efficient market hypothesis (EMH) would predict which of the following price changes at the announcement
An abnormal price change to occur before the announcement.
B. An abnormal price change to occur at the time of the announcement.
C. A gradual price change to occur for several weeks after the announcement.
Documented market anomalies include all of the following EXCEPT:
A. the greater the ratio of book value/market value, the greater the risk-adjusted rate of return.
B. low P/E ratio stocks experience superior results to the market.
C. the ability for an investor to profit by buying stocks on Friday and selling them on Monday.
Cross-sectional returns studies contend that:
A. all securities should have equal risk-adjusted returns because security prices should reflect all public information that would influence the security’s risk.
B. all securities should have equal risk-adjusted returns because security prices should not reflect all public information that would influence the security’s risk.
C. securities should not have equal risk-adjusted returns because security prices should not reflect all public information that would influence the security’s risk.
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