Which of the following statements concerning the persistence of pricing anomalies is least likely to be correct
Arbitrageurs may exploit opportunities down to the point where the remaining mispricing is approximately equal to transactions costs.
B. If the shares of an IPO cannot be shorted, mispricing may be difficult to exploit.
C. Small profit opportunities are difficult to exploit in the absence of derivative securities.
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An analyst gathered the following data about stocks J, K and L, which together form a value-weighted index:December 31, Year 1December 31, Year 2StockPriceShares OutstandingPriceShares OutstandingJ$4010000$5010000K$306000$2012000xL$509000$409000 x:2 for 1 stock split The ending value-weighted index ( bare index = 100) is closest to:
A. 92.31.
B. 93.64.
C. 106.80.
Which of the following would provide evidence against the semi-strong form of the efficient market theory
A. Low P/E stocks tend to have positive abnormal returns over the long run.
B. Trend analysis is worthless in determining stock prices.
C. All investors have learned to exploit signals related to future performance.
The evidence suggests that the correlation of returns between U.S. government bonds and an index of international government bonds is:
A. between 0.0 and -0.5, and that between indices of U. S. investment grade bonds is between 0.0 and 0.5.
B. between 0.0 and 0.5, and that between indices of U. S. investment grade bonds is close to 1.0.
C. between 0.0 and 0.5, and that between indices of U. S. investment grade bonds is between 0.25 and 0.75.
Which of the following conclusions about the semi-strong form of the efficient market hypothesis (EMH) and the strong-form EMH is FALSE
A. If the strong form of market efficiency were true, there would be no need for insider trading laws.
B. Neglected firms (i. e. those firms with a small number of analysts following them) tend to underperform the market.
C. Professional money managers, as a group, have not been able to produce returns that consistently exceed the market.
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