Which of the following statements regarding regulations governing the short-sale process is FALSE
A. The short seller must pay a margin equivalent to the prevailing margin requirement when the transaction is made.
B. If dividends are paid on the stock during the short-sale transaction, the short seller must pay dividends to the investor that loaned the stock.
C. The short-sale process must be completed within a 90-day period.
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Which of the following statements about bonds, indexes, markets, and market efficiency is FALSE
A price-weighted index assumes the investor holds an equal number of shares of the stocks in the index.
B. Tests of market efficiency find that stock exchange specialists derive above-average returns.
C. The bulk of all bond trading takes place on organized exchanges.
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.
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.
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