完整版投资学第7版TestBank答案12Word格式文档下载.docx

完整版投资学第7版TestBank答案12Word格式文档下载.docx

《完整版投资学第7版TestBank答案12Word格式文档下载.docx》由会员分享，可在线阅读，更多相关《完整版投资学第7版TestBank答案12Word格式文档下载.docx（19页珍藏版）》请在冰点文库上搜索。

D）BandC

E）noneoftheabove

ADifficulty:

3.Someeconomistsbelievethattheanomaliesliteratureisconsistentwithinvesto'

rsand.

A）abilitytoalwaysprocessinformationcorrectlyandthereforetheyinfercorrectprobabilitydistributionsaboutfutureratesofreturn;

givenaprobabilitydistributionofreturns,theyalwaysmakeconsistentandoptimaldecisions

B）inabilitytoalwaysprocessinformationcorrectlyandthereforetheyinferincorrectprobabilitydistributionsaboutfutureratesofreturn;

C）abilitytoalwaysprocessinformationcorrectlyandthereforetheyinfercorrectprobabilitydistributionsaboutfutureratesofreturn;

givenaprobabilitydistributionofreturns,theyoftenmakeinconsistentorsuboptimaldecisions

D）inabilitytoalwaysprocessinformationcorrectlyandthereforetheyinferincorrectprobabilitydistributionsaboutfutureratesofreturn;

DDifficulty:

Moderate

4.Informationprocessingerrorsconsistof

I）

forecastingerrors

II）

overconfidence

III）

conservatism

IV）

framing

A）

IandII

B）

IandIII

C）

IIIandIV

D）

IVonly

E）

I,IIandIII

EDifficulty:

5.Forecastingerrorsarepotentiallyimportantbecause

A）researchsuggeststhatpeopleunderweightrecentinformation.

B）researchsuggeststhatpeopleoverweightrecentinformation.

C）researchsuggeststhatpeoplecorrectlyweightrecentinformation.

D）eitherAorBdependingonwhethertheinformationwasgoodorbad.

E）noneoftheabove.

6.DeBondtandThalerbelievethathighP/Eresultfrominvestors

A）earningsexpectationsthataretooextreme.

B）earningsexpectationsthatarenotextremeenough.

C）stockpriceexpectationsthataretooextreme.

D）stockpriceexpectationsthatarenotextremeenough.

7.Ifapersongivestoomuchweighttorecentinformationcomparedtopriorbeliefs,theywouldmakeerrors.

A）framing

B）selectionbias

C）overconfidence

D）conservatism

E）forecasting

8.Singlementradefarmoreoftenthanwomen.Thisisduetogreateramong

men.

B）regretavoidance

CDifficulty:

9.mayberesponsiblefortheprevalenceofactiveversuspassive

investmentsmanagement.

A）Forecastingerrors

B）Overconfidence

C）Mentalaccounting

D）Conservatism

E）Regretavoidance

10.BarberandOdean（2000）rankedportfoliosbyturnoverandreportthatthedifferenceinreturnbetweenthehighestandlowestturnoverportfoliosis7%peryear.Theyattributethisto

A）overconfidence

B）framing

C）regretavoidance

D）sampleneglect

E）alloftheabove

11.biasmeansthatinvestorsaretooslowinupdatingtheirbeliefsinresponseto

evidence.

12.Psychologistshavefoundthatpeoplewhomakedecisionsthatturnoutbadlyblamethemselvesmorewhenthatdecisionwasunconventional.Thenameforthisphenomenonis

A）regretavoidance

C）mentalaccounting

D）overconfidence

E）obnoxicity

Rationale:

Aninvestmentsexamplegiveninthetextisbuyingthestockofastart-upfirmthatshowssubsequentpoorperformance,versusbuyingbluechipstocksthatperformpoorly.Investorstendtohavemoreregretiftheychosethelessconventionalstart-upstock.DeBondtandThalersaythatsuchregrettheoryisconsistentwiththesizeeffectandthebook-to-marketeffect.

13.Anexampleofisthatapersonmayrejectaninvestmentwhenitisposedin

termsofrisksurroundingpotentialgainsbutmayacceptthesameinvestmentifitisposedintermsofrisksurroundingpotentiallosses.

14.Statman（1977）arguesthatisconsistentwithsomeinvestors'

irrational

preferenceforstockswithhighcashdividendsandwithatendencytoholdlosingpositionstoolong.

A）mentalaccounting

15.Anexampleofisthatitisnotaspainfultohavepurchasedablue-chipstock

thatdecreasesinvalue,asitistolosemoneyonanunknownstart-upfirm.

16.Arbitrageursmaybeunabletoexploitbehavioralbiasesdueto.

fundamentalrisk

implementationcosts

modelrisk

V）

regretavoidance

A）IandIIonly

B）I,II,andIII

C）I,II,III,andV

D）II,III,andIV

E）IVandV

17.aregoodexamplesofthelimitstoarbitragebecausetheyshowthatthe

lawofonepriceisviolated.

SiameseTwinCompanies

Unittrusts

Closedendfunds

Openendfunds

Equitycarveouts

I,II,andIII

I,III,andV

IVandV

V

18.wasthegrandfatheroftechnicalanalysis.

A）HarryMarkowitz

B）WilliamSharpe

C）CharlesDow

D）BenjaminGraham

CharlesDow,theoriginatoroftheDowTheory,wasthegrandfatheroftechnicalanalysis.BenjaminGrahammightbeconsideredthegrandfatheroffundamentalanalysis.HarryMarkowitzandWilliamSharpemightbeconsideredthegrandfathersofmodernportfoliotheory.

19.ThegoaloftheDowtheoryisto

A）identifyheadandshoulderpatterns.

B）identifybreakawaypoints.

C）identifyresistancelevels.

D）identifysupportlevels.

E）identifylong-termtrends.

TheDowtheoryusestheDowJonesIndustrialAverageasanindicatoroflong-termtrendsinmarketprices.

20.Along-termmovementofprices,lastingfromseveralmonthstoyearsiscalled

A）aminortrend

B）aprimarytrend

C）anintermediatetrend

D）trendanalysis

E）BandD

Minortrendsaremerelyday-to-daypricemovements;

intermediatetrendsareoroffsettingmovementsinonedirectionafterlonger-termmovementsinanotherdirection;

trendslastingfortheperioddescribedaboveareprimarytrends.

21.Adailyfluctuationoflittleimportanceiscalled

D）amarkettrend

22.Pricemovementsthatarecausedbyshort-termdeviationsofpricesfromtheunderlyingtrendlinearecalled

A）primarytrends.

B）secondarytrends.

C）tertiarytrends.

D）Dowtrends.

E）contrarytrends.

Thesecondarytrendiscausedbythesedeviations,whichareeliminatedbycorrectionsthatbringthepricesbacktothetrendlines.

23.TheDowtheorypositsthatthethreeforcesthatsimultaneouslyaffectstockpricesare

primarytrend

intermediatetrend

momentumtrend

minortrend

contrariantrend

A）I,II,andIII

B）II,III,andIV

C）III,IVandV

D）I,II,andIV

E）I,III,andV

24.TheElliotWaveTheory.

A）isarecentvariationoftheDowTheory

B）suggeststhatstockpricescanbedescribedbyasetofwavepatterns

C）issimilartotheKondratieffWavetheory

D）AandB

e）A,B,andC

Answer:

Rationale:

BoththeElliotWaveTheoryandtheKondratieffWaveTheoryarerecentvariationsontheDowTheory,whichsuggeststhatstockpricesmoveinidentifiablewavepatterns.

25.Atrinratiooflessthan1.0isconsideredasa.

A）bearishsignal

B）bullishsignal

C）bearishsignalbysometechnicalanalystsandabullishsignalbyothertechnicalanalysts

D）bullishsignalbysomefundamentalists

E）CandD

Atrinratiooflessthan1.0isconsideredbullishbecausethedecliningstockshaveloweraveragevolumethantheadvancingstocks,indicatingnetbuyingpressure.

26.OnOctober29,1991therewere1,031stocksthatadvaneedontheNYSEand610that

declined.Thevolumeinadvancingissueswas112,866,000andthevolumeindecliningissueswas58,188,000.Thetrinratioforthatdaywasandtechnicalanalysts

werelikelytobe.

A）0.87,bullish

B）0.87,bearish

C）1.15,bullish

D）1.15,bearish

Rationale:

（1,031/610）/（112,866,000/58,388,000）=0.87.Atrinratiolessthan1isconsideredbullishbecauseadvancingstockshaveahighervolumethandecliningstocks,indicatingabuyingpressure.

27.Inregardt