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1、CHAPTER 12CHAPTER 12Some Lessons from Capital Market HistoryI.DEFINITIONSRISK PREMIUMa1.The excess return required from a risky asset over that required from a risk-free asset is called the:a.risk premium.b.geometric premium.c.excess return.d.average return.e.variance.VARIANCEb2.The average squared
2、difference between the actual return and the average return is called the:a.volatility return.b.variance.c.standard deviation.d.risk premium.e.excess return.STANDARD DEVIATIONc3.The standard deviation for a set of stock returns can be calculated as the:a.positive square root of the average return.b.
3、average squared difference between the actual return and the average return.c.positive square root of the variance.d.average return divided by N minus one, where N is the number of returns.e.variance squared.NORMAL DISTRIBUTIONd4.A symmetric, bell-shaped frequency distribution that is completely def
4、ined by its mean and standard deviation is the _ distribution.a.gammab.Poissonc.bi-modald.normale.uniformGEOMETRIC AVERAGE RETURNd5.The average compound return earned per year over a multi-year period is called the _ average return.a.arithmeticb.standardc.variantd.geometrice.realARITHMETIC AVERAGE R
5、ETURNa6.The return earned in an average year over a multi-year period is called the _ average return.a.arithmeticb.standardc.variantd.geometrice.realEFFICIENT CAPITAL MARKETe7.An efficient capital market is one in which:a.brokerage commissions are zero.b.taxes are irrelevant.c.securities always offe
6、r a positive rate of return to investors.d.security prices are guaranteed by the U.S. Securities and Exchange Commission to be fair.e.security prices reflect available information.EFFICIENT MARKETS HYPOTHESISa8.The notion that actual capital markets, such as the NYSE, are fairly priced is called the
7、:a.Efficient Markets Hypothesis (EMH).b.Law of One Price.c.Open Markets Theorem.d.Laissez-Faire Axiom.e.Monopoly Pricing Theorem.STRONG FORM EFFICIENCYb9.The hypothesis that market prices reflect all available information of every kind is called _ form efficiency.a.openb.strongc.semi-strongd.weake.s
8、tableSEMI STRONG FORM EFFICIENCYc10.The hypothesis that market prices reflect all publicly-available information is called _ form efficiency.a.openb.strongc.semi-strongd.weake.stableWEAK FORM EFFICIENCYd11.The hypothesis that market prices reflect all historical information is called _ form efficien
9、cy.a.openb.strongc.semi-strongd.weake.stableII.CONCEPTSTOTAL RETURNd12.The total percentage return on an equity investment is computed using the formula _, where P1 is the purchase cost, P2 represents the sale proceeds, and d is the dividend income.a.(P2 P1) (P2 + d)b.(P1 P2) (P2 + d)c.(P1 P2 d) P1d
10、.(P2 P1 + d) P1e.(P2 P1 + d) P2DIVIDEND YIELDa13.The dividend yield is equal to _, where P1 is the purchase cost, P2 represents the sale proceeds, and d is the dividend income.a.d P1b.d P1c.d P2d.d P2e.d (P1 + P2)DIVIDEND YIELDc14.The Zolo Co. just declared that they are increasing their annual divi
11、dend from $1.00 per share to $1.25 per share. If the stock price remains constant, then:a.the capital gains yield will decrease.b.the capital gains yield will increase.c.the dividend yield will increase.d.the dividend yield will also remain constant.e.neither the capital gains yield nor the dividend
12、 yield will change.CAPITAL GAINb15.The dollar amount of the capital gain on an investment is computed as _, where P1 is the purchase cost, P2 represents the sale proceeds, and d is the dividend income.a.P1 P2b.P2 P1c.P2 P1d.P1 P2 + de.P2 P1 dTOTAL RETURNe16.The capital gains yield plus the dividend
13、yield on a security is called the:a.variance of returns.b.geometric return.c.average period return.d.summation of returns.e.total return.REAL RETURNc17.The real rate of return on a stock is approximately equal to the nominal rate of return:a.multiplied by (1 + inflation rate).b.plus the inflation ra
14、te.c.minus the inflation rate.d.divided by (1 + inflation rate).e.divided by (1- inflation rate).REAL RETURNc18.As long as the inflation rate is positive, the real rate of return on a security investment will be _ the nominal rate of return.a.greater thanb.equal toc.less thand.greater than or equal toe.unrelated toHISTORICAL RECORDd19.A portfolio of large company stocks would contain which one of the following types of securities?a.stock of the firms which represent the smal
