兹维博迪金融学第二版试题库13TB.docVIP

PAGE 13 Chapter Thirteen Capital Market Equilibrium This chapter contains 43 multiple choice questions, 19 short problems, and 9 longer problems. Multiple Choice If one holds a diversified portfolio in which securities are held in the same relative proportions as in a broad market index, this is referred to as ________. eliminating discounting risk indexing capitalizing Answer: (c) The CAPM provides a way of estimating ________ for use in a variety of financial applications. actual rates of return expected rates of return expected standard deviation actual standard deviation Answer: (b) The CAPM may be used to provide ________. inputs to DCF valuation model for stocks inputs to DCF valuation model for bonds estimation of a “fair” rate of return on invested capital both (a) and (c) Answer: (d) A(n) ________ is a portfolio that holds all assets in proportion to their observed market values. market portfolio riskless portfolio efficient riskless portfolio both (b) and (c) Answer: (a) Suppose there are three assets: BB stock, REM stock, and a risk-free asset. The total market values of each at current prices are $40 million of BB stock, $80 million of REM stock, and $10 million of the risk-free asset. The composition of the market portfolio is ________. 61.5% BB stock; 7.7% REM stock; 30.8% risk-free asset 33.33% BB stock; 66.67% REM stock; 0 risk-free asset 30.8% BB stock; 61.5% REM stock; 7.7% risk-free asset 30.8% BB stock; 66.67% REM stock; 7.7% risk-free asset Answer: (c) Suppose there are three assets: BB stock, REM stock, and a risk-free asset. The total market value of each at current prices are $40 million of BB stock, $80 million of REM stock, and $10 million of the risk-free asset. The composition of the risky part of any investors portfolio will be ________ 30.8% BB stock; 61.5% REM stock 33.33% BB stock; 66.67% REM stock 30.8% BB stock; 66.67% REM stock 66.67% BB stock; 33.33% REM stock Answer: (b) Suppose there are four securities: BB stock, R