Multiple choice Grundkurs
One of the factors in the Arbitrage Pricing Theory has to be the risk premium
Only if the market is informationally efficient index-funds may be a superior alternative to actively managed funds
In a market not being informationally efficient some kinds of technical trading may be rational
Th smaller the dividend-payout-ratio is, the higher will be the dividend growth rate (c.p.)
If all people adopt the beauty-contest-rules (Keynes) the market will become informationally efficient
In a market being weak-form informationally efficient, trading on fundamental information may create systematic, above-average returns
The Index-model describes a market equilibrium
An index fund represents always an efficient portfolio
The critical line is straight even under short-selling restrictions
As long as others do not know that you are better informed, additional information has never a negative value for you
With more information the precision of your estimates cannot be worse than before
The lower the dividend is, the faster will be the dividend growth rate in the future
If the market participants believe that the efficient markets hypothesis does not hold, the efficient markets hypothesis may hold
The smaller the dividend-payout-ratio is, the higher will be the dividend growth rate (c.p.)
The Gordon’s formula takes into account only dividends and disregards capital gains
The slope of the capital market line can be positive or negative
The minimum-variance-portfolio is efficient
If the interest rate for borrowers is not the same as the interest rate for lenders the efficient frontier is not linear
In the Index-model, Covxy = ßx²*ßy²*VarM
Market efficiency decreases when traders no longer conduct financial analysis
A ‘signal’ is a test whether the sender is of high quality or not
If a stock price series shows autocorrelations, it does not exhibit a Random Walk
Private information cannot have a negative value for you as long as nobody knows that you have private information
Real stock distributions usually have a kurtosis>3
The assumed slope of a security market line can be positive or negative
The minimum-variance-portfolio is always efficient
The Index-model and the CAPM have the same scope
In evaluating creditworthiness of potential debtors banks are exposed to
a winner’s-curse risk
Capital structure has to be calculated upon data from the balance sheet
The Arbitrage pricing theory is a special case of the CAPM
With event studies usually the strong-form-efficiency of markets is tested
The last weak variance of stock prices does not allow to make forecasts of the next weak variances
If there is a positive bid-ask-spread in the interest rates, the borrowing line
will be steeper than the lending line
In the Index-model the covariance of stock A with stock B is calculated as
...........
If a firm has hidden reserves, capital structure calculated upon data from the balance sheet will be lower than capital structure calculated from market data
In order to conduct an event study all events considered have to have occured at the same date
in the last four decades there has never been a six years period with a negative equity risk premium in germany
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