投资学题库——精选推荐

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2024年6月13日发(作者：)

投资学题库

Chapter 12

1. Conventional theories presume that investors ____________ and behavioral finance presumes that they ____________.

B. are rational; may not be rational

2. The premise of behavioral finance is that

A. conventional financial theory ignores how real people make decisions and that people make a difference.

3. Some economists believe that the anomalies literature is consistent with investors ____________ and ____________.

D. inability to always process information correctly and therefore they infer incorrect probability distributions about future rates

of return; given a probability distribution of returns, they often make inconsistent or suboptimal decisions

4. Information processing errors consist of

I) forecasting errors

II) overconfidence

III) conservatism

IV) framing

E. I, II and III

5. Forecasting errors are potentially important because

B. research suggests that people overweight recent information.

Forecasting errors are potentially important because research suggests that people overweight recent information.

6. DeBondt and Thaler believe that high P/E result from investors

A. earnings expectations that are too extreme.

DeBondt and Thaler believe that high P/E result from investors earnings expectations that are too extreme.

7. If a person gives too much weight to recent information compared to prior beliefs, they would make ________ errors.

E. forecasting

8. Single men trade far more often than women. This is due to greater ________ among men.

C. overconfidence

9. ____________ may be responsible for the prevalence of active versus passive investments management.

B. Overconfidence

10. Barber and Odean (2000) ranked portfolios by turnover and report that the difference in return between the highest and

lowest turnover portfolios is 7% per year. They attribute this to

A. overconfidence

11. ________ bias means that investors are too slow in updating their beliefs in response to evidence.

D. conservatism

12. Psychologists have found that people who make decisions that turn out badly blame themselves more when that decision

was unconventional. The name for this phenomenon is A. regret avoidance13. An example of ________ is that a person may

reject an investment when it is posed in terms of risk surrounding potential gains but may accept the same investment if it is

posed in terms of risk surrounding potential losses.

A. framing

14. Statman (1977) argues that ________ is consistent with some investors' irrational preference for stocks with high cash

dividends and with a tendency to hold losing positions too long.

A. mental accounting

15. An example of ________ is that it is not as painful to have purchased a blue-chip stock that decreases in value, as it is to

lose money on an unknown start-up firm.

B. regret avoidance

16. Arbitrageurs may be unable to exploit behavioral biases due to ____________.

I) fundamental risk

II) implementation costs

III) model risk

IV) conservatism

V) regret avoidance

B. I, II, and III

17. ____________ are good examples of the limits to arbitrage because they show that the law of one price is violated.

I) Siamese Twin Companies

II) Unit trusts

III) Closed end funds

IV) Open end funds

V) Equity carve outs

C. I, III, and V

18. __________ was the grandfather of technical analysis.

C. Charles Dow

19. The goal of the Dow theory is to

E. identify long-term trends

20. A long-term movement of prices, lasting from several months to years is called _________.

B. a primary trend

21. A daily fluctuation of little importance is called ____________.

A. a minor trend

22. Price movements that are caused by short-term deviations of prices from the underlying trend line are called

B. secondary trends.

23. The Dow theory posits that the three forces that simultaneously affect stock prices are ____________.

I) primary trend

II) intermediate trend

III) momentum trend

IV) minor trend

V) contrarian trend

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