单项选择题

According to capital asset pricing model( CAPM), if an investor holds a portfolio that lies on the capital market line(CML) to the right of the market portfolio, that investor should expect that his portfolio will:

A. earn less return than on the market portfolio.
B. earn more return than on the market portfolio.
C. have less systematic risk than the market portfolio.

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单项选择题If the Capital Asset Pricing Model(CAPM) assumption that there are no transactions costs is relaxed and transactions costs are permitted, all else equal, the most likely result is that the security market line (SML) will:

A. plot on a steeper line.
B. plot on a flatter line.
C. no longer plot on a single line.

单项选择题The return on an asset added to a portfolio is less than perfectly positively correlated with the returns of the other assets in the portfolio but has the same standard deviation. What effect will adding the new asset have on the standard deviation of the portfolio’s return The standard deviation:

A. will decrease.
B. will increase.
C. may increase or decrease depending on the individual securities mix in the portfolio.