单项选择题

Which of Karabon’s assumptions about the capital market theory is least accurate

A. Every investor has the same market expectations, which allows for the identification of the optimal portfolio.
B. Investors can borrow at the risk-free rate and know in advance about their real cash flows.
C. All investors make investment decisions for the same reasons, considering only expected return and standard deviation.

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单项选择题From a theoretical perspective, even though the assumption that investors can borrow and lend at the same (risk-free) rate is violated, a straight-line capital market line can still be constructed if:

A. investors are risk neutral.
B. there are no transaction costs.
C. a zero-beta portfolio exists and yields more than the risk-free rate.

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.