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An investor currently holds a portfolio that is expected to return 15 percent. The investor is planning to sell one of the securities included in the current portfolio that has an expected return of 13 percent and use the proceeds to purchase a security that has an expected return of 14 percent. Compared to the investor’s current portfolio, the expected return for the investor’s revised portfolio will be:（）

A. above 15 percent whether or not any change occurs in the standard deviation of the portfolio
B. below 15 percent whether or not any change occurs in the standard deviation of the portfolio
C. above 15 percent only if the covariance of the new security is lower than the covariance of the security that was sold.

单项选择题Which of the following is NOT an implication of risk aversion for the investment process()

A. The security market line is upward sloping.
B. The promised yield on AAA-rated bonds is higher than on A-rated bonds.
C. Investors expect a positive relationship between expected return and expected risk.