[20L1V4R38] Market Efficiency
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1. In an efficient market, the change in a company’s share price is most likely the result of:
insiders’ private information.
the previous day’s change in stock price.
new information coming into the market.
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2. Regulation that restricts some investors from participating in a market will most likely:
impede market efficiency.
not affect market efficiency.
contribute to market efficiency.
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3. With respect to efficient market theory, when a market allows short selling, the efficiency of the market is most likely to:
increase.
decrease.
remain the same.
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4. Which of the following regulations will most likely contribute to market efficiency? Regulatory restrictions on:
short selling.
foreign traders.
insiders trading with nonpublic informa
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5. Which of the following market regulations will most likely impede market efficiency?
Restricting traders’ ability to short sell.
Allowing unrestricted foreign investor trading.
Penalizing investors who trade with nonpublic information.
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6. If markets are efficient, the difference between the intrinsic value and market value of a company’s security is:
negative.
zero.
positive.
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7. The intrinsic value of an undervalued asset is:
less than the asset’s market value.
greater than the asset’s market value.
the value at which the asset can currently be bought or sold.
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8. The market value of an undervalued asset is:
greater than the asset’s intrinsic value.
the value at which the asset can currently be bought or sold.
equal to the present value of all the asset’s expected cash flows.
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9. With respect to the efficient market hypothesis, if security prices reflect *only* past prices and trading volume information, then the market is:
weak-form efficient.
strong-form efficient.
semi-strong-form efficient.
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10. Which one of the following statements best describes the semi-strong form of market efficiency?
Empirical tests examine the historical patterns in security prices.
Security prices reflect all publicly known and available information.
Semi-strong-form efficient markets are not necessarily weak-form efficient.
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11. If markets are semi-strong efficient, standard fundamental analysis will yield abnormal trading profits that are:
negative.
equal to zero.
positive.
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12. If prices reflect all public and private information, the market is best described as:
weak-form efficient.
strong-form efficient.
semi-strong-form efficient.
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13. If markets are semi-strong-form efficient, then passive portfolio management strategies are most likely to:
earn abnormal returns.
outperform active trading strategies.
underperform active trading strategies.
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14. If a market is semi-strong-form efficient, the risk-adjusted returns of a passively managed portfolio relative to an actively managed portfolio are most likely:
lower.
higher.
the same.
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15. Technical analysts assume that markets are:
weak-form efficient.
weak-form inefficient.
semi-strong-form efficient.
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16. Fundamental analysts assume that markets are:
weak-form inefficient.
semi-strong-form efficient.
semi-strong-form inefficient.
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17. If a market is weak-form efficient but semi-strong-form inefficient, then which of the following types of portfolio management is most likely to produce abnormal returns?
Passive portfolio management.
Active portfolio management based on technical analysis.
Active portfolio management based on fundamental analysis.
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18. An increase in the time between when an order to trade a security is placed and when the order is executed most likely indicates that market efficiency has:
decreased.
remained the same.
increased.
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19. With respect to efficient markets, a company whose share price reacts gradually to the public release of its annual report most likely indicates that the market where the company trades is:
semi-strong-form efficient.
subject to behavioral biases.
receiving additional information about the company.
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20. Which of the following is least likely to explain the January effect anomaly?
Tax-loss selling.
Release of new information in January.
Window dressing of portfolio holdings.
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21. If a researcher conducting empirical tests of a trading strategy using time series of returns finds statistically significant abnormal returns, then the researcher has most likely found:
a market anomaly.
evidence of market inefficiency.
a strategy to produce future abnormal returns.
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22. Which of the following market anomalies is inconsistent with weak-form market efficiency?
Earnings surprise.
Momentum pattern.
Closed-end fund discount.
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23. Researchers have found that value stocks have consistently outperformed growth stocks. An investor wishing to exploit the value effect should purchase the stock of companies with above-average:
dividend yields.
market-to-book ratios.
price-to-earnings ratios.
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24. With respect to rational and irrational investment decisions, the efficient market hypothesis requires:
only that the market is rational.
that all investors make rational decisions.
that some investors make irrational decisions.
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25. Observed overreactions in markets can be explained by an investor’s degree of:
risk aversion.
loss aversion.
confidence in the market.
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26. Like traditional finance models, the behavioral theory of loss aversion assumes that investors dislike risk; however, the dislike of risk in behavioral theory is assumed to be:
leptokurtic.
symmetrical.
asymmetrical.
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