单项选择题

With regard to stock market indexes, it is least likely that:（）

A. the use of a geometric mean produces a downward bias on an equal-weighted index compared to the use of an arithmetic mean.
B. the use of price weighting versus market value weighting produces a downward bias on the index.
C. a value-weighted index must be adjusted for stock splits but not for dividends.

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单项选择题

Which of the following statements about securities exchanges is FALSE（）

A. A stock with a relatively large market volume is most likely to trade in the continuous market.
B. A call market is an open-outcry market where bids are called out in a trading pit.
C. The price in continuous markets is set by either the auction process or by dealer bid-ask quotes.

单项选择题

Which of the following statements concerning the persistence of pricing anomalies is least likely to be correct（）

A. Arbitrageurs may exploit opportunities down to the point where the remaining mispricing is approximately equal to transactions costs.
B. If the shares of an IPO cannot be shorted, mispricing may be difficult to exploit.
C. Small profit opportunities are difficult to exploit in the absence of derivative securities.