单项选择题

Which of the following statements about bonds, indexes, markets, and market efficiency is FALSE（）

A. A price-weighted index assumes the investor holds an equal number of shares of the stocks in the index.
B. Tests of market efficiency find that stock exchange specialists derive above-average returns.
C. The bulk of all bond trading takes place on organized exchanges.

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单项选择题

A composite series of stocks and bonds makes it possible to:（）

A. examine the benefits of diversifying with a combination of asset classes such as stocks and bonds in addition to diversifying with the asset classes of stocks or bonds.
B. examine the correlation among the various asset classes of stocks or bonds.
C. examine the benefits of diversifying with a combination of asset classes such as stocks and bonds.

单项选择题

June Rutherford is preparing a research report on Andronicus Fund, an offshore hedge fund that specializes in identifying market pricing inefficiencies and profiting from the arbitrage opportunities they present. Rutherford includes these statements in her report: Statement 1: The rate of return that investors require from Andronicus should reflect the risk that the fund managers will not consistently capture positive abnormal returns from the anomalies they have identified. Statement 2: Arbitrage trading is unlikely to bring about fully efficient prices because Andronicus and other arbitrageurs will not trade if the gains to be captured are less than their transactions costs. Are Rutherford’s statements correct Statement 1 Statement 2（）①A. Correct Correct ②B. Correct Incorrect ③C. Incorrect Correct

A. ①
B. ②
C. ③