"Equity Investments":Efficient market
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Questions 1:
An industry characterized by rising volumes, improving profitability, falling prices, and relatively low competition among companies is most likely in which of the following life-cycle stages?
A 、Growth
B 、Mature
C、 Embryonic
Questions 2:
Which of the following statements is most accurate in an efficient market?
A 、Active strategies will lead to excess risk-adjusted portfolio returns.
B 、Securities market prices fully reflect their fundamental values.
C 、Securities market prices respond over time to changes in economic information.
A is correct. An industry in growth stage is characterized by rising volumes, improving profitability, falling prices, and relatively low competition among companies.
B is incorrect. In the mature stage there will be little or no growth and relatively stable demand for products.
C is incorrect. In the embryonic stage there will be slowing growth and high prices.
B is correct. In an efficient market, market participants will process available information, and those with opposite views will trade among each other until securities market prices fully reflect their fundamental values. An efficient market is thus a market in which asset prices reflect all past and present information.
A is incorrect. In an efficient market, securities market prices reflect their fundamental values, so opportunities for active strategies to achieve excess risk adjusted returns may not exist.
C is incorrect. An efficient market is a market in which asset prices reflect information quickly, not over time.
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