"Equity Investments":Security market
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Questions 1:
Security market indices can be used to calculate alphas, which are best described as:
A. the systematic risk of a security, using the index as a proxy for the entire market.
B. the difference between the return of the actively managed portfolio and the return of the passive portfolio.
C. a measure of market sentiment.
Questions 2:
If a test rejects the hypothesis that market prices reflect private information but does not reject the hypothesis that they reflect past market data and public information, then the form of market efficiency is best described as:
A. strong.
B. weak.
C. semi-strong.
Security market indices serve as market proxies when measuring risk-adjusted performance. Alpha, the difference between the return of the actively managed portfolio and the return of the passive portfolio, is a measure of risk-adjusted return.
The forms of market efficiency are as follows:
If a test rejects the hypothesis that market prices reflect private information but does not reject the hypothesis that they reflect past market data and public information, then there is evidence that the form of market efficiency is semi-strong (because only past market data and public information are reflected in market prices).
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