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Assets that have big profits during periods of low market returns have:

A) Low betas and low risk premiums.

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B) Low betas and high risk premiums.

C) High betas and low risk premiums.

D) High betas and high risk premiums.

答案：A

解析：Assets that have losses during periods of low market returns have high betas (high sensitivity to market movements), which indicates they are risky and, therefore, should have high risk premiums. Low beta assets have positive payoffs when the market performs poorly, making them valuable to investors.As a result, investors do not require high risk premiums to hold these assets.

Which of the following statements is a limitation of the capital asset pricing model (CAPM)?

A) Investors have a single period investment horizon.

B) The market is not transparent

C) Investors have heterogeneous expectations.

D) People need to pay a liquidity premium to do transaction.

答案：A掃碼領(lǐng)取

解析：The CAPM does not assume uniform taxes and transaction costs; it assumes there are no taxes or transaction costs (i.e., frictionless markets). The other limiting assumptions of the CAPM include: 1. Investors only have financial wealth. 2. Investors have mean-variance utility. 3. Investors have a single period investment horizon. 4. Investors have homogeneous (identical) expectations. 5.All investors are price takers.

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