投资学第7版Test Bank答案
Multiple Choice Questions
1. __________ refer to strategies aimed at attaining the established rate of return
requirements while meeting expressed risk tolerance and applicable constraints.
A) Investment constraints
B) Investment objectives
C) Investment policies
D) All of the above
E) None of the above
Answer: C Difficulty: Moderate
Rationale: Objectives are goals, constraints refer to actions the investor is unwilling to
take; both objectives and constraints determine policies.
2. One incorrect belief that is often cited as a reason for fully-funded pension funds to
invest in equities is
A) stocks have higher risk.
B) bonds have lower returns.
C) stocks provide a hedge against inflation.
D) stocks have higher returns.
E) all of the above are incorrect beliefs that are often cited.
Answer: C Difficulty: Moderate
Rationale: Nominal returns on stocks are highly correlated with inflation, yet many
pension managers cite inflation protection as a reason for investing in equities.
3. __________ in the process of asset allocation.
A) Deriving the efficient portfolio frontier is a step
B) Specifying asset classes to be included in the portfolio is a step
C) Specifying the capital market expectations is a step
D) All of the above are steps
E) None of the above is a step in the asset allocation process.
Answer: D Difficulty: Easy
Rationale: A, B, and C determine asset allocation.
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