投资学第7版Test Bank答案26(2)

投资学第7版Test Bank答案

4. Questionnaires and attitude surveys suggest that risk tolerance A) increases with age. B) decreases with age. C) stays constant over the life cycle for most investors. D) cannot be assessed. E) none of the above Answer: B Difficulty: Easy Rationale: The life-cycle view of investment behavior suggests that investors are more risk tolerant when they are younger, and surveys support this view. 5. __________ can be used to create a perfect inflation hedge A) Gold B) Real estate C) CPI-linked bonds D) The S&P 500 index E) None of the above Answer: C Difficulty: Moderate Rationale: The CPI is the rate of inflation, thus CPI-linked bonds can be used to create a perfect inflation hedge. 6. A fully-funded pension plan can invest surplus assets in equities provided it reduces the proportion in equities when the value of the fund drops near the accumulated benefit obligation. This strategy is referred to as A) immunization. B) hedging. C) diversification. D) contingent immunization. E) overfunding. Answer: D Difficulty: Easy Rationale: Contingent immunization allows the fund to participate in the higher returns

of the equity market while protecting the benefits of plan participants.

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