试题与答案

下列关于CAPM和APT的区别的说法,正确的是()。 A.AFT强调的无套利均衡原则

题型:多项选择题

题目:

下列关于CAPM和APT的区别的说法,正确的是()。

A.AFT强调的无套利均衡原则,其出发点是排除无套利均衡机会,若市场上出现非均衡机会,市场套利力量必然重建均衡,从而使得无套利均衡分析是现代金融学的基本研究方法,为金融资产定价提供了一种基本思想;而CAPM是典型的风险-收益均衡关系主导的市场均衡,是市场上众多投资者行为结果均衡的结果

B.CAPM是建立在一系列假设之上的非常理想化的模型,这些假设包括马柯维茨建立的均值-方差模型时所作的假设;而APT的前提假设则简单得多,从而使得APT不但大大减少了CAPM有效前沿的计算量,而且使APT更符合金融市场运行的实际

C.CAPM仅考虑来自市场的风险,强调证券的风险时用某一证券的相对市场组合的β系数来解释,这只能告诉投资者风险的大小,但无法告诉投资者风险来自何处。而APT不仅考虑了市场本身的风险,而且考虑了市场之外的风险,尤其是多因素套利定价理论考虑证券收益受到多个因素的影响,这对证券收益率的解释性较强

D.APT强调无套利原则,这种无套利均衡定价是通过充分分散化的投资组合的分析而得到的,对单项资产的定价结论并不一定成立。而根据CAPM强调的市场均衡原则,当单项资产在市场上失衡时,在CAPM条件下所有的投资者都会同时调整自己的投资头寸以重建均衡

E.CAPM假定了投资者对待风险的类型,即属于风险规避型的投资者;而APT未对投资者的风险偏好作出规定,因此套利定价理论的适应性大大增强

答案:

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“Before you fall in love, you'd better get a job”

As told by Lee Joon-ho, 20, a senior in law at Seoul National University

Korean TV dramas have shown a lot of rebellious(反叛的) youth, but in fact most students still live a traditional life.

Confucianism has a great influence on us. For instance, Confucius said that we should be dutiful to our parents and value the family. Thus we prefer a school that's close to home so we can go back every day.

Also as a result of Confucianism, teachers enjoy a high status in Korea. The other day, my professor was flying to Vienna on a business trip. Instead of waiting for hours in the queue, he was told to check in first and didn't have any problem with overweight luggage.

When it comes to important decision-making, such as choosing a university, a job, and a wife, we listen to our parents' suggestions. Most parents seem liberal in study decisions, but they take a firmer attitude towards their children's love and marriage choices. Often, a man has to have his own business or a solid career before he's allowed to pursue romance.

Male chauvinism is popular among our parents' generation, since they had to support the whole family through hard work. We need to shoulder the same responsibility, but we've also learned to respect women, as they're doing outstanding work in lots of areas. But to be honest, my friends and I still prefer a traditional woman as a girlfriend and future wife. We want her to be elegant and thoughtful in taking care of a family.

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B.Korean youth will not love anyone until they find a job.

C.Most Korea students live a traditional life.

D.Confucius has a great influence on the Korean people.

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