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1、CHAPTER13CHAPTER13Return,Risk,andtheSecurityMarketLineI.DEFINITIONSPORTFOLIOSa1.Aportfoliois:a.agroupofassets,suchasstocksandbonds,heldasacollectiveunitbyaninvestor.b.theexpectedreturnonariskyasset.c.theexpectedreturnonacollectionofriskyassets.d.thevari
2、anceofreturnsforariskyasset.e.thestandarddeviationofreturnsforacollectionofriskyassets.PORTFOLIOWEIGHTSb2.Thepercentageofaportfolio’stotalvalueinvestedinaparticularassetiscalledthatasset’s:a.portfolioreturn.b.portfolioweight.c.portfoliorisk.d.rateofretu
3、rn.e.investmentvalue.SYSTEMATICRISKc3.Riskthataffectsalargenumberofassets,eachtoagreaterorlesserdegree,iscalled_____risk.a.idiosyncraticb.diversifiablec.systematicd.asset-specifice.totalUNSYSTEMATICRISKd4.Riskthataffectsatmostasmallnumberofassetsiscalle
4、d_____risk.a.portfoliob.undiversifiablec.marketd.unsystematice.totalPRINCIPLEOFDIVERSIFICATIONe5.Theprincipleofdiversificationtellsusthat:a.concentratinganinvestmentintwoorthreelargestockswilleliminateallofyourrisk.b.concentratinganinvestmentinthreecomp
5、aniesallwithinthesameindustrywillgreatlyreduceyouroverallrisk.c.spreadinganinvestmentacrossfivediversecompanieswillnotloweryouroverallriskatall.d.spreadinganinvestmentacrossmanydiverseassetswilleliminatealloftherisk.e.spreadinganinvestmentacrossmanydive
6、rseassetswilleliminatesomeoftherisk.CHAPTER13SYSTEMATICRISKPRINCIPLEb6.The_____tellsusthattheexpectedreturnonariskyassetdependsonlyonthatasset’snondiversifiablerisk.a.EfficientMarketsHypothesis(EMH)b.systematicriskprinciplec.OpenMarketsTheoremd.LawofOne
7、Pricee.principleofdiversificationBETACOEFFICIENTa7.Theamountofsystematicriskpresentinaparticularriskyasset,relativetothesystematicriskpresentinanaverageriskyasset,iscalledtheparticularasset’s:a.betacoefficient.b.reward-to-riskratio.c.totalrisk.d.diversi
8、fiablerisk.e.Treynorindex.REWARD-TO-RISKRATIOc8.Aparticularriskyasset’sriskpremium,measuredrelativetoitsbetacoefficient,isits:a.diversifiablerisk.b.systematicrisk.c.reward-to-riskratio.d.securitymarketline.e.marketriskpremium.SEC
