单项选择题

In general，which of the following institutions will most likely have a high need for liquidity and a short investment time horizon？（）

A.Banks
B.Endowments
C.Defined benefit pension plans

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单项选择题

According to the Capital Asset Pricing Model （CAPM），the market portfolio（）

A.includes all risky assets invested in equal amounts.
B.is exposed to both unsystematic and systematic risk.
C.is perfectly positively correlated with other portfolios on the CML.

单项选择题

Which of the following performance measures most likely relies on systematic risk as opposed to total risk when calculating risk-adjusted return？（）

A.M-squared
B.Sharpe ratio
C.Treynor ratio

单项选择题

A portfolio manager generated a rate of return of 15.5% on a portfolio with beta of 1.2.If the risk-free rate of return is 2.5% and the market return is 11.8%，Jensen’s alpha for the portfolio is closest to：（）

A.1.84%
B.4.34%
C.3.70%