An analyst is developing net present value （NPV）profiles for two investment projects.The only difference between the two projects is that Project 1 is expected to receive larger cash flows early in the life of the project，while Project 2 is expected to receive larger cash flows late in the life of the project.The sensitivities of the projects’NPVs to changes in the discount rate is best described as：（）

Which of the following statements is least likely to be an assumption about investor behaviour underlying the Markowitz model？（）

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：（）

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

以下哪個(gè)收益率最可能成為投資者對(duì)債券估價(jià)的因素（）。

再投資風(fēng)險(xiǎn)（）。

A company’s optimal capital budget most likely occurs at the intersection of the（）

A company that sells ice cream is evaluating an expansion of its production facilities to also produce frozen yogurt.A marketing study has concluded that producing frozen yogurt would increase the company’s ice cream sales because of an increase in brand awareness.What impact will the cash flows from the expected increase in ice cream sales most likely have on the NPV of the yogurt project？（）

迪萊拉公司的現(xiàn)期普通股息為$1.25。從長(zhǎng)遠(yuǎn)來看，有望以4%的速度增長(zhǎng)。假定無風(fēng)險(xiǎn)利率為4.25%，預(yù)期市場(chǎng)回報(bào)率為8%，個(gè)股貝塔系數(shù)為0.90，那么迪萊拉公司的個(gè)股價(jià)格應(yīng)最接近（）。

債券的買賣差價(jià)最直接受到什么影響（）。