15. The optimal portfolio selection under the equilibrium of capital market is (A) The tangent point of the indifference curve and the efficient frontier (B) The tangent point of the CML and the indifference curve (C) The tangent point of the CML and the original efficient frontier (D) None of the above

23. Which of the following statements is FALSE? (A) Put-call parity gives the price of a European call option in terms of the price of a European put, the underlying stock, and a zero-coupon bond. (B) For a given strike price, the value of a call option is higher if the current price of the stock is higher, as there is a greater likelihood the option will end up in-the-money. (C) The value of an otherwise identical call option is higher if the strike price the holder must pay to buy the stock is higher. (D) Because a put is the right to sell the stock, puts with a lower strike price are less valuable. 共 3 頁，第 2 頁

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