16. The cost of capital for a project with the same beta as Exxon Mobil's stock is closest to:
(A) 11.6%
(B) 11.2%
(C) 12.8%
(D) 7.6%

17. Which of the following is NOT Sharpe ratio? (A) the measure of reward-to-volatility provided by a portfolio (B) the optimal portfolio will have the highest Sharpe ratio (C) it is the slope of the security market line (D) the tangent portfolio will have the highest Sharpe ratio

18. Which of the following is consistent with the portfolios on the Efficient Frontier? (A) Minimum risk is subject to fixed return. (B) Mean-Variance approach. (C) Maximum return is subject to fixed risk. (D) All of the above.

19. Which of the following statements is FALSE? (A) Securities that tend to move more than the market have betas lower than 0. (B) Securities whose returns tend to move in tandem with the market on average have a beta of 1. (C) Beta corresponds to the slope of the best fitting line in the plot of the securities excess returns versus the market excess return. (D) The statistical technique that identifies the bets-fitting line through a set of points is called linear regression.

20. There are two firms with different capital structure: one is levered and the other is unlevered. According to the MM irrelevant proposition, (A) The value of two firms is equal. (B) The cost of capital of levered equity increases with the firm’s debt-equity ratio increases. (C) The WACC is still constant. (D) All of the above.

21. What is the definition of beta estimation for CAPM in linear regression? (A) All of the below (B) Systematic risk (C) The elasticity for the change of market’s return is relative to the change of the i security’s return. (D) Beta corresponds to the slope of the best-fitting line in the plot of the security’s excess returns versus the market excess return.

22. Bradshaw Manufacturing has just issued 12% bonds and received the net proceeds of $1000. The bonds will mature in 20 years and the firm’s marginal tax rate is 40%. What is the firm’s cost of debt? (A) 12% (B) 7.2% (C) 10% (D) 9.6%

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

24. You pay $3.25 for a call option on Luther Industries that expires in three months with a strike price of $40.00. Three months later, at expiration, Luther Industries is trading at $41.00 per share. Your profit per share on this transaction is closest to: (A) -$1.00 (B) $1.00 (C) -$2.25 (D) $2.25

25. Wyatt Oil issued $100 million in perpetual debt (at par) with an annual coupon of 7%. Wyatt will pay interest only on this debt. Wyatt's marginal tax rate is expected to be 40% for the foreseeable future. The present value of Wyatt's annual interest tax shield is closest to: (A) $2.8 million (B) $4.2 million (C) $7.0 million (D) $40 million

1. 下列各詞句，就時辰(時間點)來說，哪兩句最「相近」？ (甲)楊柳岸，曉風殘月 (乙)樓上晴天碧四垂，樓前芳草接天涯 (丙)樓上闌干橫斗柄，露寒人遠雞相應 (丁)守著窗兒，獨自怎生得黑 (A) (乙) (丙) (B) (甲) (丙) (C) (丙) (丁) (D) (甲) (丁)

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