10. Which one of the following is least apt to help convince managers to work in the best interest of the stockholders? Assume there are no golden parachutes.
(A) Stock option plans
(B)Threat of a company takeover
(C) Threat of a proxy fight
(D) Increasing managers' base salaries

1.Which of the following statements is incorrect? (A) If the market portfolio is not efficient, then a stock's beta with the market is not an adequate measure of its systematic risk. (B)The true market portfolio stocks, bonds, real estate, art, and precious metals. (C) Nonzero alphas may indicate that the wrong market proxy is beings used. (D) The inforrnation required to implement a momentum strategy is not readily available to investors.

2.Which of the following statements is incorrect? (A) If the CAPM correctly computes the risk premium, investors would stop investing only when they expected the alpha of an investment strategy to be negative. (B)Although the true market portfolio of all invested wealth might be efficient, the proxy portfolio might not track the actual market very well. (C) An efficient portfolio cannot be diversified further, that is there is no way to reduce the risk of the portfolio without lowering its expected return. (D) To determine a project's cost of capital we need to estimate its beta.

3. Which of the following statements is incorrect? (A) When agency costs are significant, short-term debt may be the most attractive form of external financing. (B)Too much debt can motivate managers and equity holders to take excessive risks or over-invest in a firm. (C) Too much debt can motivate managers and equity holders to under-invest in a firm. (D) Firms with high R&D costs and future growth opportunities typically maintain high debt levels.

4.Which of the following statements is incorrect? (A) When securities are fairly priced, the original shareholders of a firm pay the future value of the costs associated with bankruptcy and financial distress. (B)The Modigliani and Miller theorem does not hold in a perfect capital market with the risk of bankruptcy. (C) With tangible assets, the financial distress costs of leverage are likely to be low. (D) Although direct costs of bankruptcy are difficult to measure accurately, they are typically much smaller than the indirect costs of bankruptcy.

5.Which of the following statements is incorrect? (A) Proponents of the management entrenchment theory of capital structure believe that managers choose a capital structure to avoid the discipline of debt and maintain their own job security. (B)The pecking order hypothesis states that managers will have a preference to fund investment using retained earnings, or debt, rather than equity. (C) According to the empire building hypothesis, leverage increases firm value. (D) The presence of financial distress costs can explain why firms choose debt levels that are too high to fully exploit. the interest tax shield.

6. You have been instructed to place an order for a client to purchase 500 shares of every IPO that comes to market. The next two IPOs are each priced at $26 a share and will begin trading on the same day. The client is allocated 500 shares of IPO A and 240 shares of IPO B. At the end of the first day of trading, IPO A was selling for $23.90 a share and IPO B was selling for $29.40 a share. What is the client's total profit or loss on these two IPOs as of the end of the first day of trading? (A) - $286 (B)- $234 (C) - $148 (D) $275

7. Which one of the following statemnents is correct concerning the direct costs of issuing securities? (A) The gross spread as a percentage of proceeds is the same for similar-sized IPOs and SEOs. (B)A scasoned offering is always more expensive on a percentage basis than an IPO. (C) There tends to be substantial economies of scale when issuing any type of security. (D) The costs of issuing convertible bonds tend to be less on a percentage basis than the costs of issuing straight debt.

8. Mobile Units recently offered 75,000 new shares of stock for sale. The underwriters sold a total of 78,500 shares to the public at a price of S16 a share. The additional 3,500 shares were purchased in accordance with which one of the following? (A) Green Shoe provision (B)Red herring provision (C) Quiet provision (D) Lockup agreement

9. Which one of the following statements is correct? (A) A general partnership is legally the same as a corporation. (B)Income from both sole proprietorships and partnerships that is taxable is treated as individual income. (C) Partnerships are the most complicated type of business to form. (D) Only firms organized as sole proprietorships have limited lives.

11. In U.S., the information content of a dividend increase generally signals that: (A) management believes the future earnings of the firn will be strong. (B)the firm has several net present value projects to pursue. (C) future dividends will be lower. (D) the firm has a one-time surplus of cash.

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