1)

A. Which of the following statement is NOT correct?

		The strong form of Efficient Market Hypothesis can be accurately tested
		If the semi-Strong form of Efficient Market Hypothesis is true, reflect all public information
		If the semi-strong form of Efficient Market Hypothesis is true, most fundamental analysis is fruitless
		The momentum effect is evidence against the weak form of of Efficient Market Hypothesis

B. Which of the following statement is NOT correct?

		If the week form of Efficient Market Hypothesis is true, all public information is reflected in the price
		The momentum effect is evidence against the semi-strong form of of Efficient Market Hypothesis
		Noise trader risk is a source of limits to arbitrage
		Fundamental trader risk is a source of limits to arbitrage

C. Which of the following statement is NOT correct?

		The Capital Allocation Line must goes through the minimum-variance portfolio
		A senior executive at Enron embezzles $10 million and escapes to South America is a idiosyncratic-risk event
		A strike by union workers hurts a Hyundai s quarterly earnings is a idiosyncratic-risk event
		Mad Cow disease in Montana hurts local ranchers and buyers of beef is a idiosyncratic-risk event

D. Which of the following statement is NOT correct?

		The Capital Allocation Line must goes through the minimum-variance portfolio
		A senior executive at Enron embezzles $10 million and escapes to South America is a idiosyncratic-risk event
		The Capital Allocation Line goes through a risky asset
		Idiosyncratic risk is not a type of risks exist in a well-diversified portfolio