1. The duration of a perpetuity is infinite 2. A firm's beta can be estimated from the slope of the characteristic line 3. A good index fund manager should display market timing ability 4. The intrinsic value of a put with a zero strike price is zero 5. The time value of a put with a zero strike price is zero 6. The value of a put option with a positive strike price could be zero 7. The post-earning announcement drifts describes a sluggish response of stock prices to firms' earnings announcements 8. ETF's usually deliver high alpha 9. Consistent with the random walk hypothesis, if markets are efficient, the correlation coefficient between stock returns for two non-overlapping time periods should be negative 10. In a momentum strategy you are shorting recent winners