15. Which is far from the strategies used in M&A activism?

	A.	Make target firm more attractive to potential bidders.
	B.	Pressure management to divest non-core assets.
	C.	Pressure management to make announced merger deals more attractive.
	D.	Merge or acquire target firms.

16. Which explanation is incorrect?

	A.	Appraisal right is a put option granted to the shareholders of an acquired firm.
	B.	Squeeze-out right is a call option granted to the bidder.
	C.	Mandatory put is a put option granted to target firm shareholders.
	D.	Sell-out right is a put option granted to target firm shareholders.

18. What is the rationale behind the proposed amendment of the Insurance Business Act in 2020?

I. Reduce concentration risk.

II. Protect insurance companies from the business failures of non-financial affiliates.

III. Create level playing field for other non-bank financial companies.

IV. Prevent insurance companies being used as a vehicle to expand control over other firms.

	A.	I, II, III, IV
	B.	I, III, IV
	C.	II, III, IV
	D.	I, II, III

20. Which of the following statement is incorret about the long-run effect of hedge fund activism according to Bebchuk, Brav, and Jiang (2015)?

	A.	Firms that were intervened before the global financial crisis (2004-2007) have higher profitability and firm value during the crisis period (2008-2009) than those that were not intervened.
	B.	If one buys the shares of a target firm immediately after hedge fund's intervention, positive excess return persists for 5 years.
	C.	If one buys the shares of a target firm immediately after hedge fund's divestment, positive excess return persists for 5 years.
	D.	Adversarial tactics, such as proxy fights and law suits, lower the firm's competitiveness.

All explanations are needed!!