22 Which of the following measures how 2 random variables (e.g.. Stock returns) move relative to each other? a. Standard deviation b. Variance c. Expected value d. Covariance e. None of the above 23 The pecking order view of capital structure suggests that for financing new projects, firms prefer a. borrowing (debt) over issuing more equity. b. Internally generated funds over borrowing. c. Equity over debt. d. Paying out all of the firm's earnings as dividends to existing shareholders to maximize shareholders wealth. e. Both a & b. 24 Efficient portfolios all have a. no risk c. The highest return for a given risk d. The lowest risk for a given return e. Both c&d