28. Suppose that Jobonga Corporation's stock has a beta of 2, the expected return on the market portfolio is 13%, and the riskfree rate is 4%. According to the CAPM, the expected return on Jobonga's stock should be: a. 38% b. 30% C. 14% d. -14% e. None of the above 29. Why might stock prices follow a random walk? a. Prices reflect all available information and change only in response to new information b. The SEC mandates stock traders introduce the random element C. Stock prices behave irrationally d. Stock traders are often irrational e. None of the above 30. The semi-strong form of the Efficient Markets Hypothesis states that a. Only price information is reflected in stock prices b. All insider information must be reflected in stock prices c. All publicly available information must be reflected in stock prices d. Only trading volume history is reflected in stock prices e. none of the above 31. Why is fundamental analysis so difficult? a. Difficult to find firms with good products b. Difficult to find firms who treat their customers well c. Difficult to conduct statistical tests d. Difficult to find firms that are better than everyone else's estimate. e. None of the above