32. List two competing theories to the EklH and provide a two-line explanation of them.

33.The most important service provided by the trading industry is:

A. Liquidity.

B. Informative prices.

C. Consulting.

D. A and R.

17. Claude Shannons demon refers to the universal (50/50) portfolio that exploits Kelly criterion as investment goal.

A) True

B) False

18. as diversification increases, idiosyncratic risk gets closer to:

A. 0

B. 1

C. The variance of the market portfolio

D. Infinity

30. List three conditional CAPMs, explaining in one line each asset pricing model.