Answer: 33. Which of the following are advantages to being a shareholder: 1. The expected returns for equities are higher than debt securities. 2. Equities have prices 1isted on major exchanges and are marketable. 3. Equities typically earn their expected return. 4. Equities that do not pay a dividend are tax efficient. a. 1 and 3. b. 2 and 4. C. 1, 2, and 4