please answer 18,19,22,and 23.

number your answers

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18. Which of the following arguments supporting passive investment strategies is (are) correct? L. Active trading strategies may not guarantee higher returns but guarantee higher costs. II. Passive investors can free-ride on the activity of knowledge investors whose trades force prices to reflect currently available information. III. Passive investors are guaranteed to cam higher rates of retum than active investors over sufficiently long time horizons. A. Ionly B. Iand II only C. II and III only D. I, II, and III 19. Consider an investment opportunity set formed with two securities that are perfectly negatively correlated. The elobal minimum-variance portfolio has a standard deviation that is always A. equal to the sum of the securities' standard deviations B. equal to 1 C. equal to 0 D. greater than 0 22. Which of the following are assumptions of the simple CAPM model? L. Individual trades of investors do not affect a stock's price. II. All investors plan for one identical holding period. III. All investors analyze securitics in the same way and share the same coonomic view of the world. T. All investors have the same level of risk aversion. A., II, and V only B. L, II, and III only C. II, III, and IV only D. I, II, III, and IV 23. Which of the following variables do Rams and French claim do a better job explaining stoek returns than beta? L. Booksto-maiket natio II. Unexpected change in industrial production II. Firm size A. Ionly B. Iand II only C. Iand III only D. I, II, and