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Most valuations of securities and investments are based on forecast cash flows and expected returns. This subjects risk associated with cash flows and returns to increased variability. Risk associated with forecast cash flows a year from now is likely to be __________ than the risk associated with forecast cash flows five years from now. Since there is risk involved in forecast cash flows, financial decision makers require a risk premium to compensate for the risk that they would undertake. There is trade-off between risk and return that represents the balance between the lowest possible risk and the highest possible return for the risk. This relationship between risk and return is represented as follows: Required Rate of Return = Risk-Free Rate of Return + Risk Premium The required rate of return can be broken down further into several components such as the inflation premium, default risk premium, liquidity risk premium, and so on. Based on your understanding of the components of required rate of return, identify the determinants with each characteristic described in the following table: Consider this case: James bought shares of a heavily traded stock listed on the New York Stock Exchange (NYSE), whereas Victoria bought stocks of a rural bank with a very small number of shareholders. Whose investment is more exposed to marketability risk? Victoria's investment James's investment