Please answer all questions

8. By definition, what is the fundamental value of a share?
   1. The value it would have in an efficient market without any inside information
   2. The value it would have in an efficient market with inside information
   3. The value it would have in an efficient market if there were no noise traders in the market 4) Its fair market value at any given point in time

1. Which of the following reflects the reason why theories of investment decision making state that beta risk is the only risk measure that is relevant for risk-averse rational investors?
   1. The capital asset pricing model (CAPM) has empirical support.
   2. Transaction costs prevent investors from achieving full diversification.
   3. A rational risk-averse investor can diversify away idiosyncratic risk.
   4. Beta risk equals the total risk of a security.

10. One of the ethical issues facing the accountant is the conflict between the clients interest and the public interest. Which of the following options is correct regarding reconciling the conflict between clients and the public?
    1. This conflict cannot be reconciled.
    2. The accountant should act in the clients interest.
    3. There is never any conflict between the clients interest and the public interest. 4) The conflict can be reconciled if the accountant acts with integrity.

11. The U.S. Securities and Exchange Commission has suggested a number of quantitative risk disclosures, one of which is value at risk. Which of the following describes the major challenge confronting estimations of value at risk for firms?
    1. The application of value at risk only to upside risk
    2. The estimation of joint price distribution
    3. The hedge effectiveness of the hedging strategies adopted by the firm
    4. The estimation of the sensitivity of fair values to changes in commodity prices
12. One of the ethical issues facing the accountant is the conflict between the clients interest and the public interest. Which of the following options is correct regarding reconciling the conflict between clients and the public?
    1. This conflict cannot be reconciled.
    2. The accountant should act in the clients interest.
    3. There is never any conflict between the clients interest and the public interest.
    4. The conflict can be reconciled if the accountant acts with integrity.
13. The U.S. Securities and Exchange Commission has suggested a number of quantitative risk disclosures, one of which is value at risk. Which of the following describes the major challenge confronting estimations of value at risk for firms?
    1. The application of value at risk only to upside risk
    2. The estimation of joint price distribution
    3. The hedge effectiveness of the hedging strategies adopted by the firm
    4. The estimation of the sensitivity of fair values to changes in commodity prices