True , False or Uncertain with explanantion

19. Shadow banking in China is analogous to money market funds in the United States.

20. If the Chinese stock market were more highly developed, then Chinese housing prices would be lower.

21. In the United States, the central bank places big bets on credit risk while the U.S. Treasury place big bets on the term structure of interest rates,

A. Pay-as-you-go swaps make it easier to manipulate the underlying securities by enabling a buyer to corner the market by purchasing the same security twice.

B. Carry trades have concave payoffs with hidden short positions in out-of-the money put options.

C. The plan sponsors of pension funds use carried interest to induce private equity fund managers to work harder despite the undesirable incentives it creates for private equity fund managers to increase the riskiness of the investment portfolio.

D. If a small endowment manager has little ability to pick asset managers, David Swensen would encourage the endowment mangers to invest in indexed portfolios of liquid assets, despite the fact that Swensen believes illiquid markets offer higher returns because of their inefficiency.