Which of the following are characteristics of the segmented markets theory? Check all that apply. Investors and borrowers typically stay within a particular maturity market. Investors and borrowers make decisions about which securities best fit their forecasted cash flow needs. The choice of long-term versus short-term maturities is determined by a borrower's expectation of future interest rates, rather than by their financial needs. The choice of long-term versus short-term maturities is determined by an investors' needs, rather than by their expectation of future interest rates