Which of the following events would make it LESS likely that a company would choose to call its outstanding callable bonds?

	a.	An decrease in market interest rates.
	b.	The company's bond credit rating is upgraded (improved).
	c.	A financial crisis leading to low credit availability
	d.	None of the above

1. A firm has the following balance sheet:

   Assets $400 mn

   Liabilities $200 mn

   Equity $200 mn

   It has 20 million shares outstanding. If the average MB multiplier of three of its nearest competitors is 3.5, estimate the stock price.

   A		35
   B		25
   C		15
   D		45

Assume that markets are weak-form efficient, but not semi-strong form or strong form efficient. Which of the following statements is most correct?

A		Investors may be able to earn super-normal returns if they have access to information that has been publicly revealed.
B		Each common stock has an expected return equal to that of the overall market.
C		Investors can expect to earn super-normal returns if they have access to historical information.
D		None of the above

Please explain each of them, I will provide a thumbs up