题目
All of the following are assumptions of the Capital Asset Pricing Model except:
选项
A.Each investor seeks to maximize the expected utility of wealth at the end of that investor’s horizon.
B.Investors can borrow and lend at the same risk-free rate.
C.Investors have the same expectations concerning returns.
D.The time horizons of investors are normally distributed.
答案
D
解析
The CAPM assumes that investors all have the same horizon (as well as expectations). This means that the distribution of the horizons is not normal because normality implies a bell-shaped curve distribution, which would have a positive variance and, hence, dispersion.CAPM假定投资者都有相同的水平线（以及期望）。 这意味着水平线的分布不是正态的，因为正态性意味着钟形曲线分布，该曲线分布将具有正方差并因此具有分散性。