题目
Which of the following statements about the security market line (SML) is least accurate?
选项
A.The market portfolio consists of all risky assets.
B.Securities that plot above the SML are undervalued.
C.The risk-free rate defines where the SML intersects the vertical axis.
D.Securities that plot on the SML have no intrinsic value to the investor.
答案
D
解析
Securities that fall on the SML are properly priced. They have value to an investor in that they still earn a return.SML上的证券已正确定价。 他们对投资者有价值，因为他们仍然可以获得回报。