In general，which of the following institutions will most likely have a high need for liquidity and a short investment time horizon？（）

单项选择题According to the Capital Asset Pricing Model （CAPM），the market portfolio（）

A.includes all risky assets invested in equal amounts.
B.is exposed to both unsystematic and systematic risk.
C.is perfectly positively correlated with other portfolios on the CML.

单项选择题Which of the following performance measures most likely relies on systematic risk as opposed to total risk when calculating risk-adjusted return？（）

A.M-squared
B.Sharpe ratio
C.Treynor ratio

单项选择题A portfolio manager generated a rate of return of 15.5% on a portfolio with beta of 1.2.If the risk-free rate of return is 2.5% and the market return is 11.8%，Jensen’s alpha for the portfolio is closest to：（）

A.1.84%
B.4.34%
C.3.70%

单项选择题If the degree of financial leverage （DFL）is 1.00，the operating breakeven point compared to the breakeven point，is most likely（）

A.lower.
B.higher.
C.the same.

单项选择题Which of the following is most likely a sign of a good corporate governance structure？（）

A.Independent board members comprise a minority proportion on the company's board.
B.The separation of the chief executive position from the chair position on the company's board.
C.Independent board members are allowed to meet shareholders only in the presence of the entire board.