21. What is the definition of beta estimation for CAPM in linear regression? (A) All of the below (B) Systematic risk (C) The elasticity for the change of market’s return is relative to the change of the i security’s return. (D) Beta corresponds to the slope of the best-fitting line in the plot of the security’s excess returns versus the market excess return.

23. Which of the following statements is FALSE? (A) Put-call parity gives the price of a European call option in terms of the price of a European put, the underlying stock, and a zero-coupon bond. (B) For a given strike price, the value of a call option is higher if the current price of the stock is higher, as there is a greater likelihood the option will end up in-the-money. (C) The value of an otherwise identical call option is higher if the strike price the holder must pay to buy the stock is higher. (D) Because a put is the right to sell the stock, puts with a lower strike price are less valuable. 共 3 頁，第 2 頁

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