5. Consider a three-factor APT model. The factors and associated risk premiums are : (5分)A stock with average exposure of b=1.5 to changes in GNP and long-term interest rates, but negative exposure of b= -2.5 to the energy factor. With the risk-free interest rate is 4%, please calculate expected rate of return on the stock.

(3) 由於碳排放和氣候變遷有密切關係，碳排放課題日益受各國政府重視。Matsumura 等學者 (2014)發表於頂級學術期刊(Accounting Review)之文章摘要：「Using hand-collected carbon emissions data for 2006 to 2008 that were voluntarily disclosed to the Carbon Disclosure Project by S&P 500 firms. We find that, on average, for every additional thousand metric tons of carbon emissions, firm value decreases by $212,000. We also find that the median value of firms that disclose their carbon emissions is about $2.3 billion higher than that of comparable non-disclosing firms. Our results indicate that the markets penalize all firms for their carbon emissions, but a further penalty is imposed on firms that do not disclose emissions information.」請說明上述摘要之大意 (8 分)

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