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Which of the following investment strategies destabilizes asset prices most?

A) Avalue strategy.

B) Asize investment strategy.

C) Amomentum investment strategy.

D) Value, momentum, and size strategies all stabilize asset prices.

答案：C

解析：Value and momentum are opposite each other in that value investing is inherently stabilizing. It is a negative feedback strategy where stocks that have fallen in value eventually are priced low enough to become value investments, pushing prices back up. Momentum is inherently destabilizing. It is a positive feedback strategy where stocks that have been increasing in value are attractive to investors, so investors buy them, and prices increase even more. Momentum can be riskier than value or size investing in that it is more prone to crashes.

Which of the following is a factor in the Fama-French three-factor model?

A) Investment Growth.

B) The small capitalization minus big capitalization risk factor.

C) The winners minus losers risk factor.

D) Inflation.

答案：B

解析：The Fama-French model includes the following three risk factors: Ⅰ. The traditional capital asset pricing model market risk factor. Ⅱ. A factor that captures the size effect (SMB). Ⅲ. A factor that captures the value/growth effect (HML). The winners minus losers (WML) momentum factor was discovered by Jagadeesh and Titman.

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