19. Which of the following statements is FALSE? (A) Securities that tend to move more than the market have betas lower than 0. (B) Securities whose returns tend to move in tandem with the market on average have a beta of 1. (C) Beta corresponds to the slope of the best fitting line in the plot of the securities excess returns versus the market excess return. (D) The statistical technique that identifies the bets-fitting line through a set of points is called linear regression.

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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