Reviewquestions:Question1:Discusswhatistheprotectiveputoptionstrategyandthemotivationofthisstrategy.(20)Purchasestockandpurchaseaputoptiononthatstockmotivation:expectpricetoincrease,butnotsure,tolimitpotentialloss(Aprotectiveputconsistsofinvestinginstockandsimultaneouslypurchasingaputoptiononthestock.Regardlessofwhathappenstothepriceofthestock,youareguaranteedapayoffequaltotheputoptionexerciseprice)保护性看跌包括投资股票，同时购买的股票看跌期权的。不管发生了股票的价格是什么，你都保证了收益等于看跌期权行权价格Question2:Withregardtosemistrong-formefficientmarket,whatismeantbytheterm"anomaly"?Givethreeexamplesofmarketanomaliesandexplainwhyeachisconsideredtobeananomaly?(11)Anomaliesarepatternsthatshouldnotexistifthemarketistrulyefficient.Investorsmightbeabletomakeabnormalprofitsbyexploitingtheanomalies,whichdoesn'tmakesenseinanefficientmarket.Possibleexampleincludethefollowing:Thesmallfirmeffect—averageannualreturnsareconsistentlyhigherforsmall-firmportfolios,evenwhenadjustedforriskbyusingtheCAPM.Thejanuaryeffect—thesmall-firmeffectoccursvirtuallyentirelyinjanuary.Theliquidityeffect—investorsdemandareturnpremiumtoinvestinless-liquidstocks.thisisrelatedtothesmall-firmeffectandtheneglected-firmeffect.thesestockstendtoearnhighrisk-adjustedratesofreturn.Question5:Discusstheindustrylifecycle,howthisconceptcanbeusedbysecurityanalysts.Theindustrylifecyclemaybedefinedbythefollowingstages:startup(rapidandincreasinggrowth),consolidation(sablegrowth),maturity(slowinggrowth),andrelativedecline(minimalornegativegrowth).Investorsinterestedinidentifyingnew,andpresumablyultimatelysuccessful,industrieswillusethistechnique,tryingtogetinonthe"groundfloor".Inthestartupstage,nohistoricaldataispresent;thus,onecannotidentifypotentiallysuccessfulfirms.However,typically,allofthefirmsaresellingatlowpricesandtheinvestorwill"diversifyacrosstheindustry"bybuyingmanydifferentstocksintheindustry.Iftheindustrybecomessuccessful,thesurvivingfirmswillappreciatesubstantiallyinvalue;thenon-survivingfirmswillbewrittenoffaslosses.Typically,inthisstage,firmsarepayinglittleornodividends.Investmentinthisstageisfortherisk-tolerantinvestor.Astheindustrymovesfromthestartuptotheconsolidationstage,firmsbeginpayingorincreasingdividends;thesurvivingfirmsbecomemoresuccessful,begintoenjoyeconomiesofscale,andaremovingupthelearningcurveintermsofcostefficiency.Inthematuritystage,thegrowthhasslowedanddividendsmayhaveincreased;lessriskisinvolved.Bytherelativedeclinestage,thefirmhasnonewexcitingcapitalbudgetingprojectsandmayhavebecomean"incomestock",bypayingoutahigherthanaveragelevelofdividends.Atthisstage,thestockmaybeattractivefortherisk-averseretireeinterestedindividendincome.However,thestockmustbewatchedcarefullyinthisstage,asthisindustrymaybedying(buggywhips).However,overtheindustrylifecycle,theclienteleforthefirms'stockshavechanged,fromtherisk-toleranttotheriskaverse.Question7:Discussthevariousformsofmarketefficiency.Alsodiscusstheimplicationsforthevariousformsofmarketefficiencyforthevarioustypesofsecurities'analysts.(11)Theweakformoftheefficientmarketshypothesis(EMH)statesthatstockpricesimmediatelyreflectmarketdata.Marketdatareferstostockpricesandtradingvolume.Techniciansattempttopredictfuturestockpricesbasedonhistoricstockpricemovements.Thus,iftheweakformoftheEMHholds,theworkofthetechnicianisofnovalue.有效市场假说（EMH...