The appropriate measure for risk according to the capital asset pricing model is
A) the standard deviation of a firm's stock returns.
B) the standard deviation of a firm's cash flows.
C) alpha.
D) beta.
D
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Robbie, a cash-basis single taxpayer, reported $50,000 of adjusted gross income last year and claimed itemized deductions of $7,450, consisting solely of $7,450 of state income taxes paid last year. Robbie's itemized deduction amount, which exceeded the standard deduction available to single taxpayers for last year by $1,150, was fully deductible, and it was not subject to any limitations or phase-outs. In the current year, Robbie received a $1,500 state tax refund relating to the prior year. What is the proper treatment of the state tax refund?
a. Amend the prior year's return and reduce the claimed itemized deductions for that year. b. Include none of the refund in income in the current year. c. Include $1,150 in income in the current year. d. Include $1,500 in income in the current year.