The bid-ask spread exists because of _______________.
A. market inefficiencies
B. discontinuities in the markets
C. the need for dealers to cover expenses and make a profit
D. lack of trading in thin markets
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The _________ price is the price at which a dealer is willing to purchase a security.
A. bid
B. ask
C. clearing
D. settlement
A __________ is a private investment pool open only to wealthy or institutional investors that is exempt from SEC regulation and can therefore pursue more speculative policies than mutual funds.
A. commingled pool
B. unit trust
C. hedge fund
D. money market fund
Which one of the following statements about IPOs is not true?
A. IPOs generally underperform in the short run.
B. IPOs often provide very good initial returns to investors.
C. IPOs generally provide superior long-term performance as compared to other stocks.
D. Shares in IPOs are often primarily allocated to institutional investors.
An order to buy or sell a security at the current price is a ______________.
A. limit order
B. market order
C. stop loss order
D. stop buy order
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