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If there are restrictions on short selling and borrowing at the risk-free rate, we would expect to see that: A. all investors hold the same market portfolio as predicted by the CAPM. B. highly risk-averse individuals tend to hold heavily diversified portfolios, while those with less risk aversion tend to concentrate their portfolios. C. less risk-averse individuals tend to hold heavily diversified portfolios, while those with more risk aversion tend to concentrate their portfolios. D. both highly risk-averse individuals and those with less risk aversion tend to concentrate their portfolios. |