请问这个题目哪里有内容？如何推导出来的？是否需要背诵？还有没有其他类似需要背诵的历史？谢谢

问题如下：

Chen, Roll, and Ross (1986) tested the APT model and found several explanatory variables for the average rate of return on stocks traded on the NYSE. Which of the following is not an explanatory variable in their empirical test?

选项：

A.

Expected and unexpected inflation

B.

The yield spread between high and low risk corporate bonds

C.

The yield spread between long and shor maturity
bonds

D.

The change in money supply in the economy

解释：

D is correct.

. The change in money supply in the economy

The explanatory variables were

• The spread between long-term and short-term interest rates (reflecting shifts in time preferences);

• Expected and unexpected inflation;

• Industrial production (reflecting changes in cash flow expectations); and

• The spread between high-risk and low-risk corporate bond yields (reflecting changes in risk preferences).

中文解析：

在该检验中，解释变量包括：

长期和短期利率之间的利差（反映期限溢价的变化）；预期和意外的通货膨胀；工业生产（反映现金流预期的变化）；以及高风险和低风险公司债券收益率之间的价差（反映风险偏好的变化）。本题选D。