这种题目反复错，听课内容都懂的

问题如下：

Question Based on the capital asset pricing model (CAPM), the expected return on FGL Corp’s shares is 12%. Using a model independent of the CAPM, an analyst has estimated the returns on the stock at 10%. Based on this information, the analyst is most likely to consider the stock to be:

选项：

A.overvalued.

B.correctly valued.

C.undervalued.

解释：

A is correct. Because the estimated return on the stock is lower than the expected return using the CAPM, the stock does not compensate the investor for the level of risk and so it is most likely overvalued.

B is incorrect. Because the estimated return on the stock is lower than the expected return using the CAPM, the stock does not compensate the investor for the level of risk and so it is most likely overvalued (not correctly valued).

C is incorrect. Because the estimated return on the stock is lower than the expected return using the CAPM, the stock does not compensate the investor for the level of risk and so it is most likely overvalued (not undervalued).