NO.PZ2021091701000018
问题如下：
Which of the following statements is most accurate? If two equity issues have
the same market risk but the first issue has higher leverage, greater liquidity,
and a higher required return, the higher required return is most likely the result
of the first issue’s:
选项：
A. greater liquidity
B. higher leverage
C. higher leverage and greater liquidity
解释：
B is correct. All else equal, the first issue’s greater liquidity would tend to make
its required return lower than the second issue’s. However, the required return
on equity increases as leverage increases. The first issue’s higher required
return must result from its higher leverage, more than offsetting the effect of its
greater liquidity, given that both issues have the same market risk.
雖然答对了，但想不通为何流动性高会使要求回报率较低？
