单选题 An analyst does research about security market line (SML). With respect to the security market line, if an investor's estimated return is below the SML, a security is most likely:
A. overvalued.
B. correctly valued.
C. undervalued.

【正确答案】 A
【答案解析】[解析] 如果预期回报低于由资本市场定价理论(CAPM)决定的必要回报，那么该证券会在SML线下面，表明该证券价格被高估了。