单选题 Empirical evidence suggests that the security market line (SML) does not maintain a constant slope or intercept across time, creating valuation issues for securities analysts and portfolio managers. Which of the following will cause the slope of the SML to change or cause a shift in the SML? Change in Slope Shift in SML ①A. An increase in expected inflation A decrease in real growth ②B. A decrease in real growth An increase in the market risk premium ③C. An increase in the market risk premium Unexpected growth of the money supply

A、

A. ①
B、

B. ②
C、

C. ③

【正确答案】 C

【答案解析】Researchers are not completely sure of all the factors that change the slope of the SML, but they do know a change in the market risk premium changes the SML's slope. Changes in the expected real growth in the economy, capital market conditions (i, e. monetary policy), or the expected rate of inflation will shift the SML.