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　　Risk management activities can increase firm value when:
　　I. commodity risk is hedged.
　　II. the firm's claimholders cannotreplicate the results of the firm's hedging activity.
　　III. there is a sufficient number ofclaimholders.
　　IV. the firm's claimholders aresufficiently risk averse.
　　a. I and IV only.
　　b. II Only.
　　c. II and III only.
　　d. I, II, and IV.
　　答案解析：選B
　　Risk management activities can increasefirm value when the firm's claimholders cannot take actions to replicate theresults of hedging activity. Claimholders are willing to pay for the firm to dosomething they cannot do on their own accounts. (See Book 1, Topic 3)
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