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Basic Question 4 of 6
During recessions, ______ stocks tend to underperform ______ stocks.
B. large, small
C. non-cyclical, cyclical
A. growth, value
B. large, small
C. non-cyclical, cyclical
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Learning Outcome Statements
explain how the phase of the business cycle affects short-term and long-term earnings growth expectations;
explain the relationship between the consumption hedging properties of equity and the equity risk premium;
describe cyclical effects on valuation multiples;
CFA® 2025 Level II Curriculum, Volume 6, Module 37.