$...($i$)...$ shares are high$-$beta shares whose returns rise and fall sharply in bull and bear markets, while $...($ii$)...$ companies have management capability and the opportunity to undertake investment projects that produces rates of return greater than their weighted average costs of capital.

$$

a$.$

Speculative$$ defensive

b$.$

Cyclical$$ growth

c$.$

Defensive$$ cyclical

d$.$

Growth$$ speculative