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1、金融市场学复习题1.Common stock is an example of a(n）_.A）debt security.B）money market security.C)equity security.D）a and b2.The required return to implement a given business project will be _ if interest rates are lower.Thisimplies that businesses will demand a _ quantity of loanable funds when interest rate
2、s are lower。A)greater;lowerB)lower;greaterC）lower；lowerD）greater；greater3。The federal government demand for loanable funds is _.If the budget deficit was expected toincrease,the federal government demand for loanable funds would _.A)interest elastic;decreaseB)interest elastic;increaseC）interest inel
3、astic;increaseD)interest inelastic;decrease4.If the real interest rate was negative for a period of time,thenA）inflation is expected to exceed the nominal interest rate in the future.B）inflation is expected to be less than the nominal interest rate in the future.C）actual inflation was less than the
4、nominal interest rate。D)actual inflation was greater than the nominal interest rate.5.If inflation turns out to be lower than expectedA)savers benefit.B)borrowers benefit while savers are not affected。C)savers and borrowers are equally affected.D)savers are adversely affected but borrowers benefit.6
5、。Assume that foreign investors who have invested in U。S.securities decide to increase their holdings ofU.S。securities。This should cause the supply of loanable funds in the United States to _ and shouldplace _ pressure on U.S.interest rates。A）decrease；upwardB)decrease;downwardC）increase；downwardD)inc
6、rease；upward7。If economic expansion is expected to decrease，the demand for loanable funds should _ and interestrates should _.A)increase；increaseB）increase8.When Japanese interest rates rise，and if exchange rate expectations remain unchanged,the most likelyeffect is that the supply of loanable funds
7、 provided by Japanese investors to the United States will _，and the U。S。interest rates will _。A）increase；increaseB）increase9.Assume that annualized yields of short-term and long-term securities are equal.If investors suddenlyincrease;decreaseC)decrease;decreaseD)decrease;increase;decreaseC）decrease;
8、decreaseD)decrease；believe interest rates will increase，their actions may cause the yield curve toA)become inverted.B)10。If the liquidity premium exists，a flat yield curve would be interpreted as the market expectinga slight increaseD）a large increase_ in interest rates.A)no changesB)a slight decrea
9、seC)11。According to the segmented markets theory，if most investors suddenly preferred to invest inshort-term securities and most borrowers suddenly preferred to issue long-term securities there would beA)upward pressure on the price of long-term securities.B)upward pressure on the price of short-ter
10、m securities.C）downward pressure on the yield of long-term securities.D)a and c12.Other things equal,the yield required on non-callable bonds should be _ the yield required on callablebonds whose other characteristics are exactly the same.A）greater thanB)equal toC）less thanD)All of the above are pos
11、sible，depending on the size of the call premium.13。According to expectations theory,the sudden expectation of lower interest rates in the future will causea _ supply of short-term funds provided by investors，and a _ supply of long-term funds。A)large;largeB）large;smallC)small;smallD)small;large14。Ass
12、ume that the Treasury experiences a large decrease in the budget deficit and purchases a large numberof T-bills.This action will _ the supply of Tbills in the market and places_ pressure on the yield of T-bills。A)decrease；downwardB)decrease；upwardC）increase；upwardD）increase；downward15。Afirmplanstois
13、sue30-daycommercialpaperfor 9，900,000.Parvalueis10,000,000。What is the firms cost of borrowing?A）12.12B)11。11C)13。00%D)14.08%E）15。2516。A repurchase agreement calls for an investor to buy securities for4,925,000 and sell them back in9.00%60 days for 5,000,000。What is the yield?A)9。43%B）9.28C）9.14D)17
14、.Robbins Corp.frequently invests excess funds in the Mexican money market。One year ago,Robbinsinvested in a one year Mexican money market security that provided a yield of 25.At the end of theyear,when Robbins converted the Mexican pesos to dollars,the peso had depreciated from.12 to。11.What is the
15、effective yield earned by Robbins?A）25.00B)35.41C)14。59%D)none of the above18.Bullock Corp.purchases certain securities for$4，921,349,with an agreement to sell them back at a pricebecome flat。C)become upward sloping.D）be unaffected。of 4，950，000 at the end of a 30-day period.The repo rate is _。A)7。08
16、B)6。95C）6.99D)7。04E)none of the above19.Assume U.S。interest rates are significantly higher than German rates.A U.S。firm wanting to issuebonds could achieve a lower financing rate，without exchange rate risk by denominating the bonds inA）dollars。B)marks(德国马克）and making payments from U.S.headquarters.C
17、）marks and making payments from a German subsidiary。D)dollars and making payments from a German subsidiary.20。If interest rates suddenly _，those existing bonds that have a call feature aredecline；lessC)increase；moreD)none of the above_ likely to be called.A)decline;moreB)21。When financial institutio
18、ns expect interest rates to _，they may _。A)increase;sell bonds and buy short term securitiesB）increase;sell short term securities and buy bondsC)decrease;sell bonds and buy short term securitiesD)B and C22。If the coupon rate _ the required rate of return,the price of a bond _ par value。exceeds；is le
19、ss thanA)equals;equalsB)E）none of the above23。As interest rates consistently rise over a specific period,the market price of a bond you own wouldconsistently decreaseC）remain unchangedlikely _ over this period。(Assume no major change in the bonds default risk.）A)consistently increaseB)24。If analysts
20、 expect that the demand for loanable funds will increase，and the supply of loanable fundswill decrease,they would most likely expect interest rates to _ and prices of existing bonds to_。A）increase;increaseB)increase；decreaseC)decrease；decreaseD）decrease；increase25。If bond portfolio managers expect i
21、nterest rates to increase in the future,they would likely _ theirholdings of bonds now,which could cause the prices of bonds to _ as a result of their actions。A）increase;increaseB）increase;decreaseC）decrease;decreaseD)decrease；increase26。If the United States announces that it will borrow an addition
22、al$10 billion,this announcement willnormally cause the bond traders to expectA）higher interest rates in the future,and will buy bonds now.B）higher interest rates in the future，and will sell bonds now.C）stable interest rates in the future，and will buy bonds now。D）change in a direction that cannot be
23、determined with the above informationC）is less than；is greater thanD）B and CD)lower interest rates in the future,and will buy bonds now。E）lower interest rates in the future，and will sell bonds now.27。If the level of inflation is expected to _,there will be _ pressure on interestdecrease;upward;downw
24、ardrates and _ pressure on the required rate of return on bonds。A）increase;upward;downwardB)E)increase；upward;upward28.Using a(n)_ strategy，investors allocate funds evenly to bonds in each of several differentmaturity classes.A）matchingB)ladderedC）29。Managers of firms may consider a stock repurchase
25、 or even a leveraged buyout when they believe theirstock is _ by the market,or a secondary stock offering when they believe their stock is_ by the market。A)undervalued;undervaluedB）overvalued；overvaluedC）undervalued；overvaluedD）overvalued;undervaluedE)30。A stocks average return is 10%.The average ri
26、sk free rate is 7。The standard deviation of thestocks return is 4%,and the stocks beta is 1.5。What is the Treynor Index for the stock?A）.03B）。75C）1。33D)。02E）5031.A higher beta of an asset reflectsA）lower risk.B)lower covariance between the assets returns and market returns。C)higher covariance betwee
27、n the assets returns and the market returns.D)none of the above.32.The arbitrage pricing theory（APT）differs from the capital asset pricing model（CAPM)in that itsuggests that stock pricesA）are influenced only by the market itself。B)can be influenced by a set of factors in addition to the market.C)are
28、 not influenced at all by the market.D）cannot be influenced at all by the industry factors。33.If the returns of two stocks are perfectly correlated，then34.The risk of a short sale is that the stock priceA）may decrease over time.B)will remain the same。A)their betas should each equal 1。0.C）their corre
29、lation coefficient should equal 1。0。D）their portfolio standard deviation should equal 1.0。B)the sum of their betas should equal 1。0.none of the abovebarbellD）interest rateE)none of the aboveC）decrease;upward；upwardD)increase；downward；upwardC)may increase over time。D)none of the above。35。Sellers(writ
30、ers）of call options can offset their position at any point in time byA)selling a put option on the same stock.B)buying identical call options。C)selling additional call options on the same stock.D）A and BE）all of the above36.Speculators purchase currency _ on currencies they expect to _ against the d
31、ollar。A）call options;weakenB)put options;strengthenC）futures；weakenD）put options；weaken37.The premium on an existing call option should _ when the underlying stock price decreases.A)be negativeB）计算题：1.Sorvino Co。is expected to offer a dividend of$3.2 per share per year forever.The required rate of returnon Sorvino stock is 13。According to the dividend discountmodel，what is the price of a share ofSorvino stock？习题答案：选择题：15 CBCDA610 CCDCB1115 BCDBA16-20 CCCCA21-25 AABBC2630 BDBCD3135 CBCCB36-37 DB计算题：1。24。62declineC）increaseD）be unaffectedE)A and B