chap003
投资学题库Chap003
投资学题库Chap003投资学题库Chap003Chapter 03How Securities Are Traded Multiple Choice Questions1.The trading of stock that was previously issued takes placeA. i n the secondary market.B. i n the primary market.C. u sually with the assistance of an investment banker.D. i n the secondary and primary markets.2. A purchase of a new issue of stock takes placeA. i n the secondary market.B. i n the primary market.C. u sually with the assistance of an investment banker.D. i n the secondary and primary markets.E. i n the primary market and usually with the assistance of an investment banker.3-2Copyright ? 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent ofMcGraw-Hill Education.3.Firms raise capital by issuing stockA. i n the secondary market.B. i n the primary market.C. t o unwary investors.D. o nly on days when the market is up.4.Which of the following statements regarding the specialist are true?A. S pecialists maintain a book listing outstandingunexecuted limit orders.B. S pecialists earn income from commissions and spreads in stock prices.C. S pecialists stand ready to trade at quoted bid and ask prices.D. S pecialists cannot trade in their own accounts.E. S pecialists maintain a book listing outstanding unexecuted limit orders, earn income fromcommissions and spreads in stock prices, and stand ready to trade at quoted bid and ask prices.5.Investment bankersA. a ct as intermediaries between issuers of stocks and investors.B. a ct as advisors to companies in helping them analyze their financial needs and find buyers fornewly issued securities.C. a ccept deposits from savers and lend them out to companies.D. a ct as intermediaries between issuers of stocks and investors and act as advisors to companiesin helping them analyze their financial needs and find buyers for newly issued securities.3-3Copyright ? 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent ofMcGraw-Hill Education.6.In a "firm commitment," the investment bankerA. b uys the stock from the company and resells the issue to the public.B. a grees to help the firm sell the stock at a favorable price.C. f inds the best marketing arrangement for the investment banking firm.D. a grees to help the firm sell the stock at a favorable price and finds the best marketingarrangement for the investment banking firm.7.The secondary market consists ofA. t ransactions on the AMEX.B. t ransactions in the OTC market.C. t ransactions through the investment banker.D. t ransactions on the AMEX and in the OTC market.E. t ransactions on the AMEX, through the investment banker, and in the OTC market.8.Initial margin requirements are determined byA. t he Securities and Exchange Commission.B. t he Federal Reserve System.C. t he New York Stock Exchange.D. t he Federal Reserve System and the New York Stock Exchange.3-4Copyright ? 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent ofMcGraw-Hill Education.9.You purchased JNJ stock at $50 per share. The stock is currently selling at $65. Your gains may beprotected by placing aA. s top-buy order.B. l imit-buy order.C. m arket order.D. l imit-sell order.E. N one of the options10.You sold JCP stock short at $80 per share. Your losses could be minimized by placing aA. l imit-sell order.B. l imit-buy order.C. s top-buy order.D. d ay-order.E. N one of the options11.Which one of the following statements regarding orders is false?A. A market order is simply an order to buy or sell a stock immediately at the prevailing marketprice.B. A limit-sell order is where investors specify prices at which they are willing to sell a security.C. I f stock ABC is selling at $50, a limit-buy order may instruct the broker to buy the stock if andwhen the share price falls below $45.D. A market order is an order to buy or sell a stock on a specific exchange (market).3-5Copyright ? 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent ofMcGraw-Hill Education.。
公司财务原理Principles of Corporate Finance(11th edition)_课后习题答案Chap003
CHAPTER 3Valuing BondsAnswers to Problem Sets1. a. Does not change. The coupon rate is set at time of issuance.b. Price falls. Market yields and prices are inversely related.c. Yield rises. Market yields and prices are inversely related.Est. Time: 01-052. a. If the coupon rate is higher than the yield, then investors must beexpecting a decline in the capital value of the bond over its remaining life.Thus, the bond’s price must be greater than its face value.b. Conversely, if the yield is greater than the coupon, the price will be belowface value and it will rise over the remaining life of the bond.Est. Time: 01-053. The yield over six months is 2.7/2 = 1.35%.The six-month coupon payment is $6.25/2 = $3.125.There are 18 years between today (2012) and 2030; since coupon payments are listed every six months, there will be 36 payment periods.Therefore, PV = $3.125 / 1.0135 + $3.125 / (1.0135)2 + . . . $103.125 / (1.0135)36 = $150.35.Est. Time: 01-054. Yields to maturity are about 4.3% for the 2% coupon, 4.2% for the 4% coupon,and 3.9% for the 8% coupon. The 8% bond had the shortest duration (7.65years), the 2% bond the longest (9.07 years).The 4% bond had a duration of 8.42 years.Est. Time: 01-055. a. Fall. Example: Assume a one-year, 10% bond. If the interest rate is 10%,the bond is worth $110/1.1 = $100. If the interest rate rises to 15%, the bond isworth $110/1.15 = $95.65.b. Less (e.g., see 5a —if the bond yield is 15% but the coupon rate is lower at 10%, the price of the bond is less than $100).c.Less (e.g., with r = 5%, one-year 10% bond is worth $110/1.05 = $104.76).d. Higher (e.g., if r = 10%, one-year 10% bond is worth $110/1.1 = $100, while one-year 8% bond is worth $108/1.1 = $98.18).e.No. Low-coupon bonds have longer durations (unless there is only one period to maturity) and are therefore more volatile (e.g., if r falls from 10% to 5%, the value of a two-year 10% bond rises from $100 to $109.3 (a rise of 9.3%). The value of a two-year 5% bond rises from $91.3 to $100 (a rise of 9.5%).Est. Time: 01-056. a. Spot interest rates. Yield to maturity is a complicated average of theseparate spot rates of interest.b. Bond prices. The bond price i s determined by the bond’s cash flows andthe spot rates of interest. Once you know the bond price and the bond’s cash flows, it is possible to calculate the yield to maturity.Est. Time: 01-057. a. 4%; each bond will have the same yield to maturity.b.PV = $80/(1.04) + $1,080/(1.04)2 = $1,075.44.Est. Time: 01-058. a. PV ()221110515r r +++=b.PV ()2110515y y +++=c. Less (it is between the one-year and two-year spot rates). Est. Time: 01-059. a. The two-year spot rate is r 2 = (100/99.523).5 – 1 = 0.24%.The three-year spot rate is r 3 = (100/98.937).33 – 1 = 0.36%. The four-year spot rate is r 4 = (100/97.904).25 – 1 = 0.53%. The five-year spot rate is r 5 = (100/96.034).2 – 1 = 0.81%.b. Upward-sloping.c. Higher (the yield on the bond is a complicated average of the separatespot rates).Est. Time: 01-0510. a. Price today is $108.425; price after one year is $106.930.b. Return = (8 + 106.930)/108.425 - 1 = .06, or 6%.c. If a bond’s yie ld to maturity is unchanged, the return to the bondholder isequal to the yield.Est. Time: 01-0511. a. False. Duration depends on the coupon as well as the maturity.b. False. Given the yield to maturity, volatility is proportional to duration.c. True. A lower coupon rate means longer duration and therefore highervolatility.d. False. A higher interest rate reduces the relative present value of (distant)principal repayments.Est. Time: 01-0512.Est. Time: 06-1013. 7.01%; the extra return that you earn for investing for two years rather than oneyear is 1.062/1.05 – 1 = .0701.Est. Time: 01-0514. a. Real rate = 1.10/1.05 – 1 = .0476, or 4.76%.b. The real rate does not change. The nominal rate increases to 1.0476 ×1.07 – 1 = .1209, or 12.09%.Est. Time: 01-0515. With annual coupon payments:=+⎥⎦⎤⎢⎣⎡⨯-⨯=1010(1.06)100(1.06)0.0610.0615PV €92.64 Est. Time: 01-0516. a. $10,231.64(1.026)10,000(1.026)0.02610.0261275PV 2020=+⎥⎦⎤⎢⎣⎡⨯-⨯=b.Interest Rate PV of Interest PV ofFace Value PV of Bond1.0% $5,221.54 $9,050.63 $14,272.17 2.0% 4,962.53 8,195.44 13,157.973.0% 4,721.38 7,424.70 12,146.08 4.0% 4,496.64 6,729.71 11,226.365.0% 4,287.02 6,102.71 10,389.736.0% 4,091.31 5,536.76 9,628.067.0% 3,908.41 5,025.66 8,934.07 8.0% 3,737.34 4,563.87 8,301.219.0% 3,577.18 4,146.43 7,723.61 10.0% 3,427.11 3,768.89 7,196.00 11.0% 3,286.36 3,427.29 6,713.64 12.0% 3,154.23 3,118.05 6,272.28 13.0% 3,030.09 2,837.97 5,868.06 14.0% 2,913.35 2,584.19 5,497.54 15.0% 2,803.49 2,354.13 5,157.62Est. Time: 06-1017.Purchase price for a six-year government bond with 5% annual coupon:1,108.34(1.03)1,000(1.03)0.0310.03150PV 66$=+⎥⎦⎤⎢⎣⎡⨯-⨯= The price one year later is equal to the present value of the remaining five years of the bond:1,091.59(1.03)1,000(1.03)0.0310.03150PV 55$=+⎥⎦⎤⎢⎣⎡⨯-⨯= Rate of return = [$50 + ($1,091.59 – $1,108.34)]/$1,108.34 = 3.00% Price one year later (yield = 2%):1,141.40(1.02)1,000(1.02)0.0210.02150PV 55$=+⎥⎦⎤⎢⎣⎡⨯-⨯=Rate of return = [$50 + ($1,141.40 – $1,108.34)]/$1,108.34 = 7.49%.Est. Time: 06-1018. The key here is to find a combination of these two bonds (i.e., a portfolio ofbonds) that has a cash flow only at t = 6. Then, knowing the price of the portfolio and the cash flow at t = 6, we can calculate the six-year spot rate. We begin byspecifying the cash flows of each bond and using these and their yields tocalculate their current prices:Investment Yield C1. . . C5C6Price6% bond 12% 60 . . . 60 1,060 $753.3210% bond 8% 100 . . . 100 1,100 $1,092.46 From the cash flows in years 1 through 5, we can see that buying two 6% bonds produces the same annual payments as buying 1.2 of the 10% bonds. To seethe value of a cash flow only in year 6, consider the portfolio of two 6% bondsminus 1.2 10% bonds. This portfolio costs:($753.32 × 2) – (1.2 ⨯ $1,092.46) = $195.68The cash flow for this portfolio is equal to zero for years 1 through 5 and, for year 6, is equal to:(1,060 × 2) – (1.2 ⨯ 1,100) = $800Thus:$195.68 ⨯ (1 + r6)6 = $800r6 = 0.2645 = 26.45%Est. Time: 06-1019. Downward sloping. This is because high-coupon bonds provide a greaterproportion of their cash flows in the early years. In essence, a high-coupon bond is a ―shorter‖ bond than a low-coupon bond of the same maturity.Est. Time: 01-0520. a.Year Discount Factor Forward Rate1 1/1.05 = 0.9522 1/(1.054)2 = 0.900 (1.0542 /1.05) – 1 = 0.0580 = 5.80%3 1/(1.057)3 = 0.847 (1.0573 /1.0542 ) – 1 = 0.0630 = 6.30%4 1/(1.059)4 = 0.795 (1.0594 /1.0573 ) – 1 = 0.0650 = 6.50%5 1/(1.060)5 = 0.747 (1.0605 /1.0594 ) – 1 = 0.0640 = 6.40%b. i. 5%, two-year bond:$992.79(1.054)10501.0550PV 2=+=ii. 5%, five-year bond:$959.34(1.060)1,050(1.059)50(1.057)50(1.054)501.0550PV 5432=++++=iii. 10%, five-year bond:$1,171.43(1.060)1,100(1.059)100(1.057)100(1.054)1001.05100PV 5432=++++=c. First, we calculate the yield for each of the two bonds. For the 5% bond, this means solving for r in the following equation:5432r)(11,050r)(150)(150)(150150$959.34+++++++++=r r r r = 0.05964 = 5.964%For the 10% bond:5432r)(11,100r)(1100r)(1100r)(1100r 1100$1,171.43+++++++++=r = 0.05937 = 5.937%The yield depends upon both the coupon payment and the spot rate at the time of the coupon payment. The 10% bond has a slightly greater proportion of its total payments coming earlier, when interest rates are low, than does the 5% bond. Thus, the yield of the 10% bond is slightly lower.d. The yield to maturity on a five-year zero-coupon bond is the five-year spot rate, here 6.00%.e. First, we find the price of the five-year annuity, assuming that the annual payment is $1:Now we find the yield to maturity for this annuity:r = 0.05745 = 5.745%$4.2417(1.060)1.059)(11.057)(11.054)(111.051P V 5432=++++=5432r)(11r)(11r)(11r)(11r 11$4.2417+++++++++=f. The yield on the five-year note lies between the yield on a five-year zero-coupon bond and the yield on a five-year annuity because the cash flowsof the Treasury bond lie between the cash flows of these other twofinancial instruments during a period of rising interest rates. That is, theannuity has fixed, equal payments; the zero-coupon bond has onepayment at the end; and the bond’s payments are a combination of these. Est. Time: 06-1021. To calculate the duration, consider the following table similar to Table 3.4:The duration is the sum of the year × fraction of total value column, or 6.395 years.The modified duration, or volatility, is 6.395/(1 + .04) = 6.15.The price of the 3% coupon bond at 3.5%, and 4.5% equals $969.43 and $911.64, respectively. This price difference ($57.82) is 5.93% of the original price, which is very close to the modified duration.Est. Time: 06-1022.a. If the bond coupon payment changes from 9% as listed in Table 3.4 to 8%,then the following calculation for duration can be made:A decrease in the coupon payment will increase the duration of the bond, as theduration at an 8% coupon payment is 5.778 years.The volatility for the bond in Table 3.4 with an 8% coupon payment is:5.778/(1.04) = 5.556.The bond therefore becomes less volatile if the couponpayment decreases.b. For a 9% bond whose yield increases from 4% to 6%, the duration can becalculated as follows:There is an inverse relationship between the yield to maturity and the duration.When the yield goes up from 4% to 6%, the duration decreases slightly. Thevolatility can be calculated as follows: 5.595/(1.06) = 5.278. This shows that the volatility decreases as well when the yield increases.Est. Time: 06-1023. The duration of a perpetual bond is: [(1 + yield)/yield].The duration of a perpetual bond with a yield of 5% is:D5 = 1.05/0.05 = 21 yearsThe duration of a perpetual bond yielding 10% is:D10 = 1.10/0.10 = 11 yearsBecause the duration of a zero-coupon bond is equal to its maturity, the 15-year zero-coupon bond has a duration of 15 years.Thus, comparing the 5% perpetual bond and the zero-coupon bond, the 5%perpetual bond has the longer duration. Comparing the 10% perpetual bond and the 15-year zero, the zero has a longer duration.Est. Time: 06-1024. Answers will differ. Generally, we would expect yield changes to have thegreatest impact on long-maturity and low-coupon bonds.Est. Time: 06-1025. The new calculations are shown in the table below:26. We will borrow $1,000 at a five-year loan rate of 2.5% and buy a four-year strippaying 4%. We may not know what interest rates we will earn on the last year(4 5), but our $1,000 will come due, and we put it under our mattress earning0% if necessary to pay off the loan.Let’s turn to present value calculations: As shown above, the cost of the strip is$854.80. We will receive proceeds from the 2.5% loan = $1,000/(1.025)5 =$883.90. Pocket the difference of $29.10, smile, and repeat.The minimum sensible value would set the discount factors used in year 5 equal to that of year 4, which would assume a 0% interest rate from year 4 to 5. Wecan solve for the interest rate where 1/(1 + r)5 = 0.8548, which is roughly 3.19%. Est. Time: 06-1027.a. If the expectations theory of term structure is right, then we can determinethe expected future one-year spot rate (at t = 3) as follows: investing $100in a three-year instrument at 4.2% gives us $100(1 + .042)3 = 113.136.Investing $100 in a four-year instrument at 4.0% gives us $100 × (1+.04)4= 116.986. This reveals a one-year spot rate from year 3 to 4 of ($116.98– 113.136)/113.136 = 3.4%.b. If investing in long-term bonds carries additional risks, then the riskequivalent of a one-year spot rate in year 3 would be even less (reflectingthe fact that some risk premium must be built into this 3.4% spot rate).Est. Time: 06-1028.a. Your nominal return will be 1.082 -1 = 16.64% over the two years. Yourreal return is (1.08/1.03) × (1.08/1.05) - 1 = 7.85%.b. With the TIPS, the real return will remain at 8% per year, or 16.64% overtwo years. The nominal return on the TIPS will equal (1.08 × 1.03) × (1.08× 1.05) – 1 = 26.15%.Est. Time: 01-0529. The bond price at a 5.3% yield is:1,201.81(1.053)1,000(1.053)0.05310.0531100PV 55$=+⎥⎦⎤⎢⎣⎡⨯-⨯= If the yield decreases to 5.9%, the price would rise to:1,173.18(1.059)1,000(1.059)0.05910.0591100PV 55$=+⎥⎦⎤⎢⎣⎡⨯-⨯=30. Answers will vary by the interest rates chosen.a. Suppose the YTM on a four-year 3% coupon bond is 2%. The bond is selling for:08.038,1$3=+⎥⎦⎤⎢⎣⎡⨯-⨯=44(1.02)1,000(1.02)0.0210.0210PVIf the YTM stays the same, one year later the bond will sell for:84.028,1$3=+⎥⎦⎤⎢⎣⎡⨯-⨯=33(1.02)1,000(1.02)0.0210.0210PVThe return over the year is [$30 + (1,028.84 - 1,038.08)]/$1,038.08= 0.02, or 2%.b. Suppose the YTM on a four-year 3% coupon bond is 4%. The bond is sellingfor:70.963$3=+⎥⎦⎤⎢⎣⎡⨯-⨯=44(1.04)1,000(1.04)0.0410.0410PV If the YTM stays the same, one year later the bond will sell for:25.972$3=+⎥⎦⎤⎢⎣⎡⨯-⨯=33(1.04)1,000(1.04)0.0410.0410PVThe return over the year is [$30+(972.25-963.70)]/$963.70 = 0.04, or 4%.Est. Time: 06-1031. Spreadsheet problem; answers will vary.Est. Time: 06-1032. Arbitrage opportunities can be identified by finding situations where the impliedforward rates or spot rates are different.We begin with the shortest-term bond, Bond G, which has a two-year maturity.Since G is a zero-coupon bond, we determine the two-year spot rate directly by finding the yield for Bond G. The yield is 9.5%, so the implied two-year spot rate (r 2) is 9.5%. Using the same approach for Bond A, we find that the three-yearspot rate (r 3) is 10.0%.Next we use Bonds B and D to find the four-year spot rate. The followingposition in these bonds provides a cash payoff only in year four: a long position in two of Bond B and a short position in Bond D.Cash flows for this position are:[(–2 ⨯ $842.30) + $980.57] = –$704.03 today[(2 ⨯ $50) – $100] = $0 in years 1, 2 and 3[(2 ⨯ $1,050) – $1,100] = $1,000 in year 4 We determine the four-year spot rate from this position as follows:4)4r (1$1,000$704.03+= r 4 = 0.0917 = 9.17%Next, we use r 2, r 3, and r 4 with one of the four-year coupon bonds to determine r 1. For Bond C:978.74r 1120(1.0917)1,120(1.100)120(1.095)120r 1120$1,065.2814321++=++++= r 1 = 0.3867 = 38.67%Now, in order to determine whether arbitrage opportunities exist, we use thesespot rates to value the remaining two four-year bonds. This produces thefollowing results: for Bond B, the present value is $854.55, and for Bond D, thepresent value is $1,005.07. Since neither of these values equals the currentmarket price of the respective bonds, arbitrage opportunities exist. Similarly, the spot rates derived above produce the following values for the three-year bonds: $1,074.22 for Bond E and $912.77 for Bond F.Est. Time: 11-1533. We begin with the definition of duration as applied to a bond with yield r and anannual payment of C in perpetuity:We first simplify by dividing both the numerator and the denominator by C :The denominator is the present value of a perpetuity of $1 per year, which isequal to (1/r ). To simplify the numerator, we first denote the numerator S andthen divide S by (1 + r ):Note that this new quantity [S /(1 + r )] is equal to the square of denominator in the duration formula above, that is:Therefore:Thus, for a perpetual bond paying C dollars per year:++++++++++++++++++=t 32t 32r)(1C r)(1C r)(1C r 1C r)(1tC r)(13C r)(12C r 11C DUR ++++++++++++++++++=t32t 32r)(11r)(11r)(11r 11r)(1t r)(13r)(12r)(11DUR+++++++++=++1t 432r)(1t r)(13r)(12r)(11r)(1S 2t 32r)(11r)(11r)(11r 11r)(1S ⎪⎪⎭⎫ ⎝⎛+++++++++=+ 22r r 1S r 1r)(1S +=⇒⎪⎭⎫ ⎝⎛=+rr 1r)/(11r r 1DUR 2+=⨯+=Est. Time: 06-1034. We begin with the definition of duration as applied to a common stock with yield rand dividends that grow at a constant rate g in perpetuity:We first simplify by dividing each term by [C (1 + g )]:The denominator is the present value of a growing perpetuity of $1 per year,which is equal to [1/(r - g )]. To simplify the numerator, we first denote thenumerator S and then divide S by (1 + r ):Note that this new quantity [S/(1 + r )] is equal to the square of denominator in the duration formula above, that is:Therefore:Thus, for a perpetual bond paying C dollars per year:Est. Time: 11-15++++++++++++++++++++++++++=t t 3322t t 3322r)(1g)C(1r)(1g)C(1r)(1g)C(1r 1g)C(1r)(1g)tC(1r)(1g)3C(1r)(1g)2C(1r 1g)1C(1DUR ++++++++++++++++++++++++=--t1t 322t 1t 322r)(1g)(1r)(1g)(1r)(1g 1r 11r)(1g)t(1r)(1g)3(1r)(1g)2(1r 11DUR ++++++++++++=++-1t 2t 4232r)(1g)t(1r)(1g)3(1r)(1g)2(1r)(11 r)(1S 2t 1t 322r)(1g)(1r)(1g)(1r)(1g 1r 11r)(1S ⎪⎪⎭⎫ ⎝⎛++++++++++++=+- 22g)(r r 1S g r 1r)(1S -+=⇒⎪⎪⎭⎫ ⎝⎛-=+g r r 1g)](r /[11g)(r r 1DUR 2-+=-⨯-+=35. a. We make use of the one-year Treasury bill information in order to determine the one-year spot rate as follows:1r 1$100$93.46+= r 1 = 0.0700 = 7.00%The following position provides a cash payoff only in year two: a longposition in 25 two-year bonds and a short position in 1 one-year Treasurybill. Cash flows for this position are:[(–25 ⨯ $94.92) + (1 ⨯ $93.46)] = –$2,279.54 today[(25 ⨯ $4) – (1 ⨯ $100)] = $0 in year 1(25 ⨯ $104) = $2,600 in year 2 We determine the two-year spot rate from this position as follows:2)2r (1$2,600$2,279.54+= r 2 = 0.0680 = 6.80%The forward rate f 2 is computed as follows:f 2 = [(1.0680)2/1.0700] – 1 = 0.0660 = 6.60%The following position provides a cash payoff only in year 3:a long position in the three-year bond and a short position equal to (8/104)times a package consisting of a one-year Treasury bill and a two-yearbond.Cash flows for this position are:[(–1 ⨯ $103.64) + (8/104) ⨯ ($93.46 + $94.92)] = –$89.15 today[(1 ⨯ $8) – (8/104) ⨯ ($100 + $4)] = $0 in year 1[(1 ⨯ $8) – (8/104) ⨯ $104] = $0 in year 21 ⨯ $108 = $108 in year 3 We determine the three-year spot rate from this position as follows:3)3r (1$108$89.15+= r 3 = 0.0660 = 6.60%The forward rate f 3 is computed as follows:f 3 = [(1.0660)3/(1.0680)2] – 1 = 0.0620 = 6.20%b.We make use of the spot and forward rates to calculate the price of the 4% coupon bond:The actual price of the bond ($950) is significantly greater than the pricededuced using the spot and forward rates embedded in the prices of theother bonds ($931.01). Hence, a profit opportunity exists. In order to takeadvantage of this opportunity, one should sell the 4% coupon bond shortand purchase the 8% coupon bond.Est. Time: 11-1536. a. We can set up the following three equations using the prices of bonds A, B,and C:Using bond A: $1,076.19 = $80/(1+r 1) + $1,080/(1+r 2)2Using bond B: $1,084.58 = $80/(1+r 1) + $80/(1+r 2)2 + $1,080 / (1+r 3)3Using bond C: $1,076.20 = $80/(1+r 1) + $80/(1+r 2)2 + $80/(1+r 3)3 + $1,080/(1+r 4)4 We know r 4 = 6% so we can substitute that into the last equation. Now wehave three equations and three unknowns and can solve this with variablesubstitution or linear programming to get r 1 = 3%, r 2 = 4%; r 3 = 5%, r 4 = 6%.b.We will want to invest in the underpriced C and borrow money at thecurrent spot market rates to construct an offsetting position. For example,we might borrow $80 at the one-year rate of 3%, $80 at the two-year rateof 4%, $80 at the three-year rate of 5%, and $1,080 at the four-year rate of6%. Of course the PV amount we will receive on these loans is $1,076.20.Now we purchase the discounted bond C at $1,040 and use the proceedsof this bond to repay our loans as they come due. We can pocket thedifference of $36.20, smile, and repeat. Est. Time: 11-15$931.01(1.062)(1.066)(1.07)1040(1.066)(1.07)40(1.07)40P =++=。
STATISTICS FOR BUS AND ECON Chap003
3-14
LO1
Mean, Median, Mode Using Excel
3-15
Characteristics of the Mean
1. 2. 3.
Learning Objective 2 Explain the characteristics, uses, advantages, and disadvantages of each measure of location.
So the median five-year return of the 10 funds is 8.625%.
3-10
LO1
EXAMPLES - Median
The ages for a sample of five college students are: 21, 25, 19, 20, 22 Arranging the data in ascending order gives: 19, 20, 21, 22, 25. 73, 75, 76, 80. Thus the median is 21. Thus the median is 75.5
What is the median annualized return of these funds?
3-9
LO1
EXAMPLES - Median
The number of mutual funds listed is an even number (10). These funds are already ordered from largest to smallest, so we can easily find the middle two returns. The middle two funds are the Oppenheimer Developing Markets C (8.65%) and Oppenheimer Developing Markets B (8.60%). The arithmetic mean of these two funds is 8.625%, found by (8.65 + 8.60)/2.
Chap电信
15
一般离散单符号信道的概率关系：
（1）输入输出随机变量的联合概率分布为 P(X xi ,Y yj ) p(xi y j )
则有 p(xi yj ) p(xi ) p( yj | xi ) p( yj ) p(xi | yj )
其中 p( y j | xi ) 是信道转移概率，即输入为xi ，通过信道
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p(b2 | an)
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p(bm | a1) p(bm | a2)
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– 完全描述了信道的统计特性,其中有些概率是信 道干扰引起的错误概率,有些是正确传输的概率
m
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28
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21
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• 设信道的输入X∈A={a1 … an},输出Y∈B={b1 … bm}
经典迈克尔贝叶著管理经济学与商务战略课件Chap003
EQX ,PX
%QX d %PX
• Negative according to the “law of demand.”
Elastic: EQX ,PX 1 Inelastic: EQX ,PX 1 Unitary: EQX ,PX 1
Michael R. Baye, Managerial Economics and Business Strategy, 5e.
Michael R. Baye, Managerial Economics and Business Strategy, 5e.
Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved.
Own Price agerial Economics & Business Strategy Chapter 3
Quantitative Demand Analysis
MiMchaceGl Rr.aBway-e,HMilaln/aIgrerwialiEnconomics and Business Strategy, 5e. Copyright ©C2o0p0y6ribghyt T©h2e00M6 cbGy TrahewM-HcGirlalwC-oHmillpCaonmiepsa,nIinesc,rlilgrhigthstrserseeserrvveed..
Overview
I. The Elasticity Concept
Own Price Elasticity Elasticity and Total Revenue Cross-Price Elasticity Income Elasticity
II. Demand Functions
财务报表分析与证券估值Chap003
3-6
The Method of Comparables: Hewlett Packard, Lenovo, and Dell 2011
Percentile P/B
P/B
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P/S P/CFO P/ebitda P/ebit
95
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cash flow
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75
2.9
2.7
23.5
19.1 1.7
2.0
18.8
business firms) • The dividend irrelevance concept • Why financing transactions do not generate value, except in particular circumstances • Why the focus of value creation is on the investing and operating activities of a firm • How the method of comparables works (or does not work) • How asset-based valuation works (or does not work) • How multiple screening strategies work (or do not work) • How fundamental analysis differs from screening
中级会计(英文)chap003
$ 221,392 $ 6,537 699,906 755,747 1,255,298 1,120,855 1,072,920 1,007,887 3,249,516 2,891,026 1,900,119 1,776,253 455,591 344,613 1,834,366 1,729,976 7,439,592 6,741,868
Liabilities are probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities as a result of past transactions or events.
Slide 3-7
FedEx Corporation Balance Sheet 31-May 2001 Liabilities: Current liabilities: Current portion of long-term debt Accrued salaries & employee benefits Accounts payable Accrued expenses Total current liabilities Long-term debt, less current portion Deferred income taxes Other liabilities Total liabilities 2000
Slide 3-6
Assets
Noncurrent Assets
Investments and Funds Property, Plant, & Equipment Intangibles Other
Chap003__Balance of Payments
Unilateral Transfers Balance on Current Account Capital Account 4 5 6 7 Direct Investment Portfolio Investment Other Investments Balance on Capital Account
Balance of Payments
Chapter Three
Copyright © 2012 by the McGraw-Hill Companies, Inc. All rights reserved.
Chapter Outline
Balance of Payments Accounting Balance of Payments Accounts
Statistical Discrepancies Overall Balance Official Reserve Account
$152.1 $376.6 $616.3 $281.1 $190.9 $52.2
Under a pure flexible exchange rate regime, these numbers would balance each other out.
Statistical Discrepancy
There are going to be some omissions and misrecorded transactions—so we use a “plug” figure to get things to balance. Exhibit 3.1 shows a discrepancy of $190.9 billion in 2009.
Statistical Discrepancies Overall Balance Official Reserve Account
chap003 栈和队列-数据结构(C语言版)-严蔚敏-清华大学出版社
例三、行编辑程序问题
如何实现？
“每接受一个字符即存入存储器” ?
并不恰当！
在用户输入一行的过程中，允许 用户输入出差错，并在发现有误时 可以及时更正。 合理的作法是：
设立一个输入缓冲区，用以接受 用户输入的一行字符，然后逐行存 入用户数据区，并假设“#”为退格 符，“@”为退行符。
GetTop(S, &e) 初始条件：栈 S 已存在且非空。 操作结果：用 e 返回 S 的栈顶
元素。
a1 a2 … … an
ClearStack(&S) 初始条件：栈 S 已存在。 操作结果：将 S 清为空栈。
Push(&S, e) 初始条件：栈 S 已存在。 操作结果：插入元素 e 为新
的栈顶元素。
分析可能出现的不匹配的情况:
• 到来的右括弧并非是所“期待” • 的到；来的是“不速之客”；
• 直到结束，也没有到来所“期待” 的括弧。
算法的设计思想：
1）凡出现左括弧，则进栈；
2）凡出现右括弧，首先检查栈是否空 若栈空，则表明该“右括弧”多余， 否则和栈顶元素比较， 若相匹配，则“左括弧出栈” ， 否则表明不匹配。
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例二、 括号匹配的检验 假设在表达式中 （［］（））或［（［ ］［ ］）］ 等为正确的格式， ［（ ］）或（［（ ））或 （（）］) 均为不正确的格式。
则 检验括号是否匹配的方法可用 “期待的急迫程度”这个概念来描述。
例如：考虑下列括号序列： [( [ ][ ] )] 1 2 34 5 6 7 8
switch (ch) {
Raymond MHP版雇员培训与开发(英文版·第6版)课件IPPTChap003
Outcomes • What Trainees Need to Learn • Who Receives Training • What Training Method is Appropriate • Frequency of Training • Buy versus Build Training Decision • Training versus Other HR Options Such as Selection or Job Redesign • How Training Should Be Evaluated • How to Facilitate Transfer of Training
12
Table 3.2 – Advantages and Disadvantages of Needs Assessment Techniques
3-13
Table 3.2 – Advantages and Disadvantages of Needs Assessment Techniques
Needs Assessment
Chapter 3
Objectives
Discuss the role of organization analysis, person analysis, and task analysis in needs assessment
Identify different methods used in needs assessment and identify the advantages and disadvantages of each method
points Readiness for training: Refers to whether:
投资学第10版课后习题答案chap003
CHAPTER 3: HOW SECURITIES ARE TRADEDPROBLEM SETS1.Stop-loss order: allows a stock to be sold if the price falls below a predeterminedlevel. Stop-loss orders often accompany short sales. Limit sell order: sells stockwhen the price rises above a predetermined level. Market order: either a buy or sellorder that is executed immediately at the current market price2. In response to the potential negative reaction to large [block] trades, trades will be splitup into many small trades, effectively hiding the total number of shares bought or sold.3. The use of leverage necessarily magnifies returns to investors. Leveragingborrowed money allows for greater return on investment if the stock price increases.However, if the stock price declines, the investor must repay the loan, regardless ofhow far the stock price drops, and incur a negative rate of return. For example, if aninvestor buys an asset at $100 and the price rises to $110, the investor earns 10%.If an investor takes out a $40 loan at 5% and buys the same stock, the return will be13.3%, computed as follows: $10 capital gain minus $2 interest expense divided bythe $60 original investment. Of course, if the stock price falls below $100, thenegative return will be greater for the leveraged account.4. (a) A market order is an order to execute the trade immediately at the bestpossible price. The emphasis in a market order is the speed of execution (thereduction of execution uncertainty). The disadvantage of a market order is thatthe price at which it will be executed is not known ahead of time; it thus hasprice uncertainty.5. (a) A broker market consists of intermediaries who have the discretion to tradefor their clients. A large block trade in an illiquid security would most likelytrade in this market as the brokers would have the best access to clientsinterested in this type of security.The advantage of an electronic communication network (ECN) is that it canexecute large block orders without affecting the public quote. Since thissecurity is illiquid, large block orders are less likely to occur and thus it wouldnot likely trade through an ECN.Electronic limit-order markets (ELOM) transact securities with high tradingvolume. This illiquid security is unlikely to be traded on an ELOM.6. a. The stock is purchased for: 300 ⨯ $40 = $12,000The amount borrowed is $4,000. Therefore, the investor put up equity, ormargin, of $8,000.b.If the share price falls to $30, then the value of the stock falls to $9,000. Bythe end of the year, the amount of the loan owed to the broker grows to:$4,000 ⨯ 1.08 = $4,320Therefore, the remaining margin in the investor’s account is:$9,000 - $4,320 = $4,680The percentage margin is now: $4,680/$9,000 = 0.52, or 52%Therefore, the investor will not receive a margin call.c.The rate of return on the investment over the year is:(Ending equity in the account - Initial equity)/Initial equity= ($4,680 - $8,000)/$8,000 = -0.415, or -41.5%Alternatively, divide the initial equity investments into the change in valueplus the interest payment:($3,000 loss + $320 interest)/$8,000 = -0.415.7. a. The initial margin was: 0.50 ⨯ 1,000 ⨯ $40 = $20,000As a result of the increase in the stock price Old Economy Traders loses: $10 ⨯ 1,000 = $10,000Therefore, margin decreases by $10,000. Moreover, Old Economy Tradersmust pay the dividend of $2 per share to the lender of the shares, so that themargin in the account decreases by an additional $2,000. Therefore, theremaining margin is:$20,000 – $10,000 – $2,000 = $8,000b. The percentage margin is: $8,000/$50,000 = 0.16, or 16%So there will be a margin call.c. The equity in the account decreased from $20,000 to $8,000 in one year, for arate of return of: (-$12,000/$20,000) = -0.60, or -60%8.a. The buy order will be filled at the best limit-sell order price: $50.25b.The next market buy order will be filled at the next-best limit-sell order price: $51.50 c. You would want to increase your inventory. There is considerable buyingdemand at prices just below $50, indicating that downside risk is limited. Incontrast, limit sell orders are sparse, indicating that a moderate buy order could result in a substantial price increase.9. a.You buy 200 shares of Telecom for $10,000. These shares increase in value by 10%, or $1,000. You pay interest of: 0.08 ⨯ $5,000 = $400The rate of return will be: $1,000$4000.1212%$5,000-==b. The value of the 200 shares is 200P . Equity is (200P – $5,000). You will receive a margin call when:PP 200000,5$200-= 0.30 ⇒ when P = $35.71 or lower10. a.Initial margin is 50% of $5,000, or $2,500.b. Total assets are $7,500 ($5,000 from the sale of the stock and $2,500 put up formargin). Liabilities are 100P . Therefore, equity is ($7,500 – 100P ). A margin call will be issued when:PP 100100500,7$-= 0.30 ⇒ when P = $57.69 or higher11. The total cost of the purchase is: $20 ⨯ 1,000 = $20,000You borrow $5,000 from your broker and invest $15,000 of your own funds.Your margin account starts out with equity of $15,000.a. (i) Equity increases to: ($22 ⨯ 1,000) – $5,000 = $17,000Percentage gain = $2,000/$15,000 = 0.1333, or 13.33%(ii) With price unchanged, equity is unchanged.Percentage gain = zero(iii) Equity falls to ($18 ⨯ 1,000) – $5,000 = $13,000Percentage gain = (–$2,000/$15,000) = –0.1333, or –13.33%The relationship between the percentage return and the percentage change inthe price of the stock is given by:% return = % change in price ⨯ equityinitial s Investor'investment T otal = % change in price ⨯ 1.333 For example, when the stock price rises from $20 to $22, the percentage change in price is 10%, while the percentage gain for the investor is:% return = 10% ⨯000,15$000,20$= 13.33%b. The value of the 1,000 shares is 1,000P . Equity is (1,000P – $5,000). You will receive a margin call when:P P 000,1000,5$000,1-= 0.25 ⇒ when P = $6.67 or lowerc. The value of the 1,000 shares is 1,000P . But now you have borrowed $10,000instead of $5,000. Therefore, equity is (1,000P – $10,000). You will receive a margin call when:PP 000,1000,10$000,1-= 0.25 ⇒ when P = $13.33 or lower With less equity in the account, you are far more vulnerable to a margin call.d. By the end of the year, the amount of the loan owed to the broker grows to:$5,000 ⨯ 1.08 = $5,400The equity in your account is (1,000P – $5,400). Initial equity was $15,000.Therefore, your rate of return after one year is as follows: (i)000,15$000,15$400,5$)22$000,1(--⨯= 0.1067, or 10.67% (ii)000,15$000,15$400,5$)20$000,1(--⨯= –0.0267, or –2.67% (iii)000,15$000,15$400,5$)18$000,1(--⨯= –0.1600, or –16.00% The relationship between the percentage return and the percentage change inthe price of Intel is given by: % return = ⎪⎪⎭⎫ ⎝⎛⨯equity initial s Investor'investment Total price in change %⎪⎪⎭⎫ ⎝⎛⨯-equity initial s Investor'borrowed Funds %8For example, when the stock price rises from $40 to $44, the percentage change in price is 10%, while the percentage gain for the investor is:⎪⎭⎫ ⎝⎛⨯000,15$000,20$%10⎪⎭⎫ ⎝⎛⨯-000,15$000,5$%8=10.67%e. The value of the 1000 shares is 1,000P . Equity is (1,000P – $5,400). You will receive a margin call when:PP 000,1400,5$000,1-= 0.25 ⇒ when P = $7.20 or lower12. a. The gain or loss on the short position is: (–1,000 ⨯ ΔP )Invested funds = $15,000Therefore: rate of return = (–1,000 ⨯ ΔP )/15,000The rate of return in each of the three scenarios is:(i) Rate of return = (–1,000 ⨯ $2)/$15,000 = –0.1333, or –13.33%(ii) Rate of return = (–1,000 ⨯ $0)/$15,000 = 0%(iii) Rate of return = [–1,000 ⨯ (–$2)]/$15,000 = +0.1333, or+13.33%b. Total assets in the margin account equal:$20,000 (from the sale of the stock) + $15,000 (the initial margin) = $35,000Liabilities are 500P . You will receive a margin call when:PP 000,1000,1000,35$-= 0.25 ⇒ when P = $28 or higherc. With a $1 dividend, the short position must now pay on the borrowed shares:($1/share ⨯ 1000 shares) = $1000. Rate of return is now:[(–1,000 ⨯ ΔP ) – 1,000]/15,000(i) Rate of return = [(–1,000 ⨯ $2) – $1,000]/$15,000 = –0.2000, or –20.00%(ii) Rate of return = [(–1,000 ⨯ $0) – $1,000]/$15,000 = –0.0667, or –6.67% (iii) Rate of return = [(–1,000) ⨯ (–$2) – $1,000]/$15,000 = +0.067, or+6.67%Total assets are $35,000, and liabilities are (1,000P + 1,000). A margin call will be issued when:PP 000,1000,1000,1000,35--= 0.25 ⇒ when P = $27.2 or higher13. The broker is instructed to attempt to sell your Marriott stock as soon as theMarriott stock trades at a bid price of $40 or less. Here, the broker will attempt to execute but may not be able to sell at $40, since the bid price is now $39.95. The price at which you sell may be more or less than $40 because the stop-loss becomes a market order to sell at current market prices.14. a. $55.50b. $55.25c. The trade will not be executed because the bid price is lower than the pricespecified in the limit-sell order.d. The trade will not be executed because the asked price is greater than the pricespecified in the limit-buy order.15. a. You will not receive a margin call. You borrowed $20,000 and with another$20,000 of your own equity you bought 1,000 shares of Disney at $40 pershare. At $35 per share, the market value of the stock is $35,000, your equityis $15,000, and the percentage margin is: $15,000/$35,000 = 42.9%Your percentage margin exceeds the required maintenance margin.b. You will receive a margin call when:PP 000,1000,20$000,1-= 0.35 ⇒ when P = $30.77 or lower16. The proceeds from the short sale (net of commission) were: ($21 ⨯ 100) – $50 = $2,050A dividend payment of $200 was withdrawn from the account.Covering the short sale at $15 per share costs (with commission): $1,500 + $50 = $1,550Therefore, the value of your account is equal to the net profit on the transaction:$2,050 – $200 – $1,550 = $300Note that your profit ($300) equals (100 shares ⨯ profit per share of $3). Your net proceeds per share were:$21selling price of stock –$15 repurchase price of stock–$ 2 dividend per share–$ 1 2 trades $0.50 commission per share$ 3CFA PROBLEMS1. a. In addition to the explicit fees of $70,000, FBN appears to have paid animplicit price in underpricing of the IPO. The underpricing is $3 per share, ora total of $300,000, implying total costs of $370,000.b. No. The underwriters do not capture the part of the costs correspondingto the underpricing. The underpricing may be a rational marketingstrategy. Without it, the underwriters would need to spend more resourcesin order to place the issue with the public. The underwriters would thenneed to charge higher explicit fees to the issuing firm. The issuing firmmay be just as well off paying the implicit issuance cost represented bythe underpricing.2. (d) The broker will sell, at current market price, after the first transaction at$55 or less.3. (d)。
罗斯公司理财Chap003全英文题库及答案
Chapter 03 Financial Statements Analysis and Long-Term Planning Answer KeyMultiple Choice Questions1. One key reason a long-term financial plan is developed is because:A. the plan determines your financial policy.B. the plan determines your investment policy.C. there are direct connections between achievable corporate growth and the financial policy.D. there is unlimited growth possible in a well-developed financial plan.E. None of the above.Difficulty level: EasyTopic: LONG-TERM PLANNINGType: DEFINITIONS2. Projected future financial statements are called:A. plug statements.B. pro forma statements.C. reconciled statements.D. aggregated statements.E. none of the above.Difficulty level: EasyTopic: PRO FORMA STATEMENTSType: DEFINITIONS3. The percentage of sales method:A. requires that all accounts grow at the same rate.B. separates accounts that vary with sales and those that do not vary with sales.C. allows the analyst to calculate how much financing the firm will need to support the predicted sales level.D. Both A and B.E. Both B and C.Difficulty level: MediumTopic: PERCENTAGE OF SALESType: DEFINITIONS4. A _____ standardizes items on the income statement and balance sheet as a percentage of total sales and total assets, respectively.A. tax reconciliation statementB. statement of standardizationC. statement of cash flowsD. common-base year statementE. common-size statementDifficulty level: EasyTopic: COMMON-SIZE STATEMENTSType: DEFINITIONS5. Relationships determined from a firm's financial information and used for comparison purposes are known as:A. financial ratios.B. comparison statements.C. dimensional analysis.D. scenario analysis.E. solvency analysis.Difficulty level: EasyTopic: FINANCIAL RATIOSType: DEFINITIONS6. Financial ratios that measure a firm's ability to pay its bills over the short run without undue stress are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: SHORT-TERM SOLVENCY RATIOSType: DEFINITIONS7. The current ratio is measured as:A. current assets minus current liabilities.B. current assets divided by current liabilities.C. current liabilities minus inventory, divided by current assets.D. cash on hand divided by current liabilities.E. current liabilities divided by current assets.Difficulty level: EasyTopic: CURRENT RATIOType: DEFINITIONS8. The quick ratio is measured as:A. current assets divided by current liabilities.B. cash on hand plus current liabilities, divided by current assets.C. current liabilities divided by current assets, plus inventory.D. current assets minus inventory, divided by current liabilities.E. current assets minus inventory minus current liabilities.Difficulty level: EasyTopic: QUICK RATIOType: DEFINITIONS9. The cash ratio is measured as:A. current assets divided by current liabilities.B. current assets minus cash on hand, divided by current liabilities.C. current liabilities plus current assets, divided by cash on hand.D. cash on hand plus inventory, divided by current liabilities.E. cash on hand divided by current liabilities.Difficulty level: MediumTopic: CASH RATIOType: DEFINITIONS10. Ratios that measure a firm's financial leverage are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS11. The financial ratio measured as total assets minus total equity, divided by total assets, is the:A. total debt ratio.B. equity multiplier.C. debt-equity ratio.D. current ratio.E. times interest earned ratio.Difficulty level: EasyTopic: TOTAL DEBT RATIOType: DEFINITIONS12. The debt-equity ratio is measured as total:A. equity minus total debt.B. equity divided by total debt.C. debt divided by total equity.D. debt plus total equity.E. debt minus total assets, divided by total equity.Difficulty level: EasyTopic: DEBT-EQUITY RATIOType: DEFINITIONS13. The equity multiplier ratio is measured as total:A. equity divided by total assets.B. equity plus total debt.C. assets minus total equity, divided by total assets.D. assets plus total equity, divided by total debt.E. assets divided by total equity.Difficulty level: MediumTopic: EQUITY MULTIPLIERType: DEFINITIONS14. The financial ratio measured as earnings before interest and taxes, divided by interest expense is the:A. cash coverage ratio.B. debt-equity ratio.C. times interest earned ratio.D. gross margin.E. total debt ratio.Difficulty level: MediumTopic: TIMES INTEREST EARNED RATIOType: DEFINITIONS15. The financial ratio measured as earnings before interest and taxes, plus depreciation, divided by interest expense, is the:A. cash coverage ratio.B. debt-equity ratio.C. times interest earned ratio.D. gross margin.E. total debt ratio.Difficulty level: MediumTopic: CASH COVERAGE RATIOType: DEFINITIONS16. Ratios that measure how efficiently a firm uses its assets to generate sales are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS17. The inventory turnover ratio is measured as:A. total sales minus inventory.B. inventory times total sales.C. cost of goods sold divided by inventory.D. inventory times cost of goods sold.E. inventory plus cost of goods sold.Difficulty level: MediumTopic: INVENTORY TURNOVERType: DEFINITIONS18. The financial ratio days' sales in inventory is measured as:A. inventory turnover plus 365 days.B. inventory times 365 days.C. inventory plus cost of goods sold, divided by 365 days.D. 365 days divided by the inventory.E. 365 days divided by the inventory turnover.Difficulty level: MediumTopic: DAYS' SALES IN INVENTORYType: DEFINITIONS19. The receivables turnover ratio is measured as:A. sales plus accounts receivable.B. sales divided by accounts receivable.C. sales minus accounts receivable, divided by sales.D. accounts receivable times sales.E. accounts receivable divided by sales.Difficulty level: MediumTopic: RECEIVABLES TURNOVERType: DEFINITIONS20. The financial ratio days' sales in receivables is measured as:A. receivables turnover plus 365 days.B. accounts receivable times 365 days.C. accounts receivable plus sales, divided by 365 days.D. 365 days divided by the receivables turnover.E. 365 days divided by the accounts receivable.Difficulty level: MediumTopic: DAYS' SALES IN RECEIVABLESType: DEFINITIONS21. The total asset turnover ratio is measured as:A. sales minus total assets.B. sales divided by total assets.C. sales times total assets.D. total assets divided by sales.E. total assets plus sales.Difficulty level: EasyTopic: TOTAL ASSET TURNOVERType: DEFINITIONS22. Ratios that measure how efficiently a firm's management uses its assets and equity to generate bottom line net income are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: PROFITABILITY RATIOSType: DEFINITIONS23. The financial ratio measured as net income divided by sales is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: PROFIT MARGINType: DEFINITIONS24. The financial ratio measured as net income divided by total assets is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: RETURN ON ASSETSType: DEFINITIONS25. The financial ratio measured as net income divided by total equity is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: RETURN ON EQUITYType: DEFINITIONS26. The financial ratio measured as the price per share of stock divided by earnings per share is known as the:A. return on assets.B. return on equity.C. debt-equity ratio.D. price-earnings ratio.E. Du Pont identity.Difficulty level: EasyTopic: PRICE-EARNINGS RATIOType: DEFINITIONS27. The market-to-book ratio is measured as:A. total equity divided by total assets.B. net income times market price per share of stock.C. net income divided by market price per share of stock.D. market price per share of stock divided by earnings per share.E. market value of equity per share divided by book value of equity per share.Difficulty level: MediumTopic: MARKET-TO-BOOK RATIOType: DEFINITIONS28. The _____ breaks down return on equity into three component parts.A. Du Pont identityB. return on assetsC. statement of cash flowsD. asset turnover ratioE. equity multiplierDifficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS29. The External Funds Needed (EFN) equation does not measure the:A. additional asset requirements given a change in sales.B. additional total liabilities raised given the change in sales.C. rate of return to shareholders given the change in sales.D. net income expected to be earned given the change in sales.E. None of the above.Difficulty level: MediumTopic: EXTERNAL FUNDS NEEDEDType: DEFINITIONS30. To calculate sustainable growth rate without using return on equity, the analyst needs the:A. profit margin.B. payout ratio.C. debt-to-equity ratio.D. total asset turnover.E. All of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS31. Growth can be reconciled with the goal of maximizing firm value:A. because greater growth always adds to value.B. because growth must be an outcome of decisions that maximize NPV.C. because growth and wealth maximization are the same.D. because growth of any type cannot decrease value.E. None of the above.Difficulty level: MediumTopic: GROWTHType: DEFINITIONS32. Sustainable growth can be determined by the:A. profit margin, total asset turnover and the price to earnings ratio.B. profit margin, the payout ratio, the debt-to-equity ratio, and the asset requirement or asset turnover ratio.C. Total growth less capital gains growth.D. Either A or B.E. None of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTHType: DEFINITIONS33. Which of the following will increase sustainable growth?A. Buy back existing stockB. Decrease debtC. Increase profit marginD. Increase asset requirement or asset turnover ratioE. Increase dividend payout ratioDifficulty level: MediumTopic: SUSTAINABLE GROWTHType: DEFINITIONS34. The main objective of long-term financial planning models is to:A. determine the asset requirements given the investment activities of the firm.B. plan for contingencies or uncertain events.C. determine the external financing needs.D. All of the above.E. None of the above.Difficulty level: MediumTopic: LONG TERM PLANNINGType: DEFINITIONS35. On a common-size balance sheet, all _____ accounts are shown as a percentage of _____.A. income; total assetsB. liability; net incomeC. asset; salesD. liability; total assetsE. equity; salesDifficulty level: MediumTopic: COMMON-SIZE BALANCE SHEETType: DEFINITIONS36. Which one of the following statements is correct concerning ratio analysis?A. A single ratio is often computed differently by different individuals.B. Ratios do not address the problem of size differences among firms.C. Only a very limited number of ratios can be used for analytical purposes.D. Each ratio has a specific formula that is used consistently by all analysts.E. Ratios can not be used for comparison purposes over periods of time.Difficulty level: MediumTopic: RATIO ANALYSISType: DEFINITIONS37. Which of the following are liquidity ratios?I. cash coverage ratioII. current ratioIII. quick ratioIV. inventory turnoverA. II and III onlyB. I and II onlyC. II, III, and IV onlyD. I, III, and IV onlyE. I, II, III, and IVDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS38. An increase in which one of the following accounts increases a firm's current ratio without affecting its quick ratio?A. accounts payableB. cashC. inventoryD. accounts receivableE. fixed assetsDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS39. A supplier, who requires payment within ten days, is most concerned with which one of the following ratios when granting credit?A. currentB. cashC. debt-equityD. quickE. total debtDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS40. A firm has a total debt ratio of .47. This means that that firm has 47 cents in debt for every:A. $1 in equity.B. $1 in total sales.C. $1 in current assets.D. $.53 in equity.E. $.53 in total assets.Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS41. The long-term debt ratio is probably of most interest to a firm's:A. credit customers.B. employees.C. suppliers.D. mortgage holder.E. shareholders.Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS42. A banker considering loaning a firm money for ten years would most likely prefer the firm have a debt ratio of _____ and a times interest earned ratio of _____.A. .75; .75B. .50; 1.00C. .45; 1.75D. .40; 2.50E. .35; 3.00Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS43. From a cash flow position, which one of the following ratios best measures a firm's ability to pay the interest on its debts?A. times interest earned ratioB. cash coverage ratioC. cash ratioD. quick ratioE. Interval measureDifficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS44. The higher the inventory turnover measure, the:A. faster a firm sells its inventory.B. faster a firm collects payment on its sales.C. longer it takes a firm to sell its inventory.D. greater the amount of inventory held by a firm.E. lesser the amount of inventory held by a firm.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS45. Which one of the following statements is correct if a firm has a receivables turnover measure of 10?A. It takes a firm 10 days to collect payment from its customers.B. It takes a firm 36.5 days to sell its inventory and collect the payment from the sale.C. It takes a firm 36.5 days to pay its creditors.D. The firm has an average collection period of 36.5 days.E. The firm has ten times more in accounts receivable than it does in cash.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS46. A total asset turnover measure of 1.03 means that a firm has $1.03 in:A. total assets for every $1 in cash.B. total assets for every $1 in total debt.C. total assets for every $1 in equity.D. sales for every $1 in total assets.E. long-term assets for every $1 in short-term assets.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS47. Puffy's Pastries generates five cents of net income for every $1 in sales. Thus, Puffy's has a _____ of 5%.A. return on assetsB. return on equityC. profit marginD. Du Pont measureE. total asset turnoverDifficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS48. If a firm produces a 10% return on assets and also a 10% return on equity, then the firm:A. has no debt of any kind.B. is using its assets as efficiently as possible.C. has no net working capital.D. also has a current ratio of 10.E. has an equity multiplier of 2.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS49. If shareholders want to know how much profit a firm is making on their entire investment in the firm, the shareholders should look at the:A. profit margin.B. return on assets.C. return on equity.D. equity multiplier.E. earnings per share.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS50. BGL Enterprises increases its operating efficiency such that costs decrease while sales remain constant. As a result, given all else constant, the:A. return on equity will increase.B. return on assets will decrease.C. profit margin will decline.D. equity multiplier will decrease.E. price-earnings ratio will increase.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS51. The only difference between Joe's and Moe's is that Joe's has old, fully depreciated equipment. Moe's just purchased all new equipment which will be depreciated over eight years. Assuming all else equal:A. Joe's will have a lower profit margin.B. Joe's will have a lower return on equity.C. Moe's will have a higher net income.D. Moe's will have a lower profit margin.E. Moe's will have a higher return on assets.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS52. Last year, Alfred's Automotive had a price-earnings ratio of 15. This year, the price earnings ratio is 18. Based on this information, it can be stated with certainty that:A. the price per share increased.B. the earnings per share decreased.C. investors are paying a higher price for each share of stock purchased.D. investors are receiving a higher rate of return this year.E. either the price per share, the earnings per share, or both changed.Difficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS53. Turner's Inc. has a price-earnings ratio of 16. Alfred's Co. has a price-earnings ratio of 19. Thus, you can state with certainty that one share of stock in Alfred's:A. has a higher market price than one share of stock in Turner's.B. has a higher market price per dollar of earnings than does one share of Turner's.C. sells at a lower price per share than one share of Turner's.D. represents a larger percentage of firm ownership than does one share of Turner's stock.E. earns a greater profit per share than does one share of Turner's stock.Difficulty level: MediumTopic: MARKET VALUE RATIOType: DEFINITIONS54. Which two of the following are most apt to cause a firm to have a higher price-earnings ratio?I. slow industry outlookII. high prospect of firm growthIII. very low current earningsIV. investors with a low opinion of the firmA. I and II onlyB. II and III onlyC. II and IV onlyD. I and III onlyE. III and IV onlyDifficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS55. Vinnie's Motors has a market-to-book ratio of 3. The book value per share is $4.00. Holding market-to-book constant, a $1 increase in the book value per share will:A. cause the accountants to increase the equity of the firm by an additional $2.B. increase the market price per share by $1.C. increase the market price per share by $12.D. tend to cause the market price per share to rise.E. only affect book values but not market values.Difficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS56. Which one of the following sets of ratios applies most directly to shareholders?A. return on assets and profit marginB. quick ratio and times interest earnedC. price-earnings ratio and debt-equity ratioD. market-to-book ratio and price-earnings ratioE. cash coverage ratio and times equity multiplierDifficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS57. The three parts of the Du Pont identity can be generally described as:I. operating efficiency, asset use efficiency and firm profitability.II. financial leverage, operating efficiency and asset use efficiency.III. the equity multiplier, the profit margin and the total asset turnover.IV. the debt-equity ratio, the capital intensity ratio and the profit margin.A. I and II onlyB. II and III onlyC. I and IV onlyD. I and III onlyE. III and IV onlyDifficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS58. If a firm decreases its operating costs, all else constant, then:A. the profit margin increases while the equity multiplier decreases.B. the return on assets increases while the return on equity decreases.C. the total asset turnover rate decreases while the profit margin increases.D. both the profit margin and the equity multiplier increase.E. both the return on assets and the return on equity increase.Difficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS59. Which one of the following statements is correct?A. Book values should always be given precedence over market values.B. Financial statements are frequently the basis used for performance evaluations.C. Historical information has no value when predicting the future.D. Potential lenders place little value on financial statement information.E. Reviewing financial information over time has very limited value.Difficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS60. It is easier to evaluate a firm using its financial statements when the firm:A. is a conglomerate.B. is global in nature.C. uses the same accounting procedures as other firms in its industry.D. has a different fiscal year than other firms in its industry.E. tends to have one-time events such as asset sales and property acquisitions.Difficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS61. Which two of the following represent the most effective methods of directly evaluating the financial performance of a firm?I. comparing the current financial ratios to those of the same firm from prior time periodsII. comparing a firm's financial ratios to those of other firms in the firm's peer group who have similar operationsIII. comparing the financial statements of the firm to the financial statements of similar firms operating in other countriesIV. comparing the financial ratios of the firm to the average ratios of all firms located in the same geographic areaA. I and II onlyB. II and III onlyC. III and IV onlyD. I and IV onlyE. I and III onlyDifficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS62. In the financial planning model, external funds needed (EFN) is equal to changes inA. assets - (liabilities - equity).B. assets - (liabilities + equity).C. (assets + liabilities - equity).D. (assets + equity - liabilities).E. assets - equity.Difficulty level: MediumTopic: EXTERNAL FUNDS NEEDEDType: DEFINITIONS63. Which of the following represent problems encountered when comparing the financial statements of one firm with those of another firm?I. Either one, or both, of the firms may be conglomerates and thus have unrelated lines of business.II. The operations of the two firms may vary geographically.III. The firms may use differing accounting methods for inventory purposes.IV. The two firms may be seasonal in nature and have different fiscal year ends.A. I and II onlyB. II and III onlyC. I, III, and IV onlyD. I, II, and III onlyE. I, II, III, and IVDifficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS64. A firm's sustainable growth rate in sales directly depends on its:A. debt to equity ratio.B. profit margin.C. dividend policy.D. asset efficiency.E. All of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS65. The sustainable growth rate will be equivalent to the internal growth rate when:A. a firm has no debt.B. the growth rate is positive.C. the plowback ratio is positive but less than 1.D. a firm has a debt-equity ratio exactly equal to 1.E. net income is greater than zero.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS66. The sustainable growth rate:A. assumes there is no external financing of any kind.B. is normally higher than the internal growth rate.C. assumes the debt-equity ratio is variable.D. is based on receiving additional external debt and equity financing.E. assumes that 100% of all income is retained by the firm.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS67. If a firm bases its growth projection on the rate of sustainable growth, and shows positive net income, then the:A. fixed assets will have to increase at the same rate, regardless of the current capacity level.B. number of common shares outstanding will increase at the same rate of growth.C. debt-equity ratio will have to increase.D. debt-equity ratio will remain constant while retained earnings increase.E. fixed assets, debt-equity ratio, and number of common shares outstanding will all increase.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS68. Marcie's Mercantile wants to maintain its current dividend policy, which is a payout ratio of 40%. The firm does not want to increase its equity financing but is willing to maintain its current debt-equity ratio. Given these requirements, the maximum rate at which Marcie's can grow is equal to:A. 40% of the internal rate of growth.B. 60% of the internal rate of growth.C. the internal rate of growth.D. the sustainable rate of growth.E. 60% of the sustainable rate of growth.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS69. One of the primary weaknesses of many financial planning models is that they:A. rely too much on financial relationships and too little on accounting relationships.B. are iterative in nature.C. ignore the goals and objectives of senior management.D. are based solely on best case assumptions.E. ignore the size, risk, and timing of cash flows.Difficulty level: MediumTopic: FINANCIAL PLANNING MODELSType: DEFINITIONS70. Financial planning, when properly executed:A. ignores the normal restraints encountered by a firm.B. ensures that the primary goals of senior management are fully achieved.C. reduces the necessity of daily management oversight of the business operations.D. helps ensure that proper financing is in place to support the desired level of growth.E. eliminates the need to plan more than one year in advance.Difficulty level: MediumTopic: FINANCIAL PLANNINGType: DEFINITIONS71. When examining the EBITDA ratio, lower numbers are:A. considered good.B. considered mediocre.C. considered poor.D. indifferent to higher numbers.E. it is impossible to garner information from this ratio.Difficulty level: MediumTopic: EBITDA RATIOType: DEFINITIONS。
Chap003投资学(英)《Securities Markets》
Systems, giving ECNs ability to register as stock exchanges
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3.3 The Rise of Electronic Trading
• Timeline of Market Changes
• 1997: SEC drops minimum tick size from 1/8 to
• NYSE is largest U.S. Stock exchange
• ECNs
• Latency: Time it takes to accept, process, and
deliver a trading order
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Figure 3.7 Market Share of Trading in NYSE-Listed Shares
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Figure 3.2 Average First-Day Returns for Non-European IPOs
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3.2 How Securities Are Traded
• Functions of Financial Markets
• Overall purpose: Facilitate low-cost investment
investing public
• Private offerings: Not registered; sold only to limited
number of investors with restrictions on resale
• Secondary
• Existing owner sells to another party • Issuing firm doesn’t receive proceeds, is not directly
供应链物流管理课后答案 Chap003
Chapter 3: Customer Relationship Management Study Questions1.Explain the differences between transactional and relationship marketing. How do these differenceslead to increasing emphasis on logistical performance in supply chain management?Transactional marketing is generally focused towards short-term interaction with customers. Traditional marketing strategies followed this approach wherein exchanges/transactions are carried out with customers in order to increase their revenues and profits.Relationship marketing focuses on the long-term relations with the key supply chain partners such as the consumers, intermediate customers and suppliers. This strategy aims to develop and retain long term preference and loyalty because it has been realized in many industries that it is more important to obtain greater share of the purchases made by the existing customers than to attract new customers. This approach tries to identify the individual customers in order to satisfy their unique needs in the most cost-efficient and effective way. This requires a greater emphasis on logistical performance of the entire supply chain.2.Why are the four primary service outputs of spatial convenience, lot size, waiting time, and productvariety important to logistics management? Provide examples of competing firms that differ in the level of each service output provided to customers.Since every customer has different requirements regarding service outputs, spatial convenience, lot size, waiting or delivery time, and product variety represent the four generic outputs to accommodate customer requirements.Spatial convenience measures the amount of shopping time and effort that needs to be out by the customer.Higher convenience is offered by making the product available in more number of places. As an example some household furniture manufacturers offer their products through department store, mass merchandisers and other independent department stores whereas Ethan Allen offers its products only at its own retail stores.Lot size refers to the number of units that can be purchased in each transaction. A customer who wishes to buy larger quantity of items for example 12 or 24 rolls of paper towels to get a lower unit price can get it from Sam’s Club and Costco. However they can buy single rolls from grocery or convenient stores. The basic tradeoff in such purchases is between the unit price and the storage or maintenance cost of such volumes.Waiting time is the amount if time a customer has to wait between ordering and receiving products. The lower the waiting time, the higher is the level of service. Buying products from retail or grocery stores has no waiting time however if someone wants to order from a catalog or via the Internet, he has to wait for the product.Although higher waiting time is associated with inconvenience, customers are rewarded in the form of lower prices.Product variety refers to the different assortments or variety offered to the consumers and end-users.Supermarkets offer a large variety of items, whereas the warehouse stores offer a much less variety. And convenience stores offer even lesser variety.ing the ten categories of customer expectations in Table 3-2, develop your own examples of howcustomers might evaluate performance of a supplier.Reliability refers to performance of all activities by the supplier. If FedEx promises overnight delivery and fails to do that, then it will be considered unreliable, even if it is done faster than any other provider. Customers can judge reliability in terms of all aspects of basic service platform.Responsiveness refers to the customer’s expectation of the ability and willingness to provide timely service. If WalM art experiences a stockout of certain product, its supplier’s responsiveness will be measured by the tim e it takes for replenishment.Access measures the ease of contact and approachability of the supplier. For example the ease of obtaining information about the status of a pending order will measure accessibility.Communication means to proactively keeping the customer informed. If the supplier expects a shortage of raw material that can affect delivery in the future, an advance notice to the customer will not only help to explore alternative but also builds a stronger partnership.Credibility refers to the customer’s expectation that the communication from the suppliers will be believable and honest. The real essence of this measure is the completeness of the information.Security refers to the customer’s feeling of risk in doing business with a supplier. For example a customer bases its production schedule in anticipation of delivery. If the supply is delayed the customer faces the risk of changing its plans. Another aspect of security concerns the confidentiality of business dealings. For example, Solectron undertakes the manufacturing for competitors like Nortel and Cisco, so confidentiality is a major issue.Courtesy involves politeness, friendliness and respect of contact person. Since the customer may have to deal with different individuals in the supp lier’s organization, failure by one person can destroy the best efforts of all the others.Competency is judged by customers in every interaction with the suppliers. Therefore a truck driver’s competency is measured when deliveries are made, customer service personnel when phone calls are made, etc. Failure by any individual can affect the customer’s perception of the supplier.Tangibles refer to the customer’s expectation of the physical appearance of facilities, equipment and personnel. For example an old and dilapidated warehouse can be an indicator of the firm’s overall performance to the customers.Knowing the customer refers to the customer’s expectation regarding supplier’s understanding of their unique requirements and supplier willingness to adapt to those needs. For example WalMart would expect its suppliers to understand its unique need and respond to that accordingly.pare and contrast the customer service, customer satisfaction, and customer success philosophiesof supply chain management.Customer service, customer satisfaction, and customer represent three levels of customer accommodation.Customer service represents logistics role in fulfilling the marketing concept. It aims to provide the right amount of the right product at the right time at the right place in the right condition at the right price with right information. The fundamental attributes of customer service are availability, operational performance, and service reliability. Customer satisfaction measures the degree to which a customer is satisfied with the supplier’s performance. However, customer satisfactions depends on the customer’s expectations. Models have been developed to identify some of the gaps that arise due the failure of many firms to satisfy their customers.Customer success philosophy requires the firms to work very closely with the customers to understand their requirements, internal processes, competitive environment and try to make their customer successful. In contrast to the typical focus of basic service and satisfaction programs to meet standards and expectations of the customers, a customer success program tries to understand the entire supply chain, different levels of customers and tries to ensure that customer at each level is able to meet their customers.5.What is meant by value-added services? Why are these services considered essential in a customersuccess program?Value added services refer to the unique and specific activities that firms can jointly perform to enhance their efficiency and effectiveness. Such services foster customer success. These services are typically customer specific and therefore cannot be generalized. These services enable the customers to achieve their specific objectives. These are considered essential in customer service programs because by providing unique product packages, creating customized unit loads, offering unique information services, providing VMI, etc, firms enhance their customers’ success. Some of the value-added services like warehousing, transportation, proper sequencing and sorting of products involve specialists due to their flexibility and capability to concentrate on providing the required services.6. Explain the customer satisfaction “gaps” shown in Figure 3.1.The knowledge gap reflects management’s lack of knowledge or understanding of customers’ real expectations.The standards gap exists when internal performance standards do not accurately reflect those expectations.The performance gap arises when actual performance does not meet the standards for performance.Communications gaps exist when the firm does not meet its promises or commitments to customers. The perception gap exists when customers inaccurately perceive the actual performance of the firm. The satisfaction/quality gap arises when the custo mer’s perception of that performance is different from the performance that they expected.。
Chap003HRM
Protected Participation Activities
Filing a charge, testifying, assisting, or participating in any manner in an investigation, proceeding, or hearing
These activities are protected regardless of whether underlying discrimination claims are valid Employees are protected for activities against both current and former employers
3-4
Equal Employment Opportunity
Recruiting and hiring Training
Termination
EEO impacts almost every HRM activity Compensation Evaluation Planning Discipline Collective bargaining
Average family income half that of whites
Relative position in workforce declining
3-10
EEO Laws: Content and Interpretations
Title VII of the 1964 Civil Rights Act
Example: For every 20 white applicants selected, 16 nonwhite applicants should also be selected
Raymond MHP版雇员培训与开发(英文版·第6版)习题答案IMChap003
CHAPTER 3NEEDS ASSESSMENTThis chapter covers the needs assessment process, the various levels, approaches, and issues. It discusses the process used to determine whether training is necessary. Needs assessment includes analyzing the organization, people, and tasks involved. The participants of needs assessment, and what each player contributes is also discussed. The chapter thoroughly describes organizational level analysis, person analysis and task analysis and what each entails. The section on person analysis is broken down into the factors that influence individual performance and motivation, including basic skills, abilities and self-efficacy of the individual; inputs; outputs; consequences or rewards; and feedback. The section on task analysis also goes into detail regarding tasks and the knowledge, skills and abilities required to perform tasks, as well as describing the steps of a task analysis. Further, the various methods of needs assessment are described, as are their strengths and weaknesses, giving the reader the information needed to choose an appropriate method to gather information. Finally, the competency models and the scope of needs assessment are discussed. Overall, this chapter provides the information needed to develop a general understanding of the needs assessment process and the factors to consider in collecting appropriate information and choosing appropriate methods to collect it.Objectives1. Discuss the role of organization analysis, person analysis, and task analysis in needsassessment.2. Identify different methods used in needs assessment and identify the advantages anddisadvantages of each method.3. Discuss the concerns of upper- and mid-level managers and trainers in needs assessment.4. Explain how person characteristics, input, output, consequences, and feedback influenceperformance and learning.5. Create conditions to ensure that employees are receptive to training.6. Discuss the steps involved in conducting a task analysis.7. Analyze task analysis data to determine the tasks in which people need to be trained.8. Explain competency models and the process used to develop them.I. IntroductionNeeds assessment refers to the process of determining learning needs and opportunities and whether training is necessary. Needs assessment typically involves organizational analysis, person analysis, and task analysis.II. Why is Needs Assessment Necessary?A. If needs assessment, which is the first step in the instructional design process, is notproperly conducted, any one or more of the following situations could occur:1. Training may be incorrectly used as a solution to a performance problem.2. Training programs may have the wrong content, objectives, or methods.3. Trainees may be sent to training programs for which they do not have the basic skills,prerequisite skills, or confidence needed to learn.4. Training will not deliver the expected learning, behavior change, or financial resultsthat the company expects.5. Money will be spent on training programs that are unnecessary because they areunrelated to the company’s business strategy.B. The needs assessment process produces information related to who needs training; whatthey need to learn (i.e., what tasks and knowledge, skills, and behaviors to emphasize); and what the climate is in the company.C. Pressure points suggest that training is necessary; pressure points include: legislation, lackof basic skills, poor performance, new technology, customer requests, changes in customer preference, job redesign, new products, higher performance standards, and new jobs.D. Outcomes of the needs assessment process include: what trainees need to learn, whoreceives training, the type of training needed, frequency of training, buy versus buildtraining decision, other options instead of training such as selection or job redesign.III. Who Should Participate in Needs Assessment?A. Managers, employees, and trainers should be involved in the needs assessment process.B. Subject matter experts (SMEs) are employees, academics, managers, technical experts,trainers, customers, or suppliers who are knowledgeable with regard to1. Training issues including the tasks to be performed.2. Knowledge, skills, and abilities required to perform tasks effectively.3. The necessary equipment.4. Conditions under which tasks will have to be performed.C. It is also important to get a sample of job incumbents, employees currently performing thejob, involved in the process because they tend to be most knowledgeable about the job and can be a great hindrance to the training process if they do not feel they have had input into the needs assessment.IV. Methods Used in Needs AssessmentA. Various methods may be used to collect information as no one method of conducting needsassessment is superior to the others.B. Focus groups are a type of SME interview that involves a face-to-face meeting with groupsof SMEs in which the questions that are asked relate to specific training needs.C. Benchmarking is often used by companies to determine best practices. This information issummarized and shared with participating companies.V. The Needs Assessment ProcessCompanies need to consider the information from organizational, person, and task analysis before the decision is made to devote time and money to training.A. Organizational AnalysisOrganizational Analysis focuses on three factors to examine when determining if training is the appropriate intervention:1. The company’s strategic direction influences training to the extent that, in companie swhere training plays a significant strategic role, more money is invested in training andthe frequency of training will likely be higher than in companies in which training isdone haphazardly or with no strategic intent in mind. The training function is morelikely to be structured as a virtual training organization or a corporate university.2. Support of Managers and Peers for Training Activities is critical.a. A key factor is a positive attitude among peers and managers about participation intraining.b. Another key factor is managers’ and peers’ willingness to provide information totrainees about how they can more effectively use knowledge, skill, or behaviorslearned in training on the job and to help create opportunities to use new skills,knowledge, and behaviors back on the job and to make trainees aware of those.3. Training resources, including money, time and expertise, need to be identified in theorganizational analysis phase.a. One way to identify training resources is for companies that have similar operationsor departments located across the country or the world to share practices.b. When choosing an external consultant, it is important to consider how customizedthe training will be to one’s company.B. Person AnalysisPerson Analysis helps to identify who needs training by examining whether current andexpected performance match.1. Employees’ readiness for training refers to whether:a. Employees have the ability, attitudes, beliefs, and motivation to learn programcontent and apply it on the job.b. The work environment will maximize learning and not interfere with performance.2. Performance improvement needs are indicated by customer complaints, lowperformance ratings, accidents, errors, and unsafe behavior.3. The process for analyzing the factors that influence employee performance and learningby way of motivation to learn:a. Person characteristics include knowledge, skill, abilities, attitudes and motivationb. Input, or the instructions and resources providedc. Output, referring to the job’s performance standardsd. Consequences, referring to the incentives employees receive for performing welle. Feedback or information employees receive while they are performing about theirperformance4. Person characteristics include basic skills, cognitive ability, language skills, and othertraits that employees need to perform their jobs or learn in training and development programs effectively.a. Basic skillsThey are those that are necessary for employees to perform successfully on the job as well as learn the content of training programs. A literacy audit can be used toindicate employees’ basis skill levels.b. Cognitive abilityIt is related to learning and job performance, includes three dimensions:1) Verbal comprehension, which is an individual’s capacity to understand and usewritten and spoken language2) Quantitative ability which relates to how fast and accurately one solvesmathematical problems3) Reasoning ability, which is the person’s capacity to create solutions to pro blemsc. Reading abilityIt is related to job performance and training success such that inadequate readingability impedes performance and learning. Training material should be presented at an appropriate reading level for the trainees.1) The difficulty of written materials is referred to as readability.2) Readability can easily be determined by analysis of sentence length and worddifficulty.3) If reading ability doesn’t match what is needed to comprehend trainingmaterials, it should be determined if on-the-job training or videotape could beused instead; employees’ reading skills could be assessed and those lacking thenecessary skill could be reassigned to more appropriate positions; or provideremedial training to those with reading deficiencies.d. Self-efficacyIt is the employee’s belief that he/she can successfully perform on the job or master the content of a training program. It can be increased by:1) Letting employees know that the purpose of the training is to improveperformance rather than reveal incompetencies.2) Providing as much information as possible about the training program and itspurpose prior to the training.3) Showing employees the training success of their peers.4) Making employees aware that learning is under their control and that they havethe ability as well as the responsibility to overcome learning obstacles theyexperience.e. Awareness of training needs, career interests, and goals helps employees bemotivated to learn. The link between training and areas where employees need toimprove should be emphasized.5. Age and Generationa. There is biological evidence that certain mental capacities decrease from age twentyto age seventy.b. With age comes experience, which can compensate for the loss of memory andmental quickness.c. At older ages, memory loss is much greater because mental resources are moredepleted than at earlier ages.d. Millenniums and Generation Y are optimistic, willing to work and learn, andtechnology-literate; they appreciate diversity.e. Gen Xers need feedback and flexibility; they dislike close supervision.f. Baby boomers are competitive, hardworking, and concerned that all employees befairly treated.g. Traditionalists are patriotic and loyal, and they have a great deal of knowledge ofthe history of organizations and work life.6. Inputa. Employees’ perceptions of the two characteristics of the workenvironment—situational constraints and social support—are determinants ofperformance and motivation to learn.b. Situational constraints include lacking the necessary tools and equipment, materialsand supplies, budgetary support, and time to perform.c. Social support is the managers’ and peers’ willingness to provide feedback andreinforcement and to provide opportunities.d. To ensure that t he work environment supports trainees’ motivation to learn:1) Provide materials, time, information, and work aids necessary for employees touse new skills before the training begins.2) Speak positively about the company’s training initiatives to employe es.3) Reinforcement employees’ using new skills, knowledge or behaviors.4) Provide feedback to encourage work-group members to support each other inusing new skills and behaviors.5) Provide the time and opportunities to practice and apply new skills andbehaviors.7. Outputa. Lack of awareness of performance standards may result in substandardperformance.b. Understanding the need to perform up to standards is important for learning tooccur.c. To ensure that trainees master training content at the appropriate level, trainees intraining programs need to understand the level of proficiency that is expected ofthem.8. Consequencesa. If employees don’t believe reward or incentives are adequate, they may not bemotivated to perform, even if they have the necessary knowledge, skills, andabilities.b. Trainees’ motivation to learn can be enhanced by communicating t o them thepotential job-related, personal and career-related benefits of learning.c. Unmet expectations about training programs will hinder motivation to learn.d. Work group norms, which are accepted standards of behavior for work-groupmembers, may encourage employees not to meet performance standards.9. Feedbacka. Employees need specific, detailed feedback regarding performance.b. Feedback also needs to be frequent to influence performance.10. Determining Whether Training Is the Best Solutiona. If employees lack the knowledge and skill to perform and other factors above are inplace, training is likely needed. To determine if training is the best solution, assesswhether:1) The performance problem is important and could potentially cost the companysignificant money or lost production2) Employees know how to perform effectively3) Employees can demonstrate the correct knowledge or behavior (i.e., an inputproblem)4) Performance expectations (input) are clear and there are no obstacles toperforming well5) Positive consequences are offered for good performance, and poor performanceis rewarded6) Employees are receiving timely, relevant, specific, constructive feedback abouttheir performance7) Other solutions, such as job redesign or transferring employees to other jobs,are feasible or are too expensiveb. If the critical job issue, process issue, and business issue are related, training shouldbe a top priority because it will have a greater effect on business outcomes andresults and will likely receive greater management support.C. Task AnalysisTask analysis results in a description of tasks performed on a job as well as the knowledge, skills and abilities required to perform those tasks.1. A job is a specific work position involving and requiring the completion of a defined setof related tasks.2. A task is a specific work activity that is a component of a job.3. Certain KSAOs (knowledge, skills, abilities and other considerations) are required toperform each task.a. Knowledge includes facts, figures, and procedures.b. Skill is the competency to perform a task.c. Ability refers to the physical and mental capacities required to perform a task.d. Other considerations include conditions under which tasks are performed, such asnecessary equipment and environmental features, time constraints, safetyconsiderations, or performance standards.4. There are four primary steps to a task analysis:a. A job or clusters of jobs are selected to be analyzed.b. A preliminary list of tasks performed on the job is developed by interviewing andobserving employees and managers as well as talking with others who haveperformed a task analysis.c. The preliminary list of tasks is validated or confirmed, typically by asking a groupof subject matter experts (SMEs) to indicate:1) How frequently the task is performed?2) How much time is spent performing the task?3) How important or critical the task is for successful job performance?4) How difficult the task is to master?5) Whether performance on the task is required of entry-level employees?d. The knowledge, skills and abilities required to successfully perform each task areidentified via interviews or questionnaires. Training content and prerequisites canthen be determined.VI. Competency ModelsA. A competency refers to areas of personal capability that enable employees to perform theirjobs successfully by achieving outcomes or completing tasks. It can be knowledge, skills, attitudes, values, or personal characteristics.B. A competency model identifies the competencies necessary for job performance and theunderlying knowledge, skills, behavior and personality characteristicsC. Ways to understand competency models:1. By comparing them to job analysis which is the process of developing a description ofthe job and the specifications that an employee must have to perform it2. By considering performance managementD. Competency models are useful for training and development in several ways:1. They identify behaviors needed for effective job performance.2. They provide a tool for determining what skills are necessary to meet today’s needs aswell as the company’s future skill needs.3. They help to determine what skills are needed at different career points.4. They provide a framework for ongoing coaching and feedback to develop employeesfor current and future roles.5. They create a “road map” for identifying and developing employees who may becandidates for managerial positions (succession planning).6. They provide a common set of criteria that are used for identifying appropriatedevelopment training and learning activities for employees, as well as for evaluatingand rewarding the m. This helps integrate and align the company’s HR systems andpractices.VII. Scope of Needs AssessmentA. Time constraints can limit the length and detail obtained from a needs assessment.B. A rapid needs assessment refers to a needs assessment that is done quickly and accurately,but without sacrificing the quality of the process or the outcomes; it can be conducted in several ways.C. Needs Assessment in PracticeThe example of Owens-Corning insulation business illustrates several aspects of the needs assessment process.Chapter SummaryThe chapter addressed the important needs assessment phase of the training and development process. A fundamental knowledge of assessing needs, the factors to consider, information to collect, and means of collecting it is essential. Methods of data collection for assessing needs were presented, along with the strengths and weaknesses of each. This chapter provided a sound and thorough discussion of the three levels of analysis, i.e., organizational, person, and task, and what each entails. It brought to light the various players in needs assessment and the role of each. Competency models and the steps to develop them were described. Finally, the concept of rapid needs assessment was discussed.Discussion Questions1. Which of the factors that influence performance and learning do you think is most important?Which is least important?Answer: Student answers would vary. Person characteristics, input, output, consequences, and feedback are the factors which influence performance and learning. These factors alsoinfluence motivation to learn. Motivation to learn is related to knowledge gained, behavior change, or skill acquisition resulting from training. The way a person feels about him or herself is strongly related to learning ability and performance. Hence all the factors are equallyimportant. (p. 124; Figure 3.3)2. If you had to conduct a needs assessment for a new job at a new plant, describe the method youwould use.Answer: To conduct a needs assessment for a new job at a new plant, the method would be: •Conducting an organization analysis, which would identify whether the new job supports the company’s strategic direction; whether managers, peers, and employees support thenew opening; and what training resources would be required for the new opening.•Conducting a personal analysis, which would help to identify whether an existing employee could fill in the new job opening or an existing employee can perform thefunction of the new job opening.•Conducting a task analysis, this results in a job description of the new opening.Whether time and money are devoted to the new job opening would be contingent on the results of organizational, person, and task analyses. Various techniques are available for conducting needs assessment; a few options being observations, interviews, and questionnaire among others. Considering the above scenario, the best option would be benchmarking. With the increasing emphasis on Total Quality Management (TQM), many companies are also using information about other companies’ training practices (a process known as benchmarking ) to help determine the appropriate type, level, and frequency of training.(p. 118-120)3. If you were going to use online technology to identify training needs for customer servicerepresentatives for a web-based clothing company. What steps would you take to ensure that the technology was not threatening to employees?Answer: Online technology is available to monitor and track employee performance. This information is useful for identifying training needs and providing employees with feedback regarding their skill strengths and weaknesses. The use of online technology in needsassessment is best suited for only a small number of jobs requiring interactions with customers through the use of a computer or telephone. Also, for online technology to be effective,managers need to ensure that the information is used to train and not to punish employees.Otherwise, employees will feel threatened, which will contribute to employee dissatisfaction and turnover. (p. 119-120)4. Needs assessment involves organization, person, and task analysis. Which one of theseanalyses do you believe is most important? Which is least important? Why?Answer: Student answers would vary. Organizational analysis involves identifying whether training supports the company’s strategic direction; whether managers, peers, and employees support training activity; and what training resources are available. Person analysis helps to identify employees wh o need training, that is, whether employees’ current performance or expected performance indicates a need for training. Task analysis results in a description of work activities, including tasks performed by the employee and the knowledge, skills, and abilities required to complete the tasks. Whether time and money are devoted to training is contingent on the results of organizational, person, and task analyses. While any one analysis can indicate the need for training, companies need to consider the information from all three types of analysis before the decision is made to devote time and money to training. For example, if an initial organizational analysis may suggest that a company does not want to spendfinancial resources on training. However, if person analysis reveals that a large number of employees lack a skill in an important area that is related to the company’s business objectives, upper-level managers may decide to reallocate financial resources for training. (p. 121)5. Why should upper level managers be included in the needs assessment process?Answer: Upper level managers are involved in the needs assessment process to identify the role of training in relation to other human resource practices in the company (e.g. selection,compensation). That is, upper-level managers help to determine if training is related to the company’s business strategy and if so, what type of training is required. Upper-level managers are also involved in identifying what business functions or units need training (person analysis) and in determining if the company has the knowledge, skills, and abilities in the work force that are necessary to meet its strategy and be competitive in the marketplace. (p. 116; Table 3.1) 6. Explain how you would determine if employees had the reading level necessary to succeed in atraining program. How would you determine if employees had the necessary computer skills needed to use a Web-based training program?Answer: A literacy audit can be used to determine employees’ basic skill le vels. Employees without the necessary reading level could be identified through reading tests and reassigned to other positions more congruent with their skill levels. Remedial training can also be provided to them. To ensure that employees have the reading level necessary to succeed in a training program a basic skills assessment and training program can be conducted. In which first the employees’ basic skills are assessed. A test of reading and math skills is given to employees.People who score at or above a ninth-grade reading level are eligible to attend trainingprograms. Those with literacy levels below ninth grade can be counseled to attend basic skills training.To determine if employees have the necessary computer skills needed to use a Web-based training program the company can use tests and work samples. Surveys can be conducted, during which, employees need to answer the questions in the questionnaire, which are related to skills in using new technology. This helps in determining their training needs. Also, phone interviews can be conducted with a small sample of the employees to gather more detailed information regarding specific skill needs. (p. 126-127; Table 3.4)7. What conditions would suggest that a company should buy a training program from an outsidevendor? Which would suggest that the firm should develop the program itself?Answer: It is necessary to identify whether the company has the budget, time, and expertise for training. One of the questions that the company must answer is whether it has the resources (i.e., time, money, and expertise) to build or develop training programs itself or whether it should buy them from a vendor or consulting firm. This is known as the “buy versus build” decision. A company should buy a training program from an outside vendor if it lacks the time and the expertise but if it has a staff expertise and the budget it can use internal consultants to train all its employees. A firm would develop the program if it has the experts who can help develop the program content and understand the needs of the business as they develop the program. (p.122-123)8. Assume you have to prepare older employees with little computer experience to attend atraining course on how to use the World Wide Web. How will you ensure that they have high levels of readiness for training? How will you determine their readiness for training?Answer: To ensure that the employees have high levels of readiness for training, theirmotivation level and willingness to learn should be increased. Special care should be taken to see that the work environment facilitates learning and does not interfere with the employee performance. Explaining benefits of computer literacy may also be helpful. To determine their readiness for training, the person characteristics, input, output, consequences, and feedback could be evaluated. (p. 124)9. Review the accompanying sample tasks and task ratings for the electronic technician’s job.What tasks do you believe should be emphasized in the training program? Why?Answer: Repairs equipment should be emphasized in the training program followed by uses small tools, as amongst the tasks given these two tasks have greater importance and areperformed frequently. Also repairs equipment is one of the most difficult tasks listed in the above table and hence would require prior training. Interpretation of instrument reading also should be better emphasized as it is performed more often and has higher difficulty level relative to the task of replacing components. (p. 136; Table 3.7)10. Explain the process you would use to determine the cause of a performance problem. Draw apicture showing the process.Answer: Performance problems can result when employees do not receive feedback regarding the extent to which they are meeting performance standards. Training may not be the best solution to this type of problem if employees know what they are supposed to do (output) but do not understand how close their performance is to the standard. Employees need to be given specific, detailed feedback of effective and ineffective performance. For employees to perform to standard, feedback needs to be given frequently, not just during a yearly performanceevaluation. Managers and trainers need to be concerned about employees’ basic skill levels, attitudes, age and generation, and the work environment in determining if performanceproblems can be solved using training and how training should be designed. (p. 132-134, Figure 3.4)11. Why would we consider age and generational differences as part of needs assessment? Is thisimportant? Explain. Discuss the types of evidence that you would look for to determinewhether a needs analysis has been conducted improperly.。
Chap_3 Simple National Income Decision Theory
Keynes thought income is the most important factor.
3.2 Keynes’ Consumption Function
3.2.1 Consumption Function 3.2.2 Savings Function 3.2.3 The relationship of CF and SF 3.2.4 Other Consumption Theories
The mechanism of investment multiplier
Δi
Δy
100 80 64
first round 100 second round third round ……
β 0.8 0.8 0.8
Δc
80 64 51.2
∑Δ
y =100 + 80 + 64 +51.2 + ……
y (AS )
Aggregate demand decides income
Formation of Equilibrium NI
If AS > AD unintended inventory y>E investment If AS < AD inventory y<E investment Only AS = AD unintended y=E inventory investment is zero production
βy ——induced consumption引致消费
y ——real national income 实际国民收入
• Marginal propensity to consume 边际消费倾向 MPC (P. 385)
商业银行管理彼得S.罗斯英文原书第8版-英语试题库Chap003
商业银行管理彼得S.罗斯英文原书第8版-英语试题库Chap003Chapter 3The Organization and Structure of Banking and the Financial-Services IndustryFill in the Blank Questions1. A(n) ___________________ is a machine located at the merchant's place of business whichallows depositors to use their debit card to pay for purchases directly.Answer: POS2. A(n) _____________________ is a bank which offers its full range of services from severallocations.Answer: branch bank3. A(n) _____________________ is a bank which offers its full range of services from onlyone location.Answer: unit bank4. A(n)________________________ is a corporation chartered for the express purpose ofholding the stock of one or more banks.Answer: Bank Holding Company5. Managers who value fringe benefits, plush offices and ample travel budgets over the pursuitof maximum returns for stockholders are exhibiting signs of __________________________.Answer: Expense Preference Behavior6.A(n) __________________________ can invest in corporate stock as sell as loan money to helpfinance the start of new ventures or support the expansion of existing businesses.Answer: Merchant bank7. A bank which operates exclusively over the internet is known as a ___________ bank.Answer: Virtual8. One new 21st century bank organizational structures is _____________________ . This is aspecial type of holding company that may offer the broadest range of financial services.Answer: Financial Holding Company (FHC)Rose/Hudgins, Bank Management and Financial Services, 8/e289.The key problem in a large money center bankis . Managers may be knowledgeable about banking practices but may be less informed about products and services of subsidiary companies.Answer: span of control10.The Gramm-Leach-Bliley Act moved the U.S. banking industry closer tobanking in which banks may provide securities, insurance, and other financial products.Answer: universal11.A bank that is not associated with a bank holding company is called a(n)bank.Answer: independent12.is a view of how modern corporationsoperate which analyzes the relationship between a firm’s owners and its managers.Answer: Agency theory13.Many experts believe that , therelationships that exist between managers, the board of directors and stockholders, is more complicated in financial institutions. Answer: Because of government regulations.14.is the idea that therewill be a lower cost of production per unit as the firm gets larger.Answer: Economies of scale15.is the idea that there willbe lower cost of producing multiple services using the same organization and resources.Answer: Economies of scope16.Over the years, managers of banks and other financial institutions have evolved differentorganizational forms to address changes in the industry. Indeed, these firms are organized to carry out various roles in the most efficient way. This is referred to as_________________________.Answer: Organizational form follows functionTrue/False QuestionsRose/Hudgins, Bank Management and Financial Services, 8/e29T F 17. Bank size is not considered a significant factor in determining how banks are organized.Answer: FalseT F 18. Nearly three quarters of all U.S. banks exceed $100 million in asset size apiece.Answer: FalseT F 19. Nearly all U.S. banks with federal or state charters have their deposits insured by the Federal Deposit Insurance Corporation.Answer: TrueT F 20. State-chartered banks in the United States represent about a quarter of all U.S.-chartered banks, while national banks account for approximately threequarters of all U.S. chartered banks.Answer: FalseT F 21. The majority of all U.S. banks are members of the Federal Reserve System.Answer: FalseT F 22. A banking corporation chartered by either federal or state governments that operates only one full-service office is called a unit bank.Answer: TrueT F 23. Over half of all U.S. states today limit branching activity.Answer: FalseT F 24. The average U.S. bank is larger in size (in terms of number of branch offices) than the average Canadian bank.Answer: FalseT F 25. Despite the rapid growth of automation in U.S. banking, there are more full-service branch banking offices than automated teller machines across the whole U.S.Answer: FalseT F 26. In the United States there are more one-bank holding companies than multi-bank holding companies.Rose/Hudgins, Bank Management and Financial Services, 8/e30Answer: TrueT F 27. Bank holding companies hold more than 90 percent of the industry’s assets in the United States.Answer: TrueT F 28. Research evidence suggests that banks taken over by interstate bankingorganizations have generally increased their market shares over their competitorswithin the same state and generally are more profitable than their competitors.Answer: FalseT F 29. The concentration of bank deposits at the local level (that is in urban communities and rural counties) has displayed only moderate changes in recent years.Answer: TrueT F 30. There is evidence that branch banks charge higher fees for some banking services than do unit banks.Answer: TrueT F 31. Branch banks tend to offer a wider menu of services than unit banks.Answer: FalseT F 32. Recent research suggests that branch banks tend to be more profitable than either unit or holding company banks, while interstate banks tend to be the mostprofitable of all.Answer: FalseT F 33. Less than 10 percent of the largest banks in the U.S. control almost 90 percent of the industry assets.Answer: TrueT F 34. Agency theory suggests that bank management will always pursue the goal of maximizing the return of the bank's shareholders.Answer: FalseT F 35. Recent research suggests that the relationship between bank size and the cost of production per unit is roughly U shaped.Answer: TrueRose/Hudgins, Bank Management and Financial Services, 8/e31T F 36. Bank holding companies that want to achieve the goal of risk reduction in earnings risk through interstate banking can achieve the same level of risk reduction byentering any of the fifty states.Answer: FalseT F 37. Bank holding companies are allowed to own nonbank businesses as long as those businesses offer services closely related to banking.Answer: TrueT F 38. Banks tend to have a higher proportion of outside directors than a typical manufacturing firm.Answer: TrueRose/Hudgins, Bank Management and Financial Services, 8/e32T F 39. Banks which operate entirely on the web are known as invisible banks.Answer: FalseT F 40. Banks acquired by holding companies are referred to as affiliated banks.Answer: TrueT F 41. Bank organizational structure has become more complex in recent years.Answer: TrueT F 42. There are only a very small number of unit banks in the U.S. today.Answer: FalseT F 43. Traditional brick-and-mortar bank branch offices are on the decline in the U.S.today.Answer: FalseT F 44. Community banks are usually smaller banks that are devoted principally to the markets for smaller, locally based deposits and loans.Answer: TrueT F 45. The question of whether financial firms operate as efficiently as possible requires researchers to look into the issue of x-efficiency. The concept requires an assessmentof the financial firm’s operating costs in relation to its cost-efficient frontier.Answer: TrueMultiple Choice Questions46.In banking, organizational form follows __________ because banks usually are organized insuch a way as to carry out the tasks and supply the services demanded of them. The termthat correctly fills in the blank in the sentence above is:A) Bank sizeB) Management's decisionC) FunctionD) RegulationE) LocationAnswer: CRose/Hudgins, Bank Management and Financial Services, 8/e3347.Which one of the following is charged with setting policy and overseeing a bank'sperformance?A) StockholdersB) Board of directorsC) RegulatorsD) DepositorsE) None of the above.Answer: B48.The largest banks possess some potential advantages over small and medium-size banks,according to the textbook. What specific advantage of the largest banks over small andmedium-sized banks is not mentioned in the text?A) Greater diversification geographically and by product lineB) Availability of financial capital at lower costC) Greater professional expertise to allocate capital to the most promising products andservicesD) Better positioned to take advantage of the opportunities afforded by interstate banking.E) All of the above were mentioned in the text as advantages typically possessed by thelargest banks.Answer: E49.Before any financial services can be offered to anyone a bank in the United States musthave a:A) Certificate of deposit insuranceB) Charter of incorporationC) List of established customersD) New building constructed to be the bank's permanent homeE) None of the above.Answer: B50.In the United States there are close to __________ commercial banks in operation. Whichnumber shown below is closest to the actual total number of U.S. banks operating in theU.S.?A) 20,500B) 13,500C) 11,500D) 9,000E) 7,500Answer: E51.One of the few states that has opted out of interstate banking is:A) New YorkRose/Hudgins, Bank Management and Financial Services, 8/e34B) OhioC) TexasD) MontanaE) None of the aboveAnswer: D52.The concentration of U.S. bank deposits in the hands of the largest banks has _________during the most recent period,A) DeclinedB) IncreasedC) Remained essentially unchangedD) Exhibited large fluctuations in both directionsE) None of above.Answer: B53.Bank holding company organizations have several advantages over other types of bankingorganizations. Among the advantages mentioned in this chapter is:A) Greater ease of access to capital marketsB) Tax advantageC) Product-line diversificationD) All of the above.E) None of the above.Answer: D54. A company which owns the stock of three different banks is known as a(n):A) Unit BankB) Interstate BankC) One Bank Holding CompanyD) Multi Bank Holding CompanyE) None of the aboveAnswer: D55.Which of the following is considered an advantage of branch banking?A) Increased availability and convenience of servicesB) Decreased chance of failureC) Reduced transaction costsD) B and C aboveE) All of the aboveAnswer: E56.The types of nonbank businesses a bank holding company can own include which of thefollowing?Rose/Hudgins, Bank Management and Financial Services, 8/e35A) Retail Computer StoreB) Security Brokerage FirmC) Retail Grocery StoreD) Wholesale Electronic Distribution CompanyE) All of the aboveAnswer: B57. A bank which offers its full range of services from only one office is known as a:A) Unit BankB) Branch BankC) Correspondent BankD) Bank Holding CompanyE) None of the aboveAnswer: A58.Why did so many states and the federal government finally enact interstate banking laws?A) The need for new capital in order to revive struggling economiesB) The expansion of services by nonbank financial institutionsC) Competition from neighboring states that already liberalized their lawsD) Advances in technology which allowed banks to service customers in broadergeographic areasE) All of the above are reasons for the passage of interstate banking lawsAnswer: E59.What is a bank holding company?A) It is a bank that offers all of its services out of one officeB) It is a bank that offers all its services out of several officesC) It is a corporation formed to hold the stock of one or more banksD) It is a merchant bankE) None of the aboveAnswer: C60.Which of the following is a type of service a bank holding company is not allowed to own?A) Merchant banking companyB) Savings and loan associationC) Retail electronics equipment sales companyD) Security brokerage firmE) Insurance agencyAnswer: C61.In the last decade, the number of banks has __________ and the number of branches has_________.A) Declined; IncreasedRose/Hudgins, Bank Management and Financial Services, 8/e36B) Grown; IncreasedC) Grown; DecreasedD) Declined; DecreasedE) Stabilized; StabilizedAnswer: A62.Websites known as electronic branches offer all of the following except:A) Internet banking servicesB) ATMsC) Point of sales terminalsD) Computer and phone services connecting customersE) Traveler's checksAnswer: E63.Relative to manufacturing firms, banks tend to have a (the) ___________ number of boardmembers.A) SameB) LargerC) SmallerD) UnknownE) None of the aboveAnswer: B64.The percentage of unit banks in the U.S. today is approximately:A) 10%B) 30%C) 50%D) 75%E) 100%Answer: B65.The ‘typical’ community bank has:A) $300 million in assets and is located in a smaller city in the Midwest.B) $25 billion in assets and is located in a large city in the EastC) $100 million in assets and is located in a large city the SouthD) $10 billion in assets and is located in a small city in the WestE) None of the aboveAnswer: A66.The ‘typical’ money cent er bank has:A) $250 million in assets and is located in a smaller city in the MidwestB) $25 billion in assets and is located in a large city in the EastC) $100 million in assets and is located in a large city in the SouthD) $10 billion in assets and is located in a small city in the WestE) None of the aboveAnswer: B67.The majority of banks today are:A) Federally charteredB) UninsuredC) State CharteredD) National BanksE) All of the aboveAnswer: C68.‘Member’ banks are:A) Members of the FDICB) National BanksC) Unit BanksD) Members of the Federal ReserveE) All of the aboveAnswer: D69.and banks tend tobe larger and hold more of the public’s deposits.A) National and MemberB) State and NonmemberC) National and UninsuredD) State and InsuredE) None of the aboveAnswer: A70.Which of the following is a reason for the rapid growth in branch banks?A) Exodus of population from cities to suburban areasB) Bank convergenceC) Business failuresD) Decreased costs of brick and mortarE) All of the aboveAnswer: A71.Under the Bank Holding Company Act control of a bank is assumed to exist only if:A) T he bank holding company acquires 100% of the bank’s stockB) The bank holding company acquires 50% or more of the bank’s stockC) T he bank holding company acquires 25% or more the bank’s stockD) The bank holding company acquires three banksE) None of the aboveAnswer: C72.When a bank holding company acquires a nonbank business it must be approved by:A) The FDICB) The Comptroller of the CurrencyC) The Federal ReserveD) The President of the U.S.E) All of the aboveAnswer: C73.Many financial experts believe that the customers most likely to be damaged bydecreased competition include:A) Large corporations in large citiesB) Households and business in smaller cities and townsC) Households that earn more than a billion dollars a yearD) Students away at collegeE) None of the aboveAnswer: B74.According to Levonian and Rose in order to achieve some reduction in earnings risk,interstate banks must expand into at least:A) 2 statesB) 4 statesC) 6 statesD) 10 statesE) 25 statesAnswer: B75.The major competitors of banks have:A) Fewer but much larger service providersB) Fewer but smaller service providersC) More but smaller service providersD) More but larger service providersE) None of the aboveAnswer: A76.Of the following countries in Europe, which has the largest number of banks?A) BelgiumB) FranceC) GermanyD) Great BritainE) None of the aboveAnswer: C77.Which country’s banks were owned by the state until the 1990’s?A) BelgiumB) FranceC) GermanyD) ItalyE) None of the aboveAnswer: D78.When financial service providers offer a range of services including banking,insurance and securities services it is known as:A) ConsolidationB) ConvergenceC) Economies of scaleD) E-EfficienciesE) None of the aboveAnswer: B79.The gradual evolution of markets and institutions such that geographic boundariesdo not restrict financial transactions is known as:A)DeregulationB)IntegrationC)Re-regulationD)GlobalizationE)Moral suasionAnswer: D80.Banks with less than _______ in assets are generally called community banks.A)More than $1 billionB)Less than $1 billionC)More than $5 millionD)Less than $1 trillionE)More than $1 trillionAnswer: B81.Nonbank financial firms that supply insurance coverage to customers borrowingmoney to guarantee repayment of a loan are referred to as:A) Merchant BankersB) Factoring CompaniesC) Savings AssociationsD) Investment BankersE) Credit Insurance UnderwritersAnswer: E82.A financial holding companies (FHC), defined as a special type of holding companythat may offer the broadest range of financial services such as securities andinsurance activities, were allowed under which act?A) Riegle-Neal Interstate Banking and Branching Efficiency ActB) The Competitive Equality in Banking ActC) The Basel AgreementD) The FDIC Improvement ActE) The Gramm-Leach-Bliley Financial Services Modernization ActAnswer: E。
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3. Why is a distribution system so difficult for an outsider to develop?
4. Why are decisions made by consensus?
3.1. 历史与当代行为
1. 国家之间发生的历史事 件影响企业与历史 2. 为什么日本人对于他们 的公司会有如此强烈的 忠诚感?
3.2.1. 气候与地形
1. 是评估市场时所需要了解的有关地理、 气候和自然地形方面的知识
2. 从产品的适应性到更深层次的营销体系 的培育都会产生影响
3. 气候特征会影响产品和设备的使用和功 能
3.2.1. Climate and Topography (Cont.)
4. Products may require special cooling or lubrication to function adequately in tropical zones
• Viewed from one’s own biases and SRC.
• Few historians can help filtering events though their own cultural biases.
3.1.1. 历史是主观的
1. 历史是主观的：
① 历史对于理解一个国家为什么要按照它的 方式行事是很重要的. ② 理解任何国家的企业和政治文化的一个关 键要素是对历史的主观认识.
5. Climate differences in Europe caused Bosch-Siemens to alter its washing machines 6. Geographic terrain such as mountain ranges in a country can influence transportation of products, e.g., Bogotá to Medellí by road takes 10 to 12 hours n
3. 为什么外来者如此难 以培养出分销体系参 与者的那种忠诚?
4. 为什么决策要得到大多 数人的同意？
3.1. History and Contemporary Behavior (Cont.)
5. Why are the Japanese loyal to family, to country, to company, and to social group?
1. Firms required to be socially responsible especially in foreign markets 2. Firms should comply regulations against environmental pollution and disposal of hazardous waste 3. Economic development and protection for the environment can coexist 3. Sustainable development guides many governments and multinational companies today
1. Linkage exists between geographic location and economic growth 2. Association between landlocked countries and level of economic development 3. Countries with hostile climates associated with economic stagnation 4. Countries that suffer the most from major calamities are among the poorest in the world, which influences ability to market products
1. The Importance of History and Geography in the Understanding of International Markets 2. History and Contemporary Behavior 3. History is Subjective 4. Geography and Global Markets 5. Products and Marketing 6. Dynamics of Global Population Trends
3.2.2. 地理、自然和经济增长
1. 在地理位置和经济增长之间存在着联系
2. 内陆国与经济发展之间的关系
3. 有些国家因气候恶劣而是经济停滞
4. 遭受自然灾害最严重的国家往往也是最 贫穷的国家，因为自然灾害会影响企业 营销产品的能力
3.2.3. Social Responsibility & Environmental Management
3.2.1.气候与地形 (Cont.)
4. 在热带地区产品要充分发挥功能，可能 需要专门的冷却或润滑
5. 欧洲气候的差异使得西门子公司对洗衣 机的设计进行了改动
6. 一国诸如山脉这样的地理因素可能会对 产品的运输产生影响。例如，在哥伦比 亚从波哥大到麦德林，如果走公路的话 需要10-12小时
3.2.2. Geography, Nature, and Economic Growth
Chapter 3
History and Geography: The Foundations of Culture
第三章
历史与地理：文化的基础
教学手段
• 教学环节：课程讲授和案例分析 • 练习环节；课后作业 • 启发式教学方法：课堂提问，引导学生 思考；师生互动。
本授课单元教学过程设计
章节 3.1 3.2 3.3 教学内容 Historical Perspective in Global Business Geography and Global Markets Dynamics of Global Population Trends 合 计 课时 1 1 1 3
备注
重点 重点
Key Words
1. 3. 5. Manifest Destiny Roosevelt Corollary population control 2. 4. Sustainable development Monroe Doctrine
Chapter Learning Objectives
本章学习目标
1. 历史和地理对于理解国际市场的重要性 2. 历史与当代行为 3. 历史的主观性 4. 地理与全球市场 5. 产品与营销 6. 全球人口趋势的变迁
3.1. History and Contemporary Behavior
1. Historical events between nations influence business and history 2. Why do the Japanese have such strong loyalty toward their companies?
2. Need to be knowledgeable about the effects of geographic diversity on the economic profiles of various nations
3. Climate and topography are examined as facets of the broader and more important elements of geography
• 从自己的偏见和自我参照准则出发去认识历史事 件. • 几乎没有历史学家能够不受自身文化偏见的影响 而去看待历史事件.
3.2. Geography and Global Markets
1. Study of geography is important in the evaluation of markets
3.1. 历史与当代行为（Cont.)
5. 为什么日本人会忠于家 庭、国家、公司和社会 团体? 6. 日本人为什么要合作？
7. 答案可以在日本的历史 和儒家思想中找到，因 为儒家思想一直强调对 于国家的忠诚
8. 总之，任何国家的企业 和政治文化都是由历史 形成的
3.1.1. History is Subjective
2. Influences marketing from product adaptation to more profound influences on the development of marketing systems
3. Climatic features affect uses and functions of products and equipment
6. Why do the Japanese cooperate?
7. Answers found in Japanese history and Confucian philosophy in which loyalty is to country
8. In short, any nation’s business and political culture is shaped by history
A joint approach among those (governments, businesses, environmentalists, and others) who seek economic growth with “wise resource management, equitable distribution of benefits and reduction of negative efforts on people and the environment from the process of economic growth”.