金融市场与机构 (6)

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金融学中的金融市场与金融机构

金融学中的金融市场与金融机构在金融学中，金融市场和金融机构是两个重要的概念。

它们在金融系统中扮演着不可忽视的角色，相互关联并相互支撑。

本文将介绍金融市场和金融机构的定义、发展历程以及它们在金融系统中的作用。

一、金融市场的定义与发展历程金融市场是指进行金融资产交易的场所或平台，在这个市场上，各种金融工具可以自由买卖、价值可以确定，并且交易的价格受供需关系、市场信息等因素的影响。

金融市场的发展历程可以追溯到古代的信用交易，如古希腊的货币交换和罗马人的长途贸易。

随着时间的推移，金融市场逐渐发展成为现代金融系统的核心组成部分。

金融市场可以分为金融资本市场和金融货币市场两大类。

金融资本市场是指进行长期融资的市场，如股票市场和债券市场；金融货币市场是指进行短期融资的市场，如货币市场和债券回购市场。

金融市场的发展和壮大促进了经济增长和资源配置效率的提高。

二、金融机构的定义与发展历程金融机构是指进行金融业务活动的组织或机构，它们提供各种金融产品和服务，为投资者和借款人提供资金来源和融资渠道。

金融机构的发展可以追溯到古代的贷款和储蓄机构，如巴比伦的典当行和古埃及的贷款银行。

随着金融市场的发展，金融机构的种类和规模也得到了增长和拓展。

金融机构可分为银行机构和非银行金融机构两大类。

银行机构是指进行存贷款业务的金融机构，包括商业银行、农村信用社和政策性银行等；非银行金融机构是指提供除存贷款业务以外的其他金融服务的机构，如保险公司、证券公司和基金公司等。

金融机构在金融系统中发挥着储蓄、融资、支付和风险管理等重要职能。

三、金融市场与金融机构的关系金融市场和金融机构是相互依存、相互关联的。

金融市场为金融机构提供了融资、投资和套期保值的机会，通过市场交易从而调节资金供求关系。

同时，金融机构通过提供资金、信用和风险管理等服务，为金融市场运作提供了支持和保障。

金融市场和金融机构之间的关系体现在资金的流动和信息的传递上。

金融市场通过资金的流动促进了资源配置的优化，而金融机构则通过信息的传递减少了信息不对称的问题，提高了市场的效率。

金融市场与金融机构ppt课件

金融机构在金融市场中的作用
金融机构是金融市场的中介，连接了资金供给方和需求方，实现了资金的转移和分配。
金融机构通过提供各种金融产品和服务，满足了客户的投资和融资需求，促进了金融市场的多元化和专业化。
金融机构在金融市场中发挥着风险管理、信息披露和监督等作用，提高了市场的透明度和效率。
金融市场对金融机构的影响
金融市场的规模和结构影响金融机构的业务规模和盈利能力。
金融市场的监管政策影响金融机构的业务范围和经营模式。
金融市场的利率、汇率等价格因素影响金融机构的融资成本和投资收益。
04
金融市场的全球化
金融市场全球化的趋势
资本流动自由化
随着贸易壁垒的逐步消除，资本在各国之间的流动更加自由，跨
金融机构的分类
按业务类型
可分为银行业、证券业、保险业等。
按组织形式
可分为国有金融机构、股份制金融机构、外资金融机构等。
按地域范围
可分为全国性金融机构和区域性金融机构。
金融机构的监管
监管机构
监管手段
各国政府、中央银行、金融监管机构等。
包括现场检查、非现场检查、信息披露等。
监管目标
维护金融市场稳定、保护投资者利益、防止金融风险等。
中介机构
包括银行、证券公司、保险公司和基金公司等。
监管机构
包括中央银行、证监会、银监会和保监会等。
02
金融机构概述
金融机构的定义与功能
定义
金融机构是指专门从事金融活动的组织，包括银行、证券公司、保险公司等。
功能
金融机构的主要功能是提供金融服务，包括吸收存款、发放贷款、买卖证券等，同时还承担着资金清算、风险管理等职责。

金融市场和金融机构培训课件

金融市场和金融机构培训课件1. 介绍金融市场是指进行金融交易的场所和平台，金融机构则是负责提供金融服务的实体。

本课程将介绍金融市场的基本概念和分类，并重点介绍各种金融机构的角色和功能。

2. 金融市场2.1 金融市场概述金融市场是指投资者进行金融交易的场所和平台。

金融市场的发展有助于提高资源配置效率，促进经济的发展。

金融市场主要分为货币市场和资本市场。

货币市场是指短期债务债券的交易市场。

货币市场的特点是交易品种流动性好、期限较短、风险较低。

货币市场的主要参与者包括商业银行、政府机构和其他金融机构。

2.3 资本市场资本市场是指长期债务和股权资本的交易市场。

资本市场的特点是交易品种期限较长、风险较高、回报较高。

资本市场的主要参与者包括证券公司、基金公司和其他金融机构。

3. 金融机构3.1 商业银行商业银行是指经营存款、贷款和支付结算等业务的金融机构。

商业银行的主要功能包括资金融通、支付结算和信用中介。

商业银行的经营模式包括传统型和创新型。

证券公司是指经营证券交易和承销业务的金融机构。

证券公司的主要功能包括证券经纪、证券承销和投资咨询。

证券公司的经营模式包括自营和代客。

3.3 基金公司基金公司是指管理和运营证券投资基金的金融机构。

基金公司的主要功能包括基金募集、基金投资和基金运营。

基金公司的经营模式包括开放式和封闭式。

3.4 保险公司保险公司是指提供保险产品和服务的金融机构。

保险公司的主要功能包括风险分担、保险赔付和资金管理。

保险公司的经营模式包括人身保险和财产保险。

3.5 其他金融机构除了商业银行、证券公司和基金公司以外，还有一些其他类型的金融机构，如信托公司、租赁公司和担保公司。

这些机构在金融市场中发挥着重要的作用。

4. 金融市场和金融机构的关系金融市场和金融机构相互依存、相互制约。

金融机构是金融市场的参与者和服务提供者，而金融市场则为金融机构提供融资和投资的渠道。

金融市场和金融机构的稳定和健康发展对于经济的发展和社会的稳定具有重要意义。

金融机构,金融工具与金融市场的含义

金融机构、金融工具与金融市场的含义
金融机构：金融机构主要是指银行和非银行金融机构。

金融工具
（1）含义
金融工具是指融通资金双方在金融市场上进行资金交易、转让的工具，借助金融工具，资金从供给方转移到需求方。

（2）分类
金融工具分为基本金融工具和衍生金融工具两大类。

常见的基本金融工具如货币、票据、债券、股票等；衍生金融工具又称派生金融工具，是在基本金融工具的基础上通过特定技术设计形成新的融资工具，如各种远期合约、期货、互换、掉期、资产支持证券等。

（3）特征
一般认为，金融工具具有流动性、风险性和收益性的特征。

金融市场
1）含义
金融市场是指资金供应者和资金需求者双方通过一定的金融工具进行交易而融通资金的场所。

（2）要素
金融市场的构成要素包括资金供应者和资金需求者、金融工具、交易价格、组织方式等（3）资金转移方式
①直接转移：需要资金的企业或其他资金不足者直接将股票或债券出售给资金剩余者
②间接转移：需要资金的企业或其他资金不足者，通过中介机构将股票或债券出售给资金剩余者；或者以他们自身所发行的证券来交换资金供应者手中的资金，再将资金转移到资金需求者手中。

金融市场与机构刘红忠课后题答案

金融市场与机构刘红忠课后题答案第一道题问题：什么是金融市场？它的分类有哪些？回答：金融市场是指进行金融资产买卖和金融衍生品交易的场所，是金融机构和个人之间进行资金融通和风险转移的重要平台。

根据其交易对象的不同，金融市场可以分为证券市场、货币市场和期货市场三大类。

证券市场主要交易股票、债券等证券品种，包括股票市场和债券市场。

股票市场是企业通过发行股票融资的市场，投资者可以通过购买股票来参与企业的所有权和收益分配。

债券市场是政府和企业通过发行债券筹集资金的市场，投资者可以通过购买债券来借出资金并获取利息。

货币市场主要交易短期的金融工具，如国库券、短期债券和银行同业存款等。

货币市场的交易期限一般较短，一般不超过一年。

货币市场的参与者主要是金融机构和企业，用于进行短期的资金周转和融资。

期货市场主要交易期货合约，即在未来某个时间按约定价格买卖某种标的物。

期货市场通过标准化的合约规定了交割时间、价格和标的物等要素，具有规范的交易方式和风险管理机制。

期货市场的参与者包括投资者和投机者，用于进行商品、股指、利率等各类合约的交易。

第二道题问题：金融机构的分类有哪些？它们的功能是什么？回答：金融机构根据其业务性质和组织形式可以分为中央银行、商业银行、证券公司、保险公司和投资基金公司等。

中央银行是国家的货币和信用机构，负责制定和实施货币政策，维护金融市场的稳定。

中央银行的主要功能包括发行货币、管理外汇储备、进行利率调控、维护金融稳定等。

商业银行是主要从事存款储蓄、贷款和信用业务的金融机构。

商业银行的功能包括吸收存款、发放贷款、提供支付结算、进行信用调查、提供金融咨询等。

证券公司是从事证券经纪、承销和交易的金融机构。

证券公司的功能包括提供证券经纪服务、进行证券承销、参与股票和债券的交易等。

保险公司是提供保险服务的金融机构，主要从事风险管理和赔付业务。

保险公司的功能包括接受保险业务、收取保费、进行风险评估、赔付保险金等。

金融市场与金融机构

第一章导论一、金融市场的概念：是资金融通市场，是指资金供应者和资金需求者双方通过信用工具进行交易而融通资金的市场，广而言之，是实现货币借贷和资金融通、办理各种票据和有价证券交易活动的市场。

比较完善的金融市场定义是：金融市场是交易金融资产并确定金融资产价格的一种机制。

二、金融市场的功能——有三个功能：（l）流动性；（2）信息；（3）风险分担三、金融市场的先天缺陷——5个因素：（1）负的外部性；（2）公共品；（3）信息不对称；（4）垄断；（5）经济周期。

这些缺陷意味着金融市场存在着系统性风险，有可能造成金融体系崩溃；而且知情少的一方往往会受到严重的侵害。

因此，健全和完善金融市场，维护金融安全尤为重要。

四、金融市场的分类按金融资产进入市场的时间来划分，金融市场可分为一级市场和二级市场；按期限分，金融市场可分为货币市场（1年以内）和资本市场（1年以上）；注意：货币市场与资本市场的区别。

（货币市场证券一般期限为0到一年不等，最长不能超过一年。

而资本市场证券期限长于一年，一般1年到30年的为中场期债券，股票也属于资本市场债券，其无固定到期日。

）按即时交割或远期交割划分，金融市场可分为现货市场、远期市场以及衍生工具市场；按组织结构划分，金融市场可分为拍卖市场、场外市场和中介市场；等等。

从全球视角看，金融市场又可以分为国内金融市场，国际金融市场和离岸金融市场。

五、金融机构的分类：分为存款性机构和非存款性机构六、做市商：做市商是重要的金融中介机构，它是金融工具买卖双方的联系人，安排和执行买卖双方的交易，在证券买卖中扮演关键角色。

做市商有助于帮助维持一个运行平稳并井然有序的金融市场。

第二章货币市场一、货币市场的概念和货币市场的功能货币市场：是一个经营短期资金的市场。

货币市场可以调剂短期资金的盈缺，还可帮助流动性管理和负债管理。

货币市场的功能：1、是将个人、公司和政府部门（资金供给者）的短期闲置资金转移给那些需要利用短期资金的经济主体（资金需求者）。

金融市场与机构

K*：真实无风险利率
利率=无风险利率+风险溢价 =k*+IP+DRP+LP+MRP =Krf+DRP+LP+MRP
IP：通货膨胀风险补偿 Krf= K*+IP DRP：违约风险补偿
MRP：期限风险补偿
LP：流动性风险补偿
• 利率的种类
– 按债务期限分（注意在相同违约风险下） – 按债务人性质分，如国债利率，企业借款利率，个人借款利率 – 按债务风险分，如优惠贷款利率、次债利率 – 按投资人收益分，如银行贷款利率，投资收益率，到期收益率、投资回报率
第二部分金融市场基础
第三章利率与金融产品价格第四章利率变动与利率期限结构第五章市场价格波动与市场有效
第三章利率与金融产品价格 • 利率定义与种类 • 利率在定价中的作用
一、利率定义与利率种类
• 什么是利率
– 由于让渡资金使用权而收取的补偿。是资金的价格 – 利率是投资收益率的同义语
PV FV C (1 i) n (1 i) n
• 现值
– 例：预计2年后收到25000元，如果利率是15%，这笔未来收入的现在价值是多少？
PV 25000 18904元 2 (1 15%)
• 资产定价的实质
– 对资产的未来收益确定当前价值 – 资产（资本）：能够产生未来收益的事、物
金融市场与金融机构
中国人民大学商学院李焰 liyan@
目录
第一部分第二部分第三部分第四部分第五部分第六部分金融体系金融市场基础中央银行与货币政策金融市场金融机构 e金融
第二部分金融市场基础
第三章利率与金融产品价格第四章利率变动与利率期限结构第五章市场价格波动与市场有效

金融市场与金融机构概述

金融市场与金融机构概述1. 金融市场的定义与作用金融市场是指进行资金交换和金融工具交易的场所和平台。

它可以分为资本市场和货币市场两大类。

资本市场主要是指股票市场和债券市场，它是企业和政府融资的重要渠道。

股票市场主要是发行和交易股票，使得企业可以从公众募集资金，而债券市场则是发行和交易债券，政府和企业可以通过发行债券以借入资金。

资本市场对于经济的发展和企业的成长非常重要，它提供了一个有效的融资机制，吸引了大量的资金流动，促进了投资和创新。

货币市场主要是指短期债务和金融工具的买卖市场，用于管理和调节货币供应和利率水平。

货币市场包括各式各样的金融机构之间的短期借贷、买卖和交易，例如商业银行之间的拆借、买卖国库券和存款证明等。

货币市场的主要特点是流动性高、风险低，它对于金融机构和企业来说是非常重要的短期融资渠道。

金融市场的作用主要有以下几个方面：1.资金配置：金融市场将资金投向各种投资项目，包括企业投资、房地产、股票等，从而实现了资源的有效配置。

2.风险管理：金融市场提供了各种衍生品和保险产品，可以帮助企业和个人进行风险管理和避险。

3.股权融资：金融市场为企业提供了股票融资的机会，使得企业可以通过发行股票吸引更多的资金。

4.长短期融资：金融市场提供了长期和短期融资的机会，满足了企业和个人不同时间段的资金需求。

总之，金融市场是经济体系中不可或缺的一部分，它通过提供融资、风险管理和资本配置等功能，为经济的发展和企业的成长提供了有力支持。

2. 金融机构的定义与分类金融机构是指专门从事金融业务的机构和组织，主要包括银行、保险公司、证券公司、基金公司等。

2.1 银行银行是最常见和最重要的金融机构，它提供各种金融服务，包括存款、贷款、支付结算等。

银行可以分为商业银行、投资银行和中央银行等不同类型。

商业银行是指向个人和企业提供各种金融服务的银行，包括对公贷款、个人贷款、存款、信用卡等。

商业银行是经济中最重要的金融机构之一，它承担了资金存储和流通、信用和支付等基本金融功能。

金融市场与金融机构练习(六)

2014-2015学年第一学期国际会计专业三级《金融市场与金融机构》（课程）试卷（95分钟）共页试卷来源：万建伟送卷人：万建伟打印：机考校对：万建伟一、Multiple Choice Questions（60小题，每小题1分，共60分）1、A large company with a temporary surplus of funds is most likely to buy:A.bank bills.B.convertible notes.C.debentures.D.shares.2、A primary financial market is one that:A.offers financial assets with the highest expected return.B.offers the greatest number of financial assets.C.involves the sale of financial assets for the first time.D.offers financial assets with the highest historical return.3、Which of the following borrowers would pay the lowest interest rate on debts of equal maturity?A.The National Bank of AustraliaB.TelstraC.The City of SydneyD.The Commonwealth Government4、An example of an indirect form of funding is a/an:A.issue of debentures.B.issue of unsecured notes.C.term loan.D.issue of shares.5、Sellers of financial claims promise to pay back borrowed funds:A.by borrowing extra funds in the future.B.based on their expectation of having surplus funds in the future.C.by selling other assets.D.by reducing their costs relative to their incomes. 6、An issue of debentures is an example of:A.a secondary market transaction.B.fundraising through financial intermediaries.C.a direct form of funding.D.an indirect form of funding.7、Which of the following is NOT a possible disadvantage of direct financing?A.Matching amounts of funds to be borrowed with those to be lentB.Assessment of the risk of the borrowerC.Cost of preparing legal contracts, taxation and accounting adviceD.Cost of the financial intermediary involved8、Which of the following statements about deposits is correct?A.Call accounts represent a fluctuating source of funds for banks.B.Term deposits are funds lodged with a bank for longer than two weeks.C.As current accounts are highly liquid, they form an unstable source of funds for a bank.D.A cheque account may pay interest.9、The Australian institution APRA is responsible for the regulatory supervision of financial institutions such as banks and credit unions. APRA stands for:A.Australian Practice and Regulatory Association.B.Australian Prudential Regulation Authority.C.Australian Prudential Rule Authority.D.Australian Practice and Regulatory Authority.10、Which of the following statements about recently adopted guidelines covering capital requirements for market risk that banks are required to perform is false?A.Banks use a risk measurement model based on a VaR approach.B.Banks estimate the sensitivity of portfolio components to small changes in prices.C.Banks must hold capital against risk of loss from changes in interest rates.D.Banks hold a fixed allocation of funds between various balance sheet assets and off-balance-sheet business.11、In relation to a bank, liquidity management means:A.the bank's ability to quickly convert deposits into loans.B.the bank's ability to onsell its loans.C.the bank's ability to have funds available when depositors' funds mature.D.the bank's policies and practices in identifying and managing its loans portfolios.12、According to the textbook, the Basel II approach to capital adequacy for banks involves ____ main elements.A.threeB.fourC.fiveD.six13、Part of a bank's liquidity management is to hold a portfolio of:A.term loans.B.mortgages.monwealth government securities.D.credit card loans.14、Which of the following statements about regulatory capital is false?A.Tier 1 capital includes paid-up ordinary shares, retained earnings, non-cumulative irredeemable preference shares and general reserves.B.Tier 2 capital includes general provision for doubtful debts, revaluation reserves of premises, mandatory convertible notes and approved perpetual subordinated debt.C.Tier 1 capital is core capital, including paid-up ordinary shares, non-cumulative irredeemable preference shares and general reserves.D.Tier 2 capital includes general reserves for doubtful debts, asset revaluation reserves of premises, other preference shares, mandatory convertible notes, cumulative redeemable preference shares and perpetual subordinated debt.15、The form of financing for large tourist resorts, property developments, heavy industry and processing plant developments is called:A.euro finance.B.conglomerate finance.C.project finance.D.lease finance.16、The ________ is the company in a merger transaction that tries to merge with or acquire another company.A.target companyB.takeover companyC.conglomerate companyD.hostile company17、The main difference between project finance and other forms of lending is:A.lenders base their participation on expected future cash flows and assets of the project.B.lenders take a major equity stake in the project.C.the project company, which is set up as a separate legal entity, relies heavily on venture capitalists for equity funding.D.the lenders have a claim on the assets of the project as well as the sponsors.18、If an individual retires early but wants to retain their superannuation entitlements in a favourable taxation environment, they can hold their eligible superannuation funds in a:A.single-premium scheme.B.growing annuity scheme.C.rollover scheme.D.termination scheme.19、A publicly listed corporation:A.has its shares listed on a formal exchange.B.is a legal entity (as part of the Corporations law of a nation-state).C.has to comply with the rules of the exchange where it is listed.D.is all of the given choices.20、Which of the following is NOT a feature of a share?A.Part ownership in the companyB.The right to vote in the control of the companyC.Readily transferableD.The right to periodic payments21、A _______ represents a financial claim to the cash flow of a business after all other claims have been deducted.A.bondB.debentureC.shareD.preference share22、The rules that apply to listed companies about promptly advising a stock exchange of any material changes relating to the corporation are called:rmational disclosure.B.continuous disclosure.C.transaction disclosure.D.related parties disclosure.23、The major supervisors of the Australian share market are:A.RBA and ASX.B.ASIC and ASX.C.APRA and ASX.D.EFIC and ASIC.24、When the owners of a company hire full-time executives to be responsible for the day-to-day decisions, this _____ the _____ problem.A.lessens, shareholder-lenderB.lessens, managers-shareholdersC.brings on, managers-shareholdersD.brings on, shareholder-lender25、A company's business risk depends on:A.its use of debt in financing the business.B.the risk of the company's operations and assets.C.how much debt a company has used.D.the amount of shareholder equity in the company.26、A company may raise additional equity capital through:A.a rights issue.B.a placement.C.a dividend reinvestment scheme.D.all of the given answers.27、A company is likely to issue _____ if it has reached its optimal gearing level.A.optionsB.rightsC.ordinary sharesD.preference shares28、Which of the following about equity warrants is NOT correct?A.Adding equity warrants to a bond issue increases its marketability.B.Warrants are similar to conversion features on some bonds.C.Warrants can be detached from the bond issue and sold separately.D.Dividends for warrants are usually lower than for ordinary shares.29、Which of the following is NOT a role of an underwriter in a public offering of shares?A.To provide pricing of the issueB.To provide advice on the structure of the issueC.To invest the funds raised in the offeringD.To provide guidance on the timing of the issue30、Compared with a pro-rata issue of shares, placements usually:A.take a longer time to organise.B.can be carried out much more quickly.C.involve a far greater discount to the current market price.D.involve no more than 50 participants.31、_______ are promised a fixed periodic dividend, the payment of which must be paid before that of ordinary shares.mon shareholdersB.Preferred shareholdersC.StakeholdersD.Creditors32、Which of the following criteria would be determinants of the appropriate ratio of debt to equity if a company should not take on more debt than can be serviced under conservative economic forecasts?i. Maximisation of shareholder wealthii. Industry norms iii. History of the ratio for the firmiv. The stage of the current economic cyclev. Limit imposed by lendersvi. The company's capacity to service debtA.i, iii, v, viB.ii, iii, v, viC.ii, iii, iv, vD.iii, iv, v, vi33、For a company, a rule of thumb for the interest cover financial ratio is in the range:A.0 to 1.B.1 to 2.C.2 to 3.D.3 to 4.34、The investment approach that evaluates and interprets past share price movements is:A.credit analysis.B.technical analysis.C.fundamental analysis.D.systematic analysis.35、In relation to technical analysis, what is the level above which the market finds it difficult to rise?A.Trend channelB.Resistance levelC.Support levelD.None of the given answers are correct36、An investor seeks to compare the financial characteristics of four companies that are investment possibilities. Based solely on the data provided in the following ratios, which companypany Apany Bpany Cpany D37、In relation to behavioural finance, if investors do not seek to maximise returns on investments but are quite willing to accept a lesser outcome or return, it is called:A.trading noise.B.herding instinct.C.framing behaviour.D.heuristic behaviour.38、In relation to share trading, a dedicated system that operates within an exchange allowing some institutional investors to place large buy or sell orders without having to disclose the whole trade to the exchange are:A.high frequency trading.B.intraday trading.C.program trading.D.dark pools.39、Which of the following statements is correct?A.If the share market follows a random walk, price changes should be highly correlated.B.A random walk for share price changes is inconsistent with observed patterns in price changes.C.If the share market is weak-form efficient, the share prices follow a random walkD.All of the given answers are correct.40、If you invest $12 000 for 4.75 years at 7.88% per annum, with interest compounded monthly, what will your total investment be worth at the end of the period?A.$12 378.94B.$15 476.29C.$16 232.40D.$17 426.3441、Calculate the effective annual interest rate if you are quoted 8% per annum, compounded every three months.A.11.10%B.8.24%C.8.22%D.8.00%42、The term 'discount security' in relation to a bank bill means:A.when the bank bill is issued, it is less than the principal amount to be repaid at maturity.B.the interest on a bank bill is less than other money market securities.C.when the principal is repaid to the lender, they receive less than other money market securities.D.the bank bill only pays interest annually, unlike other securities that pay semi-annually. 43、A P-note issuer to guarantee all the funds may arrange for:A.an underwriter.B.a supporting guarantee.C.collateral for the issue.D.all of the given choices.44、A major advantage of a bill financing facility is that it:A.lowers the acceptor's fees for a bank bill.B.lowers the drawer's cost in drawing up the bill.C.allows businesses to access financing at a lower cost than overdrafts.D.lowers the discounter's fee for taking on risks associated with the bill.45、The most important function of an underwriter for a promissory note issue is to:A.provide funding for the corporation.B.approve the prospectus before distribution to the public.C.dilute the corporation's equity.D.buy the issue of securities from the corporation and resell it to investors.46、The major banks lend unsecured short-term funds in the following basic ways:A.overdraft, bill financing and commercial paper.B.overdraft and bill financing.C.overdraft and commercial paper.mercial paper, negotiable certificates of deposit and overdraft.47、Many securities contain an option that is included as part of a bond or preferred share, which allows the holder to convert the security into a predetermined number of shares. This feature is called a:A.conversion feature.B.put option.C.repurchase agreement.D.warrant.48、What is the current price of a debenture with a $500 000 face value, a coupon rate of 9.5% paid semi-annually, six years remaining to maturity and market interest rates increased to 14%?A.$320 149.12B.$401 613.48C.$410 644.78D.$688 638.8049、Many years ago, banks:A.could make mortgage loans to households but not to businesses.B.could make loans to businesses but not make mortgage loans.C.held most loans on their books until they were paid off.D.repackaged and sold most loans to investors.50、Which of the following is NOT usually an example of restrictive debt covenants?A.Limitations on additional borrowingB.Constraints on disposal of non-current assetsC.Minimum levels of cash flowD.Supplying the creditors with annual, audited financial statements51、A probable advantage of Australian dollar eurobonds for borrowers is that:A.there is a secondary market on the Australian Securities Exchange.B.because they are sold in Australia, they don't necessarily require a prospectus.C.many foreign companies have financing needs in Australian dollars.D.they are generally registered in Australia.52、One of the advantages of attaching a provision with a loan for it to be converted into a transferable loan certificate is that:A.the original lender receives interest payments from the new holder.B.the loan is off the balance sheet of the original lender.C.the certificate can be sold to third parties who receive interest payments from the original lender.D.the loan remains on the books of the original lender.53、Consider the following five statements.i. A eurobond is a bond issued by a foreign borrower in a currency that is not the currency of the country in which the bond is issued.ii. Eurobonds tend to be bought mainly by banks and institutional investors, rather than by individuals.iii. Straight eurobonds are fixed-interest securities with periodic coupon payments.iv. FRNs are coupon instruments; however, the coupon is reset periodically throughout the term of the note.v. Convertible notes give the holder the option to convert the bond, on predetermined terms, into another form of instrument such as equity.Which of the following are correct?A.i, ii, iii and iv are true.B.i, ii, iv and v are true.C.i, ii, and iv are true.D.i, iii, iv and v are true.54、The crowding-out effect refers to:A.corporate borrowing exceeding government borrowing.ernment borrowing reducing the available funds for borrowing.C.heavy long-term borrowing by government.D.corporations issuing securities of long maturity.55、Which of the following statements regarding the secondary market for Australian government securities is incorrect? A.The volume of on-exchange trades of government securities is very high.B.Treasury notes and bonds may be listed on the Australian Securities Exchange (ASX).C.Banks buy and sell government securities to manage their operational liquidity.D.All wholesale electronic transactions involving Commonwealth government securities are settled through Austraclear.56、If the Australian Reserve Bank wants to expand the money supply, it will:A.buy Commonwealth government securities.B.increase the cash rate.C.sell Commonwealth government securities.D.sell repurchase agreements.57、During periods of economic recession, it is probable that the risk premium gaps for different corporate borrowers will:A.decrease.B.increase.C.remain unchanged.D.widen.58、An economic indicator that tends to follow changes in the business cycle is a:A.coincident indicator.gging indicator.C.leading indicator.D.secondary indicator.59、In relation to economic indicators, a lagging indicator is:A.an indicator that provides same-time tracking of the level of economic activity.B.an indicator that changes after a change in the business cycle.C.an indicator that measures from peak to peak of the business cycle.D.an indicator that changes before changes in the business cycle.60、To compensate for the uncertainty of future interest rates and the greater default risk for longer term loans, the lender generally:A.charges a higher rate of interest on long-term loans.B.includes a very high number of restrictive debt provisions.C.is entitled to change the terms of the loan at any time.D.is entitled to demand repayment of the loan at any time.二、True / False Questions（10小题，每小题1分，共10分）1、Deficit entities purchase financial instruments that offer the lowest interest rate.2、The shareholders of a public corporation do not participate directly in the day-to-day operation of a company but appoint the executive management group to do so at the shareholders' general meeting.3、The price of an equity-related derivative is directly related to the price of the correspondingsecurity on the stock exchange.4、Financial risk refers to risks arising from the different types of debt securities issued by a company.5、A share that has a beta of 0.5 is half as risky as the average share listed on the share market.6、If an investor purchases a commercial bill with a face value of $100 000 with a yield of 7.00% per annum and then, in 60 days, sells it at a yield of 7.50% per annum, the investor will make a capital gain on the sale of the bill.7、The acceptor of a commercial bill undertakes to pay the face value of the bill to the holder at maturity.8、The market for bank-accepted bills is an illiquid one as banks tend to hold them until maturity.9、Since each state government is responsible for providing a wide range of services, every state has its own borrowing authority to issue debt securities.10、Unfortunately, economic indicators don't provide clear and unambiguous messages about the future direction of economic activity and growth.三、Short Answer Questions（5小题，每小题6分，共30分）1、Discuss the main features of a bank's commercial lending.2、Explain the operation of cash management trusts.3、Identify and discuss the types of public unit trusts according to their assets.4、What are some factors that influence investors to buy listed rather than unlisted shares?5、What is a moving average model? Explain how it is used in technical analysis.。

金融市场与金融机构介绍

金融机构是经济体系中不可或缺的一部分，它们提供各种金融服务，如存款、贷款、投资、保险等
金融机构在金融市场中扮演着重要的角色，它们通过提供各种金融产品和服务，满足企业和个人的需求
金融机构的种类繁多，不同的金融机构有着不同的业务范围和特点
金融机构的分类
银行机构：包括中央银行、商业银行、政
策性银行等
数字化转型：利用大数据、人工智能等技术提升服务效率和用户体验绿色金融：推动绿色金融发展，支持可持续发展金融科技：加强金融科技研发，提升金融行业的智能化水平跨境金融服务：拓展跨境金融服务，满足全球化的金融需求
金融市场与金融机构的未来合作前景
金融科技的发展推动合作创新
监管政策推动合作规范化发展
添加标题
非银行金融机构：如保险公司、证券公司、
基金公司等
互联网金融：如P2P、众筹、第三方支付等
金融控股集团：如中信集团、光大永明人寿
保险等
金融机构的功能
吸收存款：金融机构通过吸收存款，将社会闲散资金集中起来，为经济发展提供资金支持
发放贷款：金融机构通过发放贷款，为企业和个人提供融资支持，促进经济发展支付结算：金融机构通过支付结算功能，为经济交易提供方便快捷的支付方式风险管理：金融机构通过风险管理功能，帮助企业和个人规避风险，保障经济安全
信息咨询：金融机构通过信息咨询功能，为企业和个人提供市场信息、投资建议等服务
投资者
投资者的定义：投资者是指通过购买金融产品或资产来获取收益的个人或机构
投资者的类型：个人投资者、机构投资者、政府投资者等
投资者的行为：投资决策、风险管理、资产配置等
投资者的作用：促进金融市场的流动性和活跃性，推动经济发展和财富增长

金融市场与金融机构运营

金融市场与金融机构运营金融市场发挥着促进经济发展和资源配置的关键作用，而金融机构则是金融市场的参与者和运营者。

本文将从金融市场的基本概念和功能出发，探讨金融机构在金融市场中的运营和作用。

一、金融市场的概念和功能金融市场是指为人们进行买卖金融资产和金融工具的场所和制度的总称。

它可以分为货币市场、证券市场、保险市场和衍生品市场等不同的细分市场。

金融市场的功能主要包括资金融通、风险管理和价格发现等方面。

首先，金融市场通过资金融通功能，将资金的供求双方连接起来，促进资金的跨时、跨地域的配置。

例如，企业需要筹集资金来开展生产经营活动，而投资者则希望将资金投资于具有潜在回报的项目。

金融市场提供了一个交易的场所和机制，使得企业和投资者能够进行资金的交流和流转。

其次，金融市场通过风险管理功能，为经济参与者提供了多样化的风险管理工具。

例如，商品期货市场可以提供价格保险工具，帮助生产者和消费者在价格波动中降低风险；保险市场可以提供保险产品，帮助个人和企业在面临风险时得到保障。

金融市场的风险管理功能有助于提高经济体系的稳定性和抗风险能力。

最后，金融市场通过价格发现功能，使得各类金融资产和金融工具的价格能够根据市场供求关系而形成。

金融资产的价格反映了市场参与者对于该资产的价值判断和预期。

价格的发现有助于引导资源的有效配置，提高市场的效率和透明度。

二、金融机构在金融市场中的运营和作用金融机构是指从事经营金融服务的组织和机构，包括商业银行、证券公司、保险公司等。

金融机构在金融市场中扮演着重要的角色，通过提供各种金融产品和服务，连接资金的供求双方，促进金融市场的运行和发展。

首先，金融机构作为金融市场的参与者，扮演着资金的供给者和需求者的角色。

它们通过吸收存款、发放贷款等方式向经济主体提供资金支持，满足企业和个人的资金需求。

同时，金融机构也作为投资者，将资金投入到金融市场，参与各类金融交易和投资活动。

其次，金融机构在金融市场中的运营有助于提高市场的流动性和效率。

金融市场与金融管理金融市场与金融机构

金融市场与金融管理金融市场与金融机构金融市场与金融机构在当今的经济环境下，金融市场和金融机构在整个金融体系中扮演着重要的角色。

金融市场提供了一个供需双方交易的场所，而金融机构则为各类经济主体提供了广泛的金融服务。

本文将探讨金融市场与金融机构的定义、功能和相互关系。

一、金融市场的定义与功能金融市场是指供需双方进行金融资产交易的场所，包括货币市场、证券市场、期货市场、外汇市场等各类市场。

金融市场的主要功能有以下几个方面：1. 资金融通功能：金融市场提供了资金融通的渠道，将资金从供给方转移给需求方，促进了经济发展和资源配置的优化。

2. 风险管理功能：金融市场提供了各类金融产品，如衍生品和保险等，用于对冲和管理风险。

这些产品帮助投资者规避风险、保值增值。

3. 价格发现功能：金融市场通过供需关系，使得金融资产的价格在市场上形成。

市场上的买卖行为反映了投资者对风险和回报的预期，进而影响资本价格的形成。

4. 储蓄和投资功能：金融市场提供了人们进行储蓄和投资的渠道。

通过各类金融产品和工具，个人和企业可以将闲置资金进行有效配置，实现财富增长。

二、金融机构的定义与功能金融机构是指在金融市场上从事金融业务的机构，包括商业银行、保险公司、证券公司、基金公司等。

金融机构的主要功能有以下几个方面：1. 存款和贷款功能：商业银行是金融机构中最主要的存贷款机构，它接受存款，并向个人和企业提供贷款。

这样的存贷款活动有助于满足社会的资金需求。

2. 信贷功能：金融机构通过发行各类信贷工具，提供融资服务，满足企业和个人的资金需求。

它们的信贷活动促进了经济中的投资和消费。

3. 风险管理功能：金融机构通过提供各类保险和风险管理产品，帮助客户规避风险。

它们承担和分散了来自金融市场的各类风险。

4. 投资功能：金融机构通过各类投资产品，如基金、证券组合等，为客户提供投资选择。

通过对资本市场的投资，它们实现了自身的盈利和客户的财富增值。

三、金融市场与金融机构的相互关系金融市场与金融机构紧密相连，相互依存。

学习金融市场与金融机构的运作

学习金融市场与金融机构的运作金融市场是指买卖各种金融资产的场所，也是各种金融工具进行定价和交易的场所。

金融机构则是指金融市场的参与者，包括银行、证券公司、保险公司等。

学习金融市场与金融机构的运作，对于了解金融体系的运行机制，掌握金融风险管理和金融投资技巧具有重要意义。

一、金融市场的分类根据金融工具的性质和交易方式的不同，金融市场可以分为货币市场和资本市场两大类。

货币市场是指短期资金和短期金融工具进行买卖交易的场所，交易期限一般在一年以内。

资本市场则是指长期融资和长期金融工具进行买卖交易的场所，交易期限一般在一年以上。

1. 货币市场货币市场的主要功能是调节短期流动性和满足资金的短期需求。

货币市场的金融工具包括国库券、短期企业债券、银行同业存单等。

这些金融工具的特点是流动性强、风险低、交易周期短。

2. 资本市场资本市场的主要功能是进行长期融资和长期投资，为企业和个人提供长期资金来源。

常见的资本市场金融工具包括股票、债券、期货、期权等。

这些金融工具的特点是交易期限长、风险较高。

二、金融机构的分类金融机构的分类主要根据其经营范围和业务性质来划分，常见的金融机构包括银行、证券公司、保险公司等。

1. 银行银行是金融市场的核心机构，负责资金的存储、支付、融资等各种金融服务。

银行的主要业务包括存款、贷款、国内结算、外汇交易、信用卡业务等。

在金融市场和金融体系中，银行扮演着重要的角色，对经济发展和金融稳定起着至关重要的作用。

2. 证券公司证券公司是金融市场的重要参与者，负责股票、债券、基金等金融工具的发行和交易。

证券公司的主要业务包括证券承销、自营交易、经纪交易等。

证券市场的发展和运作直接促进了企业的融资和投资，对于经济增长具有重要意义。

3. 保险公司保险公司是金融市场的风险管理机构，负责为客户提供风险保障和保险服务。

保险公司的主要业务包括人寿保险、财产保险、车险、健康保险等。

保险市场的稳定和健康发展对于个人和企业的风险管理至关重要。

经济学中的金融市场与金融机构

经济学中的金融市场与金融机构金融市场和金融机构是经济学中两个重要的概念，它们在对经济运行和金融系统的理解中起着至关重要的作用。

金融市场是指资金和金融工具交易的场所，而金融机构则是指提供金融服务和金融中介的机构。

本文将分析金融市场和金融机构在经济学中的作用和相互关系。

一、金融市场的作用金融市场作为经济系统的核心部分，扮演者资金配置与配置效率改进的重要角色。

金融市场的主要作用包括：1. 资金的募集与融通：金融市场提供了各种金融工具，如股票、债券和各类金融衍生品，使得企业和政府能够通过发行债券和上市股票来融资。

同时，金融市场也为投资者提供了投资渠道，使得他们可以将资金投向各个经济部门，实现资源配置的最优化。

2. 风险管理与分散：金融市场通过提供保险、期货和期权等金融工具，使得投资者能够对风险进行有效的管理和分散。

这有助于降低整个经济系统的风险水平，提高金融系统的稳定性。

3. 信息传递与价格发现：金融市场通过交易价格的形成，反映了市场参与者对于资产价值的评估和预期。

投资者可以通过金融市场获取各种信息，从而做出合理的投资决策。

同时，金融市场也通过交易过程中的价格波动，反映了市场对于经济变量的反应和调整。

二、金融机构的作用金融机构是金融市场的参与者和中介，它们为各类金融服务提供了平台和渠道。

金融机构的主要作用包括：1. 资金提供与信贷中介：金融机构通过吸收存款、发行贷款等方式，为企业和个人提供资金支持。

金融机构能够根据资金需求的不同，制定相应的贷款条件和利率，从而实现资金的调度和分配。

此外，金融机构还可以通过信贷评级和风险管理，提高信贷的质量和效率。

2. 支付结算与资金流动：金融机构提供支付结算服务，使得资金可以便捷地在各个经济主体之间流动。

金融机构通过电子支付系统和结算网络，实现了资金的安全性和高效性，促进了经济交易的进行。

3. 风险管理与金融监管：金融机构在金融市场中承担着风险管理和监管的职责。

它们通过评估风险、制定风险管理政策和提供金融风险保护工具，来降低金融系统的风险水平。

了解金融市场中的金融市场与金融机构市场与金融风险

了解金融市场中的金融市场与金融机构市场与金融风险金融市场与金融机构是金融系统中两个重要的组成部分。

金融市场是指进行金融资产买卖和金融资金流通的场所，其中包括货币市场、资本市场、外汇市场等；金融机构是指从事金融业务的机构，如商业银行、证券公司、保险公司等。

而金融风险是指在金融活动中可能带来损失的可能性。

一、金融市场金融市场是各类金融交易的场所和方式，是机构和个人进行金融资产交易的市场。

金融市场的主要功能包括资金融通、风险管理和价格发现等。

根据交易的期限和性质不同，可以将金融市场划分为货币市场和资本市场。

1. 货币市场货币市场是短期资金的融资和投资市场，包括央行票据市场、银行间市场和同业拆借市场等。

货币市场的参与主体主要是金融机构和非金融机构，其交易的主要对象是短期金融工具，如国库券、银行承兑汇票等。

货币市场的主要功能是满足金融机构短期流动性管理的需要，促进短期资金融通。

2. 资本市场资本市场是长期资金的融资和投资市场，包括股票市场和债券市场等。

资本市场的参与主体包括企业、个人和各类金融机构。

股票市场是企业发行股票融资的市场，主要有证券交易所和股份转让系统等；债券市场是企业和政府发行债券融资的市场，主要有债券交易所和柜台交易市场等。

资本市场的主要功能是为实体经济提供长期融资和投资工具，促进经济增长和资本配置。

二、金融机构市场金融机构市场是指金融机构从事金融业务的市场，包括银行市场、证券市场和保险市场等。

金融机构是金融市场的参与主体，通过提供金融服务来满足市场主体的金融需求。

1. 银行市场银行是最常见的金融机构，在金融市场中占有重要地位。

银行市场主要包括存款市场、贷款市场和外汇市场等。

存款市场是银行吸收存款和支付利息的市场，主要通过储蓄存款、定期存款和活期存款等产品进行；贷款市场是银行向企业和个人提供贷款的市场，主要通过信贷市场和房地产市场等进行；外汇市场是银行进行跨境货币兑换和外汇交易的市场，主要包括外汇现货市场和外汇衍生品市场等。

金融市场的机构与功能

金融市场的机构与功能金融市场是资金供求的重要场所，对于现代经济的发展起到至关重要的作用。

而金融市场中的机构与功能则是推动金融市场有效运转的基础。

本文将对金融市场的机构与功能进行探讨。

一、商业银行商业银行是金融市场中最重要的金融机构之一。

其主要功能包括吸收存款、发放贷款、进行汇兑等。

商业银行作为资金的主要提供者和投资者，在金融市场中起到了重要的中介作用。

通过汇集大量的资金，并将其投放到各个领域，商业银行促进了资源的优化配置，推动了经济的发展。

二、证券市场证券市场是金融市场中的另一个重要机构。

它提供了股票、债券、期货等各种金融工具的交易场所。

证券市场的主要功能是融资和投资。

通过证券市场，企业可以通过发行股票或债券来融资，而投资者可以通过购买证券来获取投资回报。

证券市场的有效运行对于促进企业发展和推动资本市场的健康发展至关重要。

三、期货市场期货市场是金融市场中的又一个重要机构。

它提供了各种商品、金融产品以及外汇等期货合约的买卖场所。

期货市场主要承担风险管理和价格发现的功能。

通过期货合约，投资者可以对冲风险，同时通过期货市场的交易活动，可以推动市场价格的形成力量，从而实现市场的有效运行。

四、保险行业保险行业是金融市场中的重要组成部分。

保险公司作为提供风险保障的机构，在金融市场中发挥了关键作用。

其主要功能是通过合理的风险评估和分散，为个人和企业提供保险服务。

通过保险的机制，保险公司为经济主体提供了一种有效的风险管理工具，促进了经济的稳定和发展。

五、外汇市场外汇市场是金融市场中进行不同货币交易的场所。

外汇市场的主要功能是提供汇率的形成和风险管理。

通过外汇市场的交易活动，可以决定不同货币之间的汇率，使参与者能够进行外汇交易，实现跨国货币的兑换与结算。

外汇市场的有效运行对于维护金融市场的稳定和促进国际贸易具有重要意义。

综上所述，金融市场的机构与功能是推动金融市场有效运转的基础。

商业银行、证券市场、期货市场、保险行业以及外汇市场等机构在各自领域都发挥着重要作用。

金融市场与机构(6)

Chapter 6Are Financial Markets Efficient?Multiple Choice Questions1. How expectations are formed is important because expectations influence(a) the demand for assets.(b) bond prices.(c) the risk structure of interest rates.(d) the term structure of interest rates.(e) all of the above.Answer: E2. According to the efficient market hypothesis, the current price of a financial security(a) is the discounted net present value of future interest payments.(b) is determined by the highest successful bidder.(c) fully reflects all available relevant information.(d) is a result of none of the above.Answer: C3. The efficient market hypothesis(a) is based on the assumption that prices of securities fully reflect all available information.(b) holds that the expected return on a security equals the equilibrium return.(c) both (a) and (b).(d) neither (a) nor (b).Answer: C4. If the optimal forecast of the return on a security exceeds the equilibrium return, then(a) the market is inefficient.(b) an unexploited profit opportunity exists.(c) the market is in equilibrium.(d) only (a) and (b) of the above are true.(e) only (b) and (c) of the above are true. Answer: D5. According to the efficient market hypothesis(a) one cannot expect to earn an abnormally high return by purchasing a security.(b) information in newspapers and in the published reports of financial analysts is already reflected in marketprices.(c) unexploited profit opportunities abound, thereby explaining why so many people get rich by tradingsecurities.(d) all of the above are true.(e) only (a) and (b) of the above are true.Answer: E6. Another way to state the efficient market condition is that in an efficient market,(a) unexploited profit opportunities will be quickly eliminated.(b) unexploited profit opportunities will never exist.(c) arbitrageurs guarantee that unexploited profit opportunities never exist.(d) both (a) and (c) of the above occur. Answer: A7. Another way to state the efficient market hypothesis is that in an efficient market,(a) unexploited profit opportunities will never exist as market participants, such as arbitrageurs, ensure thatthey are instantaneously dissipated.(b) unexploited profit opportunities will not exist for long, as market participants will act quickly to eliminatethem.(c) every financial market participant must be well informed about securities.(d) only (a) and (c) of the above.Answer: B8. A situation in which the price of an asset differs from its fundamental market value is called(a) an unexploited profit opportunity.(b) a bubble.(c) a correction.(d) a mean reversion.Answer: B9. A situation in which the price of an asset differs from its fundamental market value(a) indicates that unexploited profit opportunities exist.(b) indicates that unexploited profit opportunities do not exist.(c) need not indicate that unexploited profit opportunities exist.(d) indicates that the efficient market hypothesis is fundamentally flawed.Answer: C10. Studies of mutual fund performance indicate that mutual funds that outperformed the market in one time period(a) usually beat the market in the next time period.(b) usually beat the market in the next two subsequent time periods.(c) usually beat the market in the next three subsequent time periods.(d) usually do not beat the market in the next time period.11. The efficient market hypothesis suggests that allocating your funds in the financial markets on theadvice of a financial analyst(a) will certainly mean higher returns than if you had made selections by throwing darts at thefinancial page.(b) will always mean lower returns than if you had made selections by throwing darts at the financialpage.Answer: D(c) is not likely to prove superior to a strategy of making selections by throwing darts at the financialpage.(d) is good for the economy.Answer: C12. Ivan Boesky, the most successful of the so-called arbs in the 1980s, was able to outperform themarket on a consistent basis, indicating that(a) securities markets are not efficient.(b) unexploited profit opportunities were abundant.(c) investors can outperform the market with inside information.(d) only (b) and (c) of the above. Answer: D13. To say that stock prices follow a “ random walk ” is to argue that(a) stock prices rise, then fall.(b) stock prices rise, then fall in a predictable fashion.(c) stock prices tend to follow trends.(d) stock prices are, for all practical purposes, unpredictable. Answer: D14. To say that stock prices follow a “ random walk ” is to argue that(a) stock prices rise, then fall, then rise again.(b) stock prices rise, then fall in a predictable fashion.(c) stock prices tend to follow trends.(d) stock prices cannot be predicted based on past trends. Answer: D15. Rules used to predict movements in stock prices based on past patterns are, according to the efficientmarkets theory,(a) a waste of time.(b) profitably employed by all financial analysts.(c) the most efficient rules to employ.(d) consistent with the random walk hypothesis. Answer: A16. Tests used to rate the performance of rules developed in technical analysis conclude that(a) technical analysis outperforms the overall market.(b) technical analysis far outperforms the overall market, suggesting that stockbrokers provide valuableservices.(c) technical analysis does not outperform the overall market.(d) technical analysis does not outperform the overall market, suggesting that stockbrokers do not provideservices of any value.Answer: C17. Which of the following types of information will most likely enable the exploitation of a profit opportunity?(a) Financial analysts ' published recommendations(b) Technical analysis(c) Hot tips from a stockbroker(d) Insider informationAnswer: D18. Which of the following types of information will most likely enable the exploitation of a profit opportunity?(a) Financial analysts ' published recommendations(b) Technical analysis(c) Hot tips from a stockbroker(d) None of the aboveAnswer: D19. The advantage of a -a“ndb-uhyold strategy ” tis tha(a) net profits will tend to be higher because there will be fewer brokerage commissions.(b) losses will eventually be eliminated.(c) the longer a stock is held, the higher will be its price.(d) only (b) and (c) of the above are true.Answer: A20. The efficient market hypothesis suggests that(a) investors should not try to outguess the market by constantly buying and selling securities.(b) investors do better on average if they adopt a “buy and hold ” strategy.(c) buying into a mutual fund is a sensible strategy for a small investor.(d) all of the above are sensible strategies.(e) only (a) and (b) of the above are sensible strategies.Answer: D21. Sometimes one observes that the price of a company 's stock falls after the announcement offavorable earnings. This phenomenon is(a) clearly inconsistent with the efficient market hypothesis.(b) consistent with the efficient market hypothesis if the earnings were not as high as anticipated.(c) consistent with the efficient market hypothesis if the earnings were not as low as anticipated.(d) the result of none of the above.Answer: B22. Important implications of the efficient market hypothesis include which of the following?(a) Future changes in stock prices should, for all practical purposes, be unpredictable.(b) Stock prices will respond to announcements only when the information in these announcementsis new.(c) Sometimes a stock price declines when good news is announced.(d) All of the above.(e) Only (a) and (b) of the above.Answer: D23. Although the verdict is not yet in, the available evidence indicates that, for many purposes, theefficient market hypothesis is(a) a good starting point for analyzing expectations.(b) not a good starting point for analyzing expectations.(c) too general to be a useful tool for analyzing expectations.(d) none of the above.Answer: A24. The efficient market hypothesis suggests that(a) investors should purchase no-load mutual funds which have low management fees.(b) investors can use the advice of technical analysts to outperform the market.(c) investors let too many unexploited profit opportunities go by if they adopt a strategy.(d) only (a) and (b) of the above are sensible strategies.Answer: A25. The efficient market hypothesis applies to(a) both the stock market and the foreign exchange market.(b) the stock market but not the foreign exchange market.(c) the foreign exchange market but not the stock market.(d) neither the stock market nor the foreign exchange market.Answer: A26. According to the January effect, stock prices(a) experience an abnormal price rise from December to January.(b) experience an abnormal price decline from December to January.(c) follow a random walk during January.(d) set the pattern for the entire year in January. Answer: A27. The small-firm effect refers to the observation that small firms ' stocks(a) follow a random walk but large firms ' stocks do not.(b) have earned abnormally low returns given their greater risk.(c) have earned abnormally high returns even taking into account their greater risk.(d) sell for lower prices than do large firms ' stocks.28. The efficient markets hypothesis is weakened by evidence that(a) stock prices tend to follow a random walk.(b) stock prices are more volatile than fluctuations in their fundamental values can explain.(c) technical analysis does not outperform the overall market.(d) an investment adviser ' s past success or failure at picking stocks does not predict his or herAnswer: Cfuture performance.Answer: B29. Mean reversion refers to the observation that(a) stock prices overact to news announcements.(b) stocks prices are more volatile than fluctuations in their fundamental value would predict.(c) stocks with low returns are likely to have high returns in the future.(d) stocks with low returns are likely to have even lower returns in the future. Answer: C30. Which of the following does not weaken the efficient markets hypothesis?(a) Mean reversion(b) Success of buy-and-hold strategy(c) January effect(d) Excessive volatilityAnswer: B31. An important lesson from the Black Monday Crash of 1987 and the tech crash of 2000 is that(a) factors other than market fundamentals affect stock prices.(b) the strong version of the efficient market hypothesis, that stock prices reflect the true fundamental value ofsecurities, is correct.(c) market psychology has little if any effect on stock prices.(d) there is no such thing as a rational bubble.Answer: A32. An investor gains from short selling by ________ and then later ________ .(a) buying a stock; selling it at a higher price(b) selling a stock; buying at back at a lower price(c) buying a stock; selling it at a lower price(d) selling a stock; buying it back at a higher priceAnswer: B33. Which of the following is an insight from behavioral finance?(a) The price of securities fully reflects all available information.(b) Investor overconfidence leads to high trading volumes.(c) The optimal forecast of a security ' s return equals the siberci u mrityreturn. ' s equil(d) Investment advisors cannot consistently beat the market.Answer: BTrue/False1. Evidence that stock prices sometimes fall when a firm announces good news contradicts the efficientmarket hypothesis. Answer: FALSE2. If the security markets are truly efficient, there is no need to pay for help selecting securities.Answer: TRUE3. Evidence that a mutual fund has performed extraordinarily well in the past contradicts the efficientmarket hypothesis.Answer: FALSE4. In an efficient market, every stock is a good choice.Answer: TRUE5. Technical analysts look at historical prices for information to project future prices.Answer: TRUE6. The evidence suggests technical analysts are not superior stock pickers.Answer: TRUE7. If the markets are efficient, the optimal investment strategy will be to buy and hold so as tominimize transaction costs.Answer: TRUE8. In an efficient market, abnormal returns are not possible even using inside information. Answer: FALSE9. “ Short selling ” rethf e rpsrtaoctice of buying a stock and holding it for only a short time beforeselling it.Answer: FALSE10. Loss aversion means the unhappiness a person feels when he or she suffers a monetary loss exceeds thehappiness the same person experiences from receiving a monetary gain of the same amount. Answer: TRUE 11. It is probably a good use of an investor ' s time to watch as many shows featuring technical analyas possible.Answer: FALSEEssay1. Why are expectations important in understanding how financial instruments are valued?2. How is it possible that a firm can announce a record-breaking loss, yet its stock price rise when theannouncement is made?3. What is the optimal investment strategy according to the efficient market hypothesis? Why?4. Explain what the market reaction will be in an efficient market if a firm announces a fullyanticipated filing for bankruptcy.5. How do loss aversion, overconfidence of investors, and social contagion affect market efficiency?6. What is a rational bubble?。