证券投资学课后习题

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《证券投资学》课后习题答案

《证券投资学》课后习题答案第一章证券市场概述1、什么是投资？实体投资与金融投资、直接金融与间接金融、直接金融投资与间接金融投资的区别在哪里？答：投资是经济主体为了获得未来的收益而垫支资本转换为资产的过程，这一结果因存在风险而存在不确定性。

实体投资是指对设备、建筑物等固定资产的购置以形成新的生产能力。

其最终的结果是增加了社会物质财富和经济总量。

金融投资是指投资者为了获得收益而通过银行存款，购买股票、债券等金融资产方式让渡资金使用权以获取收入行为过程。

直接金融是融资方与投资方不通过金融中介而直接融通资金的方式，间接金融是融资方与投资方通过金融中介而间接融通资金的方式，二者的区别是资金融通过程中是否有中介机构的参与并与投资者产生契约关系，在间接融资中，投资银行只起帮助其中一方寻找或撮合适当的另一方以实现融资的委托代理关系的作用。

直接金融投资是投资者通过在资本市场直接买卖股票、债券等由筹资者发行的基础证券以获得收益的投资方式，而间接金融投资指投资者不直接购买股票、债券等有价证券，他们购买银行存单、基金、信托产品或金融衍生产品以间接的获取收益。

直接金融投资者可以参加股东大会或债权人大会，了解发行公司信息较为容易，而间接金融投资者无这些特权。

2、什么是证券？其特征有哪些？可以分成几类？答：证券是一种凭证，它表明持有人有权依凭证所记载的内容取得相应的权益并具有法律效力。

按权益是否可以带来收益，证券可以分为有价证券和无价证券。

有价证券可分为广义有价证券和狭义有价证券。

广义有价证券分为商品证券、货币市场证券、和资本证券三种，狭义有价证券仅指资本证券。

证券的基本特征主要如下：1.所有权特征。

该特征指有价证券持有人依所持有的证券份额或数量大小对相应的资产拥有一定的所有权。

2.收益性特征。

指证券持有人可以通过转让资本的使用权而获取一定数额的资本收益。

3.流通性特征。

指证券持有人可以在规定的场所按自己的意愿快速地转让证券以换取现金。

证券投资学课后习题答案总结word精品

第一章股票1、什么是股份制度？它的主要功能有哪些？答：股份制度亦称股份公司制度，它是指以集资入股、共享收益、共担风险为特点的企业组织制度。

股份公司一般以发行股票的方式筹集股本，股票投资者依据他们所提供的生产要素份额参与公司收益分配。

在股份公司中，各个股东享有的权利和义务与他们所提供的生产要素份额相对应。

功能：一、筹集社会资金；二、改善和强化企业的经营管理。

2、什么是股票？它的主要特性是什么？答：股票是股份有限公司发行的，表示其股东按其持有的股份享受权益和承担义务的可转让的书面凭证。

股票作为股份公司的股份证明，表示其持有者在公司的地位与权利，股票持有者为公司股东.特性： 1 、不可返还性2、决策性3、风险性4、流动性5、价格波动性6、投机性3、普通股和优先股的区别？答：普通股是构成股份有限公司资本基础股份，是股份公司最先发行、必须发行的股票，是公司最常见、最重要的股票，也是最常见的股票。

其权利为：1、投票表决权2、收益分配权3、资产分配权4、优先认股权。

对公司优先股在股份公司中对公司利润、公司清理剩余资产享有的优先分配权的股份。

第一是领取股息优先。

第二是分配剩余财产优先。

优先股不利一面：股息率事先确定；无选举权和被选举权，无对公司决策表决权；在发放新股时，无优先认股权。

有利一面：投资者角度:收益固定，风险小于普通股，股息高于债券收益；筹资公司发行角度：股息固定不影响公司利润分配，发行优先股可以广泛的吸收资金，不影响普通股东经营管理权。

4、我国现行的股票类型有哪些？答：我国现行的股票按投资主体不同有国有股、法人股、公众股和外资股。

国有股是有权代表国家投资的部门或机构以国有资产向公司投资形成的股份，包括公司现有的国有资产折算的股份。

法人股是指企业法人或具有法人资格的事业单位和社会团体以其依法可支配的资产向股份有限公司非上市流通股权部分投资所形成的股份。

公众股即个人股，指社会个人或股份公司内部职工以个人合法财产投入公司形成的股份。

证券投资学课后习题答案参考

1、有价证券的种类和特征：按证券的经济性质可分为股票、债券和其他证券三大类有价证券的特征：1）、产权性。

有价证券的产权性是指它记载着权利人的财产权内容，代表着一定的财产所有权，拥有证券就意味着享有财产的占有、使用、收益和处分的权利。

2）、收益性。

收益性是指持有证券本身可以获得一定数额的收益，这是投资者转让资金使用权的回报。

3）、流动性。

证券的流动性又称变现性，是指证券持有人可按自己的需要，灵活地转让证券以换取现金。

4）、风险性。

证券的风险性是指证券持有者面临着预期投资收益不能实现，甚至使本金也受到损失的可能。

2. 股票的主要类型----------------课本P313. 普通股股票的基本特征和主要种类基本特征：(1) 持有普通股的股东有权获得股利，但必须是在公司支付了债息和优先股的股息之后才能分得。

普通股的股利是不固定的，一般视公司净利润的多少而定。

当公司经营有方，利润不断递增时普通股能够比优先股多分得股利，股利率甚至可以超过50%；但赶上公司经营不善的年头，也可能连一分钱都得不到，甚至可能连本也赔掉。

(2) 当公司因破产或结业而进行清算时，普通股东有权分得公司剩余资产，但普通股东必须在公司的债权人、优先股股东之后才能分得财产，财产多时多分，少时少分，没有则只能作罢。

由此可见，普通股东与公司的命运更加息息相关，荣辱与共。

当公司获得暴利时，普通股东是主要的受益者；而当公司亏损时，他们又是主要的受损者。

(3) 普通股东一般都拥有发言权和表决权，即有权就公司重大问题进行发言和投票表决。

普通股东持有一股便有一股的投票权，持有两股者便有两股的投票权。

任何普通股东都有资格参加公司最高级会议枣每年一次的股东大会，但如果不愿参加，也可以委托代理人来行使其投票权。

(4) 普通股东一般具有优先认股权，即当公司增发新普通股时，现有股东有权优先(可能还以低价)购买新发行的股票，以保持其对企业所有权的原百分比不变，从而维持其在公司中的权益。

《证券投资学》课后练习题3-

《证券投资学》课后练习题3-第三章资产定价理论及其发展⼀、选择题1.路易丝·巴彻利尔（Louis Bachelier）通过对法国股票市场进⾏研究⽽完成的博⼠论⽂奠定了资产定价理论的基础。

该论⽂是（ d ）A.《选美论》B.《关于风险衡量的新理论》C.《投资价值理论》D.《投机理论》2.某公司在未来⽆限时期内每年⽀付的股利为5元/股，必要收益率为10%，则该公司股票的理论价值为（ c ）A．15元 B．50元 C．55元 D．100元3.上年年末某公司⽀付每股股息为2元，预计在未来该公司的股票按每年4%的速度增长，必要收益率为12%，则该公司股票的内在价值为（ b ）A．25元 B．26元 C．16.67元 D．17.33元4.证券组合管理理论最早由美国著名经济学家（ d ）于1952年系统提出。

A.詹森B.特雷诺C.夏普D.马科维茨5.根据马科维茨1952年发表的《现代资产组合理论》，下列不正确的说法是（ a ）A.古典定价理论投资者期望收益最⼤化假设是正确的B.古典定价理论投资者期望收益最⼤化假设是不正确的C.不同的市场组合代表不同的期望收益和风险D.投资者可以根据⾃⼰的风险偏好选择适合⾃⼰的投资组合6.夏普、林特纳和詹森分别于1964年、1965年和1966年提出了著名的（ a ）A.资本资产定价模型B.套利定价模型C.期权定价模型D.有效市场理论7.默顿于1973年提出了（ b ）A.传统的资本资产定价模型B.套利定价模型C.跨期资本资产定价模型期D.基于消费的资本资产定价模型8.下列不正确的说法是（ d ）A.期货定价理论主要包括持有成本理论、延期交割费⽤理论和基于对冲压⼒的期货定价理论B.持有成本理论认为期货价格就是现货价格与持有存货的实际成本和潜在风险补偿之和C.改进的存货理论通过假设对冲交易和存货的便利收益的存在来解释期货价格低于现货价格的现象。

D.期货定价理论就是期权定价理论9.构成微观⾦融学理论⽀柱的是（ d ）A.B-S-M模型B.CAPM模型C.M-M定理D.以上都是10.下列与格罗斯曼-斯蒂格利茨悖论相悖的说法是（ c ）A.竞争性理性预期均衡不具有稳定性B.交易者有“搭便车”的动机C.如果⼤家都不搜寻信息，个⼈搜寻信息就会产⽣超额利润。

证券投资学课后习题

证券投资学课后习题一、单项选择题第一章：概述1、证券按其性质不同，可以分为（）A、凭证证券和有价证券B、资本证券和货币证券C、商品证券和无价证券D、虚拟证券和有价证券２、广义的有价证券包括（）货币证券和资本证券。

A、商品证券B、凭证证券C、权益证券D、债务证券3、有价证券是（）的一种形式。

A、商品证券B、权益资本C、虚拟资本D、债务资本4、证券按发行主体不同，可分为公司证券、（）、政府证券和国际证券。

A、银行证券B、保险公司证券C、投资公司证券D、金融机构证券5、把证券分为政府证券、金融证券和公司证券，是按（）划分的。

A、构成内容B、是否上市C、是否有价D、发行主体6、证券市场分为股票市场、债券市场和基金市场，是按（）划分的。

A、交易对象B、市场职能C、市场组织形式D、交易目的7、证券投资是指投资者购买（）以获得红利、利息及资本利得的投资行为和投资过程。

A、有价证券B、股票C、股票及债券D、有价证券及其衍生品8、进入证券市场进行证券买卖的各类投资者即是证券投资的（）A、主体B、客体C、中介D、对象9、投资者持有证券是为了取得收益，但持有证券也要冒得不到收益甚至损失的风险。

所以，收益是对风险的补偿，风险与收益成（）关系。

A、正比B、反比C、不相关D、线性10、以下哪种风险属于系统性风险（）A、市场风险B、信用风险C、经营风险D、违约风险11、以下哪一类不是证券发行主体?( )。

A、政府B、企业C、居民D、金融机构12、有价证券代表的是( )A、财产所有权B、债权C、剩余请求权D、所有权或债权13以下风险最大的有价证券是（）。

A、股票B、国债C、基金凭证D、金融债券14、购买力风险指的是因 ( )变动而带来的证券投资风险。

A、利率B、汇率C、物价D、政策第二章股票1、设立股份有限公司申请公开发行股票，发起人认购的股本数额不少于公司拟发行股本总额的（）A、20%B、25%C、30%D、35%2、监事由（）选举产生。

证券投资学课后习题范文

A、商品证券B、凭证证券C、权益证券D、债务证券3、有价证券是（）的一种形式。

A、商品证券B、权益资本C、虚拟资本D、债务资本4A5A6A7A8A、主体9A、正比10A11A、政府12A13A、股票14A、利率1、（）A、20%B、25%C、30%D、35%2、监事由（）选举产生。

A、股东大会B、职工代表大会C、董事会D、上级任命3、以人民币标明面值，供境外投资者用外币认购，获纽约证券交易所批准上市的股票，称为（???）?A、B股??B、H股??C、A股???D、N股?4、股票体现的是（）A、所有权关系B、债券债务关系C、信托关系D、契约关系5、蓝筹股通常指（）的股票。

A、发行价格高B、经营业绩好的大公司C、交易价格高D、交易活跃6、每股股票所代表的实际资产的价值是股票的(???)A、帐面价值???B、票面价值????C、清算价值????D、内在价值7、普通股股东通过参加（）体现其作为公司所有者的地位，并参与公司的经营决策。

A、董事会????B、监事会????C、股东大会????D、以上均不正确8、能转换成普通股票的优先股票是（）A、参与优先股票???B、可转换优先股票??C、可收回优先股票??D、累积优先股票9、在普通股票分配股息之后才有权分配股息的一种股票是（）A、优先股票????B、后配股????C、混合股????D、以上均不正确10、风险最大的股票是（?????）?A、普通股?B、优先股??C、劣质股?D、蓝筹股11、除按规定分得本期固定股息外，无权再参与本期剩余盈利分配的优先股，称为（）A、非累积优先股?B、非参与优先股C12、A、13AC14A15、NA、悉尼1A、?2A3A4A5A6A、37A、券面形态?B、发行方式??C、流通方式?D、偿还方式8、公司以其金融资产抵押而发行的债券是（）A、承保公司债B、不动产抵押公司债C、证券抵押信托公司债D、设备信托公司债9、外国公司在中国发行的以人民币标价的债券称为：（）A、扬基债券?B、熊猫债券?C、武士债券??D、龙债券?10、外国公司在美国发行的以美元标价的债券称为：（）A、扬基债券?B、熊猫债券?C、武士债券??D、龙债券?11、国库券属于（????）债券。

证券投资学课后练习

一、选择题1.在联合国经济和社会事务统计局制定《全部经济活动国际标准行业分类》中，把国民经济划分为（）个门类。

A.3B.6C.10D.132.在我国新《国民经济行业分类》国家标准共有行业门类（）个，行业大类95个。

A.6B.10C.13D.203.我国新《国民经济行业分类》标准借鉴了（）的分类原则和结构框架。

A.道---琼斯分类法B.联合国的《国际标准产业分类》C.北美行业分类体系D.以上都不是4.中国证监会公布的《上市公司行业分类指引》是以（）为主要依据。

A.道---琼斯分类法B.联合国的《国际标准产业分类》C.北美行业分类体系D.中国国家统计局《国民经济行业分类与代码》5.《上市公司行业分类指引》以上市公司营业收入为分类标准，规定当公司某类业务的营业收入比重大于或等于（），则将其划入该行业相对应的类别。

A.30%B.50%C.60%D.75%6.《上市公司行业分类指引》将上市公司共分成（）个门类。

A.6B.10C.13D.207.计算机和复印机行业属于（）行业。

A.增长型B.周期型C.防御型D.幼稚型8.生活必需品或是必要的公共服务属于（）行业。

A.增长型B.周期型C.防御型D.幼稚型9.遗产工程、太阳能等行业属于行业生命周期的（）。

A.幼稚期B.成长期C.成熟期D.衰退期10.周期型行业的运动状态直接与经济周期相关，这种相关性呈现（）。

A.正相关B.负相关C.同步D.领先或滞后11.某一行业有如下特征：企业的利润由于一定程度的垄断达到了很高的水平，竞争风险比较稳定，新企业难以进入。

那么这一行业最有可能处于生命周期的哪一阶段？( )。

A.初创期B.成长期C.成熟期D.衰退期12.能够用来判断公司生命周期所处阶段的指标是（）。

A.股东权益周转率B.主营业务收入增长率C.总资产周转率D.存货周转率13.一般地说，在投资决策过程中，风险偏好的投资者应选择在行业生命周期中处于（）阶段的行业进行投资。

《证券投资学》(第2版)陈文汉课后习题答案

《证券投资学》（第2版）陈文汉课后习题答案第一章证券投资概述一、名词解释请参考教材。

二、单项选择题BCAA三、多项选择题1.AD2.ABCDE3.ABC4.ABCDE5.ABCDE四、简答题请参考教材。

第2章证券投资工具一、名词解释请参考教材。

二、单项选择题CACDA三、多项选择题1.BC2.ABDE3.ABCDE4.AC5.ABD6.ABD7.ABC8.AB9.ABCDE10.B四、简答题请参考教材。

第3章证券市场概述一、名词解释请参考教材。

二、单项选择题ABDAB三、多项选择题1.AB2.ABCDE3．ABCDE4.AC5．ABCD6．BD四、简答题请参考教材。

第4章证券发行市场一、名词解释请参考教材。

二、单项选择题BDCDD三、多项选择题1.AB2.BCD3.BCE4.ABCD5.ABCD6.C7.ABCDE四、简答题请参考教材。

第5章证券流通市场一、名词解释请参考教材。

二、单项选择题BCCAABD三、多项选择题1.ABCD2.ABCE3.ABCD4.ABCD5.ABCDE6.ABCDE四、简答题请参考教材。

第6章证券投资基本分析一、名词解释请参考教材。

二、单项选择题BBBCCB三、多项选择题1.AD2.CD3.ABCDE4.ABCDE5.ABCDE四、简答题请参考教材。

第7章证券投资技术分析一、单项选择题请参考教材。

二、单项选择题BBCDBCADABD三、多项选择题1.ABC2.AD3.D4.ABD5.ABCE6.ABD7.AE8.ACD9.BC10.ABC四、简答题请参考教材。

第8章证券投资收益和风险一、单项选择题请参考教材。

二、单项选择题ACCDA DADCB BBCBC AC三、多项选择题1.ABCD2.ABD3.BCD4.BCD5.A6.C四、简答题请参考教材。

第9章证券投资策略一、单项选择题请参考教材。

二、单项选择题AABCBC三、多项选择题1.ABCD2.ABCDE3.ABCD4.ABCDE四、简答题请参考教材。

证券投资学练习答案(第一讲到第五讲)

证券投资学课后练习（第一讲到第五讲）第一讲投资环境1、假设你发现了一只装有100亿美元的宝箱。

1）这是实物资产还是金融资产？答：金融资产。

现金是一种为了财务管理而产生的资产，它本身并不能创造财富，其价值的体现必须依附于其他实物资产的价值，因此，这个宝箱应该属于金融资产。

2）社会财富会因此而增加吗？答：不会。

只有实物资产才是真正的财富，因此金融资产本省是不具有价值的，整个社会的金融资产总量为零，此宝箱并不能够增加社会财富。

3）你会更富有吗？答：会。

金融资产虽然本身不能创造财富，但可以依赖于实物资产而使其具有价值。

拥有这个装有100亿美元的宝箱即可交换等值的实物资产，实物资产为真正的财富，可以使拥有者更加富有。

4）你能解释你回答（2）、（3）时的矛盾吗？有没有人因为这个发现而受损呢？答：这个宝箱的拥有者购买力增加，必定以其他人购买力的下降为代价，最终使得社会财富不变。

因此，由于拥有者购买力的增加而导致购买力下降的经济中的其他人即为这个发现的受损方。

2、Lanni Products是一家新兴的计算机软件开发公司，它现有计算机设备价值30000美元，以及由Lanni的所有者提供的20000美元现金。

在下面的交易中，指明交易涉及的实物资产和（或）金融资产。

在交易过程中有金融资产的产生和损失吗？1）Lanni公司向银行贷款。

它共获得50000美元现金，并且签发了一张票据保证3年内还款。

答：银行贷款是Lanni公司的金融债务，而Lanni公司签发的票据则是银行的金融资产。

Lanni 公司从银行贷款获得的50000美元现金是金融资产，而为此签发的票据则是新产生的金融资产。

2）Lanni公司使用这笔现金和它自由的20000美元为其一新的财务计划软件开发提供融资。

答：Lanni公司将其金融资产（即70000美元现金）融资给某个软件开发公司进行新的财务计划的软件开发，而作为回报，Lanni公司则获得了实物资产，即为软件公司所开发的软件成品。

《证券投资学》课后练习题9 大题答案

第九章证券投资技术分析主要理论与方法二、名词解释K线、开盘价、收盘价、最高价、最低价、阳线、阴线、影线、跳空、空头、多头、支撑线、压力线、趋势线、轨道线、黄金分割线、百分比线、速度线、甘氏线、反转形态、整理形态、头肩顶、头肩底、双重底、双重顶、三重底、三重顶、圆形底、圆形顶、三角形、矩形、楔形、旗形、喇叭形、菱形、V形、突破、随机漫步理论、循环周期理论、相反理论。

1. K线：Ｋ线图最早是日本德川幕府时代大阪的米商用来记录当时一天、一周或一月中米价涨跌行情的图示法，后被引入股市。

Ｋ线图有直观、立体感强、携带信息量大的特点，蕴涵着丰富的东方哲学思想，能充分显示股价趋势的强弱、买卖双方力量平衡的变化，预测后市走向较准确，是应用较多的技术分析手段。

2. 开盘价：目前我国股票市场采用集合竞价的方式产生开盘价。

3. 收盘价：是多空双方经过一段时间的争斗后最终达到的共识，是供需双方最后的暂时平衡点，具有指明价格的功能。

4. 最高价：是交易过程中出现的最高的价格。

5. 最低价：是交易过程中出现的最低的价格。

6. 阳线：收盘价高于开盘价时用空（或红）实体表示，称为阳线。

7. 阴线：开盘价高于收盘价时用黑（或蓝）实体表示，称为阴线。

8. 影线：影线表示高价和低价。

9.跳空：股价受利多或利空影响后，出现较大幅度上下跳动的现象。

大小所决定．10、空头：空头是投资者和股票商认为现时股价虽然较高，但对股市前景看坏，预计股价将会下跌，于是把借来的股票及时卖出，待股价跌至某一价位时再买进，以获取差额收益。

空头指的是变为股价已上涨到了最高点，很快便会下跌，或当股票已开始下跌时，认为还会继续下跌，趁高价时卖出的投资者。

采用这种先卖出后买进、从中赚取差价的交易方式称为空头。

人们通常把股价长期呈下跌趋势的股票市场称为空头市场，空头市场股价变化的特征是一连串的大跌小涨。

11、多头：多头是指投资者对股市看好，预计股价将会看涨，于是趁低价时买进股票，待股票上涨至某一价位时再卖出，以获取差额收益。

证券投资学课后简答习题汇总

第一章股票1、什么是股份制度？它的主要功能有哪些？（P10,P13）答：股份制度亦称股份公司制度，它是指以集资入股、共享收益、共担风险为特点的企业组织制度。

股份公司一般以发行股票的方式筹集股本，股票投资者依据他们所提供的生产要素份额参与公司收益分配。

在股份公司中，各个股东享有的权利和义务与他们所提供的生产要素份额相对应。

功能：一、筹集社会资金；二、改善和强化企业的经营管理。

2、什么是股票？它的主要特性是什么？（P20）答：股票是股份有限公司发行的，表示其股东按其持有的股份享受权益和承担义务的可转让的书面凭证。

股票作为股份公司的股份证明，表示其持有者在公司的地位与权利，股票持有者为公司股东.特性：1 、不可返还性2、决策性3、风险性4、流动性5、价格波动性6、投机性3、结合实际谈谈我国股份制改革的重大意义。

（P15-16）(1)推行股份制是建立现代企业制度、搞活企业的有效途径；（2）推行股份制有利于增强企业的自我约束机制，端正企业行为；（3）推行股份制有利于企业存量资产的重新优化配置；（4）推行股份制有利于企业内部明确权、责、利的关系，促进企业的干部、职工关心企业的经营与发展；（5）推行股份制有利于企业筹措资金，实现自我技术改造和设备的更新；（6）推行股份制有利于坚定外商投资信念，促进引进外资的不断增长。

第二章债券1、债券与股票的区别？（P33）答：（1）性质上，债券表示债券持有人对公司的债权，无参加经营管理的权利；股票表示对公司所有权，有参加经营管理的权利（2）发行目的上，股票是为了筹集公司资本的需要，追加资金列入资本；债券是追加资金的需要，追加资金列入负债。

（3）获得报酬时间，债券获得报酬优先于股票。

（4）投资风险上看，股票大于债券。

（5）投机角度上，债券投机性小，而股票投机性比债券要大。

（6）发行单位上看，债券发行单位多余股票发行单位。

（7）流通性上看，债券因为有期限，流通性要低于股票2、债券按发行主体分类有几种？（P34）答：政府公债券——政府或政府代理机构为弥补预算赤字，筹集建设资金及归还旧债本息而发行的债券。

《证券投资学》课后练习题10

《证券投资学》课后练习题10《证券投资学》课后练习题第十章技术指标一、选择题1.下列对技术指标的说法不正确的是（ C ） A.每种技术指标都有自己的适用范围 B.每种技术指标都有失效的时候 C.技术指标只重视股价D.应用技术指标时应多使用几个技术指标进行判断 2.移动平均线最常见的使用法则是( B ) A.威廉法则 B.格蓝碧法则 C.夏普法则D.艾略特法则3.技术分析指标MACD是由异同平均数和正负差两部分组成，其核心是（ C ）A.DEAB.EMAC.DIFD.EMA和DEA 4.下列对MACD的说法中正确的是（ B ） A.MACD由MA和DIF两部分构成B.在市场没有明显趋势时，失误的几率更高C.计算是引入单日的开盘价和收盘价D.使用MACD指标时更多的是看柱状的颜色和长短 5.MACD指标出现顶背离时应（ B ） A.买入 B.卖出C.观望D.无参考价值6.以一特定时期内股价的变动情况推测价格未来的变动方向，并根据股价涨跌幅度显示市场的涨跌波动强弱的指标是（ C ） A.PSY B.BIASC.RSID.WMS%7.下列对相对强弱指标的说法中错误的是（ D ） A.RSI可依形态理论作为买卖信号的判断标准B.通常RSI取值在80以上为超买而在20以下为超卖C.RSI与股价的背离情况是买卖信号的判断标准 D.短期RSI大于长期RSI属空头市场8.表示市场处于超买还是超卖状态的技术指标是（ D ） A.PSY B.BIASC.RSID.WMS%9.若某股票三天内的股价情况如下表所示：（单位：元）星期一星期二星期三开盘价 11.35 11.20 11.50 最高价 12.45 12.0012.40 最低价 10.45 10.50 10.95 收盘价 11.20 11.50 12.05则星期三的3日WMS%值是：（ C ） A.10% B.20% C.80%D.40%10.当WMS%高于80时，市场处于（ A ）状态 A.超买B.超卖C.公司盈利丰厚D.人气旺盛1《证券投资学》课后练习题11.KDJ指标的计算公式考虑了哪些因素（ D ） A.开盘价，收盘价 B.最高价，最低价C.开盘价，最高价，最低价D.收盘价，最高价，最低价12.某股上升行情中，KD指标的快线倾斜度趋于平缓，出现这种情况，则股价（ B ） A.需要调整B.是短期转势的警告信号C.要看慢线的位置D.不说明问题13.下面指标中，根据其计算方法，理论上所给出买、卖信号最可靠的是（ D ）A.MAB.MACDC.WMS%D.KDJ14.OBV线表明了量与价的关系，最好的买入机会是（ A ） A.OBV线上升，此时股价下跌 B.OBV线下降，此时股价上升 C.OBV线从正的累积数转为负数D.OBV线与股价都急速上升15.一般地讲，在证券分析使用的技术指标中，OBV指标侧重反映( B ) A.股价变化 B.成交量变化 C.市场人气变化D.市场指数变化16.（ A ）是分析趋势的，它利用简单的加减法计算每天股票上涨家数和下降家数的累积结果，与综合指数相互对比，对大势的未来进行预测。

《证券投资学》课后习题答案

卖空股票所得资金初始保证金融入股票的市值
卖空股票所得资金
卖空股票所得资金
P
20%，
得到：P 12元。
由：保证金的实际维持率
保证金实际值
卖空股票所得资金初始保证金融入股票的市值投入的现金
卖空股票所得资金
卖空股票所得资金
投入的现金 40%，
得到：投入的现金 10 000元。
第四章复习题
一、名词解释（略）
二、讨论题 1. ①期望收益率主要是根据持有期内租金和房价的预测进行计算。必要收益率主要是根据房地产的风险进行计算，包括无风险收益以及风险溢价。对于自主性购房，购房者主要从房屋的使用价值出发；对于投资性购房，购房者主要从房屋的投资价值出发。
②打新股的平均收益率需要考虑中签率、资金占用天数、新股持有时间假设、持有期间的价格与中签价格之间的比较等等。普通股票投资不存在中签率的问题，持有的时间和持有的目的也不一样。
组合的期望收益率为 19.24%（ = 10% × 500 + 25% × 800 +13.33% × 240 + 24% × 300 ）。
1840
1840
1840
1840
3.答：资产
1、资产
2、资产
3
和资产
4
的期望收益率分别是
10%
⎛ ⎜⎝
=
550 − 500 500
⎞ ⎟⎠
、25%、
13.33%、24%，投资组合的期望收益率为 19.24%
)S1 × 1+ f1,5 4 )S2 2 × 1+ f2,3
= (1+ S5 )5 = (1+ S3 )3
( ) ⎨

《证券投资学》课后习题答案

《证券投资学》课后习题答案第1章证券投资工具一、名词解释【风险】（易）风险可以理解为“未来结果的不确定性或损失”，也可以进一步定义为“个人和群体在未来获得收益和遇到损失的可能性以及对这种可能性的判断与认知”。

【债券】（易）债券（bond）是一种金融契约，是政府、金融机构、工商企业等机构直接向社会借债筹措资金时，向投资者发行，同时承诺按一定利率支付利息并按约定条件偿还本金的债权债务凭证。

【货币的时间价值】（中）不同时间发生的等额资金在价值上的差别。

【股票】（易）股票是股份有限公司在筹集资本时向出资人或投资者发行的股份凭证,代表其持有者(即股东)对股份公司的所有权。

【普通股】（易）普通股是指在公司的经营管理、盈利及财产的分配上享有普通权利的股份，代表满足所有债权偿付要求及优先股股东的收益权与求偿权要求后对企业盈利和剩余财产的索取权。

普通股构成公司资本的基础，是股票的一种基本形式。

【优先股】（易）优先股在利润分红及剩余财产分配的权利方面，优先于普通股。

优先股股东有两种权利：①优先分配权。

②剩余财产优先分配权。

【基金】（难）泛指证券投资基金及其发行的作为一种有价证券的基金单位。

【证券投资基金】（中）证券投资基金是一种实行组合投资、专业管理、利益共享、风险共担的集合投资方式。

与股票、债券不同，证券投资基金是一种间接投资工具，基金投资者、基金管理人和基金托管人是基金运作中的主要当事人。

【契约型基金】（难）契约型基金是指以信托法为基础，根据当事人各方之间订立的信托契约，由基金发起人发起设立的基金，基金发起人向投资者发行基金单位筹集资金。

契约型基金也称信托型基金。

【公司型基金】（难）公司型基金是指以《公司法》为基础设立、通过发行基金单位筹集资金并投资于各类证券的基金。

【封闭式基金】（难）封闭式基金是指基金的单位数目在基金设立时就已确定，在基金存续期内基金单位的数目一般不会发生变化，但出现基金扩募的情况除外。

【开放式基金】（难）放式基金是指基金股份总数是可以变动的基金，它既可以向投资者销售任意多的基金单位，也可以随时应投资者要求赎回已发行的基金单位。

证券投资学(第2版)课后习题参考答案

证券投资学（第2版）课后习题参考答案程蕾邓艳君黄健第一章导论1、证券投资与证券投机的关系？答：联系：二者的交易对象都是有价证券，都是投入货币以谋取盈利，同时承担损失的风险。

二者还可以相互转化。

区别：1）交易的动机不同。

投资者进行证券投资，旨在取得证券的利息和股息收入，而投机者则以获取价差收入为目的。

投资者通常以长线投资为主，投机者则以短线操作为主。

2）投资对象不同。

投资者一般比较稳健，其投资对象多为风险较小、收益相对较高、价格比较稳定或稳中有升的证券。

投机者大多敢于冒险，其投资对象多为价格波动幅度大、风险较大的证券。

3）风险承受能力不同。

投资者首先关心的是本金的安全，投机者则不大考虑本金的安全，一心只想通过冒险立即获得一笔收入。

4）运作方法有差别。

投资者经常对各种证券进行周密的分析和评估，十分注意证券价值的变化，并以其作为他们选购或换购证券的依据。

投机者则不大注意证券本身的分析，而密切注意市场的变化，以证券价格变化趋势作为决策的依据。

2、简述证券投资的基本步骤。

答：1）收集资料；2）研究分析；3）作出决策；4）购买证券；5）证券管理。

3、试述金融市场的分类及其特点。

答：1）按金融市场的交易期限可分为：货币市场和资本市场。

2）按金融市场的交易程序可分为：证券发行市场和证券交易市场。

3）按金融交易的交割期限可分为：现货市场和期货市场。

4）按金融交易标的物的性质可分为：外汇市场、黄金市场、保险市场和各种有价证券市场。

第二章证券投资工具1、简述债券、股票、投资基金的性质和特点。

答：债券是发行人对全体应募者所负的标准化证券，具有公开性、社会性和规范性的特点，一般可以上市流通转让。

债券具有一般有价证券共有的特征，即期限性、风险性、流动性和收益性，但它又有其独特之处。

股票只是代表股份资本所有权的证书，它本身并没有任何价值，不是真实的资本，而是一种独立于实际资本之外的虚拟资本。

股票在发行与流通中，具有收益性、风险性、非返还性、参与性、流通性、价格的波动性。

证券投资学课后习题答案smart_foi12_IM02

Chapter 2Securities Markets and TransactionsOutlineLearning GoalsI. Securities MarketsA. Types of Securities Markets1. The Primary Marketa. Going Public: The IPO Processb. The Investment Banker’s Role2. The Secondary MarketB. Broker Markets and Dealer Markets1. Broker Markets2. The New York Stock Exchangea. Trading Activityb. Listing Policies3. NYSE Amex4. Regional Stock Exchanges5. Options Exchanges6. Futures Exchanges7. Dealer Marketsa. Nasdaqb. The Over-the-Counter MarketC. Alternative Trading SystemsD. General Market Conditions: Bull or BearConcepts in ReviewII. Globalization of Securities MarketsA. Growing Importance of International MarketsB. International Investment PerformanceC. Ways to Invest in Foreign SecuritiesD. Risks of Investing InternationallyConcepts in Review第1页共17页III. Trading Hours and Regulation of Securities MarketsA. Trading Hours of Securities MarketsB. Regulation of Securities Markets1. Securities Act of 19332. Securities Exchange Act of 19343. Maloney Act of 19384. Investment Company Act of 19405. Investment Advisers Act of 19406. Securities Acts Amendments of 19757. Insider Trading and Fraud Act of 19888. Sarbanes-Oxley Act of 2002Concepts in ReviewIV. Basic Types of Securities TransactionsA. Long PurchaseB. Margin Trading1. Essentials of Margin Tradinga. Magnified Profits and Lossesb. Advantages and Disadvantages of Margin Trading2. Making Margin Transactionsa. Initial Marginb. Maintenance Margin3. The Basic Margin Formula4. Return on Invested Capital5. Uses of Margin TradingC. Short Selling1. Essentials of Short Sellinga. Making Money When Prices Fallb. Who Lends the Securities?c. Margin Requirements and Short Sellingd. Advantages and Disadvantages2. Uses of Short SellingConcepts in ReviewSummaryKey TermsDiscussion QuestionsProblemsCase Problems2.1 Dara’s Dilemma: What to Buy?2.2 Ravi Dumar’s High-Flying Margin AccountExcel with Spreadsheets⏹Key Concepts1. The types of securities markets in which transactions are made2. The operations, function, and nature of broker (organized securities exchanges) and dealer (the over-the-counter) market3. The importance of international securities markets and a discussion on the performance and riskinvolved in these investments4. General market conditions and extended hours trading5. Regulation of the securities markets6. The basic long transaction7. The motives for margin transactions and the procedures for making them8. Margin requirements, formulas for initial and maintenance margin, and the uses of margin trading9. The short sale transaction, why one shorts securities, and the uses of short selling⏹Overview1. The text divides securities markets into money markets and capital markets. The instructor shouldexplain the difference.2. Both primary and secondary transactions are carried out in capital markets. The instructor shoulddefine these transactions for students and explain the role of the investment banker in the selling of new securities (primary transactions).3. Initial public offerings (IPOs) are the most important transactions in the primary market. Thesequence of events includes filing a prospectus with SEC, a quit period, the distribution of the “red herring” preliminary prospectus, and finall y the first day of trading. First day returns and the number of IPOs vary greatly over time with market conditions. Most IPOs take place with the assistance of an investment banking firm. In the underwriting process, the investment bankers buy all of the stock from the issuing firm and bear the risk of reselling at a profit.4. The secondary markets include various broker markets and dealer markets. Broker markets includethe organized securities exchanges, while dealer markets include the Nasdaq (the NationalAssociation of Securities Dealers Automated Quotation System) and over-the-counter (OTC) markets.The instructor should emphasize the importance of the NYSE Amex among all these markets. The instructor might also discuss these aspects of organized security exchanges: the membership of an exchange; its listing policies; the role of the brokers, traders, and specialists; trading activity; and the auctioning process. Instructors may also wish to mention the roll of the Amex and regionalexchanges in trading ETFs and options contracts.5. The dealer markets are described next. The instructor should point out that the Nasdaq and OTCmarkets are not physical institutions like the organized securities exchanges. The instructor should also mention that while there is only one specialist for each stock on an exchange, there may beseveral or even many dealers for large companies traded on Nasdaq. The distinctions between broker and dealer markets are blurring as more and more trades are executed electronically. Nasdaq includes larger companies than the over-the-counter market, with companies listed on the OTC Bulletin Board being larger than those included in the OTC Pink Sheets. The instructor should also point out that shares normally traded in the broker markets may trade in the dealer market, in what is known as the third market, while fourth market trades between institutions are completed using electroniccommunications networks.6. The chapter then discusses the globalization of international securities markets, including a descriptionof investing in the foreign securities marketplace, how to buy foreign securities, and the risks ofinternational investment. Related issues are the existence of after-hours trading and the mergers of stock markets foreshadowing the creation of a worldwide stock exchange, the NYSE Euronext. The chapter outlines the various options available for international investing including multinationalcorporations, global and country mutual funds, and ADRs.7. In the next section, various regulations applicable to brokers, investment advisers, and stockexchanges are described. The instructor need not dwell on this section at length; however, theinstructor might want to bring in any recent litigation or securities market trial (e.g., the insidertrading scandal involving Raj Rajaratnam of the defunct hedge fund Galleon Group) that is being widely covered by the press. Widespread allegations of malfeasance on the part of financial firms leading up to the crisis of 2007–2008 have perhaps added to the importance of this topic. Ethical issues and insider trading are interesting and serve to make a point about the challenges facing those attempting to regulate the exchanges.8. The text now moves to the different types of transactions, beginning with long purchases. The nextsection deals extensively with margin trading, including the magnification of profits and losses, initial and maintenance margin, and the formulas for their calculation. A number of review problems and a case at the end of the chapter will aid students in understanding the concept of margin.9. The final section of the chapter deals with short selling, including the mechanics and uses of shortsales. The text explains initial and maintenance margin requirements and the calculation of profit and loss on short sale transactions.Answers to Concepts in Review1. a. In the money market, short-term securities such as CDs, T-bills, and bankers’ acceptances aretraded. Long-term securities such as stocks and bonds are traded in the capital markets.b. A new security is issued in the primary market. Once a security has been issued, it can be boughtand sold in the secondary market.c.Broker markets are organized securities exchanges that are centralized institutions wheresecurities listed on a particular exchange are traded. The dealer market is a complex system ofbuyers and sellers linked by a sophisticated telecommunication network. Dealer markets include Nasdaq and OTC markets.2. The investment banker is a financial intermediary who specializes in selling new security issues inwhat is known as an initial public offering(IPO). Underwriting involves the purchase of the security issue from the issuing firm at an agreed-on price and bearing the risk of reselling it to the public at a profit. For very large issues, an investment banker brings in other bankers as partners to form the underwriting syndicate and thus spread the financial risk. The investment banker also provides the issuer with advice about pricing and other important aspects of the issue.In a public offering, a firm offers its shares for sale to the general public after registering the shares with the SEC. Rather than issue shares publicly, a firm can make a rights offering, in which it offers shares to existing stockholders on a pro rata basis. In a private placement of its shares, a firmsells directly to groups of investors, such as insurance companies and pension funds, and does not register with the SEC.3. a. 5. NYSE Amex is the second largest organized U.S. exchange.b. 2. The Chicago Board of Trade (CBT) is a futures exchange.c. 6. NYSE has the most stringent listing requirement.d. 4. The Boston Stock Exchange is a regional stock exchange.e. 3. The Chicago Board Options Exchange (CBOE) is an options exchange.f. 1. The over-the-counter (OTC) market trades unlisted securities.4. The dealer market is really a system of markets spread all over the country and linked together by asophisticated telecommunication system. It accounts for about 40% of the total dollar volume of all shares traded. These markets are made up of traders known as dealers, who offer to buy or sell stocks at specific prices. The “bid” price is the highest price offered by the dealer to purchase a security; the “ask” p rice is the lowest price at which the dealer is willing to sell the security. The dealers are linked together through Nasdaq. In order to create a continuous market for unlisted securities, IPOs, both listed and unlisted, are sold in the dealer market. About 2,700 Nasdaq stocks are included in the Nasdaq/National Market System, which lists, carefully tracks, and provides detailed quotations on these actively traded stocks. The Nasdaq Global Select Market contains the 1,000 biggest and most actively traded companies. An additional 1,000 firms are included in the Nasdaq National Market listing. Another 700 firms that are generally smaller can be found on the Nasdaq Capital Markets list.Companies that do not make the Nasdaq listing standards are traded on the OTC market’s Bulletin Board or “Pink Sheets.”Trading in large blocks of outstanding securities, known as secondary distributions, also takes place in the OTC market in order to reduce potential negative effects of such transactions on the price of listed securities. Third markets are over-the-counter transactions made in securities listed on the NYSE, the Amex, or any other organized exchange. Mutual funds, pension funds, and life insurancecompanies use third markets to make large transactions at a reduced cost. Fourth markets include transactions made directly between large institutional investors. Unlike the third market, this market bypasses the dealer; however, sometimes an institution will hire a firm to find a suitable buyer or seller and facilitate the transaction.5. The third market consists of over-the-counter transactions made in securities listed on the NYSE orone of the other exchanges. The fourth market consists of transactions using a computer network, rather than an organized exchange, between large institutional buyers and sellers of securities.6. A bull market is a favorable market normally associated with rising prices, investor optimism,economic recovery, and governmental stimulus. In contrast, bear markets are associated withfalling prices, investor pessimism, economic downturn, and government restraint.7. The globalization of securities markets is important because today investors seek out securities withhigh returns in markets other than their home country. They may invest in companies based incountries with rapidly growing economies or choose international investments to diversify theirportfolios. The U.S. securities markets, while still the world’s largest, no longer dominate theinvestment scene. In recent years, foreign exchanges have provided investors with high returns. Only once since 1980 has the United States finished number one among the major stock markets of the world. In 2005, investors could have earned higher returns from investing in markets in South Korea, Mexico, Japan, Finland, Germany, and France than from investing in markets in the United States. 8. To achieve some degree of international diversification, an investor can make foreign securityinvestments either indirectly or directly. An investor can diversify indirectly by investing in shares of U.S.-based multinational companies with large overseas operations that receive more than 50% of their revenues from overseas operations. Investors can make these transactions conventionallythrough their stockbrokers; the procedure is similar to buying a domestic security. An investor can also purchase foreign securities indirectly by purchasing shares in a mutual fund that primarilyinvests in these securities. The investor can also purchase foreign stocks and bonds directly onforeign exchanges, buy shares of foreign companies that are traded on organized or over-the-counter U.S. exchanges, or buy American depositary receipts (ADRs) and Yankee bonds.9. The investor must be aware of the additional risks involved in buying foreign securities: country risk,government policies, market regulation (or lack thereof), and foreign currency fluctuations. Investors must consider risks beyond those in making any security transaction. In particular, investors inforeign markets must bear risks associated with doing business in the foreign country, such as trade policies, labor laws, taxes, and political instability.Because investing internationally involves purchasing securities in foreign currencies, trading profits and losses are affected not only by security price changes, but by foreign exchange risk. This risk is caused by the varying exchange rates between two countries. Profits in a foreign security maytranslate into losses once the foreign currency has been exchanged for dollars. Similarly, transaction losses can result in gains. The bottom line is that investors must be aware that the value of the foreign currency relative to the dollar can have profound effects on returns from foreign security transactions.10. The exchanges, Nasdaq, and electronic communications networks (ECNs) offer extended tradingsessions before and after regular hours. Most of the after-hours markets are crossing markets, inwhich orders are only filled if they can be matched with identical opposing orders at the desired price. One after-hours session trades stocks at that day’s closing price on a first-come, first-served basis. Many large brokerage firms, both traditional and online, offer their clients after-hours trading services .ECNs handle after-hours trading for their client brokerages. ECNs are generally crossing markets, in which orders are filled only if they can be matched at the desired price. Obviously, the twoinvestors would have to have different expectations about subsequent share price performance. The development of securities markets around the globe has essentially created the situation where we have continuous trading in stocks. After-hours trading sessions carry more risk. Price changes tend to be more volatile than regular sessions, and the markets are generally less liquid than day-trading sessions.11. a. The Securities Act of 1933 requires companies to disclose all information relevant to newsecurity issues. The company must file a registration statement with the Securities and Exchange Commission (SEC) giving required and accurate information about the new issue. No newsecurities can be sold publicly unless the SEC approves the registration statement.b. The Securities Exchange Act of 1934 established the SEC as the agency in charge ofadministration of the federal securities laws. It gave the SEC power to regulate the organizedexchanges and the OTC. It required stock exchanges to register with the SEC a list of all stockstraded on the exchange.c. The Maloney Act of 1938 requires that all trade associations be registered with the SEC andallows for the self-regulation of the securities industry. Since its passage, only the NationalAssociation of Securities Dealers (NASD) has been formed under this act.d. The Investment Company Act of 1940 set certain rules and regulations for investment companies.It also empowered the SEC to regulate their practices and procedures. Investment companieswere required to register with the SEC and fulfill certain disclosure requirements. The actwas amended in 1970 to prohibit investment companies from paying excessive fees to advisersand charging excessive commissions to purchasers of shares.e. The Investment Advisers Act of 1940 was passed to protect the public from potential abuses byinvestment advisers. Advisers were required to register and file regular reports with the SEC. Ina 1960 amendment, the SEC was authorized to inspect the records of advisers and to revoke theirregistration if they violated the provisions of this act.f. The Securities Acts Amendments of 1975 were enacted to require the SEC and the securitiesindustry to develop a competitive national system for trading securities. The first step the SECtook was to abolish fixed commission rates. In 1978, the Intermarket Trading System (ITS) wasestablished, which today links eight markets in an electronic communications network.g. The Insider Trading and Fraud Act of 1988 established penalties for using nonpublic informationto make personal gain. An insi der, which originally referred only to a company’s employees,directors, and their relatives, was expanded to include anyone who obtains private informationabout a company. To allow the SEC to monitor insider trades, the SEC requires corporateinsiders to file monthly reports detailing all transactions made in the company stock.h. The Sarbanes-Oxley Act of 2002 attempts to eliminate fraudulent accounting and regulateinformation releases. Heavy penalties are applied to CEOs and financial officers who releasedeliberately misleading information. The law also establishes guidelines minimizing analystconflicts of interest, increases SEC authority, and requires instant disclosure of stock sales bycorporate executives.12. When an investor purchases a security in the hope that it will increase in value and can be sold laterfor a profit, the investor is making a long purchase. The long purchase, the most common type of transaction, derives its returns from dividends or interest received during ownership, plus capital gains or losses—the difference between the purchase price and the sale price.Margin trading involves buying securities in part with borrowed funds. Therefore, investors can use margin to reduce their money and use borrowed money to make a long purchase. Once theinvestment increases in value, the investor will pay off the loan (with fixed interest charges)and keep the rest as profits. Of course, buying on margin is quite risky, as the investors can losetheir whole capital if the investment decreases in value.13. When buying on margin, the investor puts up part of the required capital (perhaps 50% to 70% of thetotal); this is the equity portion of the investment and represents the investor’s margin. The investor’s broker (or banker) then lends the rest of the money required to make the transaction. Magnification of profits (and losses) is the main advantage of margin trading. This is called financial leverage and is created when the investor purchases stocks or other securities on margin. Only the equity portion is financed by the investor, but if the stock goes up, the investor gets all the capital gains, so leverage magnifies the return.Through leverage, an investor can (1) increase the size of his or her total investment, or (2) purchase the same investment with less of his or her own funds. Either way, the investor increases the potential rate of return (or potential loss). If the margin requirement is, say, 50%, the investor puts up only half the funds and borrows the other half. Suppose the security goes up 10%. If the investor bought the stock without using margin, he or she would earn 10%. However, if the investor used 50% margin, ignoring margin interest, he or she would earn the same dollar return with only half the funds, so the rate of return would double to 20%. On the other hand, suppose the stock fell by 10%. Withoutmargin trading, he or she has a 10% loss. With margin trading, the loss is also doubled. Both profits and losses are magnified using leverage. Note: Table 2.3 provides an excellent illustration of this point.Margin trading has both advantages and disadvantages. Advantages: Margin trading provides the investor leverage and the ability to magnify potential profits. It can also be used to improve current dividend income. Through margin trading, an investor can gain greater diversification or be able to take larger positions in the securities he or she finds attractive. Disadvantages: With greater leverage comes greater risk, and this is a disadvantage of margin trading. Interest rates on the debit balance can be high, a further disadvantage since these costs can significantly lower returns.14. In order to execute a margin transaction, an investor first must establish a margin account. Althoughthe Federal Reserve Board sets the minimum amount of equity for margin transactions, it is notunusual for brokerage houses and exchanges to establish their own, more restrictive, requirements.Once a margin account has been established, the investor must provide the minimum amount ofrequired equity at the time of purchase. This is called the initial margin, and it is required to prevent excessive trading and speculation. If the value of the investor’s account drops below this initialmargin requirement, the investor will have a restricted account. The maintenance margin is theabsolute minimum amount of equity that an investor must maintain in the margin account. If thevalue of the account drops below the maintenance margin, the investor receives a margin call, in which case the investor has limited time to replenish the equity up to the initial margin. If the investor cannot meet the margin call, the broker is authorized to sell the investor’s holdings to bring theaccount up to the required initial margin.The size of the margin loan is called the debit balance and is used along with the value of thesecurities being margined (the collateral) to calculate the amount of the investor’s margin.Typically, margin is used to magnify the returns to a long purchase. However, when a margin account has more equity than is required by the initial margin, an investor can use this “paper” equity topurchase more securities. This tactic is called pyramiding and takes the concept of magnifyingreturns to the limit.15. An investor atte mpting to profit by selling short intends to “sell high and buy low,” the reverse of theusual (long purchase) order of the transaction. The investor borrows shares and sells them, hoping to buy them back later (at a lower price) and return them to the lender. Short sales are regulated by the SEC and can be executed only after a transaction where the price of the security rises; in other words, short sales are feasible only when there is an uptick.Equity capital must be put up by a short seller; the amount is defined by an initial margin requirement that designates the amount of cash (or equity) the investor must deposit with a broker. For example, if an investor wishes to sell (short) $4,000 worth of stock when the prevailing short sale marginrequirement is 50%, he or she must deposit $2,000 with the broker. This margin and the proceeds of the short sale provide the broker with assurance that the securities can be repurchased at a later date, even if their price increases.16. In order to make a short sale, the investor must make a deposit with the broker that is equal to theinitial margin requirement. Maintenance margins are still the lowest allowed percentage of equity ina position. Short seller margins decline if the share price rises because some of the deposit (plus theinitial proceeds) will be necessary to buy back the shares. If the stock price rises by an amountsufficient to reduce short seller margins to the maintenance levels, they will receive a margin call.The short sellers can either deposit initial margin (and bet on a share price decline) or close out their position by buying back the shares (and take the loss).17. The major advantage of short selling is the chance to convert a price decline into a profit-makingsituation. The technique can also be used to protect profits already earned and to defer taxes on those profits. The major disadvantage of short selling is the high risk exposure in the face of limited return opportunities. Also, short sellers never earn dividends but must pay them as long as the transaction is outstanding.Short sales can earn speculative profits because the investor is betting against the market, whichinvolves considerable risk exposure. If the market moves up instead of down, the investor could lose all (or more) of the short sale proceeds and margin.Suggested Answers to Discussion Questions1. One reason for the large initial returns is the significant amount of hype surrounding new issues.This was especially true in the late 1990s, during what is now described as the “tech-stock bubble.”Investor demand for shares of these firms far exceeded the supply.Underwriters may intentionally underprice issues to increase their own profits and make it easier to sell the shares. Issuing firms may be willing to accept a lower price if it draws attention to their firm, making it easier to sell additional shares at a later date. Institutional investors tend to receive most of the shares in IPOs, particularly for those issues in great demand. Since they do not want to overpay for the shares, this is yet another factor contributing to underpricing. In any case, in recent years extraordinary profits from initial returns have become quite unusual. In some cases, like the highly publicized Facebook IPO, investors in the IPO experienced dramatic losses rather than profits.2. The main advantage of listing on the NYSE is the perception of greater prestige and public awarenessof the firm. The main disadvantage is that the NYSE has the strictest listing requirements of anysecurities market in the United States. For large tech firms, listing on Nasdaq is a part of their public image as innovative, technology-oriented companies.3. Not all securities markets are open simultaneously, although the possibility exists of trading in after-hour markets. This assumes the markets are equivalent when it comes to liquidity and information ability. There is talk of a market that could trade any share in the world, with the many mergers and cooperative arrangements among securities exchanges enhancing the likelihood of a worldwide stock exchange. Large companies headquartered in North America, Europe, or Japan already trade onmany national markets. However, major impediments to such trading still exist especially in listing and trading requirements. Many developing economies place foreign ownership restrictions on their listed stocks and do not insist on the level of disclosure required on the NYSE or other majorexchanges. Another stumbling block still prevails related to currency conversion. At present, there are still many foreign currencies that are not acceptable internationally. These restrictions prevent many foreign stocks from trading in one market place.。