Foundations of Financial Markets and Institutions 金融市场与机构基础

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Foundations of Financial Markets and Institutions 金融市场与机构基础

Common stock Preferred stock Foreign stock
Debt vs. Equity
Debt Instruments
Fixed dollar payments (‘fixed income’) Examples include loans, bonds
Equity Claims
Equity holders bear inflation risk Debt holders bear default risk Both may bear exchange rate risk
Role of (Financial) Markets
Provide liquidity: buyers and sellers all in one ‘place’. price discovery efficient resource allocation Reduce transactions costs:
search costs information costs (market efficiency)
Financial Market Participants
Households Business units Federal, state, and local governments Government agencies International organizations (e.g. World bank) Regulators (broader definition)
Classification of Global Financial Markets
Internal Market (= national market)
External Market (= international, offshore or Euromarket): securities

2009年管理学院博士研究生入学参考书目

020205产业经济学:笔试：①《管理学:现代的观点》芮明杰上海人民出版社②《西方经济学》（上、下册）宋承先复旦大学出版社③《产业经济学》芮明杰著，上海财经大学出版社2005年版④《产业发展学》胡建绩财经大学出版社 2007年。

博导口试（复试）指定教材：芮明杰教授：《再创业——企业再创业的理论与策略》芮明杰著，经济管理出版社2004年版；胡建绩教授：《价值发展论》胡建绩著，复旦大学出版社2004年版；郁义鸿教授：《产业经济学》（卷一），石磊、寇宗来著，上海三联书店2003年版；谢百三教授：《证券市场的国际比较》谢百三著，清华大学出版社2003年版《金融经济学》谢百三著，北京大学出版社2003年版；夏大慰教授：《产业组织与政府管制》斯蒂格勒著，上海三联书店1989年《产业经济学与组织》（上、下册）德理克·莫瑞斯等著，张维迎校译，经济科学出版社2001年版；石磊教授：《产业经济学》卷一，石磊、寇宗来著，上海三联书店2003年版,中国人大复印参考文献资料。

120201会计学:会计类：①William Scott, 2006, Financial Accounting Theory, Fourth Edition,Pearson Education Canada;②Ross L. Watts, and Jerold L.Zimmerman, 1986, Positive AccountingTheory, Prentice-Hall, Inc;③ Nobes Ch. & Parker R.,2004, Comparative International Accounting,8th edition, Northeast Financial University;④ Choi F.D.S.,Frost C.A., Meek G.K., 2005, International Accounting, 5th edition, Northeast Financial University;⑤国际会计准则2004(中译本)，中国财政经济出版社,2005；⑥洪剑峭、李志文，2004，《会计学理论—信息经济学的革命性突破》，清华大学出版社；⑦达摩达尔.古扎拉蒂，2005，《经济计量学基础》，中国人民大学出版社。

2024年大学金融学基础课程大纲

2024年大学金融学基础课程大纲I. 课程概述A. 课程名称：金融学基础课程B. 适用对象：大学本科金融专业学生C. 学分：3学分D. 先修课程：无II. 授课目标本课程旨在帮助学生基于金融学的理论和实践，了解和分析金融市场和金融机构的运作原理，培养学生的金融思维和分析能力。

III. 授课大纲单元一：金融市场概述A. 金融市场定义和功能B. 金融资产和金融工具的分类C. 金融市场的参与者和机构单元二：金融机构与金融中介A. 商业银行及其职能B. 非银行金融机构的分类与特点C. 金融中介的角色与作用单元三：金融市场与金融机构监管A. 监管机构的职责和作用B. 监管制度与金融风险防范C. 国际金融监管的发展与合作单元四：金融产品与金融创新A. 金融产品分类与特点B. 金融创新的定义和影响C. 金融创新与金融市场发展的关系单元五：金融风险管理A. 金融风险的概念与分类B. 风险管理的基本原则C. 风险管理工具与方法单元六：金融市场与宏观经济A. 金融市场与经济增长的关系B. 货币市场和资本市场的功能与作用C. 金融政策与经济政策的协调IV. 教学方法A. 讲授：通过课堂教学，向学生传递金融学基础理论知识和实践案例。

B. 讨论：组织学生进行小组讨论，促进学生之间的交流与互动。

C. 案例分析：引入实际案例，让学生应用所学知识分析和解决问题。

D. 课堂演示：利用多媒体技术展示金融市场和金融机构的运作过程，提升学习体验。

V. 评估方式A. 平时成绩：包括课堂参与、小组讨论、作业完成等。

B. 期中考试：对学生对于金融市场和金融机构基础知识的掌握程度进行测评。

C. 期末考试：对学生对于整体课程内容的理解和应用进行综合评估。

D. 学术论文：要求学生撰写一篇与金融市场或金融机构相关的论文，以展示他们的研究和分析能力。

VI. 参考教材A. Brigham, E. F., & Ehrhardt, M. C. (2016). Financial Management: Theory and Practice.B. Mishkin, F. S., Eakins, S. G., & Hodgson, P. E. (2015). Financial Markets and Institutions.C. Fabozzi, F. J., Modigliani, F., & Jones, F. J. (2010). Foundations of Financial Markets and Institutions.VII. 课程要求A. 出勤率：学生需按时参加课堂教学，并达到规定的出勤率。

货币银行学英语

货币银行学英语The intricate world of monetary banking, rooted in the foundations of economics, finance, and policy-making, holds a pivotal position in shaping the global economy. The dynamics of currency, credit, and financial institutions are at the core of this discipline, influencing the flow of funds, interest rates, and inflation rates. As the global economy becomes increasingly interconnected, the significance of monetary banking in English, as a lingua franca of international finance, cannot be overstated.In the realm of monetary banking, the English language serves as a bridge that connects diverse financial markets, institutions, and policies across the globe. English is the language of financial reports, market analysis, and international agreements, facilitating the seamless exchange of information and ideas. This linguistic unity not only enhances the efficiency of financial markets but also promotes stability and growth by fostering transparency and accountability.The integration of English and monetary banking is evident in the global financial architecture. Internationalfinancial institutions such as the International Monetary Fund (IMF) and the World Bank conduct their operations primarily in English, ensuring that financial policies and strategies are communicated effectively to a wide range of stakeholders. The common language of finance enables policymakers to respond quickly to crises, coordinate global economic efforts, and promote sustainable development.Moreover, the rise of English in monetary banking has accelerated the pace of financial innovation and technology adoption. Financial technologies (FinTech) such as blockchain and artificial intelligence are revolutionizing the banking industry, and English serves as the language of choice for research, development, and implementation. This linguistic统一性促进了金融服务的普及和效率提升，同时也加强了全球金融市场的连通性和竞争力。

MBS运作中的早偿风险分析和测度

MBS运作中的早偿风险分析和测度刘安国A b s t r a c tA s s e t s e c u r i t i z a t i o n i s o n e o f t h e m o a t i n f l u e n t i a l f i n a n c i a l i n n o v a t i o n s s p r u n g o u t i n t h e U n i t e d S t a t e s i n t h e1980s.t h ep r o c e s s i n v o l v e s t h e c o l l e c t i o n o r p o o l i n g o f l o a n s a n d t h e s a l e o f s e c u r i t i e s b a c k e d b y t h o s e l o a n s.A s o n e o f t h e m o s t e f f i c i e n t m e a n s o f u s i n g c a p i t a l,a s s e t s e c u r i t i z a t i o n c a m e t o i n s t a n ts u c c e s s i n t h e m o r t g a g e m a r k e t i n t h e U n i t e d S t a t e s.I t i sp r e d i c t e d t h a t s e c u r i t i z a t i o n m a y e v e n t u a l l y r e p l a c e t h et r a d i t i o n a l s y s t e m o f i n d i r e c t f i n a n c i n g. T h i s a r t i c l e a t t e m p t s t o g i v e a b r i e f i n t r o d u c t i o n t o t h e a n a l y s i s a n d m e a s u r e m e n t o f t h e p r e p a y m e n t r i s k u s u a l l y e x p e r i e n c e i n M B S(m o r t g a g e-b a c k e d s e c u r i t i e s)o p e r a t i o n s.A s t h e f i n a n c i a l m a r k e t i n C h i n a g e t si n c r e a s i n g l y o p e n t o t h e w o r l d,f i n a n c i a l i n n o v a t i o n s a b r o a dw i l l b e i n c r e a s i n g l y a d o p t e d i n C h i n a.T h e r e i s n o d o u b t t h a tt h e r e s e a r c h a n d p r a c t i c e s d e v e l o p e d i n t h e U n i t e d S t a t e s w i l l l e n d m u c h i n s i g h t o n t h e a n a l y s i s a n d m e a s u r e m e n t o f t h ep r e p a y m e n t r i s k i n M B S o p e r a t i o n t o i n v e s t m e n t i n s t i t u t i o n sa n d r e s e a r c h e r s i n C h i n a.K e y W o r d s:A s s e t s e c u r i t i z a t i o n,MB S,p r e p a y m e n t r i s k,c o n t r a c t i o nr i s k,e x t e n s i o n r i s k,C P R,S M M摘要资产证券化是八十年代美国金融市场出现的最有影响的创新举措之一。

英国留学国际金融专业

英国留学国际金融专业英国留学金融专业详解分类及介绍国外关于金融专业的设置，是两方面都有。

一、以微观为主，也就是研究与公司个体有关的投资、融资等行为。

另一方面就是和国内类似的宏观金融的研究。

专业细分英国大学的金融专业按细分不同通常设置在商学院、经济学院或数学学院。

在参考专业排名时需要考虑会计与金融、经济、商学三个方向。

金融专业细分可分为：金融学、公司金融、金融与投资、国际金融、银行与金融、金融与管理、会计与金融、风险管理、房地产金融与投资、金融与经济、金融工程。

金融学：对金融各个细分领域的综合介绍。

下面以曼彻斯特大学为例来看下金融学专业的课程设置：第一学期必修课：Introductory Research Methods for Accounting and Finance; 会计与金融学方法导论Essentials of Finance;金融学精要Derivative Securities衍生证券选修一门：Portfolio Investment证券投资International Macroeconomics and Global Capital Markets国际宏观经济学与全球资本市场Foundations of Finance Theory金融学基础第二学期Financial Econometrics金融计量经济学Advanced Empirical Finance高级实证金融学Corporate Finance; 公司金融选修一门International Finance国际金融Financial Statement Analysis财务报表分析Real Options in Corporate Finance公司金融中的实物期权Mergers and Acquisitions: Economic and Financial Aspects关于企业并购的经济金融思考Dissertation毕业论文公司金融：解决以公司财务、公司融资、公司治理为核心的公司治理结构方面的问题，综合运用各种形式的金融工具与方法，进行风险管理和财富创造。

Foundations of Financial Markets and Institutions 金融市场与机构基础-文档资料17页

search costs information costs (market efficiency)
Financial Market Participants
Households Business units Federal, state, and local governments Government agencies International organizations (e.g. World
Role of (Financial) Markets
Provide liquidity: buyers and sellers all in one ‘place’.
price discovery efficient resource allocation
Reduce transactions costs:
Foreign Market: issuers domiciled abroad
Motivation for Using Foreign Markets and Euromarkets
Limited fund availability in internal market (esp. in poorer countries)
bank) Regulators (broader definition)
Globalization of Financial Markets
In general, easier for investors to move capital internationally
Causes:
Deregulation (liberalization) of financial markets (e.g. currency controls)

金融学基础 _Foundations_Of_Finance_CH02_FOF6

Keown, Martin, Petty - Chapter 2 5
1. Principles Used in this Chapter
Principles Used in this Chapter
Principle 1: The Risk-Return Tradeoff — We Won't Take on Additional Risk Unless We Expect to Be Compensated with Additional Return. Principle 6: Efficient Capital Markets — The Markets are Quick and the Prices Are Right. Principle 10: Ethical Behavior Is Doing the Right Thing, and Ethical Dilemmas Are Everywhere in Finance.
Financial Markets
Financial markets exist in order to allocate the supply of savings in the economy to the demanders of those savings. Financial markets are institutions and procedures that facilitate transactions in all types of financial claims. A securities market is simply a place where you can buy and sell securities (example, New York Stock Exchange)

金融市场与金融机构基础Fabozzi Chapter01

Foundations of Financial Markets and Institutions, 4e (Fabozzi/Modigliani/Jones)Chapter 1 IntroductionMultiple Choice Questions1 Financial Assets1) An asset is a possession that has value in an exchange and can be classified as ________.A) financial or intangible.B) financial or variable.C) tangible or intangible.D) fixed or variable.Answer: CDiff: 2Topic: 1.1 Financial AssetsObjective: 1.5: the various ways to classify financial markets2) The financial asset is referred to as a ________ if the claim is a fixed dollar.A) debt instrument.B) common equity instrument.C) derivative instrument.D) preferred equity instrument.Answer: ADiff: 2Topic: 1.1 Financial AssetsObjective: 1.4: the distinction between debt instruments and equity instruments3) A basic economic principle is that the price of any financial asset ________ the present value of its expected cash flow, even if the cash flow is not known with certainty.A) is greater thanB) is equal toC) is less thanD) is equal to or greater thanAnswer: BDiff: 2Topic: 1.1 Financial AssetsObjective: 1.1: what a financial asset is and the principal economic functions of financial assets4) A(n) ________ such as plant or equipment purchased by a business entity shares at least one characteristic with a financial asset: Both are expected to generate future cash flow for their owner.A) tangible assetB) intangible assetC) balance sheet assetD) cash assetAnswer: ADiff: 1Topic: 1.1 Financial AssetsObjective: 1.2: the distinction between financial assets and tangible assets5) Financial assets have two principal economic functions. Which of the below is ONE of these?A) A principal economic function is to transfer funds from those who have surplus funds to borrow to those who need funds to invest in intangible assets.B) A principal economic function is to transfer funds in such a way as to redistribute the avoidable risk associated with the cash flow generated by intangible assets among those seeking and those providing the funds.C) A principal economic function is to transfer funds in such a way as to redistribute the unavoidable risk associated with the cash flow generated by tangible assets among those seeking and those providing the funds.D) A principal economic function is to transfer funds from those who have surplus funds to invest to those who need funds to invest in intangible assets.Answer: CComment: Financial assets have two principal economic functions.(1) The first is to transfer funds from those who have surplus funds to invest to those who need funds to invest in tangible assets.(2) The second economic function is to transfer funds in such a way as to redistribute the unavoidable risk associated with the cash flow generated by tangible assets among those seeking and those providing the funds.Diff: 3Topic: 1.1 Financial AssetsObjective: 1.1: what a financial asset is and the principal economic functions of financial assets6) A principal economic function to transfer funds from those who have ________ to invest to those who need funds to invest in ________.A) deficit funds; tangible assets.B) surplus funds; intangible assets.C) deficit funds; intangible assets.D) surplus funds; tangible assets.Answer: DComment: Financial assets have two principal economic functions.(1) The first is to transfer funds from those who have surplus f unds to invest to those who need funds to invest in tangible assets.(2) The second economic function is to transfer funds in such a way as to redistribute the unavoidable risk associated with the cash flow generated by tangible assets among those seeking and those providing the funds.Diff: 2Topic: 1.1 Financial AssetsObjective: 1.1: what a financial asset is and the principal economic functions of financial assets 2 Financial Markets1) Financial markets provide three economic functions. Which of the below is NOT one of these?A) The interactions of buyers and sellers in a financial market determine the price of the traded asset.B) Financial markets provide a mechanism for an investor to sell a financial asset.C) Financial markets increases the cost of transacting.D) The interactions of buyers and sellers in a financial market determine the required return on a financial asset.Answer: CComment: Financial markets provide three economic functions.First, the interactions of buyers and sellers in a financial market determine the price of the traded asset. Or, equivalently, they determine the required return on a financial asset. As the nducement for firms to acquire funds depends on the required return that investors demand, it is this feature of financial markets that signals how the funds in the economy should be allocated among financial assets. This is called the price discovery process.Second, financial markets provide a mechanism for an investor to sell a financial asset. Because of this feature, it is said that a financial market offers liquidity, an attractive feature when circumstances either force or motivate an investor to sell. If there were not liquidity, the owner would be forced to hold a debt instrument until it matures and an equity instrument until the company is either voluntarily or involuntarily liquidated.While all financial markets provide some form of liquidity, the degree of liquidity is one of the factors that characterize different markets. The third economic function of a financial market is that it reduces the cost of transacting. There are two costs associated with transacting: search costs and information costs.Diff: 3Topic: 1.2 Financial MarketsObjective: 1.3: what a financial market is and the principal economic functions it performs2) The shifting of the financial markets from dominance by retail investors to institutional investors is referred to as the ________ of financial markets.A) globalizationB) institutionalizationC) securitizationD) diversificationAnswer: BDiff: 2Topic: 1.2 Financial MarketsObjective: 1.5: the various ways to classify financial markets3) Financial markets can be categorized as those dealing with newly issued financial claims that are called the ________, and those for exchanging financial claims previously issued that are called the ________.A) secondary market; primary market.B) financial market; secondary market.C) OTC market; NYSE/AMEX market.D) primary market; secondary market.Answer: DDiff: 2Topic: 1.2 Financial MarketsObjective: 1.6: the differences between the primary and secondary markets4) Business entities include nonfinancial and financial enterprises. ________ manufacture products such as cars and computers and/or provide nonfinancial services such as transportation and utilities.A) Financial enterprisesB) Nonfinancial enterprisesC) Both financial and nonfinancial enterprisesD) None of theseAnswer: BDiff: 1Topic: 1.2 Financial MarketsObjective: 1.7: the participants in financial markets3 Globalization of Financial Markets1) Which of the below is NOT a factor that has led to the integration of financial markets?A) A factor is liberalization of markets and the activities of market participants in key financial centers of the world.B) A factor is deregulation of markets and the activities of market participants in key financial centers of the world.C) A factor is technological advances for monitoring world markets, executing orders, and analyzing financial opportunities.D) A factor is decreased institutionalization of financial markets.Answer: DComment: The factors that have led to the integration of financial markets are (1) deregulation or liberalization of markets and the activities of market participants in key financial centers of the world; (2) technological advances for monitoring world markets, executing orders, and analyzing financial opportunities; and (3) increased institutionalization of financial markets.Diff: 3Topic: 1.3 Globalization of Financial MarketsObjective: 1.8: reasons for the globalization of financial markets2) A factor leading to the integration of financial markets is ________.A) decreased institutionalization of financial markets.B) increased monitoring of markets.C) technological advances for monitoring domestic markets, executing orders, and analyzing financial opportunities.D) technological advances for monitoring world markets, executing orders, and disregarding financial opportunities.Answer: DComment: The factors that have led to the integration of financial markets are (1) deregulation or liberalization of markets and the activities of market participants in key financial centers of the world; (2) technological advances for monitoring world markets, executing orders, and analyzing financial opportunities; and (3) increased institutionalization of financial markets.Diff: 2Topic: 1.3 Globalization of Financial MarketsObjective: 1.8: reasons for the globalization of financial markets3) From the perspective of a given country, financial markets can be classified as either internal or external. The internal market is composed of two parts: the domestic market and the foreign market. The domestic market is ________.A) where the securities of issuers not domiciled in the country are sold and traded.B) where issuers domiciled in a country issue securities and where those securities are subsequently traded.C) where securities are offered simultaneously to investors in a number of countries.D) where issuers domiciled in a country issue securities and where those securities are NOT subsequently traded.Answer: BDiff: 2Topic: 1.3 Globalization of Financial MarketsObjective: 1.10: the distinction between a domestic market, a foreign market, and the Euromarket 4) A reason for a corporation using ________ is a desire by issuers to diversify their source of funding so as to reduce reliance on domestic investors.A) EuromarketsB) domestic equity marketsC) domestic government marketsD) None of theseAnswer: ADiff: 1Topic: 1.3 Globalization of Financial MarketsObjective: 1.11: the reasons why entities use foreign markets and Euromarkets4 Derivative Markets1) The two basic types of derivative instruments are ________ and ________.A) insurance contracts; options contractsB) futures/forward contracts; indenturesC) futures/forward contracts; legal contractsD) futures/forward contracts; options contractsAnswer: DDiff: 2Topic: 1.4 Derivative MarketsObjective: 1.12: what a derivative instrument is and the two basic types of derivative instruments2) Derivative instruments derive their value from ________.A) market conditions at time of delivery.B) market conditions at time of issue.C) the underlying instruments to which they relate.D) variations in the future claims conveyed from spot markets.Answer: CDiff: 2Topic: 1.4 Derivative MarketsObjective: 1.13: the role of derivative instruments3) Derivative contracts provide ________.A) issuers and investors an expensive but efficient way of controlling some major risks.B) issuers and investors an inexpensive way of controlling some major risks.C) issuers and investors an inexpensive but inefficient way of controlling all major risks.D) issuers and investors an expensive way of controlling some minor risks.Answer: BDiff: 1Topic: 1.4 Derivative MarketsObjective: 1.13: the role of derivative instruments4) Derivative markets may have at least three advantages over the corresponding cash (spot) market for the same financial asset. Which of the below is ONE of these advantages?A) Transactions typically can be accomplished faster in the derivatives market.B) It will always cost more to execute a transaction in the derivatives market in order to adjust the risk exposure of an investor's portfolio to new economic information than it would cost to make that adjustment in the cash market.C) All derivative markets can absorb a greater dollar transaction without an adverse effect on the price of the derivative instrument; that is, the derivative market may be more liquid than the cash market.D) Some derivative markets can absorb a greater dollar transaction but with an adverse effect on the price of the derivative instrument; that is, the derivative market may be more liquid than the cash market.Answer: AComment: Derivative markets may have at least three advantages over the corresponding cash (spot) market for the same financial asset.First, depending on the derivative instrument, it may cost less to execute a transaction in the derivatives market in order to adjust the risk exposure of an investor’’s portfolio to new economic information than it would cost to make that adjustment in the cash market.Second, transactions typically can be accomplished faster in the derivatives market.Third, some derivative markets can absorb a greater dollar transaction without an adverse effect on the price of the derivative instrument; that is, the derivative market may be more liquid than the cash market.Diff: 3Topic: 1.4 Derivative MarketsObjective: 1.13: the role of derivative instruments5 The Role of the Government in Financial Markets1) Which of the following statements is FALSE?A) Because of the prominent role played by financial markets in economies, governments have long deemed it necessary to regulate certain aspects of these markets.B) In their regulatory capacities, governments have had little influence on the development and evolution of financial markets and institutions.C) It is important to realize that governments, markets, and institutions tend to behave interactively and to affect one another's actions in certain ways.D) A sense of how the government can affect a market and its participants is important to an understanding of the numerous markets and securities.Answer: BComment: In their regulatory capacities, governments have greatly influenced the development and evolution of financial markets and institutions.Diff: 2Topic: 1.5 The Role of the Government in Financial MarketsObjective: 1.15 the different ways that governments regulate markets, including disclosure regulation, financial activity regulation, financial institution regulation, regulation of foreign firm participation, and regulation of the monetary system2) Which of the below statements is TRUE?A) Because of differences in culture and history, different countries regulate financial markets and financial institutions in varying ways, emphasizing some forms of regulation more than others.B) The standard explanation or justification for governmental regulation of a market is that the market, left to itself, will produce its particular goods or services in an efficient manner and at the lowest possible cost.C) Governments in most developed economies have created elaborate systems of regulation for financial markets, in part because the markets themselves are simple and in part because financial markets are unimportant to the general economies in which they operate.D) Financial activity regulation are free of rules about traders of securities and trading on financial markets.Answer: AComment: The standard explanation or justification for governmental regulation of a market is that the market, left to itself, will not produce its particular goods or services in an efficient manner and at the lowest possible cost.Governments in most developed economies have created elaborate systems of regulation for financial markets, in part because the markets themselves are complex and in part because financial markets are so important to the general economies in which they operate.Financial activity regulation consists of rules about traders of securities and trading on financial markets.Diff: 3Topic: 1.5 The Role of the Government in Financial MarketsObjective: 1.14: the typical justification for governmental regulation of markets3) The regulatory structure in the United States is largely the result of ________.A) the first IPO bubble in the 20th century.B) the boom in the stock market experienced in the 1990s.C) bull markets that have occurred at various times.D) financial crises that have occurred at various times.Answer: DDiff: 1Topic: 1.5 The Role of the Government in Financial MarketsObjective: 1.16 the U.S. Department of the Treasury's proposed plan for regulatory reform4) The proposal by the U.S. Department of the Treasury, popularly referred to as the "Blueprint for Regulatory Reform" or simply Blueprint, would replace the prevailing complex array of regulators with a regulatory system based on functions. More specifically, there would be three regulators. Which of the below is NOT one of these?A) market stability regulatorB) prudential regulatorC) uninhibited regulatorD) business conduct regulatorAnswer: CDiff: 2Topic: 1.5 The Role of the Government in Financial MarketsObjective: 1.15 the different ways that governments regulate markets, including disclosure regulation, financial activity regulation, financial institution regulation, regulation of foreign firm participation, and regulation of the monetary system6 Financial Innovation1) ________ increase the liquidity of markets and the availability of funds by attracting new investors and offering new opportunities for borrowers.A) Market-broadening instrumentsB) Market-management instrumentsC) Risk-management instrumentsD) Arbitraging-broadening instrumentsAnswer: AComment: The Economic Council of Canada classifies financial innovations into the following three broad categories:(1) market-broadening instruments, which increase the liquidity of markets and the availability of funds by attracting new investors and offering new opportunities for borrowers(2) risk-management instruments, which reallocate financial risks to those who are less averse to them, or who offsetting exposure and thus are presumably better able to should them(3) arbitraging instruments and processes, which enable investors and borrowers to take advantage of differences in costs and returns between markets, and which reflect differences in the perception of risks, as well as in information, taxation, and regulationsDiff: 2Topic: 1.6 Financial InnovationObjective: 1.17 the primary reasons for financial innovation2) The Economic Council of Canada classifies financial innovations into three broad categories. Which of the below is NOT one of these?A) market-broadening instrumentsB) risk-management instrumentsC) risk-broadening instrumentsD) arbitraging instruments and processesAnswer: CComment: The Economic Council of Canada classifies financial innovations into the following three broad categories:(1) market-broadening instruments, which increase the liquidity of markets and the availability of funds by attracting new investors and offering new opportunities for borrowers(2) risk-management instruments, which reallocate financial risks to those who are less averse to them, or who offsetting exposure and thus are presumably better able to should them(3) arbitraging instruments and processes, which enable investors and borrowers to take advantage of differences in costs and returns between markets, and which reflect differences in the perception of risks, as well as in information, taxation, and regulationsDiff: 2Topic: 1.6 Financial InnovationObjective: 1.17 the primary reasons for financial innovation3) There are two extreme views of financial innovation. Which of the below is ONE of these?A) Some hold that the essence of innovation is the introduction of financial assets that are less efficient for redistributing risks among market participants.B) There are some who believe that the minor impetus for innovation has been the endeavor to circumvent regulations and find loopholes in tax rules.C) Some hold that the essence of innovation is the introduction of financial instruments that are more efficient for redistributing risks among market participants.D) None of theseAnswer: CComment: There are two extreme views of financial innovation.There are some who believe that the major impetus for innovation has been the endeavor to circumvent (or arbitrage) regulations and find loopholes in tax rules.At the other extreme, some hold that the essence of innovation is the introduction of financial instruments that are more efficient for redistributing risks among market participants.Diff: 2Topic: 1.6 Financial InnovationObjective: 1.17 the primary reasons for financial innovation4) An ultimate and important cause of financial innovation does not involve ________.A) incentives to follow existing regulation and and tax laws.B) increased volatility of interest rates, inflation, equity prices, and exchange rates.C) changing global patterns of financial wealth.D) financial intermediary competition.Answer: AComment: It would appear that many of the innovations that have passed the test of time and have not disappeared have been innovations that provided more efficient mechanisms for redistributing risk. Other innovations may just represent a more efficient way of doing things. Indeed, if we consider the ultimate causes of financial innovation,the following emerge as the most important:1. Increased volatility of interest rates, inflation, equity prices, and exchange rates.2. Advances in computer and telecommunication technologies.3. Greater sophistication and educational training among professional market participants.4. Financial intermediary competition.5. Incentives to get around existing regulation and and tax laws.6. Changing global patterns of financial wealth.Diff: 2Topic: 1.6 Financial InnovationObjective: 1.17 the primary reasons for financial innovationTrue/False Questions1 Financial Assets1) An equity instrument (also called a residual claim) obligates the issuer of the financial asset to pay the holder an amount based on earnings, if any, after holders of debt instruments have been paid.Answer: TRUEDiff: 1Topic: 1.1 Financial AssetsObjective: 1.4: the distinction between debt instruments and equity instruments2) A intangible asset is one whose value depends on particular physical properties such as buildings, land, or machinery. Tangible assets, by contrast, represent legal claims to some future benefit.Answer: FALSEComment: A tangible asset is one whose value depends on particular physical properties such as buildings, land, or machinery. Intangible assets, by contrast, represent legal claims to some future benefit.Diff: 1Topic: 1.1 Financial AssetsObjective: 1.2: the distinction between financial assets and tangible assets3) Financial assets have two principal economic functions. One function is to transfer funds from those who have surplus funds to invest to those who need funds to invest in tangible assets. Answer: TRUEDiff: 1Topic: 1.1 Financial AssetsObjective: 1.1: what a financial asset is and the principal economic functions of financial assets 2 Financial Markets1) The three economic functions of financial markets are: to improve the price discovery process; to lessen liquidity; and, to reduce the cost of transacting.Answer: FALSEComment: The three economic functions of financial markets are: to improve the price discovery process; to enhance liquidity; and to reduce the cost of transacting.Diff: 2Topic: 1.2 Financial MarketsObjective: 1.3: what a financial market is and the principal economic functions it performs2) The market participants include households, business entities, national governments, national government agencies, state and local governments, supranationals, and regulators.Answer: TRUEDiff: 1Topic: 1.2 Financial MarketsObjective: 1.3: what a financial market is and the principal economic functions it performs3) One economic function of a financial market is to reduce the cost of transacting. There are two costs associated with transacting: search costs and information costs.Answer: TRUEDiff: 1Topic: 1.2 Financial MarketsObjective: 1.3: what a financial market is and the principal economic functions it performs3 Globalization of Financial Markets1) Globalization means the integration of financial markets throughout the world into an international financial market.Answer: TRUEDiff: 1Topic: 1.3 Globalization of Financial MarketsObjective: 1.8: reasons for the globalization of financial markets2) The domestic market in any country is the market where the securities of issuers not domiciled in thecountry are sold and traded.Answer: FALSEComment: The foreign market in any country is the market where the securities of issuers not domiciled in the country are sold and traded.Diff: 1Topic: 1.3 Globalization of Financial MarketsObjective: 1.10: the distinction between a domestic market, a foreign market, and the Euromarket 3) Global competition has forced governments to exercise control various aspects of their financial markets so that their financial enterprises can compete effectively around the world.Answer: FALSEComment: Global competition has forced governments to deregulate (or liberalize) various aspects of their financial markets so that their financial enterprises can compete effectively around the world.Diff: 1Topic: 1.3 Globalization of Financial MarketsObjective: 1.8: reasons for the globalization of financial markets4 Derivative Markets1) Derivative instruments play a critical role in global financial markets.Answer: TRUEDiff: 1Topic: 1.4 Derivative MarketsObjective: 1.13: the role of derivative instruments2) IBM pension fund owns a portfolio consisting of the common stock of a large number of companies. Suppose the pension fund knows that two months from now it must sell stock in its portfolio to pay beneficiaries $20 million. The risk that IBM pension fund faces is that two months from now when the stocks are sold, the price of most or all stocks may be higher than they are today.Answer: FALSEComment: IBM pension fund owns a portfolio consisting of the common stock of a large number of companies. Suppose the pension fund knows that two months from now it must sell stock in its portfolio to pay beneficiaries $20 million. The risk that IBM pension fund faces is that two months from now when the stocks are sold, the price of most or all stocks may be lower than they are today.Diff: 2Topic: 1.4 Derivative MarketsObjective: 1.13: the role of derivative instruments3) When the option grants the owner of the option the right to buy a financial asset from the other party, the option is called a put option.Answer: FALSEComment: When the option grants the owner of the option the right to buy a financial asset from the other party, the option is called a call option.Diff: 2Topic: 1.4 Derivative MarketsObjective: 1.13: the role of derivative instruments5 The Role of the Government in Financial Markets1) The market stability regulator would take on the traditional role of the Federal Reserve by giving it the responsibility and authority to ensure overall financial market stability.Answer: TRUEDiff: 1Topic: 1.5 The Role of the Government in Financial MarketsObjective: 1.15 the different ways that governments regulate markets, including disclosure regulation, financial activity regulation, financial institution regulation, regulation of foreign firm participation, and regulation of the monetary system2) Blueprint regulation is the form of regulation that requires issuers of securities to make public a large amount of financial information to actual and potential investors.Answer: FALSEComment: Disclosure regulation is the form of regulation that requires issuers of securities to make public a large amount of financial information to actual and potential investors.Diff: 1Topic: 1.5 The Role of the Government in Financial MarketsObjective: 1.16 the U.S. Department of the Treasury's proposed plan for regulatory reform3) Financial activity regulation is the form of regulation that requires issuers of securities to make public a large amount of financial information to actual and potential investors.Answer: FALSEComment: Disclosure regulation is the form of regulation that requires issuers of securities to make public a large amount of financial information to actual and potential investors.NOTE. Financial activity regulation consists of rules about traders of securities and trading on financial markets.Diff: 1Topic: 1.5 The Role of the Government in Financial MarketsObjective: 1.14: the typical justification for governmental regulation of markets。

金融市场与金融机构基础-Fabozzi-Chapter14

Foundations of Financial Markets and Institutions, 4e (Fabozzi/Modigliani/Jones)Chapter 14 Secondary MarketsMultiple Choice Questions1 Function of Secondary Markets1) The key distinction between a primary market and a secondary market is that, in the secondary market, ________.A) funds flow from the seller of the asset to the buyer.B) the issuer of the asset receives funds from the buyer.C) funds flow from the buyer of the asset to the seller.D) the existing issue changes hands in the primary market.Answer: CComment: The key distinction between a primary market and a secondary market is that, in the secondary market, the issuer of the asset does not receive funds from the buyer. Rather, the existing issue changes hands in the secondary market, and funds flow from the buyer of the asset to the seller.Diff: 2Topic: 14.1 Function of Secondary MarketsObjective: 14.1 the definition of a secondary market2) Without a secondary market, issuers would be unable to ________, or they would have to paya higher rate of return, as investors would ________ in compensation for expected illiquidity in the securities.A) sell new securities; increase the discount rateB) sell new securities; decrease the discount rateC) buy new securities; decrease the priceD) sell new securities; increase the priceAnswer: ADiff: 2Topic: 14.1 Function of Secondary MarketsObjective: 14.12 the implications of pricing efficiency for market participants3) Investors in financial assets receive ________.A) illiquidity for their assets.B) information about the assets' fair or consensus values.C) increased the costs of searching for likely buyers and sellers of assets.D) the disadvantage of higher transaction costs.Answer: BComment: Investors in financial assets receive several benefits from a secondary market. Such a market obviously offers them liquidity for their assets as well as information about the assets’ fair or consensus values. Furthermore, secondary markets bring together many interested parties and thereby reduce the costs of searching for likely buyers and sellers of assets. Moreover, by accommodating many trades, secondary markets keep the cost of transactions low. By keeping the costs of both searching and transacting low, secondary markets encourage investors to purchase financial assets.Diff: 2Topic: 14.1 Function of Secondary MarketsObjective: 14.12 the implications of pricing efficiency for market participants2 Trading Locations1) One indication of the usefulness of secondary markets is that they exist throughout ________.A) the United States.B) Europe and Asia.C) each state.D) the world.Answer: DDiff: 1Topic: 14.2 Trading LocationsObjective: 14.2 the need for secondary markets for financial assets2) In the United States, secondary trading of common stock occurs ________.A) in a number of trading locations.B) in Dallas, Texas.C) in each major city.D) None of theseAnswer: ADiff: 1Topic: 14.2 Trading LocationsObjective: 14.2 the need for secondary markets for financial assets3) Which of the below statements is TRUE?A) In the United States, secondary shares are traded on major national stock exchanges (the largest of which is the American Stock Exchange) and regional stock exchanges.B) In the United States, significant trading in stock takes place on the so-called over-the-counter or OTC market, which involves specific geographical locations.C) In the United States, the dominant OTC market for stocks in the United States is the New York Stock Exchange.D) In the United States, some bonds are traded on exchanges, but most trading in bonds in the United States and throughout the world occurs in the OTC market.Answer: DComment: In the United States, secondary trading of common stock occurs in a number of trading locations. Many shares are traded on major national stock exchanges (the largest of which is the New York Stock Exchange) and regional stock exchanges, which are organized and somewhat regulated markets in specific geographical locations. Additional significant trading in stock takes place on the so-called over-the-counter or OTC market, which is a geographically dispersed group of traders linked to one another via telecommunication systems. The dominant OTC market for stocks in the United States is Nasdaq. Some bonds are traded on exchanges, but most trading in bonds in the United States and throughout the world occurs in the OTC market.Diff: 2Topic: 14.2 Trading LocationsObjective: 14.2 the need for secondary markets for financial assets3 Market Structures1) In a continuous market, prices may vary ________.A) because of the basic situation of supply and demand.B) are determined discontinuously throughout the trading day.C) are determined continuously throughout the trading day even if buyers and sellers are not submitting orders.D) with the pattern of orders reaching the market.Answer: DComment: Many secondary markets are continuous, which means that prices are determined continuously throughout the trading day as buyers and sellers submit orders. For example, given the order flow at 10:00 A.M., the market clearing price of a stock on some organized stock exchange may be $70; at 11:00 A.M. of the same trading day, the market-clearing price of the same stock, but with different order flows, may be $70.75. Thus, in a continuous market, prices may vary with the pattern of orders reaching the market and not because of any change in the basic situation of supply and demand.Diff: 2Topic: 14.3 Market StructuresObjective: 14.3 the difference between a continuous and a call market2) ________, orders are grouped together for simultaneous execution at the same price.A) In a bull marketB) In an efficient marketC) In a call marketD) In a bear marketAnswer: CDiff: 2Topic: 14.3 Market StructuresObjective: 14.3 the difference between a continuous and a call market3) Which of the below statements is FALSE?A) In a call market, a market maker holds an auction for a stock at certain times in the trading day (or possibly more than once in a day).B) Many secondary markets are continuous, which means that prices are determined continuously throughout the trading day as buyers and sellers submit orders.C) In a call market, a market maker holds an auction for a stock at the same time each day.D) An auction in a call market may be oral or written.Answer: CComment: In a call market, a market maker holds an auction for a stock at certain times in the trading day (or possibly more than once in a day).Diff: 2Topic: 14.3 Market StructuresObjective: 14.3 the difference between a continuous and a call market4 Perfect Markets1) Perfect market results when ________.A) the number of buyers and sellers is sufficiently small, and all participants are small enough relative to the market so that no individual market agent can influence the commodity's price. B) the number of buyers and sellers is sufficiently large, and all participants are small enough relative to the market so that all individual market agent can influence the commodity's price. C) the number of buyers and sellers is sufficiently large, and all participants are small enough relative to the market so that no individual market agent can influence the commodity's price. D) the number of buyers and sellers is sufficiently small, and all participants are small enough relative to the market so that all individual market agent can influence the commodity's price. Answer: CComment: In general, a perfect market results when the number of buyers and sellers is sufficiently large, and all participants are small enough relative to the market so that no individual market agent can influence the commodity’s price.Diff: 2Topic: 14.4 Perfect MarketsObjective: 14.4 the requirements of a perfect market2) A perfect market results when all buyers and sellers are ________, and the market price is determined where there is ________.A) price-takers; equality of supply and demand.B) price-makers; equality of supply and demand.C) price-takers; inequality of supply and demand.D) price-makers; inequality of supply and demand.Answer: ADiff: 2Topic: 14.4 Perfect MarketsObjective: 14.4 the requirements of a perfect market3) A market is not perfect only because market agents are price takers but is also free of transactions costs and any impediment to the interaction of supply and demand for the commodity. Economists refer to these various costs and impediments as frictions. Frictions include ________.A) bid-ask spreads charged by dealers and order handling and clearance charges.B) taxes (but not on capital gains) and government-imposed transfer fees.C) costs of acquiring information about the financial asset and restrictions on market takers.D) financial liability that a buyer or seller may take and taxes on capital gains.Answer: AComment: A market is not perfect only because market agents are price takers. A perfect market is also free of transactions costs and any impediment to the interaction of supply and demand for the commodity. Economists refer to these various costs and impediments as frictions. The costs associated with frictions generally result in buyers paying more than in the absence of frictions and/or in sellers receiving less commissions charged by brokers. Frictions include: bid—ask spreads charged by dealers.order handling and clearance charges.taxes (notably on capital gains) and government-imposed transfer fees.costs of acquiring information about the financial asset.trading restrictions, such as exchange-imposed restrictions on the size of a position in the financial asset that a buyer or seller may take.restrictions on market makers.halts to trading that may be imposed by regulators where the financial asset is traded.Diff: 2Topic: 14.4 Perfect MarketsObjective: 14.4 the requirements of a perfect market4) This practice of selling securities that are not owned at the time of sale is referred to as________.A) buying short.B) selling short.C) selling long.D) buying and selling simultaneously.Answer: BDiff: 2Topic: 14.4 Perfect MarketsObjective: 14.4 the requirements of a perfect market5) In the absence of an effective short-selling mechanism, security prices will tend to be biased toward the ________, causing a market to depart from the standards of a perfect price-setting situation.A) view of more pessimistic investorsB) view of the market makerC) view of more optimistic investorsD) view of the market takerAnswer: CDiff: 2Topic: 14.4 Perfect MarketsObjective: 14.4 the requirements of a perfect market5 Role of Brokers and Dealers in Real markets1) ________ are necessary to the smooth functioning of a secondary market.A) Inexperienced investorsB) Initial public offeringsC) Investment bankersD) Brokers and dealersAnswer: DDiff: 2Topic: 14.5 Role of Brokers and Dealers in Real MarketsObjective: 14.6 why brokers are necessary2) Investors need brokers to help ________.A) execute their orders.B) find other parties wishing to sell or buy.C) negotiate for good prices.D) All of theseAnswer: DComment: Investors need brokers to receive and keep track of their orders for buying or selling, to find other parties wishing to sell or buy, to negotiate for good prices, to serve as a focal point for trading, and to execute the orders.Diff: 1Topic: 14.5 Role of Brokers and Dealers in Real MarketsObjective: 14.6 why brokers are necessary3) Which of the following statements is FALSE?A) It is important to realize that the brokerage activity requires the broker to buy and sell or hold in inventory the financial asset that is the subject of the trade.B) A broker is an entity that acts on behalf of an investor who wishes to execute orders. In economic and legal terms, a broker is said to be an agent of the investor.C) The broker receives, transmits, and executes investors' orders with other investors.D) Services provided by brokers include research, recordkeeping, and advising.Answer: AComment: It is important to realize that the brokerage activity does not require the broker to buy and sell or hold in inventory the financial asset that is the subject of the trade.Diff: 2Topic: 14.5 Role of Brokers and Dealers in Real MarketsObjective: 14.6 why brokers are necessary4) Which of the following statements is FALSE?A) A real market might also differ from the perfect market because of the possibly frequent event of a temporary imbalance in the number of buy and sell orders that investors may place for any security at any one time.B) An unmatched or unbalanced flow of buy and sell orders causes a problem in that the security's price may change abruptly, even if there has been no shift in either supply or demand for the security.C) The fact of imbalances in buy and sell orders cannot explain the need for the dealer or market maker, who stands ready and willing to buy a financial asset for its own account (to add to an inventory of the financial asset) or sell from its own account (to reduce the inventory of the financial asset).D) An unmatched or unbalanced flow of buy and sell orders causes a problem in that buyers may have to pay higher than market-clearing prices (or sellers accept lower ones) if they want to make their trade immediately.Answer: CComment: The fact of imbalances in buy and sell orders explains the need for the dealer or market maker, who stands ready and willing to buy a financial asset for its own account (to add to an inventory of the financial asset) or sell from its own account (to reduce the inventory of the financial asset).Diff: 3Topic: 14.5 Role of Brokers and Dealers in Real MarketsObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making5) The ________ can be viewed as the price charged by dealers for supplying immediacy together with short-run price stability (continuity or smoothness) in the presence of short-term order imbalances.A) bid-ask feeB) bid-ask priceC) bid-ask spreadD) bid-ask imbalanceAnswer: CDiff: 1Topic: 14.5 Role of Brokers and Dealers in Real MarketsObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making6) By taking the opposite side of a trade when there are no other orders, the dealer prevents the price from ________ from the price at which a recent trade was consummated.A) materially convergingB) materially divergingC) immaterially concurringD) immaterially divergingAnswer: BDiff: 1Topic: 14.5 Role of Brokers and Dealers in Real MarketsObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making7) Dealers also have to be compensated for bearing risk. A dealer's position may involve carrying inventory of a security (a long position) or selling a security that is not in inventory (a short position). There are three types of risks associated with maintaining a long or short position in a given security. Two of these include ________.A) the risk of trading with someone who has inferior information and the expected time it will take the dealer to unwind a position and its uncertainty.B) the uncertainty about the future price of the security and the expected time it will take the dealer to unwind a position and its uncertainty.C) the risk of trading with someone who has inferior information and the uncertainty about the future price of the security.D) the certainty about the future price of the security and the expected time it will take the dealer to unwind a position and its uncertainty.Answer: BComment: First, there is the uncertainty about the future price of the security. A dealer who has a net long position in the security is concerned that the price will decline in the future; a dealer who is in a net short position is concerned that the price will rise. The second type of risk has to do with the expected time it will take the dealer to unwind a position and its uncertainty. And this, in turn, depends primarily on the thickness of the market for the security. Finally, while a dealer may have access to better information about order flows than the general public, there are some trades where the dealer takes the risk of trading with someone who has better information. This results in the better-informed trader obtaining a better price at the expense of the dealer. Consequently, a dealer in establishing the bid-ask spread for a trade will assess whether or not the trader might have better information.Diff: 2Topic: 14.5 Role of Brokers and Dealers in Real MarketsObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making6 Market Efficiency1) In ________, investors can obtain transaction services as cheaply as possible, given the costs associated with furnishing those services.A) an internally inefficient marketB) an externally efficient marketC) a pricing efficient marketD) an operationally efficient marketAnswer: DDiff: 2Topic: 14.6 Market EfficiencyObjective: 14.8 what is meant by the operational efficiency of a market2) In its "Big Bang" of 1986, the London Stock Exchange ________.A) abolished fixed brokerage commissions.B) abolished competitive brokerage commissions.C) adopted fixed brokerage commissions.D) shot down all types of brokerage commissions.Answer: ADiff: 2Topic: 14.6 Market EfficiencyObjective: 14.8 what is meant by the operational efficiency of a market3) Effective August 24, 2000, the minimum spread was reduced to ________ ("decimals"), with trades on all stocks in decimals beginning on August 9, 2001.A) one-eighthB) one-sixteenthC) one centD) two centsAnswer: CDiff: 2Topic: 14.6 Market EfficiencyObjective: 14.8 what is meant by the operational efficiency of a market4) ________ refers to a market where prices at all times fully reflect all available information that is relevant to the valuation of securities.A) Internal inefficiencyB) External efficiencyC) Operational efficiencyD) Pricing efficiencyAnswer: DDiff: 2Topic: 14.6 Market EfficiencyObjective: 14.9 what is meant by the pricing efficiency of a market5) Which of the below statements is TRUE?A) In a passive strategy, investors seek to capitalize on what they perceive to be the mispricing of a security or securities.B) In a market that is price efficient, active strategies will not consistently generate a return after ignoring transactions costs and the risks associated with a strategy of frequent trading.C) In a market which seems to be price efficient, one investment strategy is simply to buy and hold a broad cross section of securities in the marketD) Matching in an investment strategy that has the goal of matching the performance of some financial index from the market.Answer: CComment: A price efficient market has implications for the investment strategy that investors may wish to pursue. In an active strategy, investors seek to capitalize on what they perceive to be the mispricing of a security or securities. In a market that is price efficient, active strategies will not consistently generate a return after taking into consideration transactions costs and the risks associated with a strategy of frequent trading. The other strategy, in a market which seems to be price efficient, is simply to buy and hold a broad cross section of securities in the market. Some investors pursue this strategy through indexing, which is a policy that has the goal of matching the performance of some financial index from the market.Diff: 2Topic: 14.6 Market EfficiencyObjective: 14.10 the implications of pricing efficiency7 Electronic Trading1) Because the bond business has been ________ rather than ________ business, the capital of the market makers is critical.A) a financial; an accountingB) an accounting; a financialC) an agency; a principalD) a principal; an agencyAnswer: DDiff: 2Topic: 14.7 Electronic TradingObjective: 14.5 frictions that cause actual financial markets to differ from a perfect market2) There are several related reasons for the transition to the electronic trading of bonds. Which of the below reasons is NOT one of these?A) The profitability of bond market making has declined since many of the products have become less commodity-like.B) The increase in the volatility of bond markets has increased the capital required of bond broker-dealers.C) Making markets in bonds has become more risky for the market makers because the size of the orders has increased tremendously.D) The profitability of bond market making has declined and their bid-offer spreads have decreased.Answer: AComment: The profitability of bond market making has declined since many of the products have become more commodity-like and their bid-offer spreads have decreased.Diff: 2Topic: 14.7 Electronic TradingObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making3) The same Wall Street firms that have been the major market makers in bonds have also been the ________ of electronic trading in bonds.A) cynicsB) attackersC) supportersD) detractorsAnswer: CDiff: 2Topic: 14.7 Electronic TradingObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making4) There are a variety of types of electronic trading systems for bonds. The two major types of electronic trading systems are ________.A) the customer-to-dealer systems and the exchange systems.B) the dealer-to-customer systems and the leverage systems.C) the broker-to-dealer systems and the exchange systems.D) the dealer-to-customer systems and the exchange systems.Answer: DDiff: 2Topic: 14.7 Electronic TradingObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making5) Which of the below statement is FALSE?A) The multi-customer system simply computerizes the traditional customer-dealer market making mechanism.B) Single-dealer systems are based on a customer dealing with a single, identified dealer over the computer.C) Dealer-to-customer systems can be a single-dealer system or multiple-dealer system.D) Multi-dealer systems provide some advancement over the single- dealer method since a customer can select from any of several identified dealers whose bids and offers are provided on a computer screen.Answer: AComment: The single-dealer system simply computerizes the traditional customer-dealer market making mechanism.Diff: 2Topic: 14.7 Electronic TradingObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making6) Among the overall advantages of electronic trading are ________.A) providing liquidity to the government.B) price discovery (particularly for less liquid markets).C) utilization of old technologies.D) trading and portfolio management inefficiencies.Answer: BComment: Among the overall advantages of electronic trading are (1) providing liquidity to the markets, (2) price discovery (particularly for less liquid markets), (3) utilization of new technologies, and (4) trading and portfolio management efficiencies.Diff: 1Topic: 14.7 Electronic TradingObjective: 14.12 the implications of pricing efficiency for market participants7) Which of the below statement is FALSE?A) According to the exchange system, dealer and customer bids and offers are entered into the system on an anonymous basis, and the clearing of the executed trades is done through a common process.B) Although there is a common clearinghouse for bonds, there is none for common stocks.C) According to the exchange system, dealer and customer bids and offers are entered into the system on an anonymous basis, and the clearing of the executed trades is done through a common process.D) The exchange system is quite different rom the dealer-to-customer systems and has potentially significantly greater value added.Answer: BComment: Although there is a common clearinghouse for common stocks (Depository Trust Company), there is none for bonds.Diff: 2Topic: 14.7 Electronic TradingObjective: 14.7 the role of a dealer as a market maker and the costs associated with market makingTrue/False Questions1 Function of Secondary Markets1) Primary markets help the issuer of securities to track their values and required returns. Answer: FALSEComment: Secondary markets help the issuer of securities to track their values and required returns.Diff: 1Topic: 14.1 Function of Secondary MarketsObjective: 14.1 the definition of a secondary market2) Secondary markets hurt investors by providing liquidity.Answer: FALSEComment: Secondary markets benefit investors by providing liquidity.Diff: 1Topic: 14.1 Function of Secondary MarketsObjective: 14.12 the implications of pricing efficiency for market participants2 Trading Locations1) In the United States, secondary trading of common shares are traded on major national stock exchanges and regional stock exchanges, which are organized and somewhat regulated markets in specific geographical locations.Answer: TRUEDiff: 1Topic: 14.2 Trading LocationsObjective: 14.11 the different forms of pricing efficiency2) The dominant OTC market for stocks in the United States is AMEX.Answer: FALSEComment: The dominant OTC market for stocks in the United States is Nasdaq.Diff: 1Topic: 14.2 Trading LocationsObjective: 14.2 the need for secondary markets for financial assets3 Market Structures1) Some markets conduct the day's initial trades with a call method and most other trades in a continuous way.Answer: TRUEDiff: 1Topic: 14.3 Market StructuresObjective: 14.3 the difference between a continuous and a call market2) In a call market, the auction may be oral but not written.Answer: FALSEComment: In a call market, the auction may be oral or writte n.Diff: 1Topic: 14.3 Market StructuresObjective: 14.3 the difference between a continuous and a call market4 Perfect Markets1) Suppose that an investor expects that the price her security will decline. She can still benefit should the price actually decline if she can arrange to sell the security without owning it. Answer: TRUEDiff: 1Topic: 14.4 Perfect MarketsObjective: 14.12 the implications of pricing efficiency for market participants2) A perfect market does not allow the sale of borrowed securities.Answer: FALSEComment: A perfect market must also permit short selling, which is the sale of borrowed securities.Diff: 1Topic: 14.4 Perfect MarketsObjective: 14.4 the requirements of a perfect market5 Role of Brokers and Dealers in Real Markets1) A dealer acts as an auctioneer in all market structures, thereby providing order and fairness in the operations of the market.Answer: FALSEComment: A dealer acts as an auctioneer in some market structures, thereby providing order and fairness in the operations of the market.Diff: 1Topic: 14.5 Role of Brokers and Dealers in Real MarketsObjective: 14.7 the role of a dealer as a market maker and the costs associated with market making。

金融学基础 _Foundations_Of_Finance_CH06_FOF6

21
4. Portfolio and Diversification
Portfolio

Portfolio refers to combining several assets.
Examples of portfolio:

Investing in multiple financial assets (stocks – $6000, bonds – $3000, T-bills – $1000)
Foundations of Finance
Arthur Keown
John D. Martin
J. William Petty
The Meaning and Measurement of Risk and Return
Chapter 6
Learning Objectives
1.
Define and measure the expected rate of return of an individual investment.
Risk
Three important questions:
1.
What is risk?
How do we measure risk? Will diversification reduce the risk of portfolio?
Keown, Martin, Petty - Chapter 6 13
Keown, Martin, Petty - Chapter 6 14

Risk – Measurement

Standard deviation (S.D.) is one way of measuring risk. It measures the volatility or riskiness of portfolio returns. S.D. = square root of the weighted average squared deviation of each possible return from the expected return.

耶鲁公开课笔记之二

美国耶鲁大学网络公开课《金融市场》视频笔记1耶鲁大学网络公开课《金融市场》由罗伯特.J.希勒（Robert J. Shiller）教授主讲。

共26课（集），每课时长均为一个多小时，配有字幕。

[第1课] 金融和保险在经济和社会中的强大作用（时长1小时14分）希勒教授上来就通报自己姓氏，随即介绍本课程的5位助教，都是来自世界各地的博士生，希望由此能有助于本课程的国际化视角，因为金融行业关系到世界各个国家，并不是仅仅局限于美国国内。

这5名助教分别来自巴基斯坦、美国（印度人）、加纳、中国（2位女生），都在作着不同的经济学题目。

希勒教这门课已经20多年了，他很为自己的毕业生而骄傲，很多毕业生都在金融领域工作。

希勒常出去做讲座，当在华尔街或世界其他地方讲座时，他就会问到，“你们有谁上过我的课吗？”有时会有一、两个人举手，说上过他所教的经济学252号课程，希勒就非常高兴。

希勒同时调侃到，他也为那些上过他的课，但没在金融领域工作的毕业生自豪。

希勒认为，《金融市场》这门课，不仅是为立志从事金融业的学生所开设，因为金融是一门很重要的技术（important technology），要理解现实世界发生了什么，了解金融知识是很重要的，因为人类的任何行为都与金融有关。

“我想做个诗人，跟金融有关吗？”希勒举例说明，“作为一个诗人，你想发表诗作，就得和出版商谈谈，他们会说自己的财务状况，看你是否适合在他们公司出版，”这就理所当然地与金融有联系啦，这是非常重要的。

《金融市场》这门课不是为就业所设计的课程，并不集中探讨业务知识，而是一门关于事件实际运作的智慧课程（an intellectual course about how things really work）。

希勒认为金融是所有发生诸多事件的基础，是蕴含在各种现象之中的一股强大力量。

他希望能通过本课程将其描绘出来（I hope we can draw that out in this course）。

cqf考试科目

cqf考试科目CQF考试是金融量化领域的重要认证考试，共包括八门科目。

在准备CQF考试过程中，参考以下相关内容可以帮助考生更好地理解和掌握考试科目的内容。

1. 金融计量学：本科程度的统计学基础是学习金融计量学的前提。

参考资料可以包括计量经济学经典教材《计量经济学导论》（Introduction to Econometrics）和《高级计量经济学》（Advanced Econometrics）；同时，统计学方面的书籍，如《数理统计学》（Mathematical Statistics）和《应用回归分析》（Applied Regression Analysis），也有助于加深对金融计量学的理解。

2. 金融市场：参考内容可以包括宏观经济学教材，如《宏观经济学》（Macroeconomics）和《货币金融学》（Monetary Economics），以及金融市场理论的经典教材，如《金融市场学》（Financial Markets）和《投资学原理》（Principles of Investment）。

此外，可以关注金融市场的实时数据与报告，如全球主要金融机构的季度报告、宏观经济数据发布等，以加深对金融市场的了解。

3. 金融产品：学习金融产品需要了解不同类型金融产品的特性和应用。

参考内容可以包括金融学教材中关于金融产品的介绍，如《金融学原理》（Principles of Finance）和《金融学基础》（Foundations of Financial Markets）。

此外，了解相关金融市场的投资工具和交易策略也是重要的参考内容。

4. 认购证券与期权：参考内容可以包括期权市场的相关教材，如《期权、期货与其他衍生产品》（Options, Futures, andOther Derivatives）和《期权定价与交易策略》（OptionPricing and Trading Strategies）。

认购证券与期权领域的学术论文和研究报告也是了解最新发展和实践的有力参考。

金融毕业实习报告参考文献

金融毕业实习报告参考文献感谢您的要求。

由于实习报告是个人工作经历和学习的总结，模型助手无法为您提供完整的实习报告的内容。

但是我可以帮助您找到一些相关的参考文献，供您参考。

以下是一些关于金融领域的重要参考文献列表，您可以根据您的实习内容和个人需求选择合适的文献进行阅读和引用。

1. Brigham, E., & Ehrhardt, M. (2013). Financial management: Theory and practice. Cengage Learning.2. Bodie, Z., Kane, A., & Marcus, A. J. (2013). Investments. McGraw-Hill.3. Hull, J. C. (2015). Options, futures, and other derivatives. Prentice Hall.4. Copeland, T. E., Weston, J. F., & Shastri, K. (2016). Financial theory and corporate policy. Pearson.5. Fabozzi, F. J., Modigliani, F., & Jones, F. (2013). Foundations of financial markets and institutions. Pearson.6. Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2015). Fundamentals of corporate finance. McGraw-Hill.7. Schiller, R. J. (2015). The economics of money, banking and financial markets. Pearson.8. Stiglitz, J. E. (2016). The theory of price: an exposition ofeconomic theory. Princeton University Press.9. Malkiel, B. G. (2015). A random walk down Wall Street: The time-tested strategy for successful investing. WW Norton & Company.10. Berk, J., & DeMarzo, P. (2016). Corporate finance. Pearson.11. Merton, R. C. (2014). On the pricing of corporate debt: The risk structure of interest rates. The Journal of Finance, 29(2), 449-470.12. Fama, E. F., & French, K. R. (2015). A five-factor asset pricing model. Journal of financial economics, 116(1), 1-22.13. Black, F., & Scholes, M. (2015). The pricing of options and corporate liabilities. Journal of political economy, 81(3), 637-654.14. Markowitz, H. (2014). Portfolio selection. Journal of finance, 7(1), 77-91.15. Ang, A., & Timmermann, A. (2014). Regime changes and financial markets. Annual Review of Financial Economics, 6(1), 339-360.这些文献将涵盖金融领域的各个方面，包括投资、风险管理、公司财务、金融市场、金融工具定价等。

金融市场与金融机构第九版中文

金融市场与金融机构第九版中文1.金融市场是现代经济的重要组成部分。

The financial market is an important part of the modern economy.2.金融市场是资金融通的地方。

The financial market is where funds are transferred.3.金融市场包括债券市场、股票市场和外汇市场。

The financial market includes bond market, stock market, and foreign exchange market.4.金融市场提供了公司融资的途径。

The financial market offers a way for companies to raise funds.5.金融机构是金融市场的参与者。

Financial institutions are participants in the financial market.6.金融机构包括银行、证券公司和保险公司。

Financial institutions include banks, securities firms, and insurance companies.7.金融机构提供了资金媒介和风险管理服务。

Financial institutions provide fund intermediation and risk management services.8.金融机构的角色是促进资金在金融市场的流动。

The role of financial institutions is to facilitate the flow of funds in the financial market.9.金融机构也承担着资金监管和监督的责任。

Financial institutions also have the responsibility of fund regulation and supervision.10.金融机构通常受到政府监管。

Foundations of Financial Markets and Institutions 金融市场与机构基础

Foundations of Financial Markets and Institutions 金融市场与机构基础

2009年管理学院博士研究生入学参考书目

2024年大学金融学基础课程大纲

货币银行学 英语

MBS运作中的早偿风险分析和测度

英国留学国际金融专业

Foundations of Financial Markets and Institutions 金融市场与机构基础-文档资料17页

金融学基础 _Foundations_Of_Finance_CH02_FOF6

金融市场与金融机构基础Fabozzi Chapter01

金融市场与金融机构基础-Fabozzi-Chapter14

金融学基础 _Foundations_Of_Finance_CH06_FOF6

耶鲁公开课笔记之二

cqf考试科目

金融毕业实习报告参考文献

金融市场与金融机构第九版中文

货币银行学英语