金融学 博迪 第二版 课后答案(英文) 第二章.pdf
博迪《金融学》第2版课章节练习及详解(期权市场与或有索取权市场)【圣才出品】
博迪《金融学》第2版课章节练习及详解第15章期权市场与或有索取权市场一、概念题1．欧式期权（华南理工大学2011金融硕士）答：按照买方执行期权时对行权时间规定的不同，可以将期权分为美式期权和欧式期权。
其中，欧式期权是指买入期权的一方必须在期权到期日当天才能行使的期权。
期权买方在期权合约到期日之前不能行使权利，在到期日之后期权作废，买方权利随之消失。
欧式期权合约给持有者较小的行使期权选择的机会，缺乏灵活性，因而期权费也相对较低。
2．金融期权（东南大学2012金融硕士；东北师范大学2005研；人大2001研；武汉理工大学2006研）答：金融期权是期权交易中，买卖双方参与交易时签订的合同，规定了买卖双方并不对称的权利和义务。
一般根据合约规定，合约卖方在买方执行期权时，有义务必须履行合约规定，具有强制性，而合约买方有权利选择是否执行、转售、放弃期权，不具有强制性，但为了取得这一权利，买方需要支付一定的期权费。
期权合约的内容主要包括：（1）期权的类型，即选择美式期权还是欧式期权，确定在到期日前能不能交割；（2）交易的金融资产或商品的种类、数量，种类包括股票、国债、商品和指数等等；（3）保证金比率的规定，一般只需卖方缴纳；（4）期权的期限和到期日，期权合约的有效期限一般为3个月，到期日为该月的第三个星期六；（5）协定价格与期权费。
此外，期权合约还涉及交易时间、交易方法、货币选择、结算、价格波动幅度等方面的内容。
3．看涨期权与看跌期权（东北财大2006研；人行1995研）答：根据买卖行为的不同，期权可分为看涨期权和看跌期权。
看涨期权，又称“买方期权”、“买权”、“敲进”，它赋予买方一种权利，在期权合约到期日或有效期间内可以按照执行价格买进一定数量标的物。
当人们预测标的物市场价格有上涨趋势时，购买这种期权，若该金融资产或商品市场价格超过协定价格，买方会行使期权，以协定价格买入合约标的物，再以市场价格卖出，当差价超过期权费，买方获利。
金融学原理（英文）第二单元课后答案
⾦融学原理（英⽂）第⼆单元课后答案CHAPTER 2ANSWERS2-1 a. 0 Bonds and term loans are equivalent debt instruments and should have about the same interest rate.b. + Debentures are riskier than mortgage bonds and, hence, wouldrequire a higher interest rate.c. - This would allow bondholders to reap the benefits of a stock priceincrease, so they would accept a lower interest rate.d. (1) + Because the debentures will be subordinated to its bank debt,the debentures will have a higher interest rate.(2) - Because the debentures will be subordinated to the bank debt,the bank debt will have a lower interest rate.(3) 0 The net effect of (1) and (2) is indeterminant.e. + Because income bonds are riskier, they would carry a higher rateof interest.f. (1) - The more of the property that is mortgaged the weaker the claimof the debenture holders. Thus, going from $75 million to $50million of first mortgage debt will strengthen the debenturesand lower their interest rate.(2) - The property will have a smaller mortgage; hence, eachindividual first mortgage bond will be better secured, lessrisky, and have a lower interest rate.(3) 0 Debentures will cost less, as will mortgage bonds, but theaverage cost probably will be about the same--at least, itis not obvious that the cost will be higher or lower. Thisoccurs because the rate on the mortgage bonds is lower thanthat on debentures, but the weights are shifting toward theriskier, higher rate debentures.g. + A call provision increases the risk to the bondholders, so ahigher rate would be required.h. - The sinking fund calls for repayment over the life of the bond.This lowers somewhat the risk of the issue, hence leads to lowerrates.i. + This would raise the interest rate because a lower rating impliesgreater risk.2-2 Safety Rank⽂档收集⾃⽹络，仅⽤于个⼈学习a. Income bond 8b. Subordinated debenture--noncallable 6c. First mortgage bond--no sinking fund 3d. Common stock 9e. U.S. Treasury bond 1f. First mortgage bond--with sinking fund 2g. Subordinated debentures--callable 7h. Amortized term loan 4I. Term loan 52-3 From the corporation's viewpoint, one important factor in establishinga sinking fund is that its own bonds generally have a higher yield thando government bonds; hence, the company saves more interest by retiring its own bonds than it could earn by buying government bonds. This factor causes firms to favor the second procedure. Investors also would prefer the annual retirement procedure if they thought that interest rates were more likely to rise than to fall, but they would prefer the government bond purchases program if they thought rates were likely to fall. Inaddition, bondholders recognize that, under the government bond purchase scheme, each bondholder would be entitled to a given amount of cash from the liquidation of the sinking fund if the firm should go into default, whereas under the annual retirement plan, some of the holders would receivea cash benefit while others would benefit only indirectly from the factthat there would be fewer bonds outstanding.On balance, investors seem to have little reason for choosing one method over the other, while the annual retirement method is clearly more beneficial to the firm. The consequence has been a pronounced trend toward annual retirement and away from the accumulation scheme.2-4 ($ million)Common stock (42 million shares outstandingAt $1 par) = $40 + $2 $ 42 Additional paid-in capital = $120 + $48 168Retained earnings 170Total common stockholders' equity $380⽂档收集⾃⽹络，Total value of the issue = 2 million shares ? $25 = $50 million Added to Common stock account = 2 million shares ? $1 par = $2 millionAdded to Additional paid-in capital account = $50 million - $2 million= $48 million2-5 a. The average investor in a listed firm is not really interested in maintaining his or her proportionate share of ownership and control.An investor could increase ownership by simply buying more stock onthe open market. Consequently, most investors are not concerned withwhether new shares are sold directly (at about market prices) orthrough rights offerings. However, if a rights offering is being usedto effect a stock split, or if it is being used to reduce theunderwriting cost of an issue (by substantial underpricing), thepreemptive right might well be beneficial to the firm and itsstockholders.b. Clearly, the preemptive right is important to the stockholders ofclosely-held firms whose owners are interested in maintaining theirrelative control positions.2-6 Preferred stock can be classified only when the one doing the classifica-tion is considered. From the standpoint of the firm, preferred stock is like equity in that it cannot force the firm into bankruptcy, but it is like debt in that it causes fluctuations in earnings available to the common stockholders. Consequently, if the firm is concerned primarily with survival, it probably would classify preferred stock as equity. However, if there is essentially no danger of bankruptcy, management would view preferred stock as simply another fixed charge security and treat it internally as debt. Equity investors would have a similar viewpoint, and in general they should treat preferred stock in much the same manner as debt. For creditors, the position is reversed. They take preference over preferred stockholders, and the preferred issues act as a cushion. Conse-quently, a bond analyst probably would want to treat preferred as equity.Obviously, in all these applications, there would have to be some qualifi-cations; in a strict sense, preferred stock is neither debt nor equity, but a hybrid.2-7 When the price of its stock is temporarily depressed and a firm wishes to raise funds via an equity issue, the company’s investment banker probably will recommend convertible debt be issued. The firm can use convertible bonds if it is believed that the price of the stock will rise sufficiently in the future to make conversion attractive. Then, if conversion takes place when the stock price is higher, the firm will have essentially issued its stock at a price higher than existed when the convertible bond was issued.2-8 The convertible bond has an expected return that consists of an interest yield (9 percent) plus an expected capital gain. We know the expectedcapital gain must be at least 3 percent, because the total expected returnon the convertible must be at least equal to that on the nonconvertiblebond, 12 percent. In all likelihood, the expected return on the conver-tible would be higher than that on the straight bond, because a capitalgains yield is riskier than an interest yield. The convertible would,therefore, probably be regarded as being riskier than the straight bond.However, the convertible, with its interest yield, probably would beregarded as being less risky than common stock.────────────────────────────────────────────────────────SOLUTIONS2-1 a. Most firms have a continuing need for long-term debt to finance operations (at least as long as they are still in business). It would make sense fora firm to issue bonds like the Canadian bonds. If you think about it, themost significant difference between a 30—year bond and a perpetual bondthat is callable is that there is a refinancing requirement for the regularbond at the end of 30 years. This refinancing requirement probably willchange the cost of the bond, because refinancing takes place at existingThe default risk will be negligible for each bond. The interest rate risk, however, will be greatest for the bond with the longest term to maturity.As a result, the perpetual bonds’ interest rate risk will be greaterthan for the 5-year bond (which will have the lowest interest rate risk)and the 50-year bond. Because the Canadian bond will be called onlyif interest rates decline, it is considered the riskiest, and thus willhave the highest expected interest rate. The order of the expectedinterest rate from lowest to highest would be:5-year bond50-year bondregular perpetual bondCanadian perpetual bondProbably not. If rates had dropped so that bonds with a coupon rate equal to 3 percent could besold, the Canadian government probably would have issued the 3-percent bonds to replace themore expensive bonds.If the information bondholders used to reach their conclusion that the bonds would be called wasunfounded, then there should be no reason to expect the Canadian government to foot the bill forinvestors’mistakes. At the same time, some might argue that the Canadian government has amoral obligation to ensure that any false information that it knows about is not passed on toinvestors. If the Canadian government originally sold the bonds to na?ve investors and hadsomehow led them to think that the bonds would be called, the fairness might indicate thatretirement is appropriate. But, if you think about it, the original investors probably sold the bondsmany years ago, so there no longer would be such an obligation to them. Educated investors shouldknow that the government would not call the bonds when the interest rates were so high--in effect,the government would be wasting constituents’ money.2-2 a. Number of zeros = Amount needed/Price per bond= $4,500,000/$567.447,931 bonds.b. In five years, Filkins will have to repay $4.5 million when the bondmatures. But, because the debt is a zero-coupon bond, there will nointerest payments in the meantime. Thus, the annual debt service costsare $0.2-3 a. Balance sheets:Meyer Balance Sheet ($ thousands):Debt $400Total liabilitiesTotal assets $600 and equity $600Debt $200Equity 400 Total liabilities Total assets $600 and equity $600b. purchase the new machine. Therefore, because the stock issue increased the number of existing shares by 20 percent, the number of shares Haugen had outstanding before the issue was Thus, the number of shares that are outstanding after the stock issue equal 24,000.c.Income Statement for Meyer Manufacturing ($ thousands):ΔEBIT $100.0 ΔInterest = $200 ? 0.08 ( 16.0) ΔEarnings before taxes 84.0 ΔTaxes (40%) ( 33.6) ΔNet income (earnings available to pay to common stockholders) $ 50.4 ΔEBIT $100.0ΔInterest = $0 ? 0.08 ( 0.0) ΔEarnings before taxes 100.0 ΔTaxes (40%) ( 40.0) ΔNet income (earnings available to pay to common stockholders $ 60.0 d.Meyer issued bonds, not stock, so it of common stock outstanding. Therefore, Meyer ’s earnings per share, EPS, is Haugen issued stock and its shares outstanding increased to 24,000. Therefore, Haugen ’s earnings per share, EPS, is If we use the EPS to evaluate both companies, we would conclude Meyer ’s decision to issue debt was better than Haugen ’s decision to issue stock. We will discuss this concept further in later chapters in the book.2-4 a.The conversion price simply is the face (par) value of the bond divided by the conversion ratio--the conversion price for this issue is $1,000/25 = $40. Therefore, it would be beneficial for investors to convert their bonds into common stock when the price of the stock is greater than $40 per share.b.The conversion feature would add some flexibility to the bonds as an investment. Investors might find it attractive to buy the bonds because they can later decide whether they prefer to remain bondholders or to convert and become stockholders.2-5 a.Cox Computer Company Balance Sheet: Alternative 1:Short-term debt $ 25,000Long-term debt 25,000Common stock, par $1 75,000*Paid-in capital 225,000* Retained earnings 25,000 Total liabilities Total assets $375,000 and equity $375,000⽂档收集⾃⽹*At $10 per share, $250,000/$10 = 25,000 shares would have to be soldto raise the $250,000. Therefore, at $1 par value, the Common stockaccount will increase by $1 ? 25,000 = $25,000, and the remaining$225,000 is Paid-in capital. Because $150,000 is used to pay some ofthe bank debt, assets increase by only $100,000. Total sharesoutstanding after the issue: 75,000 = 50,000 + 25,000.Alternative 2:Long-term debt 25,000Common stock, par $1 70,000*Paid-in capital 230,000*Retained earnings 25,000Total liabilitiesTotal assets $ 375,000 and equity $ 375,000⽂档收*To raise $250,000, the firm would have to sell $250,000/$1,000 = 250 bonds. Each bond is convertible into 80 shares of common stock; thus,conversion will increase the number of shares outstanding by 20,000.Therefore, at $1 par value, the Common stock account will increaseby $1 20,000 = $20,000, and the remaining $230,000 is Paid-in capital.Total shares outstanding after the conversion: 70,000 = 50,000 +20,000.Alternative 3:Short-term debt $ 25,000Long-term debt 275,000Common stock, par $1 50,000Retained earnings 25,000Total liabilitiesTotal assets $ 375,000 and equity $ 375,000⽂档收b. Original Plan 1 Plan 2 Plan 3________ _______ ______________Number of CharlesCox's shares 40,000 40,000 40,00040,000Total shares 50,000 75,000 70,00050,000Percent ownership 80% 53% 57% 80%c. Original Plan 1 Plan 2 Plan 3________ ________ ________ __________Total assets $275,000 $375,000 $375,000 $375,000EBIT $ 55,000 $ 75,000 $ 75,000 $ 75,000Interest* ( 17,500) ( 2,500) ( 2,500) ( 32,500)EBT $ 37,500 $ 72,500 $ 72,500 $ 42,500Taxes (40%) ( 15,000) ( 29,000) ( 29,000) ( 17,000)Net income $ 22,500 $ 43,500 $ 43,500 $ 25,500⽂档Number of shares 50,000 75,000 70,000 50,000Earnings per share $0.45 $0.58 $0.62 $0.51⽂档个⼈收集整理勿做商业⽤途*Both the bank loans and the long-term debt require interestpayments; the amount of short-term debt that is not a bank loandoes not require interest payments. Before new financing isobtained, the amount of the bank loan is $150,000 and the amountof long-term debt is $25,000--at 10 percent, the total interestis ($150,000 + $25,000) ? 0.10 = $17,500. The financing planseliminate the bank loans, so the interest payment for each planis: (1) Alternative 1 has $25,000 long-term debt with interestpayments equal to $2,500; (2) Alternative 2 has $25,000 long-termdebt with interest payments equal to $2,500; and, (3) Alternative3 has $275,000 long-term debt with interest payments equal to($25,000 ? 0.10) + ($250,000 ? 0.12) = $$32,500.Each alternative permits Charles Cox to maintain control of thefirm (more than 50 percent ownership). In addition, eachalternative results in an increase in EPS. But, becauseAlternative 2 results in the greatest increase in EPS, it wouldbe preferred.2-6 a. Book value per share = ($364,000 + $336,000)/20,000 = $35.00 Total amount of issue = 10,000 ?$32.55 = $325,500 Book value after issue = ($364,000 + $336,000) + $325,500= $1,025,500Book value per share = $1,025,500/30,000 = $34.182-7 a. If P0 = $18, the option is exercised, and the stock is sold immediately, the gain would be ($18 - $15) ?100 = $300. Therefore,it would be beneficial to exercise the option.b. If P0 = $13, the option is exercised, and the stock is soldimmediately, the loss would be ($13 - $15) ?100 = -$200. Therefore,it would not be beneficial to exercise the option.c. The answers in part (a) and part (b) would be reversed if theoption was a put with the same exercise price:If P0 = $18, the put option is exercised, and the stock is soldimmediately, the loss would be ($15 - $18) ? 100 = -$300. Theoption holder would have to buy the stock at $18 per share toexercise the put and sell the stock at $15 to the option writer.Therefore, it would not be beneficial to exercise the option.If P0 = $13, the put option is exercised, and the stock is soldimmediately, the gain would be ($15 - $13) ?100 = $200. In thiscase, the option holder would be able to buy the stock at $13per share and then sell it to the option writer at $15 byexercising the option. Therefore, it would be beneficial toexercise the option.2-8 a. Today, the amount Fibertech has to pay today is known with certainty because the current exchange rate is known. In otherwords, if Fibertech decides to pay the bill today, it needs$4,215,000 to purchase 7,500,000 deutschemarks. However, ifFibertech waits to pay the bill when it is due in 90 days, theexchange rate might be different and thus the company mighthave to pay more than $4,215,000 to purchase the 7,500,000deutschemarks (it also might be able to pay less). The primaryadvantage to waiting to pay the bill is that Fibertech can usethe funds for other purposes. In addition, it can avoid thehigh cost of borrowing funds to pay the bill today.b. Cost to Fibertech = 7,500,000 ?$0.567 = $4,252,500 in 90 dayswhen the bill is due.c. At $0.60 per mark, the cost to purchase the neededdeutschemarks would be:7,500,000 ? $0.60 = $4,500,000At $0.54 per mark, the cost to purchase the neededdeutschemarks would be:7,500,000 ? $0.54 = $4,050,000d. The primary benefit Fibertech would receive by entering afutures contract is that it would be able to “lock in” todaythe price of the deutschemarks needed in 90 days. For example,if the futures contract in part (b) was entered, then Fibertechknow it needs $4,252,500 in 90 days to pay the debt it owesthe German manufacturer, regardless of what the actualexchange rate is at that time--the futures contract has “lockedin” the price today.2-9 The solution is given in the Instructor’s Manual, Solutions to Integrative Problems.版权申明本⽂部分内容，包括⽂字、图⽚、以及设计等在⽹上搜集整理。
博迪《金融学》第2版课章节练习及详解(投资组合机会和选择)【圣才出品】
博迪《金融学》第2版课章节练习及详解第12章投资组合机会和选择一、概念题1．有效组合（efficient portfolio）（中央财大2012金融硕士；上海财大2000研）答：有效组合指在期望收益率一定时其风险（即标准差）最低的证券组合，或者指在风险一定时其期望收益率最高的证券组合。
有效边界上的点对应的证券组合也称为有效组合。
图12-1有效边界具体来讲，在所有可行的投资组合中，如果证券组合的特征由期望收益率和收益率方差来表示，则投资者需要在E-δ坐标系中的可行域中寻找最好的点，但不可能在可行域中找到一点被所有投资者都认为是最好的。
按照投资者的共同偏好规则，可以排除那些被所有投资者都认为差的组合，排除后余下的这些组合就是有效证券组合。
根据有效组合的定义，有效组合不止一个，描绘在可行域的图形中，如图粗实线部分它是可行域的上边界部分，也即有效边界ABC曲线段（图12-1）。
对于可行域内部及下边界上的任意可行组合，均可以在有效边界上找到一个有效组合比它好。
但有效边界上的不同组合，比如B和C，按共同偏好规则不能区分好差。
因而有效组合相当于有可能被某位投资者选作最佳组合的候选组合，不同投资者可以在有效边界上获得任一位置。
作为一个理性投资者，且厌恶风险，则他不会选择有效边界以外的点。
此外，A点是一个特殊的位置，它是上边界和下边界的交汇点，这一点所代表的组合在所有可行组合中方差最小，因而被称作最小方差组合。
2．市场证券组合（market portfolio）（上海财大2002研）答：市场证券组合指个人或机构投资者所持有的各种与整个资本市场的构成完全相同的有价证券组合的总称，通常包括各种类型的债券、股票及存款单等。
证券组合的分类通常以组合的投资目标为标准。
证券组合按不同标准可以分为避税型、收入型、增长型、收入和增长混合型、货币市场型、国际型及指数化型等。
投资者构建证券组合的原因主要有：①降低风险。
资产组合理论证明，证券组合的风险随着组合所包含证券数量的增加而降低，资产间关联性极低的多元化证券组合可以有效地降低非系统风险。
金融学第二版课后答案英文版中国人民大学Bodie2-IM-Ch01
金融学第二版课后答案英文版中国人民大学Bodie2_IM_Ch01CHAPTER 1 – Financial EconomicsEnd-of-Chapter ProblemsDefining Finance1. What are your main goals in life? How does finance play a part in achieving those goals? What are the major tradeoffs you face?SAMPLE ANSWER:Finish schoolGet good paying job which I likeGet married and have childrenOwn my own homeProvide for familyPay for children’s educationRetireHow Finance Plays a Role:SAMPLE ANSWER:Finance helps me pay for undergraduate and graduate education and helps me decide whether spending the money on graduate education will be a good investment decision or not.Higher education should enhance my earning power and ability to obtain a job I like.Once I am married and have children I will have additional financial responsibilities (dependents) and I will have to learn how to allocate resources among individuals in the household and learn how to set aside enough money to pay for emergencies, education, vacations etc. Finance also helps me understand how to manage risks such as for disability, life and health.Finance helps me determine whether the home I want to buyis a good value or not. The study of finance also helps me determine the cheapest source of financing for the purchase of that home.Finance helps me determine how much money I will have to save in order to pay for my children’s education as well as my own retirement.Major Tradeoffs:SAMPLE ANSWERSpend money now by going to college (and possibly graduate school) but presumably make more money once I graduate due to my higher education.Consume now and have less money saved for future expenditures such as for a house and/or car or save more money now but consume less than some of my friendsFinancial Decisions of Households2. What is your net worth? What have you included among your assets and your liabilities? Would you list the value of your potential lifetime earning power as an asset or liability? How does it compare in value to other assets you have listed?SAMPLE ANSWER:$ ____________ (very possibly negative at this point)Assets:Checking account balanceSavings account balanceFurniture/Jewelry (watch)Car (possibly)Liabilities:Student loansCredit card balanceIf renting, remainder of rental agreement (unless sublettingis a possibility)Car payments (possibly)Students typically don’t think about the high value of their potential lifetime earning power when calculating their net worth but for young people it is often their most valuable asset.3. How are the financial decisions faced by a single person living alone different from those faced by the head of a household with responsibility for several children of school age? Are the tradeoffs they have to make different, or will they evaluate the tradeoffs differently?A single person needs only to support himself and therefore can make every financial decision on his own. If he does not want health insurance (and is willing to bear the financial risks associated with that decision) then no one will be affected by that decision other than that single person. In addition, this person needs to make no decisions about allocating income among dependents. A single person is very mobile and can choose to live almost anywhere. The tradeoffs this individual makes generally concern issues of consuming (or spending) today versus saving for consumption tomorrow. Since this person is supporting only himself, the need to save now is less important than for the head of household discussed next.T he head of household with several children must share resources (income) among dependents. This individual must be prepared to deal with risk management issues such as how to be prepared for potential financial emergencies (such as a serious health problem experienced by a member of the family or home owners insurance in case of a fire or other mishap). Because there are more people in this household than with a single person, there are greater risks that someone will get sick or injured. Andbecause there are dependents, the wage earner(s) should think carefully about life and disability insurance. In addition, the family is not as mobile as the single individual. Because of the school age children, the family might want to live near “good schools” thinking that a stronger education will eventually help those children’s future well being and financial situation. Thus, the tradeoffs for the head of household are more complex: more money is needed to consume today (he or she needs to support more dependents), but a lot more money is also needed to save for future expenses such as education and housing and more money is needed for risk management such as life and disability insurance.4. Family A and family B both consist of a father, mother and two children of school age. In family A both spouses have jobs outside the home and earn a combined income of $100,000 per year. In family B, only one spouse works outside the home and earns $100,000 per year. How do the financial circumstances and decisions faced by the two families differ?With two wage earners, there is less risk of a total loss of family income due to unemployment or disability than there is in a single wage earning household. The single wage earning family will probably want more disability and life insurance than the two wage earning family. On the flip side, however, the two wage earning family may need to spend extra money on child care expenses if they need to pay someone to watch the children after school.5. Suppose we define financial independence as the ability to engage in the four basic household financial decisions without resort to the use of relative’s resources when making financing decisions. At what age should children be expected to becomefinancially independent?Students will have differing responses to this question depending upon their specific experiences and opinions. Most will probably say independence should come after finishing their education, and they have a significant flow of income.6. You are thinking of buying a car. Analyze the decision by addressing the following issues:a.Are there are other ways to satisfy your transportation requirements besides buying a car? Make a list ofall the alternatives and write down the pros and cons.Transportation Mode Pros ConsWalking ?Takes you directly where you wantto goNo out of pocket costsConvenient ?Takes a long time ?Destination may be too far Bicycle ?Takes you directly to where youwant to goNo out of pocket marginal costsConvenient ?Requires physical strength and endurance ?Destination may be too farBus ?InexpensiveReaches more distant destinations ?May not take you directly where you want to go ?Inconvenient schedules to go ?Many stops, not efficientSubway ?InexpensiveFast ?May not take you directly where you want to goLocal destinations only on limited networkTrain ?Reaches distant destinations ?Moderately expensiveMay not take you directly whereyou want to goAirplane ?Reaches distant destinationsFast ?Most expensiveWill not take you directly where you want to gob. What are the different ways you can finance the purchase of a car?F inance through a bank loan or lease, finance through a car dealer with a loan or a lease or finance the car out of your own savings.c. Obtain information from at least three different providers of automobile financing on the terms they offer.d. What criteria should you use in making your decision?Your decision will be to select the financing alternative that has the lowest cost to you.When analyzing the information, you should consider the following:Do you have the cash saved to make an outright purchase? What interest rate would you be giving up to make that purchase? Do you pay a different price for the car if you pay cash rather than finance?For differing loan plans, what is the down payment today? What are the monthly payments? For how long? What is the relevant interest rate you will be paying? Does the whole loan get paid through monthly payments or is there a balloon payment at the end? Are taxes and/or insurance payments included in the monthly payments? ?For differing lease plans, what is the down payment today? What are the monthly payments? For how long? Do you own the car at the end of the lease? If not, what does it cost to buy the car? Do you have to buy the car at the end of the lease or is it an option? Is there a charge if you decide not to buy the car? What relevant interest rate will you be paying? Are taxesand/or insurance payments included in the monthly payments? Are there mileage restrictions?7. Match each of the following examples with one of the four categories of basic types of household financial decisions.At the Safeway paying with your debit card rather than taking the time to write a checkDeciding to take the proceeds from your winning lottery ticket and use it to pay for an extended vacation on the Italian RivieraFollowing Hillary’s advice and selling your Microsoft shares to invest in pork belly futuresHelping your 15-year old son learn to drive by letting putting him behind the wheel on the back road into townTaking up the offer from the pool supply company to pay off your new hot tub with a 15-month loan with zero payments for the first three monthsThe first is the most difficult since in practice it is simply a cash transaction involving no financing. As such the purchase is a consumption decision only and the payment choice is not a financing decision. The second is also a consumption/saving decision. The third is an exchange of one financial asset for another and therefore an investment decision. The fourth is a risk-management decision since you have subjected yourself to increased risk that is not covered by insurance. The final example is a financing decision involving a loan to finance a purchase.Forms of Business Organization8. You are thinking of starting your own business, but have no money.a.Think of a business that you could start without having to borrow any money.A ny business that involves a student’s own personal service would be cheap to start up. For instance he or she could start a business running errands for others, walking their dogs, shopping etc. Along those same lines they could start some kind of consulting business. Both of these businesses could be run out of their dorm room or their own home and could be started with very little capital. If they wanted to hire additional workers, they would have to be paid on a commission basis to limit upfront expenses.b. Now think of a business that you would want to start if you could borrow any amount of money at the going market interest rate.Certainly there are many interesting businesses that could be started if one could finance 100% of the business with borrowed capital and no equity. Since you will be able to borrow 100% of the financing, you will be willing to take a lot greater risk than if you were investing your own money.c. What are the risks you would face in this business?[Answer is, of course, dependent on answer to question “b.”]d. Where can you get financing for your new business?Depending upon the size of the financing needed, students should be looking for both debt and equity financing. The sources of this financing ranges from individuals and credit cards (for very small sums) to banks, venture capitalists, public debt and equity markets, insurance companies and pension funds9. Choose an organization that is not a firm, such as a club or church group and list the most important financial decisions it has to make. What are the key tradeoffs the organization faces? What role do preferences play in choosing among alternatives?Interview the financial manager of the organization and check to see if he or she agrees with you.SAMPLE ANSWER:Local Church group. Most important financial decisions:Whether or not to repair damage done to church and grounds during last big hurricane (specifically repairing the leaking roof)What project to put off in order to pay for repair damageHow to pay for renovations to downstairs Sunday school roomsHow to increase member attendance and contributionsHow to organize and solicit volunteers for the annual Church Sale (largest fund raiser of the year)Key Tradeoffs and Preferences:C hurch group funds are severely limited, so the organization needs to prioritize expenses based upon cost and need. Not all projects that are needed will be undertaken due to the expense involved. An equally large amount of timewill be spent trying to raise financing since funds inflow is variable. Since not all projects can be financed, preferences of different important individuals (such as the pastor) take on great significance in the decision-making process.Market Discipline: Takeovers10. Challenge Question: While there are clear advantages to the separation of management from ownership of business enterprises, there is also a fundamental disadvantage in that it may be costly to align the goals of management with those of the owners. Suggest at least two methods, other than the takeover market, by which the conflict can be reduced, albeit at some cost.One way is to provide incentives for the managers so that they increase their pay when owners interests are improved. An example would be compensating managers with stock options, the value of which increase with the market value of shareholder’s int erests. A second method is to more closely monitor the behavior of the managers. Outside management consultants and auditors serve this role in part particularly to the extent that they report their findings to representatives from ownership groups. Both of these solutions assume the management cannot effectively deceive markets or consultant/auditors through misleading information or actions to inflate the market value of the ownership shares or there performance records.11. Challenge Question:Consider a poorly run local coffee shop with its prime location featuring a steady stream of potential clients passing by on their way to and from campus. How does the longtime disgruntled, sloppy and inefficient owner-manager of Cup-a-Joe survive and avoid disciplining from the takeover market? This is not a question about a misalignment of the goals of the owner(s) and manager(s) of a firm since we have explicitly said the firm is owner-managed. If in fact the coffee shop is mismanaged the potential exists for an outsider to purchase a controlling interest in the operation and put more efficient management into place if the purchase price does not exceed the value of profits to be generated by the efficiently managed firm. If the present owner chooses not to sell he must value the firm for more than the value of the profits generated by an efficiently managed firm. Therefore his position in the firm must generate for him non-pecuniary benefits, or benefits unrelated to the firm’s profitability and he is therefore not avalue maximizer. Perhaps he enjoys making fun of his clients or takes pride in his eclectic tastes in interior decorating. In any case the takeover market does discipline him in the sense that he will be forced to pay for his non-pecuniary benefits in the sense that he trades off profits.The same could be said of an owner-manager who lacks the required specialized skills to properly run the firm but never the less continues to operate the company inefficiently because he ‘likes’ the work!The Role of the Finance Specialist in a Corporation12. Which of the following tasks undertaken within a corporate office are likely to fall under the supervision of the treasurer? The controller?Arranging to extend a line of credit from a bankArranging with an investment bank for a foreign exchange transactionProducing a detailed analysis of the cost structure of the company’s alternative product linesTaking cash payments for company sales and purchasing U.S. Treasury BillsFiling quarterly statements with the Securities and Exchange CommissionThe first two and the fourth items are responsibilities of the treasurer while the third and fifth items fall under the workload of the controller’s office.Objectivesy Define finance.y Explain why finance is worth studying.y Introduce two of the main players in the world of finance—households and firms—and the kinds of financial decisions theymake. The other main players, financial intermediaries and government, are introduced in chapter 2.Contents1.1Defining Finance1.2Why Study Finance?1.3Financial Decisions of Households1.4Financial Decisions of Firms1.5Forms of Business Organization1.6Separation of Ownership and Management1.7The Goal of Management1.8Market Discipline: Takeovers1.9The Role of the Finance Specialist in a CorporationSummaryFinance is the study of how to allocate scarce resources over time. The two features that distinguish finance are that the costs and benefits of financial decisions are spread out over time and are usually not known with certainty in advance by either the decision maker or anybody else.A basic tenet of finance is that the ultimate function of the system is to satisfy people’s consumption preferences. Economic organizations such as firms and governments exist in order to facilitate the achievement of that ultimate function. Many financial decisions can be made strictly on the basis of improving the trade-offs available to people without knowledge of their consumption preferences.There are at least five good reasons to study finance:y To manage your personal resources.y To deal with the world of business.y To pursue interesting and rewarding career opportunities.y To make informed public choices as a citizen.y To expand your mind.The players in finance theory are households, business firms, financial intermediaries, and governments. Households occupy a special place in the theory because the ultimate function of the system is to satisfy the preferences of people, and the theory treats those preferences as given. Finance theory explains household behavior as an attempt to satisfy those preferences. The behavior of firms is viewed from the perspective of how it affects the welfare of households.Households face four basic types of financial decisions:y Saving decisions: How much of their current income should they save for the future?y Investment decisions: How should they invest the money they have saved?y Financing decisions: When and how should they use other people’s money to sa tisfy their wants and needs?y Risk-management decisions: How and on what terms should they seek to reduce the economic uncertainties they face or to take calculated risks?There are three main areas of financial decision making in a business: capital budgeting, capital structure, and working capital management.There are five reasons for separating the management from the ownership of a business enterprise: y Professional managers may be found who have a superior ability to run the business.y To achieve the efficient scale of a business the resources of many households may have to be pooled.y In an uncertain economic environment, owners will want to diversify their risks across many firms. Such efficient diversification is difficult to achieve without separation ofownership and management.y To achieve savings in the costs of gathering information.y The “learning curve” or “going concern” effect: When the owner is also the manager, the new owner has to learn the business from the former owner in order to manage it efficiently. If the owner is not the manager, then when the business is sold, the manager continues in place and works for the new owner.The corporate form is especially well suited to the separation of ownership and management of firms because it allows relatively frequent changes in owners by share transfer without affecting the operations of the firm.The primary goal of corporate management is to maximize shareholder wealth. It leads managers to make the same investment decisions that each of the individual owners would have made had they made the decisions themselves.A competitive stock market imposes a strong discipline on managers to take actions to maximize the market value of the firm’s shares.。
博迪《金融学》(第2版)笔记和课后习题详解修订版答案
博迪《金融学》（第2版）笔记和课后习题详解（修订版）完整版>精研学习䋞>无偿试用20％资料全国547所院校视频及题库全收集考研全套>视频资料>课后答案>往年真题>职称考试第1部分金融和金融体系第1章金融学1.1复习笔记1.2课后习题详解第2章金融市场和金融机构2.1复习笔记2.2课后习题详解第3章管理财务健康状况和业绩3.1复习笔记3.2课后习题详解第2部分时间与资源配置第4章跨期配置资源4.1复习笔记4.2课后习题详解第5章居民户的储蓄和投资决策5.1复习笔记5.2课后习题详解第6章投资项目分析6.1复习笔记6.2课后习题详解第3部分价值评估模型第7章市场估值原理7.1复习笔记7.2课后习题详解第8章已知现金流的价值评估：债券8.1复习笔记8.2课后习题详解第9章普通股的价值评估9.1复习笔记9.2课后习题详解第4部分风险管理与资产组合理论第10章风险管理的原理10.1复习笔记10.2课后习题详解第11章对冲、投保和分散化11.1复习笔记11.2课后习题详解第12章资产组合机会和选择12.1复习笔记12.2课后习题详解第5部分资产定价第13章资本市场均衡13.1复习笔记13.2课后习题详解第14章远期市场与期货市场14.1复习笔记14.2课后习题详解第15章期权市场与或有索取权市场15.1复习笔记15.2课后习题详解第6部分公司金融第16章企业的财务结构16.1复习笔记16.2课后习题详解第17章实物期权17.1复习笔记17.2课后习题详解。
博迪《金融学》第2版课后习题及详解(金融学)【圣才出品】
博迪《金融学》第2版课后习题及详解第1章金融学一、概念题1．金融学（finance）答：金融学是一项针对人们怎样跨期配置稀缺资源的研究。
其主要研究货币领域的理论及货币资本资源的配置与选择、货币与经济的关系及货币对经济的影响、现代银行体系的理论和经营活动的经济学科，是当代经济学的一个相对独立而又极为重要的分支。
金融学所涵盖的内容极为丰富，诸如货币原理、货币信用与利息原理、金融市场与银行体系、储蓄与投资、保险、信托、证券交易、货币理论、货币政策、汇率及国际金融等。
2．金融体系（financial system）答：金融体系是金融市场以及其他金融机构的集合，这些集合被用于金融合同的订立以及资产和风险的交换。
金融体系是由连接资金盈余者和资金短缺者的一系列金融中介机构和金融市场共同构成的一个有机体，包括股票、债券和其他金融工具的市场、金融中介（如银行和保险公司）、金融服务公司（如金融咨询公司）以及监控管理所有这些单位的管理机构等。
研究金融体系如何发展演变是金融学科的重要方面。
3．资产（assets）答：资产是指个人、公司或者组织拥有的具有商业或交换价值的任何物品，它能在未来产生经济利益，资产有三个非常重要的特征：①能在未来产生经济利益；②由实体控制；③由过去发生的事项或交易产生。
在国民账户体系中，资产是指经济资产，即所有者能对其行使所有权，并在持有或使用期间可以从中获得经济利益的资源或实体。
资产可分为金融资产和非金融资产两大类。
金融资产是指以价值形态或以金融工具形式存在的资产，它包括金融债权以及货币黄金和特别提款权。
非金融资产是指非金融性的资产，它包括生产资产和非生产资产。
在企业财务会计中，资产是指由过去的交易和事项所形成的，并由企业拥有或控制，预期会给企业带来经济利益的资源。
按流动性可分为流动资产和非流动资产两大类。
流动资产是指企业可以在一年或超过一年的一个营业周期内变现或者耗用的资产。
非流动资产是指不能在一年或者超过一年的一个营业周期内变现或耗用的资产。
博迪莫顿版金融学(第二版)课后习题答案
博迪莫顿版金融学(第二版)课后习题答案金融学（第二版）答案博迪默顿第一章课后习题答案一 . 我的生活目标：●完成学业●找到一份自己喜欢且收入不菲的工作●结婚和生养子女●拥有我自己的房子●供养我的家庭生活●供养孩子上学●退休在我实现目标的过程中，金融所扮演的角色：答案样例：1，金融现在可以为我提供大学本科及研究生教育的学费并帮我完成学业，帮我决定投资于上学是否是一个好的投资决定 2，高等教育可以帮助提高我赚钱的能力以及获得一个我喜欢的工作的能力 3，当我结婚并且有了孩子以后，我就有了额外的金融责任（以具体情况负债包括：学生贷款信用卡结余的差额各种租用金的协定（不包括转租）应付车款在计算净值时学生会特别地排除了他们一生潜在的赚钱能力的价值三．一个单身汉之需要养活他自己，所以他可以独立自主的作出金融决策。
如果他不想购买健康保险（而愿意承担由这个决定而带来的金融风险）那么除了这个单身汉自身，没谁会受这个决定的影响。
另外，他不需要在家庭成员之间分配收入这件事上做任何决定。
单身汉是很灵活自由的，可以选择住在几乎任何地方。
他主要是在今天的消费（开支）和为明天储蓄之间做出权衡决策。
既然他只需要养活他自己，那么他储蓄的重要性就比对一家之主的重要性小。
有许多孩子的一家之长必须在这些家庭成员中分配资源[或者说是收入].他们必须随时准备着处理各种风险,比如说潜在财政危机的突然发生[诸如家庭成员经历的严重健康问题,或者因为火灾和其他疏忽导致的保险问题].因为在一般一个家庭里人会比较多,有些人生病或受伤的风险就会更大.并且因为家庭中有许多依赖性的个体,所以薪水收入者得认真地考虑生活和残疾保险.还有,家庭并不像个体那样富有机动性,这是因为有了适龄儿童的缘故,这个家庭会想离所谓好的学校近一点,同时良好的教育会对孩子将来的生活和财政状况有所裨益.因此一家之主的资源配置会更加的复杂:要有更多的钱于目前的消费（这也是他或她需要来抚养成员的）,但是同时又需要更多的钱储蓄起来以支付未来的费用,诸如教育和房屋购置,还有风险投资,比如生活和残障保险.四．在双收入家庭中,家庭失去全部经济收入的风险比单收入家庭要小,同时,单收入家庭比双收入家庭更愿意购买残疾保险,人身保险.然而,如果单收入家庭需要有人照顾放学后回家的孩子,他们还要再支付照看小孩的额外费用.五．学生们结合他们具体的经历和看法会给出不同的答案。
博迪《金融学》第2版课后习题及详解(管理财务健康状况和业绩)【圣才出品】
博迪《金融学》第2版课后习题及详解第3章管理财务健康状况和业绩一、概念题1．账面价值（book values）答：账面价值是指会计账面所表现的资产价值，分为资产的账面价值和公司的账面价值。
资产的账面价值是指公司的资产在会计账簿上表现的价值，即原来购进资产的价值（资产的成本）减去折旧。
在固定资产购置当期，资产的账面价值等于当期市场价值加上运输、安装、调试等费用。
在固定资产正式投产营运后，每一会计期间都会对该资产计提折旧。
资产的账面价值会随着累计折旧的增加而减少，直到该资产报废时其账面价值仅剩残值，进而转销该资产。
公司的账面价值，是指公司资产负债表上所列示的资产总额减去负债、优先股之后的差额。
账面价值以历史成本为基础，它与一项资产或一个公司的市场价值关系不大。
2．无形资产（intangible assets）答：无形资产是指企业为生产商品、提供劳务、出租给他人，或为管理目的而持有的、没有实物形态的非货币性长期资产，如专利权、商标权、著作权、土地使用权、非专利技术、专营权、商誉等。
无形资产的特征有：①不具有实物形态；②可以在一个以上会计期间为企业提供经济利益；③有偿取得；④提供的未来经济利益具有很大的不确定性；⑤用于生产商品或提供劳务、出租给他人或为了行政管理目的而持有。
无形资产按形成来源不同可分为购入的、自创的、投资者投入的、接受捐赠的无形资产等；按能否辨认可分为可辨认无形资产和不可辨认无形资产。
无形资产只有在该资产产生的经济利益很可能流入企业、该资产的成本能够可靠地计量时，企业才能加以确认。
3．商誉（goodwill）答：商誉是指企业在经营活动中所具有的优越获利能力的潜在经济价值，是一种不可辨认的无形资产。
商誉由企业的良好信誉、产品的较高质量和市场占有率、可靠的销售网络、有效的内部管理、先进的技术、优越的地理位置等因素形成。
其特征是：①商誉与企业整体相关，不能单独存在；②形成商誉的因素无法单独计值；③商誉与形成商誉过程中所发生的成本无关，它是一种获得超额收益的能力。
博迪《金融学》第2版课章节练习及详解(管理财务健康状况和业绩)【圣才出品】
5．净营运资本的变动额（change in net working capital） 答：净营运资本等于流动资产减去流动负债，净营运资本变动额是指企业投资于净营运 资本的部分，即本期与上一期相比净营运资本变动的数额。假设美国联合公司 2011 年的净 营运资本是 27500 万美元，2010 年的净营运资本是 25200 万美元。则 2011 年的净营运 资本变动额是 2011 年和 2010 年净营运资本的差额，即 27500 万美元－25200 万美元＝ 2300 万美元。一个成长性企业的净营运资本变动额通常是正数。
8．企业总现金流量（total cash flow of the firm） 答：企业总现金流量是指经过资本性支出和净营运资本支出调整后的现金流量，即： 企业总现金流量＝经营性现金流量－资本性支出－净营运资本的增加 其中经营性现金流量指由经营活动引起的现金流；用于资本性支出的现金流量来自固定 资产的净增加额，等于取得固定资产的现金流出量减去出售固定资产的现金流入量；净营运 资本的增加来自营运资本变动的现金流量。企业总现金流量有时为负，当企业以较高的增长 率成长时，用于存货和固定资产的支出就可能大于来自销售的现金流量。
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圣才电子书 十万种考研考证电子书、题库视频学习平台
9．同比财务报表与同基财务报表 答：同比财务报表是把普通财务报表的资产负债表各项按照资产的百分比表示，将损益 表的各项按照销售收入的百分 比报表。 同基财务报表是首先选择一个基期，将基期报表上的各项数额的指数均定为 100，其他 各年度财务报表上的数字也均用指数表示，由此得出同基百分比报表，可以查明各项目的变 化趋势。通过同基财务报表，我们可以分析企业经营状况随时间的变化，这种分析也叫做趋 势分析。
博迪《金融学》第2版课后习题及详解（居民户的储蓄和投资决策）【圣才出品】
博迪《⾦融学》第2版课后习题及详解（居民户的储蓄和投资决策）【圣才出品】博迪《⾦融学》第2版课后习题及详解第5章居民户的储蓄和投资决策⼀、概念题1．⼈⼒资本（human capital）答：⼈⼒资本是指劳动者受到教育、培训、实践经验、迁移、保健等⽅⾯的投资⽽获得的知识和技能的积累，亦称“⾮物⼒资本”。
由于这种知识与技能可以为其所有者带来⼯资等收益，因⽽形成了⼀种特定的资本——⼈⼒资本。
任何使⼈⼒资本增值的活动都是⼈⼒资本投资，包括医疗和保健、在职⼈员培训、正规教育、成⼈教育与培训、迁移者⼯作搜寻等等。
⼈⼒资本投资的决策是⼀种收益与成本的权衡，其成本包括：实际的费⽤或直接的费⽤、放弃的⼯资报酬以及⼼理成本。
投资的预期收益可能是以各种形式表现出来的，⽐如较⾼的未来收⼊、终⾝⼯作满意程度的提⾼、对娱乐活动欣赏⽔平的提⾼以及欣赏兴趣的增长等。
2．永久性收⼊（permanent income）答：永久性收⼊是指消费者可以预期到的长期收⼊，即预期在较长时期中（3年以上）可以维持的稳定的收⼊流量。
永久性收⼊是弗⾥德曼持久收⼊假说中的重要概念，⼤致可以根据所观察到的若⼲年收⼊的数值的加权平均数来计算，估算持久收⼊的计算公式为：YP T=Y T-1＋θ（Y T－Y T-1）=θY T－（1－θ）Y T-1（0＜θ＜1）式中，YP T为现期永久性收⼊，Y T为现期收⼊，Y T-1为前期收⼊，θ为加权数。
该公式说明，现期的永久性收⼊等于前期收⼊和两个时期收⼊变动的⼀定⽐率，或者说等于现期收⼊和前期收⼊的加权平均数。
加权数的⼤⼩取决于⼈们对未来收⼊的预期，这种预期要根据过去的经验进⾏修改，称为适应性预期。
如果⼈们认为前期和后期收⼊变动的时间较长，θ就⼤；反之，前期和后期收⼊变动的时间较短，θ就⼩。
3．跨期预算约束（inter-temporal budget constraint）答：跨期预算约束是指决定⼀⽣消费计划时⾯临的约束条件，即⼀⽣的消费开⽀和遗产的现值等于包括初始财产和未来劳动收⼊在内的⼀⽣资源的现值。
金融学第1、2章金融学 (第二版 兹维.博迪 罗伯特C默顿等著)
2.3.5 功能5 ：提供信息
金融体系可以提供有助于在不同经济部门中协调分 散性决策的价格信息。 如：你和你姐姐继承了一个家族的企业，并且它将 在你们之间平均分配。你们并不希望出售它，因为 你们中的一位希望继续经营该企业。另一位应当获 得多少？显然，了解类似资产的市场价格横了另一 位获得多少是非常有用的。
学习曲线(the learning curve)，也称为经验曲线，体现了 熟能生巧。学习曲线是分析采购成本、实施采购降价的 一个重要工具和手段。一个人随着经验的积累会越来越 熟练，学习曲线提供了使这个原理定量化的分析框架。
公司组织形式怎样为这种分离提供便利？
答：由于公司形式可以在不影响企业运作的 条件下，通过股份转让使所有者相对频繁的 变更成为可能，因此尤其适合所有者与管理 者的分离。
如：德国公民投资于位于俄罗斯的公司所发心的股 票；德国银行向俄罗斯企业提供贷款。
2.3.2 功能2：管理风险
金融体系提供了管理风险的途径，就像资金通过金 融体系转移，风险也可以通过金融体系进行转移。 如:你需要10万美元开办一家企业，但你没有钱，那 么你就是一个资金赤字单位。你需要说服一位投资 者（资金盈余单位）提供7万美元换取公司75%的 利润份额，同时你说服一家银行（金融中介）贷3 万元给你。于是，风险就从你那里转移到了投资者 和银行身上。
收购如何起到市场性管束的作用？
无论管理混乱的根源是管理者不称职还是管理者 对不同目标的追求，收购机制都可以将其矫正。 这个作用就像市场对经济的资源配置的作用是一 样的。
博迪《金融学》第2版课后习题及详解
博迪《金融学》第2版课后习题及详解博迪的《金融学》第2版是一本广泛使用的金融学教材，其中的课后习题对于学生理解和掌握金融学概念和理论具有重要意义。
本文将选取一些具有代表性的课后习题，并提供详细的解答和分析。
答：金融学是一项针对人们怎样跨期配置稀缺资源的研究。
它涉及货币、投资、证券、银行、保险、基金等领域，主要研究如何在不确定的环境下对资源进行跨时期分配，以实现最大化的收益或满足特定的目标。
金融体系（financial system）答：金融体系是金融市场以及其他金融机构的集合，这些集合被用于金融合同的订立以及资产和风险的交换。
它是由连接资金盈余者和资金短缺者的一系列金融中介机构和金融市场共同构成的一个有机体，包括股票、债券和其他金融工具的市场、金融中介（如银行和保险公司）、金融服务公司（如金融咨询公司）以及监控管理所有这些单位的管理机构等。
研究金融体系如何发展演变是金融学科的重要方面。
假设某个投资者在2022年购买了一张面值为1000元，年利率为5%的债券，并在2023年以1100元的价格卖出。
请问该投资者的年化收益率是多少？(1100 - 1000) / 1000 × 100% = 10%其中，分子部分为投资者获得的收益，分母部分为投资者的初始投资金额。
答：现代金融学的三个主要理论包括资本资产定价模型（CAPM）、有效市场假说（EMH）和现代投资组合理论（MPT）。
资本资产定价模型（CAPM）是一种用来决定资产合理预期收益的模型，它认为资产的预期收益与该资产的系统性风险有关。
在投资决策中，投资者可以通过比较不同资产的预期收益与其系统性风险来确定最优投资组合。
有效市场假说（EMH）认为市场是有效的，即市场上的价格反映了所有可用信息。
根据这个理论，投资者无法通过分析信息来获取超额收益。
然而，在实践中，许多研究表明市场并非完全有效，投资者可以通过分析和利用信息来获得超额收益。
现代投资组合理论（MPT）是由Harry Markowitz于20世纪50年代提出的，它认为投资者应该通过多元化投资来降低风险。
博迪《金融学》第2版课章节练习及详解(普通股价值评估)【圣才出品】
博迪《金融学》第2版课章节练习及详解第9章普通股价值评估一、概念题1．市盈率（首经贸2001研）答：市盈率又称本益比，是股票市价与其每股收益的比值，计算公式是：市盈率=当前每股市场价格/每股税后利润。
这一比率便于人们权衡购买股票的成本收益，是人们做出股票投资决策时最重要的指标之一。
同时市盈率还可以反映股票投机价值或作为新股发行的初始价格的参照。
但在使用时有一定的局限性，如不能预知当年利润，以及难以仅凭市盈率划分投资与投机等。
2．普通股（common stock）答：普通股通常指那些在股利和破产清算方面不具有任何特殊优先权的股票，是股份有限公司发行的最基本的、标准的股份。
普通股的持有人是公司的股东，他们是公司的最终所有者，对公司的经营收益或公司清算时的资产分配拥有最后的请求权，是公司风险的主要承担者。
与其他筹资方式相比，普通股筹资具有如下优点：①所筹集的资本具有永久性，无到期日，无需归还。
②没有固定的股利负担，股利的支付与否和支付多少，视公司有无盈利和经营需要而定。
③能增加公司的信誉，增强公司的举债能力。
④由于普通股的预期收益较高并可一定程度地抵消通货膨胀的影响，因此普通股筹资容易吸收资金。
当然普通股融资也有其缺点：①资本成本较高。
首先，从投资者的角度讲，投资于普通股风险较高，相应地所要求投资报酬率也较高；其次，对于筹资公司来讲，普通股股利从税后利润中支付，不像债券利息那样作为费用从税前支付，因而不具有抵税作用；最后，普通股的发行费用也高于其他筹资方式。
②以普通股筹资会增加新股东，这可能分散公司的控制权；另外，新股东分享公司未发行新股前积累的盈余，会降低普通股的每股净收益，从而可能引发股价下跌。
3．股息贴现模型答：股息贴现模型是将收入资本化原理运用于普通股价值分析中的模型。
它的基本原理是：按照某一折现率把发行公司未来各期盈余或股东未来各期可以收到的现金股利折现成现值，作为普通股的评估价值。
股息贴现模型的基本模型为：其中：V0——普通股每股现值；D t——第t期股利；y——投资者的期望报酬率（即贴现率）。
兹维博迪金融学第二版课件Chapter02
Funds Flow: Disintermediation
Markets
Surplus Units
Deficit Units
Intermediaries
21 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
2 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
• 2.7 Financial Intermediaries • 2.8 Financial Infrastructure and Regulation • 2.9 Governmental & QuasiGovernmental Organizations
• Holders of surplus funds may use an intermediary, such as a bank, to invest them. The bank receives the surplus funds, say as 90-day deposits, and adds them to the bank’s assets (creating a bank liability). Money is fungible, so the corresponding loan can not be identified
• 一个金融系统由以下要素组成
– 市场、中介、用以实施行为人（家庭、厂商、 政府）的金融决策的服务性企业及其他机构。
博迪莫顿版金融学(第二版)课后习题答案,DOC
金融学（第二版）答案博迪默顿第一章课后习题答案一.我的生活目标：●完成学业●退休3，当我结5，?2，现在消费更多为以后比如买房，买车或储蓄留置很少的钱还是现在消费很少，甚至少于我的许多朋友二.答案样例：净值＝资产－负债$__________(很可能会被低估)资产包括:经常帐户余额储蓄存款帐户余额家具设备，首饰类（如表）车（如果有的话）负债包括：学生贷款信用卡结余的差额各种租用金的协定（不包括转租）应付车款在计算净值时学生会特别地排除了他们一生潜在的赚钱能力的价值三．一个单身汉之需要养活他自己，所以他可以独立自主的作出金融决策。
如果他不想购买健康保险（而愿意承担由这个决定而带来的金融风险）那么除了这个单身汉自身，没谁会受这个决定的影响。
另外，他不需要在家庭成员之间分配收入这件事上做任何决定。
单身汉是很灵活自由的，可以选择住在几乎任何地方。
他主要是在今天的消费（开支）和为明天储蓄之间做出权衡决策。
既然他只需要养活他自己，那么他储蓄的重要性就比对一家之主的重要性小。
有许多孩子的一家之长必须在这些家庭成员中分配资源[或者说是收入].他们必须随时准备着处理各种风险,比如说潜在财政危机的突然发生[诸如家庭成员经历的严重健康问题,或者因为火灾和其他疏忽导致的保险问题].因为在一般一个家庭里人会比较多,有些人生病或受伤的风险就会更大.并且因为家庭中有许多依赖性的个体,所以薪水收入者得认真地考虑生活和残疾保险.还有,家庭并不像个体那样富有机动性,这是因为有了适龄儿童的缘b.1银行借贷2汽车经销商借贷或租赁3个人储蓄C（略）d你应该从可选择的融资方式中选择成本最小的一种。
当你分析的时候，你应该考虑以下方面：1你是否有足够的现金储蓄去购买？为了买车，你必须放弃的利息？你付现金和贷款所付是否不同？2对于不同的贷款方式，首付金额是多少？月付多少？付多久？相关利息是多少？整个贷款是按月还清，还是期末一次还清？税收和保险费是否包括在月付款中？3对于不同的租赁方式，首付金额是多少？月付多少？付多久？在租赁期末你是否拥有车？如果不拥有，买车要花多少？在租赁期末你是否必须得买车？你是否拥有优先购买权？如果你不买车你是否得付钱？相关利息是多少？税收和保险费是否包括在月付款中？是否有里程限制？七．a为学生们提供个人服务可能是个低成本的选择。
博迪《金融学》第2版课后习题及详解(金融市场和金融机构)【圣才出品】
博迪《金融学》第2版课后习题及详解第2章金融市场和金融机构一、概念题1．柜台交易市场（over-the-counter markets）答：柜台交易市场又称“店头市场”或“场外市场”，是指在证券交易所之外的某一固定场所，供未上市的证券或不足成交批量的证券进行交易的市场。
柜台交易市场因买卖双方多通过电话、电报协商完成交易，故又称之为电话市场。
柜台交易市场的特点是：①属于场外交易，在柜台或通过电讯设施完成交易；②主要交易证券为各种债券和不能在证券交易所登记上市的股票；③证券交易价格由证券买卖双方协议成交。
2．资金流动（flow of funds）答：资金流动是指资金在金融体系内的流动，即资金在金融体系中不同的参与者之间的流动，或资金从盈余部门通过金融市场或金融中介机构流入赤字部门的过程。
资金流可以通过图2-2表示。
图2-2图2-2显示，资金盈余部门的一部分资金通过银行这样的金融中介（图的下方）流向赤字部门，还有一部分资金通过金融市场（图的上方），而不通过金融中介流向赤字部门。
3．道德风险（moral hazard）答：道德风险是指在委托-代理理论中，代理人为了追求自身利益最大化而不惜损害委托人利益的行为，即代理人不能为实现委托人的最大利益而努力工作。
当一个博弈的双方签订了合约以后（如经理雇用了一个职工，股东聘用了一个经理，保险公司接受了一个投保人的投保等），存在着有关某个参与者的行动的信息不对称（如经理不能观测到职工的工作努力水平，股东不能观测到经理的工作努力水平，保险公司不能观测到投保人对被保险的物品的保护程度等）。
信息经济学将拥有私人信息的这个参与者称为“代理人”，将没有私人信息的参与者称为“委托人”。
在这种情况下，理性的代理人会从自身利益最大化的角度来决定自己的行动，而这些行动很可能不符合委托人的利益，从而是委托人不希望代理人选择的，道德风险由此产生。
4．逆向选择（adverse selection）答：逆向选择是指掌握信息较多的一方利用对方对信息的无知隐蔽相关信息，获取额外利益，客观上导致不合理的市场分配行为。
《金融学》第二章答案 金融系统
CHAPTER 2THE FINANCIAL S YS TEMObjectives∙To provide a conceptual framework for understanding how the financial system works and how it changes over time.∙To understand the meaning and determinants of rates of return on different classes of assets.Outline2.1 What Is the Financial System?2.2 The Flow of Funds2.3 The Functional Perspective2.4 Financial Innovation and the “Invisible Hand”2.5 Financial Markets2.6 Financial Market Rates2.7 Financial Intermediaries2.8 Financial Infrastructure and Regulation2.9 Governmental and Quasi-Governmental OrganizationsSummary∙The financial system is the set of markets and intermediaries used by households, firms, and governments to implement their financial decisions. It includes the markets for stocks, bonds, and other securities, as well as financial intermediaries such as banks and insurance companies.∙Funds flow through the financial system from entities that have a surplus of funds to those that have a deficit.Often these fund flows take place through a financial intermediary.∙There are six core functions performed by the financial system:1.To provide ways to transfer economic resources through time, across borders, and among industries.2.To provide ways of managing risk.3.To provide ways of clearing and settling payments to facilitate trade.4.To provide a mechanism for the pooling of resources and for the subdividing of shares in variousenterprises.5.To provide price information to help coordinate decentralized decision-making in various sectors of theeconomy.6.To provide ways of dealing with the incentive problems created when one party to a transaction hasinformation that the other party does not or when one party acts as agent for another.∙The fundamental economic force behind financial innovation is competition, which generally leads to improvements in the way financial functions are performed. The basic types of financial assets traded in markets are debt, equity, and derivatives.∙Debt instruments are issued by anyone who borrows money—firms, governments, and households.∙Equity is the claim of the owners of a firm. Equity securities issued by corporations are called common stocks.∙Derivatives are financial instruments such as options and futures contracts that derive their value from the prices of one or more other assets.∙An interest rate is a promised rate of return, and there are as many different interest rates as there are distinct kinds of borrowing and lending. Interest rates vary depending on the unit of account, the maturity, and the default risk of the credit instrument. The nominal interest rate is the promised amount of money you receive per unit you lend.∙The real rate of return is defined as the nominal interest rate you earn corrected for the change in the purchasing power of money. For example, if you earn a nominal interest rate of 8% per year and the rate of price inflation is also 8% per year, then the real rate of return is zero.∙There are four main factors that determine rates of return in a market economy:∙the productivity of capital goods—expected rates of return on mines, dams, roads, bridges, factories, machinery, and inventories,∙the degree of uncertainty regarding the productivity of capital goods,∙time preferences of people—the preference of people for consumption now versus consumption in the future, and∙risk aversion—the amount people are willing to give up in order to reduce their exposure to risk.∙Indexing is an investment strategy that seeks to match the returns of a specified stock market index.∙Financial intermediaries are firms whose primary business is to provide customers with financial products that cannot be obtained more efficiently by transacting directly in securities markets. A mong the main types of intermediaries are banks, investment companies, and insurance companies. Their products include checking accounts, loans, mortgages, mutual funds, and a wide range of insurance contracts.Solutions to Problems at End of Chapter1. Do you agree with Adam Smith’s view that society can rely more on the “invisible hand” than on government to promote economic pros perity?Student answers will vary of course.SAMPLE ANSWER:The communist system is the exact opposite of Adam Smith’s invisible hand. And of course we have recently seen the downfall of many of the communist countries around the world. In the communist world, it was believed that government could make better decisions promoting economic prosperity than individuals could. Clearly this system failed to promote economic prosperity. It seems that Adam Smith’s view was that competitive market systems as a whole (rather than government) could best allocate resources to promote economic prosperity. However, a completely unfettered capitalist society such as in the late 1800s in the Western world may n ot have been the perfect system either as the invisible hand helped the “rich get richer” while the poor and needy had no formal assistance. This outraged the moral fabric of society and government programs were eventually set up to formally address thisi ssue of general welfare and “fairness”.2. How does the financial system contribute to economic security and prosperity in a capitalist society?In a capitalist society, it is the price system which helps make capital resource decisions. Capital flows to those operations which can employ it to earn the highest rate of return. This therefore allocates capital to its most productive use, thereby enhancing society’s economic prosperity. In addition, the financial system has markets and intermediaries which transfer risks from those who are least willing to bear it to those who are most willing to bear it. This benefits society as a whole without costing it anything. In addition, by allowing individuals to reduce or eliminate risks, it fosters an atmosphere of undertaking business ventures which also benefits society.3. Give an example of how each of the six functions of the financial system are performed more efficiently today than they were in the time of Adam Smith (1776).Clearing and settling payments:In Adam Smith’s day, just as today there was paper and coin currency. However, due to technological innovations (primarily the computer) today there are many additional forms of payment settlement such as personal checks, credit cards, debit cards and electronic transfer of funds. In addition, certain credit cards and traveler’s checks are accepted everywhere in the world making currency exchange a relic of the past. Pooling resources and subdividing shares:In Adam Smith’s day, most businesses were s mall and were financed by sole proprietorships. Therefore the need to pool resources to finance large investments was not as prevalent or as important as it is today. Again, the technological revolution of computers and telephones allow for global capital marke ts to efficiently finance today’s much larger businesses. Today these companies can access huge pools of money around the world and find the cheapest source of financing for large scale projects.Transfer economic resources: Today there is a worldwide financial system which facilitates the transfer of resources and risk from one individual to another and from one point in time to another. In Adam Smith’s day, although there were financial markets which played a limited role, they were localized, small and much less efficient and innovative than they are today.Managing risk: Of course during Adam Smith’s day individuals and businesses faced many of the same risks they do today (risk of property damage, risk of financial loss, risk of crop failure etc.) Ho wever, there were limited means to offset this risk. There were some insurance companies in place at that time, however, they concentrated on managing business risk rather than personal risk and certainly there was not the same type of insurance. A good ex ample is that in Adam Smith’s day, there was no unemployment insurance. In Adam Smith’s day, there was very little a farmer could do about reducing his risk of crop failure or lower crop prices. Today there are a vast number of markets and securities which can be used to offset individual and business risk as well as a huge network of insurance companies whose role is to transfer risk from those who want to reduce risk to those who want to take on more risk.Price information: During Adam Smith’s day, info rmation traveled slowly. Of course, there were no phones, televisions or radios. News traveled by newspaper and by the mail. Today, information travels around the worldinstantaneously. Due primarily to the growth and innovation in computer and telephone t echnology, information about security prices and performance is known at virtually the same time everywhere around the world.Incentive problems: As discussed above, today’s financial system is large, innovative and global. In Adam Smith’s day, while there were problems of moral hazard and adverse selection (but less of a principal-agent problem) there was not the same financial system and sophistication to deal with these problems as there is today.4. How does a competitive stock market accomplish the result that Adam Smith describes? Should the stock market be regulated? How and why?Student answers will vary.SAMPLE ANSWER:Adam Smith talked about free and competitive markets as a system which allocates capital to its most productive use and greatest value. In a competitive stock market, prices are set through supply and demand. Those companies returning the highest return will be rewarded with the highest prices (or cheapest source of financing). Those companies which are under performing will not be allocated as much capital because they are not as productive. Because the universe of possible investments is huge and because it is at times difficult for investors to discern which companies are the most productive employers of capital, regulation shou ld be required to make sure relevant and standardized information is disseminated to potential investors. This would include regulation on disclosure and also insider trading and stock manipulation. However other forms of market regulation are perhaps not so important from a market efficiency point of view and may even impede society’s overall financial welfare.5. Would you be able to get a student loan without someone else offering to guarantee it?Since most students do not have any earning power (yet) or source of savings or other capital, it is doubtful any intermediary would take that credit risk at any reasonable interest rate.6. Give an example of a new business that would not be able to get financing if insurance against risk were not available.EXAMPLES:∙Chemical company∙Child safety products company∙Airline∙Bank∙Hospital∙Environmental consulting∙Hazardous waste disposal7. Suppose you invest in a real-estate development deal. The total investment is $100,000. You invest $20,000 of your own money and borrow the other $80,000 from the bank. Who bears the risk of this venture and why?The $20,000 of my own money is considered the equity capital and the $80,000 is debt financing. In general it is the equity investors who absorb the primary risk of business failure. This is because if the business goes bankrupt, I will unlikely get any or my money back as the debt holders get paid back before I do. However, the debt holder also faces some risk that it will not even get back all its principal and interest. So lenders do share some of the business risk along with the equity investors.8. You are living in the United States and are thinking of traveling to Germany 6 months from now. You can purchase an option to buy marks now at a fixed rate of $0.75 per mark 6 months from now. How is the option like an insurance policy?An option means you have a choice. In this example you can choose to buy the marks at $0.75 in 6 months but you do not have to. You will only buy the marks at this price if it is cheaper for you to do so (if the spot market at that time is higher). Therefore, like an insurance policy you are protected against a potential loss. You know that the maximum price you will have to pay is $0.75 per mark and that you are protected against any higher price. Presumably you will have to pay something for the price of that option and that can be equated to an insurance premium.9. Give an example of how the problem of moral hazard might prevent you from getting financing for something you want to do. Can you think of a way of overcoming this problem?SAMPLE ANSWER:Suppose I want to start a biotechnology business and I need a lot of financing. The trouble is, I do not want to disclose my technology secrets to potential equity and debt investors. I will have great difficulty raising financing. But I could do the following: At a minimum, I could require all potential lenders and investors to sign agreements saying they will not disclose any of my secrets. Secondly, I could share some of my equity with potential lenders (equity-kickers) and investors (stock and stock options). At least that way they will not be motivated to disclose my secrets to others. Finally, if I decided I did not want to share secrets, I could give collateral in my new plant to the debt lenders and that might make them more comfortable with the issue of moral hazard.10. Give an example of how the problem of adverse selection might prevent you from getting financing for something you want to do. Can you think of a way of overcoming this problem?SAMPLE ANSWER:Suppose I want to start a car leasing business. Initially my plan was to purchase several automobiles and lease them out at attractive annual rates. However, potential lenders were worried that my business would attract individuals who drive great distances each year. Rather than buy their own car and lose significant value, they would lease my cars and take a new one each year. I would not be able to obtain financing for this business until I instituted annual mileage restrictions. This alteration in the business plan was enough to make the lenders comfortable with the potential problem of adverse selection.11. Give an example of how the principal-agent problem might prevent you from getting financing for something you want to do. Can you think of a way of overcoming this problem?SAMPLE ANSWER:Suppose you want to start a personal care products company. However, you have the idea for the business, but you do not want to actually run the business. To do that you have hired an executive from a competitor. He will own no equity in the business but will be paid a salary of $100,000 to start up the business.Trouble with this example is that the executive you have hired has little incentive to make the business really work other than his salary (which presumably he could earn at many different companies). What if this executive is really a spy? It may be difficult to get financing for this venture. The way to solve the problem is if you the owner decide to run the business (you certainly are motivated for it do well) or at a minimum, grant your new employee stock or stock options in the business.12. Why is it that a country’s postage stamps are not as good a medium of exchange as its paper currency? Postage stamps would be much easier to copy (to counterfeit) than paper currency which has intricate designs and is made of special fibers (not easily duplicated). Secondly, postage stamps would not be as durable as paper currency and because of their other use, could easily stick to other items! Finally, because postage stamps are used for another purpose, one might run out of them and have to make a special trip to the post office to get more. Of course, the post office is not as convenient as an ATM machine for getting a new supply of currency.13. Who is hurt if I issue counterfeit U.S. dollars and use them to purchase valuable goods and services?If this were done in great size, everyone would be hurt through the inflation that would result in the increased money supply. However, if done in a s mall amount, the individuals accepting the currency are taking on the risk (without knowing it) that the dollars will not be accepted by others as a medium of exchange.14. Some say the only criterion to use in predicting what will serve as money in the future is the real resource cost of producing it, including the transaction costs of verifying its authenticity. According to this criterion what do you think will be the money of the future?SAMPLE ANSWER:Payments via electronic transfer may become the medium of choice. It is a very cheap way to create currency. The biggest challenge will be to create security systems that do not allow for tampering and fraud. Once this is done and once most individuals and retail establishments have access to the system (through bank accounts and linking computer systems) then this should become the “currency” of choice.15. Should all governments issue debt that is indexed to their domestic price level? Is there a moral hazard problem that citizens face with regard to their public officials when government debt is fixed in units of the domestic currency?The answer is that all governments should issue debt that is indexed to their domestic price level. This is due to the fact that if debts are not indexed to the domestic price level, governments have the incentive to print money to repay those debts, thereby increasing domestic inflation which negatively impacts all of society.16. Describe your country’s system for financing higher education. Wh at are the roles played by households, voluntary non-profit organizations, businesses and government?SAMPLE ANSWER:In the United States, the vast majority of higher education is paid for by individuals through savings. These sums can be supplemented in whole or in part by government-guaranteed loans and through student loans and scholarships provided by universities themselves as well as by private foundations such as those provided by the Fulbright scholarship.17. Describe your country’s system for fin ancing residential housing. What are the roles played by households, businesses and government?SAMPLE ANSWER:In the United States individuals and individual borrowings from savings and loans, commercial banks and mortgage lending companies finance the vast majority of residential housing through individual equity savings. The government guarantees a certain amount of low income mortgages and local governments finance some low-income housing. Businesses play a role through the lending business as well as through the financial markets which provide liquidity for portfolios of certain standardized mortgages.18. Describe your country’s system for financing new enterprises. What are the roles played by households, businesses and government?SAMPLE ANSWER:In the United States, the vast majority of new enterprises is financed through individual savings and through initial public offerings made to the general public. These sources of financing are augmented by established firms which spend research and development (R&D) dollars developing new products and businesses and by venture capital institutions which also provide start-up financing.19. Describe your country’s system for financing medical research. What are the roles played by voluntary non-profit organizations, businesses and government?SAMPLE ANSWER:In the United States, medical research is financed both by non-profit organizations (such as universities and medical facilities as well as organizations such as the American Heart Association) as well as by businesses such as Merck, Johnson & Johnson and Genentech. The government is involved in research grants, primarily to universities.20. Assume there are only two stocks traded in the stock market, and you are trying to construct an index to show what has happened to stock prices. Let us say that in the base year the prices were $20 per share for stock 1 with 100 million shares outstanding and $10 for stock 2 with 50 million shares outstanding. A year later, the prices are $30 per share for stock 1 and $2 per share for stock 2. Using the two different methods explained in the chapter, compute stock indexes showing what has happened to the overall stock market. Which of the two methods do you prefer and why? (See appendix that follows.)DJI-Type Index = Average of Current Prices/Average of Base Prices * 100 = 106.67S&P-Type Index = (Weight of Stock 1 * Current Price of Stock 1 / Base Price of Stock 1 + Weight of Stock 2 * Current Price of Stock 2/Base Price of Stock 2) * 100 = 124The S&P-Type Index accurately reflects what has happened to the total market value of all stocks.。
兹维博迪金融学第二版试题库2TB
Chapter TwoFinancial Markets and InstitutionsThis chapter contains 49 multiple-choice questions, 20 short problems and 10 longer problems.Multiple Choice1. A market that has no one specific location is termed a(n) ________ market.(a)over-the-counter(b)geographic location(c)intermediary(d)conceptualAnswer: (a)2. ________ problems arise because parties to contracts often cannot easily monitor or control one another.(a)Payment(b)Counter(c)Incentive(d)ExchangeAnswer: (c)3. Incentive problems take a variety of forms and include:(a)moral hazard(b)adverse selection(c)principal-agent(d)all of the aboveAnswer: (d)4. The ________ problem exists when having insurance against some risk causes the insured party to take greater risk or to take less care in preventing the event that gives rise to the loss.(a)moral hazard(b)adverse selection(c)principal-agent(d)all of the aboveAnswer: (a)5. Life annuities are examples of ________ problems.(a)moral hazard(b)adverse selection(c)principal-agent(d)all of the aboveAnswer: (b)6. ________ means giving the lender the right to seize specific business assets in the event of default.(a)Increasing moral hazard(b)Increasing adverse selection(c)Collateralization of loans(d)All of the aboveAnswer: (c)7. ________ instruments are also called fixed-income instruments.(a)Debt(b)Equity(c)Derivative(d)All of the aboveAnswer: (a)8. The market for short-term debt (less than one year) is called the ________ market, and the market for long-term debt and equity securities is called the ________ market.(a)capital; money(b)money; capital(c)fixed-income; money(d)derivative; equityAnswer: (b)9. ________ securities are financial instruments that derive their value from the prices of one or more other assets.(a)Debt(b)Equity(c)Derivative(d)Fixed-incomeAnswer: (c)10. A call option gives its holder the right to ________ some asset at a specified price on or before some specified expiration date.(a)sell(b)buy(c)loan(d)borrowAnswer: (b)11. A put option gives its holder the right to ________ some asset at a specified price on or before some specified expiration date.(a)sell(b)buy(c)loan(d)borrowAnswer: (a)12. ________ contracts oblige one party to the contract to buy, and the other party to sell, some asset at a specified price on some specified date.(a)Options(b)Uncertainty(c)Money market(d)ForwardAnswer: (d)13.The ________ curve depicts the relation between interest rates on fixed-income instruments issued bythe U.S. Treasury and the maturity of the instrument.(a)long-term(b)short-term(c)yield(d)exchange rateAnswer: (c)14.If the short-term rates are higher than the long-term rates, then the yield curve is ________.(a)upward sloping(b)downward sloping(c)horizontal(d)verticalAnswer: (b)Questions 15 and 16 are intended to be calculated as a pair.15.Suppose you are a French investor, who wants a safe investment in terms of francs. You are investingfor one year and the interest rate on a one-year French government bond is 5% and at the same time it is 9% on a U.S. government bond. The exchange rate is currently 6.15 French francs to the dollar.Suppose you invest $1,000 in a U.S. bond. Also suppose that a year from now the French franc/dollar exchange rate is 6.50 French francs to the dollar. What will be the realized French franc rate of return on the U.S. bond?(a)5.69%(b)9.00%(c)15.2%(d)7.00%Answer: (c)16.In question 15, what would the exchange rate at year’s end have to be in order for the French investorto earn exactly 4% per year on the investment in U.S. bonds?(a)6.20 FF/$(b)5.87 FF/$(c)6.40 FF/$(d)5.42 FF/$Answer: (b)Use the following yield data to answer questions 17 and 18.2/29/98Treasury 1-10 yr 5.58%10+ yr 5.72Corporate 1-10 yr High Qlty 5.98Med Qlty 6.17Corporate 10+ yr High Qlty 6.26Med Qlty 6.5717. Calculate the yield spread for Treasury bonds with maturity 1-10 year and corporate bonds of high quality of the same maturity.(a)11.56%(b)0.68%(c)0.59%(d)0.40%Answer: (d)18. Calculate the yield spread for Treasury bonds with maturity 10+ years and corporate bonds of medium quality of the same maturity.(a)12.29%(b)0.85%(c)0.54%(d)0.45%Answer: (b)19.You invest in a stock that costs $45.50 per share. It pays a cash dividend during the year of $1.20 andyou expect its price to be $49 at year’s end. What is your expected rate of return if you se ll the stock for $49 at the end of the year?(a)2.64%(b)7.69%(c)10.33%(d)–5.05%Answer: (c)20.You invest in a stock that costs $45.50 per share. It pays a cash dividend during the year of $1.20 andyou expect its price to be $49 at year’s end. What is your expecte d rate of return if you do not sell the stock at the end of the year?(a)2.64%(b)7.69%(c)10.33%(d)–5.05%Answer: (c)21.You invest in a stock that costs $45.50 per share. It pays a cash dividend during the year of $1.20 andyou expect its price to be $49 at year’s end. What is your realized rate of return if the stock’s price is actually $42 at year’s end?(a)–5.05%(b)18.02%(c)10.33%(d)5.05%Answer: (a)22. The ________ the standard deviation, the ________ the volatility of the rate of return.(a)higher, lower(b)lower, higher(c)higher, higher(d)none of the aboveAnswer: (c)23.________ is an investment strategy that seeks to match the returns of a specified stock market index.(a)Indexing(b)Benchmarking(c)Replicating(d)DiversifyingAnswer: (a)24. Suppose the risk-free nominal interest rate on a one-year U.S. Treasury bill is 7% per year and the expected rate of inflation is 3% per year. What is the expected real rate of return on the T-bill?(a)4%(b)3.88%(c)1.34%(d)3.74%Answer: (b)25. Suppose the risk-free nominal interest rate on a one-year U.S. Treasury bill is 6% per year and the expected rate of inflation is 4% per year. What is the expected real rate of return on the T-bill?(a)2%(b)5%(c)1.92%(d)1.89%Answer: (c)26. Suppose that the real rate of interest on a TIPS is 4.5% per year and the expected rate of inflation in the U.S. is 5% per year. What is the expected nominal rate of return on these bonds?(a)0.476%(b)4.75%(c)9.73%(d)9.75%Answer: (c)27. Currently you have a bank account containing $6,000, which earns interest at a rate of 4% per year. You also have an unpaid balance on your credit card of $3,000 on which you are paying an interest rate of 18% per year. If the time frame is one year, the arbitrage opportunity you face is:(a)$420(b)$540(c)$120(d)$300Answer: (a)28. A ________ interest rate is denominated in units of some currency, whereas a ________ interest rate is denominated in units of some commodity or “basket” of goods and services.(a)real, nominal(b)real, treasury(c)nominal, real(d)treasury, realAnswer: (c)29. ________ are firms whose primary function is to help businesses, governments, and other entities raise funds to finance their activities by issuing securities.(a)Closed-end funds(b)Investment banks(c)Asset management funds(d)Open-end fundsAnswer: (b)30. Currently, you have $24,000 in a bank account earning an interest rate of 4% per year. At the same time you have an unpaid balance on your credit card of $12,000 on which you are paying an interest rate of 18% per year. If the time frame is one year, the arbitrage opportunity you face is:(a)$2,160(b)$1,200(c)$480(d)$1,680Answer: (d)31. In the United States, the ________ establishes the precise disclosure requirements that must be satisfied for a public offering of securities.(a)Financial Accounting Standards Board(b)World Bank(c)Federal Reserve(d)Securities and Exchange CommissionAnswer: (d)32. Investment professionals typically use a(n) ________ index as a benchmark for measuring the performance of common stock mutual funds.(a)inflation adjusted(b)firm-size weighted(c)market-weighted(d)book-weightedAnswer: (c)33. The Dow Jones Industrial Index has some major defects, which include:(a)It is not broadly diversified enough to accurately reflect the wide spectrum of stocks in theUnited States.(b)It corresponds to a portfolio strategy that is unsuitable as a performance benchmark.(c)It only includes the 30 largest corporations.(d)(a) and (b)Answer: (d)34. Interest-rate arbitrage is ________ at a lower rate and ________ at a higher rate.(a)borrowing, lending(b)borrowing, defaulting(c)defaulting, lending(d)lending, borrowingAnswer: (a)35. ________ invest their funds in a new businesses and help the management team get the firm to the point at which it is ready to “go public.”(a)Investment banks(b)Venture capitalists(c)Asset management firms(d)Mutual fundsAnswer: (b)36.The case where there is an imbalance in the exchange of information about a business opportunity isknown as ________.(a)information symmetry(b)information asymmetry(c)information assets(d)(a) and (c)Answer: (b)37.Which of the following represents a defined-contribution pension plan?(a) A pension plan into which the employer and employee make regular contributions.(b) A pension plan whose benefit is determined by a formula that takes into account years of service,wages, and salary.(c) A pension plan whose benefit formula is 1% of retirement salary for each year of service.(d)All of the aboveAnswer: (a)38.Which of the following are characteristic of a mutual fund?(a)professional management(b)diversification(c)efficient record keeping and administration(d)all of the aboveAnswer: (d) asset value is defined as the ________.(a)future value of all assets held divided by the number of shares outstanding(b)book value of all securities held divided by the number of shares outstanding(c)market value of all securities held divided by the number of shares outstanding(d)book value of all assets held divided by the number of shares outstandingAnswer: (c)40.Which of the following describes a money market instrument?a.long-termb.liquidc.high-riskd.all of the aboveAnswer: (b)41.A country’s ________ provides the supply of local currency and operates the clearing system for thebanks.(a)stock exchange(b)underwriter(c)central bank(d)investment bankAnswer: (c)42.Which of the following statements is most correct?(a)open-end mutual funds and closed-end funds are identical(b)open-end mutual funds stand ready to redeem or issue shares at NAV(c)closed-end mutual funds stand ready to redeem or issue shares at NAV(d)mutual funds provide a poor means of diversificationAnswer: (b)43.Which of the following statements is most correct?(a)closed-end mutual funds do not redeem or issue shares at NAV(b)closed-end mutual fund prices can differ from NAV(c)shares of closed-end funds are traded through brokers(d)all of the above are correctAnswer: (d)44.In the United States, the ________ prohibited commercial banks from engaging in most underwritingactivities.(a)Investment Bank Act of 1909(b)SEC Act(c)Glass Steagall Act of 1933(d)Commercial Bank Act of 1952Answer: (c)45.Rules for trading securities serve the function of ________.(a)recognizing when government inaction is the best choice(b)standardizing procedures to keep transaction costs low(c)presenting financial information in a standardized format(d)establishing arbitrary rules to ensure the maximum revenue from transaction feesAnswer: (b)46.In Germany, the central bank is called the ________.(a)Riksbank(b)Bundesbank(c)Bank of Germany(d)ExchequerAnswer: (b)47.For the period 1926-2003, which of the following asset classes provided the highest average rate ofreturn?(a)Long-term U.S. Treasury bonds(b)U.S. T-bills(c)Inflation(d)Small stockAnswer: (d)48.For the period 1926-2003, which of the following asset classes provided the lowest volatility of therate of return?(a)Long-term U.S. Treasury bonds(b)U.S. T-bills(c)Inflation(d)Small stockAnswer: (b)49.The ________ is the unit of account for computing the real rate of return.(a)nominal interest rate on stock(b)standardized basket of consumption goods(c)country’s rate of inflation(d)none of the aboveAnswer: (b)Short Problems1. Give a brief definition of financial intermediaries. Provide three examples of financial intermediaries and the products they offer.Answer: Financial intermediaries are defined as firms whose primary business is to provide financial services and products. Among the main types of intermediaries are banks, investment companies and insurance companies. Products offered include checking accounts, commercial loans, mortgages, mutual funds and a wide range of insurance contracts.Consider the following yield data and answer questions 2 and 3:2/29/98Treasury 1-10 yr 5.58%10+ yr 5.72Corporate 1-10 yr High Qlty 5.98Med Qlty 6.17Corporate 10+ yr High Qlty 6.26Med Qlty 6.572. Calculate the yield spread for Treasury bonds with maturity 10+ years and corporate bonds of high quality of the same maturity.Answer: Yield Spread = 6.26 – 5.72%= 0.54%3. Calculate the yield spread for Treasury bonds with maturity 1-10 years and corporate bonds of medium quality of the same maturity.Answer: Yield Spread = 6.17 – 5.58%= 0.59%4. Discuss the level and shape of the Treasury yield curves that have appeared in the latest media.Answer: Answers will vary depending on media announcements at the time.5. You invest in a stock that costs $42.50 per share. It pays a cash dividend during the year of $1.80 and you expect its price to be $45 at year’s end. What is your expected rate of return if you sell the stock for $45 at the end of the year?Answer: Expected rate of return = Ending Price – Beginning Price + Cash DividendBeginning Price= $45 - $42.50 + $1.80$42.50= 10.12%6. Refer to Question 5. What if you do not sell the stock at the end of the year?Answer: You measure the rate of return exactly the same way, whether or not you sell. The price appreciation is as much a part of your returns the dividend. That you choose to keep it does not change the fact that you could convert it into $45 cash at the end of the year.7. You invest in a stock that costs $42.50 per share. It pays a cash dividend during the year of $1.80 and you expect its price to be $45 at year’s end. What is your realized rate of return if the stock’s price is actually $39 at year’s end?Answer: Realized rate of return = Ending Price – Beginning Price + Cash DividendBeginning Price= $39 - $42.50 + $1.80$42.50= -4%8. Suppose the risk-free nominal interest rate on a one-year U.S. Treasury bill is 5% per year and the expected rate of inflation is 3%. What is the expected real rate of return on the T-bill?Answer: Real rate = Nominal interest rate – Rate of Inflation1 + Rate of inflation= 0.05 – 0.031 + 0.03= 0.021.03= 1.94%9. Suppose you are a Dutch investor, who wants a safe investment in terms of Guilders. You are investing for one year and the interest rate on a one-year Netherlands government bond is 6% and at the same time it is 9% on a U.S. government bond. The exchange rate is currently 2.05 Guilders to the dollar. Suppose you invest $1,000 in a U.S. bond. Also suppose a year from now that the Guilder/dollar exchange rate is 2.15 Guilders to the dollar. What will be the realized Dutch rate of return on the U.S. bond?Answer: Dutch realized rate of return = $1090 x Future Guilder price of dollar – 20502050= $1090 x 2.15 – 20502050= 14.32%10. Refer to Question 9. What does the exchange rate have t o be at year’s end for the Dutch investor to earn exactly 12% per year on the investment in U.S. bonds?Answer: Dutch rate of return = $1090 x Future Guilder price of dollar – 205020500.12 = $1090 x Guilder price – 20502050Future price of Guilder = 2.11 Guilder per dollar11. Distinguish between nominal interest rates and real interest rates.Answer: The nominal interest rate is the promised amount of money you receive per unit you lend.The real rate of return is the nominal interest rate you earn corrected for the change in purchasing power of money. A nominal interest rate is denominated in units of some currency; a real interest rate is denominated in units of some commodity or basket of goods and services (commonly, whatever basket is used to compute the CPI).12.Discuss the costs associated with trading stocks and why index funds provide a low-cost advantage.Answer: Costs can come in the form of:1.the fund’s expense ratio (which includes advisory fees, distribution charges,and operating expenses).2.Portfolio transaction costs (brokerage and after trading costs).One of the prime advantages of an index fund should be its low cost. An index fund should pay only minimal advisory fees, keep operating expenses at the lowest possible level, and should keep portfolio transaction costs at minimal levels.13.Discuss the investment approach known as indexing.Answer: Indexing is an investment approach that seeks to match the investment returns of aspecified stock market index. When indexing, an investment manager attempts to replicate theinvestment results of the target index by holding all – or a representative sample – of thesecurities in the index. Indexing is a passive investment approach emphasizing broaddiversification and low portfolio trading activity.14.Outline the purpose of a mutual fund and describe the advantages of investing with a mutual fund.Answer: A mutual fund is one that pools the financial resources of many small savers and invests their money in securities. A mutual fund has substantial economies of scale in record keeping and in executing purchases and sales of securities and offers its customers a more efficient way ofinvesting in securities than the direct purchase and sale of securities in the markets. It alsoprovides an efficient means of diversification.15.Define interest-rate arbitrage.Answer: Interest-rate arbitrage is borrowing at a lower rate and lending at a higher rate.16.Describe the main features of the IMF and the Bank for International Settlements.Answer: The Bank for International Settlements (BIS) promotes uniformity of regulations. The IMF monitors economic and financial conditions in member countries, provides technicalassistance, establishes rules for international trade and finance, provides a forum forinternational consultation and provides individual members a lengthened time (if necessary) tocorrect imbalances in their payments to other countries.17.You invest in a stock costing $60 per share. It pays a cash dividend during the year of $2.50, and youexpect its price to be $85 at year’s end. Calculate your expected rate of return. If the stock price at the end of the year is actually $50, calculate your realized rate of return.Answer: Expected rate of return = ($2.50 + $85 - $60)/$60 = 45.8%Realized rate of return = ($2.50 + $50 - $60)/$60 = -12.5%18.You invest in a stock costing $45 per share. It pays a cash dividend of $3.20 during the year, and youexpect its price to be $60 at the end of the year. If the price is actually $42 at the end of the year, calculate your realized rate of return.Answer: Realized rate of return = ($3.20 + $42 - $45)/$45 = 0.4%19.Suppose you have $15,000 in a bank account earning an interest rate of 5% per year. At the same timeyou have an unpaid balance on your credit card of $8,000 for which you are paying 18% interest.What is the arbitrage opportunity you face?Answer: If you take $8,000 out of your bank account and pay off the credit card you give up0.05% x $8,000 = $400, but you can save 0.18 x $8,000 = $1,440 in interest expenses. So thearbitrage opportunity is worth $1,040 per year.20.Suppose the real rate of interest on a TIPS is 4% per year, and the expected U.S. inflation rate is 3.5%per year. What is the expected nominal rate of return on these bonds?Answer: (1+ nominal rate) = (1 + real rate) x (1 + inflation)= (1.04) x (1.035)= 1.0764nominal rate = 7.64% per yearLonger Problems1.Discuss the four main factors that determine rates of return in a market economy.Answer: The four main factors that should be discussed are:•The productivity of capital goods – expected rates of return on mines, dams, roads, bridges, factories, machinery and investments•The degree of uncertainty regarding the productivity of capital goods•The time preferences of people•Risk aversion2.Discuss the role of the financial intermediary and give two examples.Answer: A financial intermediary is an entity whose primary business is to provide customers with financial products that cannot be obtained more efficiently by transacting directly in securitiesmarkets.Examples include banks, insurance companies, mutual funds, investment companies, venture capital firms, asset management firms, and pension and retirement funds.3.Suppose that you have $30,000 in a bank account earning an interest rate of 6% per year. At the sametime you have an unpaid balance on your credit card of $14,000 on which you are paying an interest rate of 18% per year. What is the arbitrage opportunity you face?Answer: You could take $14,000 out of your bank account and pay down your credit card balance.You would give up 6% per year in interest earnings ($840 per year), but you would save 18% per year in interest expenses ($2,520 per year). Therefore, the arbitrage opportunity is $1,680 per year.e the data in the table below to compute both the DIJ-type index and the market-weighted index fora hypothetical two-stock index. Discuss which index more accurately reflects the reality of the market.Answer:DJI type index = Average of current stock prices x 100Average of stock prices in base year= (30 + 2)/2 x 100(20 + 10)/2= 106.67, indicating an increase of 6.67%market-weighted index = (0.8 x 30/20) + (0.2 x 2/10) x 100= (1.2 + 0.04) x 100= 124, indicating an increase of 24%The market-weighted index shows a 24% increase, which reflects what has actually happened to the total market value of all stocks: 2.5 billion to 3.1 billion is growth of 0.6 billion, which as a percent is(0.6)/(2.5) = 24%5.You invest in a stock that pays $2 per quarter and costs you $50.50 per share. At the end of the yearyou expect the stock price to be $59.50. What is the expected rate of return on this stock? What is the realized rate of return if the price of the stock is $52 at the end of the year?Answer:Expected rate of return = $2(4) + $59.50 - $50.50$50.50= 33.66% per yearRealized rate of return = $2(4) + $52 - $50.50$50.50= 18.81% per year6.Outline the six core functions performed by the financial system.Answer:The six core functions performed by the financial system are:1.To provide ways of managing risk.2.To provide ways to transfer economic resources through time, across borders, and amongindustries.3.To provide ways of clearing and settling payment to facilitate trade.4.To provide a mechanism for the pooling of resources and for the subdividing of shares in variousenterprises.5.To provide ways of dealing with the incentive problems created when one party to a transactionhas information that the other party does not, or when one party acts as an agent for another.6.To provide price information to help coordinate decentralized decision making in various sectorsof the economy.7. Outline the basic types of financial assets that are traded in the markets.Answer:Debt instruments – issued by anyone who borrows money – firms, government, and households.Equity – the claim of the owners of a firm. Corporations who issue equity securities are issuingcommon stock.Derivatives – such as options and futures contracts that derive their value from the prices of one or more other assets.8.Describ e how a banking panic can cause a “contagion” to set in the economy.Answer:If there is a banking panic and if a bank does not have sufficient funds to pay off its depositors, then “contagion” can set in, and other banks are faced with a run. If there is a “flight to currency,” then a contagion problem occurs for the banking system as a whole, and the people refuse to hold deposits of any bank and insist on having currency.9. Discuss the rates of return and volatility of U.S. T-bills, U.S. Treasury bonds, and large stock overthe period of 1926-2003.Answer:From a historical perspective, T-bills have proved to be the least risky asset class, whereas large stock has proved to be the most risky asset class.Large stocks (as measured in the S&P 500 stock portfolio) have provided an average rate of return of12.25% between 1926 and 2003, whereas T-bills have provided an average rate of return of 3.79%and 5.64% for U.S. Treasury bonds.Large stock returns, with a standard deviation of 20.5%, have also been the most volatile asset class between 1926 and 2003. U.S. Treasury bonds had a standard deviation of 8.19% over the sameperiod and U.S. bills have been the least volatile asset class, with a standard deviation of 3.18%.e the data in the table below to compute both the DIJ-type index and the market-weighted index fora hypothetical two-stock index. Discuss which index more accurately reflects the reality of the market.Answer: DJI type index = Average of current stock prices x 100Average of stock prices in base year= (60 + 120)/2 x 100(110 + 60)/2= 105.88, indicating an increase of 5.58%market-weighted index = (0.79 x 60/100) + (0.21 x 120/60) x 100= (0.43 + 0.42) x 100= 85, indicating a decrease of 15%The market-weighted index shows a 15% decrease, which more accurately reflects what has actually happened to the total market value of all stocks: 28 to 24 billion is a loss of 4 billion, which as a percent is -4/28 =-14.29%.2-21。