金融市场与机构-(10)

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学习金融市场与金融机构的运作

学习金融市场与金融机构的运作

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

金融机构则是指金融市场的参与者,包括银行、证券公司、保险公司等。

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

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

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

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

1. 货币市场货币市场的主要功能是调节短期流动性和满足资金的短期需求。

货币市场的金融工具包括国库券、短期企业债券、银行同业存单等。

这些金融工具的特点是流动性强、风险低、交易周期短。

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

常见的资本市场金融工具包括股票、债券、期货、期权等。

这些金融工具的特点是交易期限长、风险较高。

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

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

银行的主要业务包括存款、贷款、国内结算、外汇交易、信用卡业务等。

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

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

证券公司的主要业务包括证券承销、自营交易、经纪交易等。

证券市场的发展和运作直接促进了企业的融资和投资,对于经济增长具有重要意义。

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

保险公司的主要业务包括人寿保险、财产保险、车险、健康保险等。

保险市场的稳定和健康发展对于个人和企业的风险管理至关重要。

金融市场的金融市场机构与中介

金融市场的金融市场机构与中介

金融市场的金融市场机构与中介金融市场是现代经济体系中至关重要的一部分,它提供了资金融通和风险管理的平台,为企业、政府和个人提供了融资和投资的机会。

金融市场的有效运行离不开各种金融市场机构和中介机构的参与和协助。

本文将探讨金融市场机构和中介机构在金融市场中的角色和功能。

1. 金融市场机构1.1 银行银行是金融市场中最重要的机构之一。

它们提供各种金融服务,包括储蓄、贷款、支付和投资。

银行通过吸收存款并向借款人提供贷款,促进了资金的流动。

此外,银行还提供信用卡、支票账户等支付工具,为经济中的货币交换提供便捷。

1.2 证券交易所证券交易所是股票、债券和其他金融资产的交易场所。

它们提供了一个公开的市场,让投资者可以买卖各种证券。

世界各国都有自己的证券交易所,如纽约证券交易所、伦敦证券交易所等。

这些交易所起到了市场监管和信息披露的作用,保障了投资者的权益。

1.3 保险公司保险公司是金融市场中的重要参与者,它们为个人和企业提供各种保险产品,包括寿险、财产保险、健康保险等。

保险公司的存在有助于分散风险,提供了金融安全网,使人们能够更加安心地进行投资和生活规划。

2. 金融市场中介机构2.1 投资银行投资银行在金融市场中充当了重要的中介角色。

它们为企业和政府提供筹资和并购咨询服务。

投资银行帮助公司发行股票和债券,协助进行并购交易,提供财务建议等。

它们的专业知识和资源有助于推动经济增长和市场发展。

2.2 证券经纪公司证券经纪公司充当了投资者与证券市场之间的中介。

它们为客户提供股票、债券和其他金融资产的交易服务。

通过证券经纪公司,投资者可以轻松地买卖证券,获取市场信息,并执行交易策略。

2.3 投资基金投资基金是集合了多个投资者资金的机构,它们将这些资金投资于不同的金融资产,如股票、债券、房地产等。

投资基金的多样化投资策略有助于降低投资风险,并提供了广泛的投资机会。

常见的投资基金类型包括共同基金、对冲基金和私募基金。

3. 金融市场机构与中介机构的重要性金融市场机构和中介机构在金融市场中扮演了不可或缺的角色。

金融市场与金融机构讲义PPT(26张)

金融市场与金融机构讲义PPT(26张)

金融学 张乃文
2.金融期权市场
(1)按内容不同,分为看涨期权和看跌期权。 (2)按标的不同,分为现货期权和期货期权。 (3)按行权时间,可分为欧式期权和美式期权。
2009-07-25
金融学 张乃文
(二)外汇市场
1.外汇市场的主体:外汇银行、中央银行、外汇经纪人 2.外汇市场的功能:

10、山有封顶,还有彼岸,慢慢长途,终有回转,余味苦涩,终有回甘。

11、人生就像是一个马尔可夫链,你的未来取决于你当下正在做的事,而无关于过去做完的事。

12、女人,要么有美貌,要么有智慧,如果两者你都不占绝对优势,那你就选择善良。

13、时间,抓住了就是黄金,虚度了就是流水。理想,努力了才叫梦想,放弃了那只是妄想。努力,虽然未必会收获,但放弃,就一定一无所获。

16、人生在世:可以缺钱,但不能缺德;可以失言,但不能失信;可以倒下,但不能跪下;可以求名,但不能盗名;可以低落,但不能堕落;可以放松,但不能放纵;可以虚荣,但不能虚伪;可以平凡,但不能平庸;可以浪漫,但不能浪荡;可以生气,但不能生事。

17、人生没有笔直路,当你感到迷茫、失落时,找几部这种充满正能量的电影,坐下来静静欣赏,去发现生命中真正重要的东西。
议价买卖和竞价买卖 直接交易和间接交易 现货交易和期货交易
2009-07-25
金融学 张乃文
四、其他金融市场
(一)金融衍生工具市场 1.金融期货市场
(1)金融期货的基本类型:外汇期货、利率期货、股票 指数期货。
(2)金融期货交易的基本功能:套期保值、价格发现。
2009-07-25

1、想要体面生活,又觉得打拼辛苦;想要健康身体,又无法坚持运动。人最失败的,莫过于对自己不负责任,连答应自己的事都办不到,又何必抱怨这个世界都和你作对?人生的道理很简单,你想要什么,就去付出足够的努力。

9-10金融机构体系与金融业务

9-10金融机构体系与金融业务

(四)准中央银行制 准中央银行是指有些国家或地区只设置 类似中央银行的机构,或政府授权某个或 某几个商业银行,行使部分中央银行职能 的体制。新加坡和我国的香港就是这种体 制。 我国大陆的中央银行实行单一型、一元 式的中央银行制度。中央银行组织机构分 为四级:总行——九大跨行政区分行和两 个总行营业部——省市中心支行——县支 行。
一、证券机构 1、证券公司 2、证券交易所 3、证券登记结算公司
二、保险公司 保险公司是经营保险业务的经济组织, 主要经营财产、人身、责任、信用等方面 的保险与再保险业务及其他金融业务。目 前,我国的保险公司根据出资人的不同可 大致划分为三类:中资保险公司、外资保 险公司分公司及中外合资保险公司。
1、一元式 这种体制是在一个国家内只建立一家统 一的中央银行,机构设置一般采取总分行 制。目前,世界上绝大多数国家的中央银 行都实行这一体制。
2、二元式 这种体制是在一国内建立中央和地方两 级相对独立的中央银行机构。地方级中央 银行虽也要受中央级中央银行的监督管理 并执行统一的金融政策,但它们在各自所 辖地区内有较大独立性。德国等国实行这 种体制。
银行
中央银 行 商业银 行 政策性 银行
保险公司
金融机 构 证券公司
信用合作社
金融资产管理 公司 信托投资公司 非银行金融 机构 投资基金管理 公司 财务公司
金融租赁公司
汽车金融公司 典当
(二)金融调控、监管机构与金融业经营机构 金融机构根据其在金融体系中的地位和作用 又可以分为金融调控、监管机构与金融业经营机 构。前者是调控、监管主体,后者是被调控、被 监管者。之所以出现这种分化,既是市场经济发 展的必然要求,也是金融制度发展的必然结果, 因为现代市场经济是货币信用经济,货币信用活 动成为整个社会信用活动中枢,其稳定与否,关 系到整个国民经济的稳定协调发展,为此必须有 专门的机构对金融业进行调控,严格地监督与管 理。

《金融市场与金融机构》题集

《金融市场与金融机构》题集

《金融市场与金融机构》题集一、选择题(每题2分,共20分)1.下列哪一项不属于金融市场的功能?A. 资源配置B. 风险分散C. 价格发现D. 商品交易2.下列哪一项是货币市场的特点?A. 长期性B. 高风险性C. 高流动性D. 低流动性3.下列哪一项不是金融机构的主要功能?A. 资金中介B. 支付中介C. 信息服务D. 商品生产4.下列哪一项属于资本市场的工具?A. 国库券B. 商业票据C. 股票D. 银行定期存款5.下列哪一项是中央银行的主要职能?A. 吸收公众存款B. 发行货币C. 提供商业贷款D. 经营保险业务6.下列哪一项不是商业银行的业务?A. 吸收存款B. 发放贷款C. 办理结算D. 发行股票7.下列哪一项属于金融衍生品?A. 债券B. 股票C. 期货D. 存款8.下列哪一项是证券市场的特点?A. 交易对象固定B. 交易价格不固定C. 交易场所不固定D. 交易时间不固定9.下列哪一项是投资银行的主要业务?A. 吸收公众存款B. 发放贷款C. 证券承销与交易D. 办理保险10.下列哪一项不是金融市场的构成要素?A. 市场主体B. 市场客体C. 市场价格D. 市场环境二、填空题(每空2分,共20分)1.金融市场按照交易工具的期限可以分为______和______。

2.金融机构体系一般由______、______和其他金融机构组成。

3.中央银行的主要职能包括______、______和维护金融稳定。

4.资本市场的工具主要包括______和______。

5.金融衍生品市场包括______市场和______市场。

三、判断题(每题2分,共10分)1.金融市场是指资金供求双方进行资金融通和有价证券交易的市场。

()2.货币市场是短期金融工具交易的市场,其交易工具的期限通常在一年以上。

()3.商业银行是以盈利为目的,以多种金融负债筹集资金,多种金融资产为经营对象,具有信用创造功能的金融机构。

()4.证券市场是股票、债券等有价证券发行和交易的场所,是资本市场的核心。

金融市场的机构与功能

金融市场的机构与功能

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

而金融市场中的机构与功能则是推动金融市场有效运转的基础。

本文将对金融市场的机构与功能进行探讨。

一、商业银行商业银行是金融市场中最重要的金融机构之一。

其主要功能包括吸收存款、发放贷款、进行汇兑等。

商业银行作为资金的主要提供者和投资者,在金融市场中起到了重要的中介作用。

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

二、证券市场证券市场是金融市场中的另一个重要机构。

它提供了股票、债券、期货等各种金融工具的交易场所。

证券市场的主要功能是融资和投资。

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

证券市场的有效运行对于促进企业发展和推动资本市场的健康发展至关重要。

三、期货市场期货市场是金融市场中的又一个重要机构。

它提供了各种商品、金融产品以及外汇等期货合约的买卖场所。

期货市场主要承担风险管理和价格发现的功能。

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

四、保险行业保险行业是金融市场中的重要组成部分。

保险公司作为提供风险保障的机构,在金融市场中发挥了关键作用。

其主要功能是通过合理的风险评估和分散,为个人和企业提供保险服务。

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

五、外汇市场外汇市场是金融市场中进行不同货币交易的场所。

外汇市场的主要功能是提供汇率的形成和风险管理。

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

外汇市场的有效运行对于维护金融市场的稳定和促进国际贸易具有重要意义。

综上所述,金融市场的机构与功能是推动金融市场有效运转的基础。

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

金融市场学双语题库及答案(第十四章)米什金《金融市场与机构》

金融市场学双语题库及答案(第十四章)米什金《金融市场与机构》

Financial Markets and Institutions, 8e (Mishkin)Chapter 14 The Mortgage Markets14.1 Multiple Choice1) Which of the following are important ways in which mortgage markets differ from the stock and bond markets?A) The usual borrowers in the capital markets are government entities and businesses, whereas the usual borrowers in the mortgage markets are individuals.B) Most mortgages are secured by real estate, whereas the majority of capital market borrowing is unsecured.C) Because mortgages are made for different amounts and different maturities, developing a secondary market has been more difficult.D) All of the above are important differences.E) Only A and B of the above are important differences.Answer: DTopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition2) Which of the following are important ways in which mortgage markets differ from stock and bond markets?A) The usual borrowers in capital markets are government entities, whereas the usual borrowers in mortgage markets are small businesses.B) The usual borrowers in capital markets are government entities and large businesses, whereas the usual borrowers in mortgage markets are small businesses.C) The usual borrowers in capital markets are government entities and large businesses, whereas the usual borrowers in mortgage markets are small businesses and individuals.D) The usual borrowers in capital markets are businesses and government entities, whereas the usual borrowers in mortgage markets are individuals.Answer: DTopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition3) Which of the following are true of mortgages?A) A mortgage is a long-term loan secured by real estate.B) A borrower pays off a mortgage in a combination of principal and interest payments that result in full payment of the debt by maturity.C) Over 80 percent of mortgage loans finance residential home purchases.D) All of the above are true of mortgages.E) Only A and B of the above are true of mortgages.Answer: DTopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition4) Which of the following are true of mortgages?A) A mortgage is a long-term loan secured by real estate.B) Borrowers pay off mortgages over time in some combination of principal and interest payments that result in full payment of the debt by maturity.C) Less than 65 percent of mortgage loans finance residential home purchases.D) All of the above are true of mortgages.E) Only A and B of the above are true of mortgages.Answer: ETopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition5) Which of the following are true of mortgage interest rates?A) Interest rates on mortgage loans are determined by three factors: current long-term market rates, the term of the mortgage, and the number of discount points paid.B) Mortgage interest rates tend to track along with Treasury bond rates.C) The interest rate on 15-year mortgages is lower than the rate on 30-year mortgages, all else the same.D) All of the above are true.E) Only A and B of the above are true.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition6) Which of the following are true of mortgages?A) More than 80 percent of mortgage loans finance residential home purchases.B) The National Banking Act of 1863 rewarded banks that increased mortgage lending.C) Most mortgages during the 1920s and 1930s were balloon loans.D) All of the above are true.E) Only A and C of the above are true.Answer: ETopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition7) Which of the following is true of mortgage interest rates?A) Longer-term mortgages have lower interest rates than shorter-term mortgages.B) Mortgage rates are lower than Treasury bond rates because of the tax deductibility of mortgage interest rates.C) In exchange for points, lenders reduce interest rates on mortgage loans.D) All of the above are true.E) Only A and B of the above are true.Answer: CTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition8) Typically, discount points should not be paid if the borrower will pay off the loan in ________ years or less.A) 5B) 10C) 15D) 20Answer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition9) Which of the following is true of mortgage interest rates?A) Longer-term mortgages have higher interest rates than shorter-term mortgages.B) In exchange for points, lenders reduce interest rates on mortgage loans.C) Mortgage rates are lower than Treasury bond rates because of the tax deductibility of mortgage interest payments.D) All of the above are true.E) Only A and B of the above are true.Answer: ETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition10) Which of the following reduces moral hazard for the mortgage borrower?A) CollateralB) Down paymentsC) Private mortgage insuranceD) Borrower qualificationsAnswer: BTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition11) Which of the following protects the mortgage lender's right to sell property if the underlying loan defaults?A) A lienB) A down paymentC) Private mortgage insuranceD) Borrower qualificationE) AmortizationAnswer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition12) Which of the following is true of mortgage interest rates?A) Mortgage rates are closely tied to Treasury bond rates, but mortgage rates tend to stay below Treasury rates because mortgages are secured with collateral.B) Longer-term mortgages have higher interest rates than shorter-term mortgages.C) Interest rates are higher on mortgage loans on which lenders charge points.D) All of the above are true.E) Only A and B of the above are true.Answer: BTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition13) During the early years of an amortizing mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: CTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition14) During the last years of an amortizing mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition15) During the last years of a balloon mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition16) During the early years of a balloon mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition17) A borrower who qualifies for an FHA or VA loan enjoys the advantage thatA) the mortgage payment is much lower.B) only a very low or zero down payment is required.C) the cost of private mortgage insurance is lower.D) the government holds the lien on the property.Answer: BTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition18) (I) Conventional mortgages are originated by private lending institutions, and FHA or VA loans are originated by the government. (II) Conventional mortgages are insured by private companies, and FHA or VA loans are insured by the government.A) (I) is true, (II) false.B) (I) is false, (II) true.C) Both are true.D) Both are false.Answer: BTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition19) Borrowers tend to prefer ________ to ________, whereas lenders prefer ________.A) fixed-rate loans; ARMs; fixed-rate loansB) ARMs; fixed-rate loans; fixed-rate loansC) fixed-rate loans; ARMs; ARMsD) ARMs; fixed-rate loans; ARMsAnswer: CTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition20) (I) ARMs offer lower initial rates and the rate may fall during the life of the loan. (II) Conventional mortgages do not allow a borrower to take advantage of falling interest rates.A) (I) is true, (II) is false.B) (I) is false, (II) is true.C) Both are true.D) Both are false.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition21) Growing-equity mortgages (GEMs)A) help the borrower pay off the loan in a shorter time.B) have such low payments in the first few years that the principal balance increases.C) offer borrowers payments that are initially lower than the payments on aconventional mortgage.D) do all of the above.E) do only A and B of the above.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition22) A borrower with a 30-year loan can create a GEM byA) simply increasing the monthly payments beyond what is required and designating that the excess be applied entirely to the principal.B) converting his ARM into a conventional mortgage.C) converting his conventional mortgage into an ARM.D) converting his conventional mortgage into a GPM.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition23) Which of the following are useful for home buyers who expect their income to rise in the future?A) GPMsB) RAMsC) GEMsD) Only A and B are useful.E) Only A and C are useful.Answer: ETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition24) Which of the following are useful for home buyers who expect their income to fall in the future?A) GPMsB) RAMsC) GEMsD) Only A and B are useful.E) Only A and C are useful.Answer: BTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition25) Retired people can live on the equity they have in their homes by using aA) GEM.B) GPM.C) SAM.D) RAM.Answer: DTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition26) Second mortgages serve the following purposes:A) they give borrowers a way to use the equity they have in their homes as security for another loan.B) they allow borrowers to get a tax deduction on loans secured by their primary residence or vacation home.C) they allow borrowers to convert their conventional mortgages into GEMs.D) all of the above.E) only A and B of the above.Answer: ETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition27) Which of the following is a disadvantage of a second mortgage compared to credit card debt?A) The loans are secured by the borrower's home.B) The borrower gives up the tax deduction on the primary mortgage.C) The borrower must pay points to get a second mortgage loan.D) The borrower will find it more difficult to qualify for a second mortgage loan.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition28) The share of the mortgage market held by savings and loans isA) over 50 percent.B) approximately 40 percent.C) approximately 20 percent.D) less than 5 percent.Answer: DTopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Updated from Previous Edition29) The share of the mortgage market held by commercial banks is approximatelyA) 50 percent.B) 30 percent.C) 15 percent.D) 5 percent.Answer: BTopic: Chapter 14.4 Mortgage-Lending Institutions Question Status: Updated from Previous Edition30) A loan-servicing agent willA) package the loan for an investor.B) hold the loan in their investment portfolio.C) collect payments from the borrower.D) do both A and C of the above.E) do both B and C of the above.Answer: CTopic: Chapter 14.5 Loan ServicingQuestion Status: Previous Edition31) Distinct elements of a mortgage loan includeA) origination.B) investment.C) servicing.D) all of the above.E) only B and C of the above.Answer: DTopic: Chapter 14.6 Secondary Mortgage MarketQuestion Status: Previous Edition32) The Federal National Mortgage Association (Fannie Mae)A) was set up to buy mortgages from thrifts so that these institutions could make more loans.B) funds purchases of mortgages by selling bonds to the public.C) provides insurance for certain mortgage contracts.D) does all of the above.E) does only A and B of the above.Answer: ETopic: Chapter 14.6 Secondary Mortgage MarketQuestion Status: Previous Edition33) The Federal Housing Administration (FHA)A) was set up to buy mortgages from thrifts so that these institutions could make more loans.B) funds purchases of mortgages by selling bonds to the public.C) provides insurance for certain mortgage contracts.D) does all of the above.E) does only A and B of the above.Answer: CTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition34) ________ issues participation certificates, and ________ provides federal insurance for participation certificates.A) Freddie Mac; Freddie MacB) Freddie Mac; Ginnie MaeC) Ginnie Mae; Freddie MacD) Ginnie Mae; Ginnie MaeE) Freddie Mac; no oneAnswer: ETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition35) REMICs are most likeA) Freddie Mac pass-through securities.B) Ginnie Mae pass-through securities.C) participation certificates.D) collateralized mortgage obligations.Answer: DTopic: Chapter 14.8 What Is a Mortgage-Backed Security? Question Status: Previous Edition36) Ginnie MaeA) insures qualifying mortgages.B) insures pass-through certificates.C) insures collateralized mortgage obligations.D) does only A and B. of the above.E) does only B and C of the above.Answer: BTopic: Chapter 14.8 What Is a Mortgage-Backed Security? Question Status: Previous Edition37) Mortgage-backed securitiesA) have been growing in popularity in recent years as institutional investors look for attractive investment opportunities.B) are securities collateralized by a pool of mortgages.C) are securities collateralized by both insured and uninsured mortgages.D) are all of the above.E) are only A and B of the above.Answer: DTopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition38) The most common type of mortgage-backed security isA) the mortgage pass-through, a security that has the borrower's mortgage payments pass through the trustee before being disbursed to the investors.B) collateralized mortgage obligations, a security which reduces prepayment risk.C) the participation certificate, a security which passes the borrower's mortgage payments equally among all the owners of the certificates.D) the securitized mortgage, a security which increases the liquidity of otherwise illiquid mortgages.Answer: ATopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition39) The interest rate borrowers pay on their mortgages is determined byA) current long-term market rates.B) the term.C) the number of discount points.D) all of the above.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition40) A loan for borrowers who do not qualify for loans at the usual market rate of interest because of a poor credit rating or because the loan is larger than justified by their income isA) a subprime mortgage.B) a securitized mortgage.C) an insured mortgage.D) a graduated-payment mortgage.Answer: ATopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition41) The percentage of the total loan paid back immediately when a mortgage loan is obtained, which lowers the annual interest rate on the debt, is calledA) discount points.B) loan terms.C) collateral.D) down payment.Answer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition42) Which of the following terms are found in mortgage loan contracts to protect the lender from financial loss?A) CollateralB) Down paymentC) Private mortgage insuranceD) All of the aboveAnswer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition43) What factors are used in determining a person's FICO score?A) Past payment historyB) Outstanding debtC) Length of credit historyD) All of the aboveAnswer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition44) Between 2000 and 2005, home prices increased an average of ________ per year.A) 2%B) 4%C) 8%D) 12%Answer: CTopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: New Question45) From 2000 to 2005, housing prices increased, on average, by over 40%. This run up in prices was caused byA) speculators.B) an increase in subprime loans, which increased demand for new and existing houses.C) both A and B.D) None of the above are correct.Answer: CTopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Updated from Previous Edition14.2 True/False1) In 2012, mortgage loans to farms represented the largest proportion of mortgage lending in the U.S.Answer: FALSETopic: Chapter 14.1 What Are Mortgages?Question Status: New Question2) Down payments are designed to reduce the likelihood of default on mortgage loans.Answer: TRUETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition3) Discount points (or simply points) are interest payments made at the beginning of a loan.Answer: TRUETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition4) A point on a mortgage loan refers to one monthly payment of principal and interest.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition5) Closing for a mortgage loan refers to the moment the loan is paid off.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition6) Private mortgage insurance is a policy that guarantees to make up any discrepancy between the value of the property and the loan amount, should a default occur.Answer: TRUETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition7) During the early years of a mortgage loan, the lender applies most of the payment to the principal on the loan.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition8) One important advantage to a borrower who qualifies for an FHA or VA loan is the very low interest rate on the mortgage.Answer: FALSETopic: Chapter 14.3 Types of Mortgages9) Adjustable-rate mortgages generally have lower initial interest rates than fixed-rate mortgages.Answer: TRUETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition10) Mortgage interest rates loosely track interest rates on three-month Treasury bills.Answer: FALSETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition11) An advantage of a graduated-payment mortgage is that borrowers will qualify for a larger loan than if they requested a conventional mortgage.Answer: TRUETopic: Chapter 14.3 Types of Mortgages12) Nearly half the funds for mortgage lending comes from mortgage pools and trusts.Answer: FALSETopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Updated from Previous Edition13) Many institutions that make mortgage loans do not want to hold large portfolios of long-term securities, because it would subject them to unacceptably high interest-rate risk.Answer: TRUETopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Previous Edition14) A problem that initially hindered the marketability of mortgages in a secondary market was that they were not standardized.Answer: TRUETopic: Chapter 14.6 Secondary Mortgage MarketQuestion Status: Previous Edition15) Mortgage-backed securities have declined in popularity in recent years as institutional investors have sought higher returns in other markets.Answer: FALSETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition16) Mortgage-backed securities are marketable securities collateralized by a pool of mortgages.Answer: TRUETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition17) Fannie Mae and Freddie Mac together either own or insure the risk on nearly one-fourth of America's residential mortgages.Answer: FALSETopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Previous Edition18) A FICO score below 660 is considered good while a score above 720 is likely to cause problems in obtaining a loan.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition19) Subprime loans are those made to borrowers who do not qualify for loans at the usual market rate of interest because of a poor credit rating or because the loan is larger than justified by their income.Answer: TRUETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition14.3 Essay1) How has the modern mortgage market changed over recent years?Topic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition2) Explain the features of mortgage loans that are designed to reduce the likelihood of default.Topic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition3) What are points? What is their purpose?Topic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition4) How does an amortizing mortgage loan differ from a balloon mortgage loan?Topic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition5) Evaluate the advantages and disadvantages, from both the lender's and borrower's perspectives, of fixed-rate and adjustable-rate mortgages.Topic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition6) Why has the online lending market developed in recent years and what are the advantages and disadvantages of this development?Topic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Previous Edition7) Why may Fannie Mae and Freddie Mac pose a threat to the health of the financial system?Topic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition8) What are mortgage-backed securities, why were they developed, whattypes of mortgage-backed securities are there, and how do they work?Topic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition9) What are the benefits and side effects of securitized mortgages?Topic: Chapter 14.7 Securitization of MortgagesQuestion Status: Previous Edition10) Discuss the pros and cons of a subprime market for residential mortgages in the U.S.Topic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: New Question。

金融市场与金融机构试题库

金融市场与金融机构试题库

金融市场与金融机构试题库一、单项选择题(本大题共40小题,每小题1分,共40分)1.二战前,世界上最大的黄金市场是()A.苏黎世黄金市场B.香港黄金市场C.纽约黄金市场D.伦敦黄金市场2. 以下不属于证券交易所的职责的是()A.提供交易场所和设施B.制定交易规则C.制定交易价格D.公布行情3. 政府债券的风险主要变现为()A.信用风险B.财务风险C.经营风险D.购买力风险4. 贴现债券的实际收益率与票面利率相比()A.高B.相等C.低D.不确定5. 我国证券交易所的组织形式是()A.公司制B.股份制C.会员制D.席位制6. 下列市场中属于资本市场的有()A.股票市场B.短期国库券市场C.银行承兑汇票市场D.大额可转让定期存单市场7. 以下()发行方式,承销商要承担全部发行失败的风险。

A.代销B.余额包销C.全额包销D.中央银行包销8. 投机性货币需求与利率水平之间呈()A.正相关B.负相关C.不相关D.相关的不确定性9. 股票在证券交易所挂牌买卖,称为()A.场内交易B.场外交易C.柜台交易D.议价市场10. 商业银行向中央银行所作的票据转让行为叫( )A.贴现B.承兑C.转贴现D.再贴现11. 只靠收取佣金获利的经纪人被称为()A.货币中间商B.票据经纪人C.佣金经纪人D.短期证券经纪人12. 社会公共设施的建立和维护属于()A.企业储蓄B.企业投资C.政府储蓄D.政府投资13. 推动同业拆借市场形成和发展的直接原因是()A.存款准备金制度B.再贴现政策C.公开市场政策D.存款派生机制14. 对于以金融工具形式保有财富的持有者,金融市场提供了低风险变现的机会。

这体现了金融市场的()功能A.储蓄B.流动性C.风险D.信用15. 银行承兑汇票的转让一般通过()方式进行。

A.承兑B.贴现C.再贴现D.转贴现16. 可转换债券转换为普通股,会导致公司()A.资产总额增加B.资产总额减少C.自有资本增加D.自有资本减少17. 根据市场组织形式的不同,可以将股票流通市场划分为()A.发行市场和流通市场B.国内市场和国外市场C.场内市场和场外市场D.现货市场和期货市场18. 证券交易所形成证券交易价格的方式是()A.协商定价B.拍卖C.投标D.公开竞价19. 借款人在境外市场发行,不以发行所在国货币为面值的国际债券是()A.欧洲债券B.外国债券C.扬基债券D.武士债券20. 投资者可以享受税收优惠的债券是()A.优先股票B.公司债券C.政府债券D.金融债券21.以下对商业银行贷款的描述,不正确的是( )A.贷款是商业银行的基本负债业务,收益率较高但流动性较差,而且存在违约风险。

金融机构和金融市场的组织与结构

金融机构和金融市场的组织与结构

金融机构(19):非存款性金融机构——财产和意外伤害保险公司
金融机构(20):非存款性金融机构——财产和意外伤害保险公司
除了满足一定合格资产(eligible assets)和债券的底线,具有较大的投资选择。
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金融机构(21):非存款性金融机构——保险业的新趋势
银行与人寿保险公司的整合(bancassurance):跨部门投资(cross-sector investing);市场相互渗透(interpenatration of markets); 合作安排(cooperative arrangement) 整合的基础:放松管制;储蓄的增长;对保险的需求。 理论基础:资产和负债期限的对应,银行借短贷长,保险公司的资金来源是长期稳定的。 跨国经营:通过购并与设立分支机构实现。
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金融机构(14):非存款性金融机构——保险公司
金融机构(15):非存款性金融机构——保险公司
对保险公司的监管: 投资范围的限制; 会计核算的规定; 按风险调整的资本要求(risk-based capital requirement)
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金融机构(16):非存款性金融机构——人寿保险公司
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投资公司(6):单位投资信托(Unit Trust)
中介的四个作用:期限调整;分散风险;降低交易成本和信息搜集的成本;支付职能。
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投资公司(基金)主要提供了第2、3两种功能,一些货币市场基金可开支票,具有支付功能。
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投资公司(7):投资公司存在的经济动机
对投资公司的监管以《投资公司法》为依据。
金融机构(18):非存款性金融机构——人寿保险公司

金融市场和机构共62页文档

金融市场和机构共62页文档
一级市场与二级市场的区别: 一级市场是新的金融工具交易的场所,通过投资银行
的承销将资金使用者(发行债券或股票的公司)与资 金的初始供给者(投资者)联系起来。 二级市场是已发行的金融工具交易的场所,通过证券 经纪商将金融市场与其他资金供给者联系起来。
2.按期限分,金融市场可分为货币市场(1年 以内)和资本市场(1年以上);
金融市场与金融机构 考前辅导
2016年11月30日
第一章 导论
一、金融市场的概念
金融市场是指资金供应者和资金需求者双方通过信用工具进行交 易而融通资金的市场,广而言之,是实现货币借贷和资金融通、 办理各种票据和有价证券交易活动的市场。
二、金融市场的功能——有三个功能:
(l)流动性;(2)信息;(3)风险分担 (1)投资者因市场缺乏流动性而承受的交易困难和交易成本上升、甚
四、金融市场的先天缺陷
市场经济与生俱来具有三大先天缺陷: 一是人的本性有可能导致金融崩溃; 二是经济周期导致经济和金融的波动; 三是信息不完全和不可预期。因此金融危机不可避免
: 由此进一步认识导致金融市场先天缺陷的5个因素
(1)负的外部性; (2)公共品; (3)信息不对称; (4)垄断; (5)经济周期。
100万美元×(1+7%/2)=103.5万美元
该定期存单刚一发行,其市场利率就下降到了 6%。这样一来,此种面值为100万美元的定期 存单的二级市场价格将上升到:
103.5万美元/(1+6%/2)=100.4854万美元
Байду номын сангаас、欧洲美元
欧洲美元:【存在美国以外的美元】它并不是一种
特殊的美元,与美国国内流通的美元是同质的,具有 相同的流动性和购买力,所不同的是,欧洲美元不由 美国境内金融机构监管,不受美联储相关银行法规、 利率结构的约束。

金融市场与机构

金融市场与机构

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

第一章-金融市场与机构PPT课件

第一章-金融市场与机构PPT课件

.
9
一板市场和二板市场
一板市场也称“主板市场”,主要是指股票 交易所市场。
二板市场有时也称为“创业板市场”,主要 是指场外交易市场。
.
10
纽约证券交易所是世界上第二大证券交易 所。它曾是最大的交易所,直到1996年它 的交易量被纳斯达克超过。
纽约证券交易所 New York Stock Exchange
.
19
货币市场工具
定义 特点 分类
国库券 ·商业票据 ·大额可转让定期存单 ·回购协议 ·联邦基金 ·银行承兑汇票
.
20
资本市场工具
定义 特点 分类
债券 抵押贷款 股票
.
21
衍生工具
衍生工具是一种金融交易合约,这种合约 的价值从基础证券的价值中派生出来,或 以股票指数、利率、汇率水平为水准基点。
近来,随着各国金融机构管制的放松,储蓄机构在资金的 流向上拥有更大的灵活性,使它们在功能上越来越接近商 业银行。
尽管储蓄机构可以是股东所有,但大多数还是由互助性的 会员共同拥有(存款者所有)。
.
27
信用社
信用社是由某些工会、教会、大学甚至某些居 民区作为成员组成受共同约束的非盈利性组织, 与商业银行以及储蓄机构相比有以下不同点:
2005年4月末,纽约证交所收购全电子证券
交易所(Archipelago),成为一个盈利性机
构。纽约证交所的总部位于美国纽约州纽
约市百老汇大街18号,在华尔街的转弯处
南侧。2006年6月1日,纽约证券交易所宣
布与泛欧股票交易所(Euronext)合并组成
NYSE Euronext”。
纽约证券交易所有大约2,800间公司在此上
.

金融市场与金融机构体系

金融市场与金融机构体系
32
西方金融业的购并浪潮
20世纪90年代以来,国际金融业出现 重组浪潮,收购、兼并活动频繁。结果表现 为先进工业化国家的少数几家金融巨无霸垄 断了主要的市场份额,保持和加强了在全球 竞争中的实力与地位。
33
三、我国金融机构体系
以中国人民银行为领导,国有独资 商业银行为主体,多种金融机构并存, 分工协作的金融中介机构体系。 1、中央银行——中国人民银行
12家联邦储备银行和25家分行编辑课件272美国的商业银行州银行在州政府注册非会员银行编辑课件283美国的专业银行存款类金融机构信贷协会联邦政府金融机构住房信贷体系投资银行编辑课件29二日本的金融机构体系政府金融机构公库类其他非存款类金融机构编辑课件30三英国的金融机构体系苏格兰清算银行清算银行伦敦清算银行北爱尔兰银行零售银行英格兰银行银行部国民划拨银行银行信托储蓄银行英国商人银行承兑行其他英国银行美国银行海外银行日本银行国际财团银行其他海外银行贴现行其他金融机构编辑课件31单位信托公司编辑课件32跨国金融中介随着跨国企业和国际投资的发展大商业银行以及大投资银行大保险公司乃至辅助中介单位如会计事务所之类都全力着眼于全球性的发展并形成跨国性的金融机这些跨国金融中介具有全球战略目标资金实力雄厚业务范围广泛
年花旗银行发行了第一张10万元以上的可转让CD。特点是
面额大,金额固定,不记名,可买卖转让
➢ 3、商业票据(CP):银行、财务公司、企业发行的无担保债
务凭证。
➢ 4、回购协议(RPs):一方暂时对另一方出售一笔证券,同
时约定在一定时间内以约定的价格重新购回。出售方多为
银行、券商,购买方多为企业、地方政府,使其闲置资金
d.他们的经营活动,均受《中华人民共和国 商业银行法》的约束。
36

《金融市场与金融机构》课后习题答案

《金融市场与金融机构》课后习题答案

《金融市场与金融机构》米什金第七版课后习题答案
(请集中复习1-6、10-13、15章)
第一章为什么研究金融市场与金融机构
第二章金融体系概览
第三章利率的含义及其在定价中的作用
第四章为什么利率会变化
第五章利率的风险结构和期限结构如何影响利率
第六章金融市场是否有效
第十章货币政策传导:工具、目标战略和战术
第七版中的12题在第五六版中没有,此处的12-19题即为第七版的13-20题
第十一章货币市场
第十二章债券市场
第十三章股票市场
第十四章抵押贷款市场
第十五章外汇市场。

金融市场与金融机构介绍

金融市场与金融机构介绍
金融机构是经济体系中不可或缺的一部分,它们提供各种金融服务, 如存款、贷款、投资、保险等
金融机构在金融市场中扮演着重要的角色,它们通过提供各种金融产 品和服务,满足企业和个人的需求
金融机构的种类繁多,不同的金融机构有着不同的业务范围和特点
金融机构的分类
银行机构:包 括中央银行、 商业银行、政
策性银行等
数字化转型:利用大数据、人工智能等技术提升服务效率和用户体验 绿色金融:推动绿色金融发展,支持可持续发展 金融科技:加强金融科技研发,提升金融行业的智能化水平 跨境金融服务:拓展跨境金融服务,满足全球化的金融需求
金融市场与金融机构的未来合作前景
金融科技的发展推动合作创新
监管政策推动合作规范化发展
添加标题
非银行金融机 构:如保险公 司、证券公司、
基金公司等
互联网金融: 如P2P、众筹、 第三方支付等
金融控股集团: 如中信集团、 光大永明人寿
保险等
金融机构的功能
吸收存款:金融机构通过吸收存款,将社会闲散资金集中起来,为经济发展提供资金支持
发放贷款:金融机构通过发放贷款,为企业和个人提供融资支持,促进经济发展 支付结算:金融机构通过支付结算功能,为经济交易提供方便快捷的支付方式 风险管理:金融机构通过风险管理功能,帮助企业和个人规避风险,保障经济安全
信息咨询:金融机构通过信息咨询功能,为企业和个人提供市场信息、投资建议等服务
投资者
投资者的定义: 投资者是指通过 购买金融产品或 资产来获取收益 的个人或机构
投资者的类型: 个人投资者、机 构投资者、政府 投资者等
投资者的行为: 投资决策、风险 管理、资产配置 等
投资者的作用: 促进金融市场的 流动性和活跃性, 推动经济发展和 财富增长
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Chapter 10The Bond MarketMultiple Choice Questions1. Compared to money market securities, capital market securities have(a) more liquidity.(b) longer maturities.(c) lower yields.(d) less risk.Answer: B2. (I) Securities that have an original maturity greater than one year are tradedin capital markets.(II) The best known capital market securities are stocks and bonds.(a) (I) is true, (II) false.(b) (I) is false, (II) true.(c) Both are true.(d) Both are false.Answer: C3. (I) Securities that have an original maturity greater than one year are tradedin money markets.(II) The best known money market securities are stocks and bonds.(a) (I) is true, (II) false.(b) (I) is false, (II) true.(c) Both are true.(d) Both are false.Answer: D4. (I) Firms and individuals use the capital markets for long-term investments. (II)The capital markets provide an alternative to investment in assets such as real estate and gold.(a) (I) is true, (II) false.(b) (I) is false, (II) true.(c) Both are true.(d) Both are false.Answer: C5. The primary reason that individuals and firms choose to borrow long-term is toreduce the risk that interest rates will _________ before they pay off their debt.(a) rise(b) fall(c) become more volatile(d) become more stableAnswer: A6. A firm that chooses to finance a new plant by issuing money market securities(a) must incur the cost of issuing new securities to roll over its debt.(b) runs the risk of having to pay higher interest rates when it rolls over itsdebt.(c) incurs both the cost of reissuing securities and the risk of having to payhigher interest rates on the new debt.(d) is more likely to profit if interest rates rise while the plant is beingconstructed.Answer: C7. The primary reason that individuals and firms choose to borrow long-term is to(a) reduce the risk that interest rates will fall before they pay off their debt.(b) reduce the risk that interest rates will rise before they pay off their debt.(c) reduce monthly interest payments, as interest rates tend to be higher onshort-term thanlong-term debt instruments.(d) reduce total interest payments over the life of the debt.Answer: B8. A firm will borrow long-term(a) if the extra interest cost of borrowing long-term is less than the expectedcost of rising interest rates before it retires its debt.(b) if the extra interest cost of borrowing short-term due to rising interestrates does not exceed the expected premium that is paid for borrowing longterm.(c) if short-term interest rates are expected to decline during the term of thedebt.(d) if long-term interest rates are expected to decline during the term of thedebt.Answer: A9. The primary issuers of capital market securities include(a) the federal and local governments.(b) the federal and local governments, and corporations.(c) the federal and local governments, corporations, and financial institutions.(d) local governments and corporations.Answer: B10. Governments never issue stock because(a) they cannot sell ownership claims.(b) the Constitution expressly forbids it.(c) both (a) and (b) of the above.(d) neither (a) nor (b) of the above.Answer: A11. (I) The primary issuers of capital market securities are federal and localgovernments, and corporations. (II) Governments never issue stock because they cannot sell ownership claims.(a) (I) is true, (II) false.(b) (I) is false, (II) true.(c) Both are true.(d) Both are false.Answer: C12. (I) The primary issuers of capital market securities are financial institutions.(II) The largest purchasers of capital market securities are corporations.(a) (I) is true, (II) false.(b) (I) is false, (II) true.(c) Both are true.(d) Both are false.Answer: D13. The distribution of a firm’s capital between debt and equity is its(a) leverage ratio.(b) liability structure(c) acid ratio.(d) capital structure.Answer: D14. The largest purchasers of capital market securities are(a) households.(b) corporations(c) governments.(d) central banks.Answer: A15. Individuals and households frequently purchase capital market securities throughfinancial institutions such as(a) mutual funds.(b) pension funds.(c) money market mutual funds.(d) all of the above.(e) only (a) and (b) of the above.Answer: E16. (I) There are two types of exchanges in the secondary market for capitalsecurities: organized exchanges and over-the-counter exchanges. (II) When firms sell securities for the very first time, the issue is an initial public offering.(a) (I) is true, (II) false.(b) (I) is false, (II) true.(c) Both are true.(d) Both are false.Answer: C17. (I) Capital market securities fall into two categories: bonds and stocks. (II)Long-term bonds include government bonds and long-term notes, municipal bonds, and corporate bonds.(a) (I) is true, (II) false.(b) (I) is false, (II) true.(c) Both are true.(d) Both are false.Answer: B18. The _________ value of a bond is the amount that the issuer must pay at maturity.(a) market(b) present(c) discounted(d) faceAnswer: D19. The _________ rate is the rate of interest that the issuer must pay.(a) market(b) coupon(c) discount(d) fundsAnswer: B20. (I) The coupon rate is the rate of interest that the issuer of the bond must pay.(II) The coupon rate is usually fixed for the duration of the bond and does not fluctuate with market interest rates.(a) (I) is true, (II) false.(b) (I) is false, (II) true.(c) Both are true.(d) Both are false.Answer: C21. (I) The coupon rate is the rate of interest that the issuer of the bond must pay.(II) The coupon rate on old bonds fluctuates with market interest rates so they will remain attractive to investors.(a) (I) is true, (II) false.(b) (I) is false, (II) true.(c) Both are true.(d) Both are false.Answer: A22. Treasury bonds are subject to _________ risk but are free of _________ risk.(a) default; interest-rate(b) default; underwriting(c) interest-rate; default(d) interest-rate; underwritingAnswer: C23. The prices of Treasury notes, bonds, and bills are quoted(a) as a percentage of the coupon rate.(b) as a percentage of the previous day’s closing value.(c) as a percentage of $100 face value.(d) as a multiple of the annual interest paid.Answer: C24. The security with the longest maturity is a Treasury(a) note.(b) bond.(c) acceptance.(d) bill.Answer: B25. (I) To sell an old bond when interest rates have risen, the holder will have todiscount the bond until the yield to the buyer is the same as the market rate.(II) The risk that the value of a bond will fall when market interest rates rise is called interest-rate risk.(a) (I) is true, (II) false.(b) (I) is false, (II) true.(c) Both are true.(d) Both are false.Answer: C26. To sell an old bond when interest rates have _________, the holder will have to_________ the price of the bond until the yield to the buyer is the same as the market rate.(a) risen; lower(b) risen; raise(c) fallen; lower(d) risen; inflateAnswer: A27. Most of the time, the interest rate on Treasury notes and bonds is _________that on money market securities because of _________ risk.(a) above; interest-rate(b) above; default(c) below; interest-rate(d) below; defaultAnswer: A28. (I) In most years the rate of return on short-term Treasury bills is below thaton the 20-yearTreasury bond. (II) Interest rates on Treasury bills are more volatile thanrates on long-term Treasury securities.(a) (I) is true, (II) false.(b) (I) is false, (II) true.(c) Both are true.(d) Both are false.Answer: C29. (I) Because interest rates on Treasury bills are more volatile than rates onlong-term securities, the return on short-term Treasury securities is usually above that on longer-term Treasury securities.(II) A Treasury STRIP separates the periodic interest payments from the final principal repayment.(a) (I) is true, (II) false.(b) (I) is false, (II) true.(c) Both are true.(d) Both are false.Answer: B30. Which of the following statements about Treasury inflation-indexed bonds is nottrue?(a) The principal amount used to compute the interest payment varies with theconsumerprice index.(b) The interest payment rises when inflation occurs.(c) The interest rate rises when inflation occurs.(d) At maturity the securities pay the greater of face-value or inflation-adjusted principal.Answer: C31. The interest rates on government agency bonds are(a) almost identical to those available on Treasury securities since it isunlikely that the federal government would permit its agencies to default ontheir obligations.(b) significantly higher than those available on Treasury securities due to theirlow liquidity.(c) significantly lower than those available on Treasury securities becauseagency interest payments are tax exempt.(d) significantly lower than those available on Treasury securities because theinterest-rate risk on agency securities is lower than that on Treasurysecurities.Answer: B32. (I) Municipal bonds that are issued to pay for essential public projects areexempt from federal taxation. (II) General obligation bonds do not have specific assets pledged as security or a specific source of revenue allocated for their repayment.(a) (I) is true, (II) false.(b) (I) is false, (II) true.(c) Both are true.(d) Both are false.Answer: C33. (I) Most corporate bonds have a face value of $1000, pay interest semi-annually,and can be redeemed anytime the issuer wishes. (II) Registered bonds have now been largely replaced by bearer bonds, which do not have coupons.(a) (I) is true, (II) false.(b) (I) is false, (II) true.(c) Both are true.(d) Both are false.Answer: A34. The bond contract that states the lender’s rights and privileges and theborrower’s obligations is called the(a) bond syndicate.(b) restrictive covenant.(c) bond covenant.(d) bond indenture.Answer: D35. Policies that limit the discretion of managers as a way of protectingbondholders’ interests are called(a) restrictive covenants.(b) debentures.(c) sinking funds.(d) bond indentures.Answer: A36. Typically, the interest rate on corporate bonds will be _________ the morerestrictions are placed on management through restrictive covenants, because_________.(a) higher; corporate earnings will be limited by the restrictions(b) higher; the bonds will be considered safer by bondholders(c) lower; the bonds will be considered safer by buyers(d) lower; corporate earnings will be higher with more restrictions in placeAnswer: C37. Restrictive covenants can(a) limit the amount of dividends the firm can pay.(b) limit the ability of the firm to issue additional debt.(c) restrict the ability of the firm to enter into a merger agreement.(d) do all of the above.(e) do only (a) and (b) of the above.Answer: D38. (I) Restrictive covenants often limit the amount of dividends that firms can paythe stockholders.(II) Most corporate indentures include a call provision, which states that the issuer has the right to force the holder to sell the bond back.(a) (I) is true, (II) false.(b) (I) is false, (II) true.(c) Both are true.(d) Both are false.Answer: C39. Call provisions will be exercised when interest rates _________ and bond values_________.(a) rise; rise(b) fall; rise(c) rise; fall(d) fall; fallAnswer: B40. A requirement in the bond indenture that the firm pay off a portion of the bondissue each yearis called(a) a sinking fund.(b) a call provision.(c) a restrictive covenant.(d) a shelf registration.Answer: A41. (I) Callable bonds must have a higher yield than comparable noncallable bonds.(II) Convertible bonds are attractive to bondholders and sell for a higher price than comparable nonconvertible bonds.(a) (I) is true, (II) false.(b) (I) is false, (II) true.(c) Both are true.(d) Both are false.Answer: C42. Long-term unsecured bonds that are backed only by the general creditworthinessof the issuerare called(a) junk bonds.(b) callable bonds.(c) convertible bonds.(d) debentures.Answer: D43. A secured bond is backed by(a) the general creditworthiness of the borrower.(b) an insurance company’s financial guarantee.(c) the expected future earnings of the borrower.(d) specific collateral.Answer: D44. Financial guarantees(a) are insurance policies to back bond issues.(b) are purchased by financially weaker security issuers.(c) lower the risk of the bonds covered by the guarantee.(d) do all of the above.(e) do only (a) and (b) of the above.Answer: D45. Corporate bonds are less risky if they are _________ bonds and municipal bondsare less risky if they are _________ bonds.(a) secured; revenue(b) secured; general obligation(c) unsecured; revenue(d) unsecured; general obligationAnswer: B46. Which of the following are true for the current yield?(a) The current yield is defined as the yearly coupon payment divided by theprice of the security.(b) The formula for the current yield is identical to the formula describing theyield to maturity for a discount bond.(c) The current yield is always a poor approximation for the yield to maturity.(d) All of the above are true.(e) Only (a) and (b) of the above are true.Answer: A47. The nearer a bond’s price is to its par value and the longer the maturity ofthe bond the more closely _________ approximates _________(a) current yield; yield to maturity.(b) current yield; coupon rate.(c) yield to maturity; current yield.(d) yield to maturity; coupon rate.Answer: A48. Which of the following are true for the current yield?(a) The current yield is defined as the yearly coupon payment divided by theprice of the security.(b) The current yield and the yield to maturity always move together.(c) The formula for the current yield is identical to the formula describing theyield to maturity for a discount bond.(d) All of the above are true.(e) Only (a) and (b) of the above are true.Answer: E49. The current yield is a less accurate approximation of the yield to maturity the_________ the time to maturity of the bond and the _________ the price isfrom/to the par value.(a) shorter; closer(b) shorter; farther(c) longer; closer(d) longer; fartherAnswer: B50. The current yield on a $6,000, 10 percent coupon bond selling for $5,000 is(a) 5 percent.(b) 10 percent.(c) 12 percent.(d) 15 percent.Answer: C51. The current yield on a $5,000, 8 percent coupon bond selling for $4,000 is(a) 5 percent.(b) 8 percent.(c) 10 percent.(d) 20 percent.(e) none of the above.Answer: C52. For a consol, the current yield is an _________ of the yield to maturity.(a) underestimate(b) overestimate(c) approximate measure(d) exact measureAnswer: D53. Which of the following are true of the yield on a discount basis as a measure ofthe interest rate?(a) It uses the percentage gain on the face value of the security, rather thanthe percentage gain on the purchase price of the security.(b) It puts the yield on the annual basis of a 360-day year.(c) It ignores the time to maturity.(d) All of the above are true.(e) Only (a) and (b) of the above are true.Answer: E54. The formula for the measure of the interest rate called the yield on a discountbasis is peculiar because(a) it puts the yield on the annual basis of a 360-day year.(b) it uses the percentage gain on the purchase price of the bill.(c) it ignores the time to maturity.(d) both (a) and (b) of the above.(e) both (a) and (c) of the above.Answer: A55. The yield on a discount basis of a 180-day $1,000 Treasury bill selling for $950is(a) 10 percent.(b) 20 percent.(c) 25 percent.(d) 40 percent.Answer: A56. The yield on a discount basis of a 90-day $1,000 Treasury bill selling for $950is(a) 5 percent.(b) 10 percent.(c) 15 percent.(d) 20 percent.(e) none of the above.Answer: D57. The yield on a discount basis of a 90-day $1,000 Treasury bill selling for $900is(a) 10 percent.(b) 20 percent.(c) 25 percent.(d) 40 percent.Answer: D58. The yield on a discount basis of a 180-day $1,000 Treasury bill selling for $900is(a) 10 percent.(b) 20 percent.(c) 25 percent.(d) 40 percent.Answer: B59. When an old bond’s market value is above its par value the bond is selling at a_________. This occurs because the old bond’s coupon rate is _________ thecoupon rates of new bonds withsimilar risk.(a) premium; below(b) premium; above(c) discount; below(d) discount; aboveAnswer: BTrue/False1. The primary issuers of capital market securities are local governments andcorporations.Answer: FALSE2. Capital market securuties are less liquid and have longer maturities than moneymarket securities.Answer: TRUE3. Governments never issue stock because they cannot sell ownership claims.Answer: TRUE4. To sell an old bond when rates have risen, the holder will have to discount thebond until the yield to the buyer is the same as the market rate.Answer: TRUE5. Most of the time, the interest rate on Treasury notes is below that on moneymarket securities because of their low default risk.Answer: FALSE6. Municipal bonds that are issued to pay for essential public projects are exemptfrom federal taxation.Answer: TRUE7. Most municipal bonds are revenue bonds rather than general obligation bonds.Answer: FALSE8. Most corporate bonds have a face value of $1000, are sold at a discount, and canonly be redeemed at the maturity date.Answer: FALSE9. Registered bonds have now been largely replaced by bearer bonds, which do nothave coupons.Answer: FALSE10. A sinking fund is a requirement in the bond indenture that the firm pay off aportion of the bond issue each year.Answer: TRUE11. Debentures are long-term unsecured bonds that are backed only by the generalcreditworthiness of the issuer.Answer: TRUE12. In a leveraged buy out, a firm greatly increases its debt level by issuing junkbonds to finance the purchase of another firm’s stock.Answer: TRUE13. A financial guarantee ensures that the lender (bond purchaser) will be paid bothprincipal and interest in the event the issuer defaults.Answer: TRUE14. The current yiel d on a bond is a good approximation of the bond’s yield tomaturity when the bond matures in five years or less and its price differs from its par value by a large amount.Answer: FALSE精选文档Essay1. What is the purpose of the capital market? How do cpaital market securitiesdiffer from money market securities in their general characteristics?2. What is a bond indenture?3. What role do restrictive covenants play in bond markets?4. What is the difference between a general obligation and a revenue bond?5. What are Treasury STRIPS?6. What is a convertible bond? How does the convertibility feature affect thebond’s price andinterest rate?7. What is a bond’s current yield? How does current yield differ from yield tomaturity and what determines how close the two values are?8. Distinguish between general obligation and revenue municipal bonds.9. What is a callable bond? How does the callability feature affect the bond’sprice and interest rate?.10. What types of risks should bondholders be aware of and how do these affect bondprices and yields?(注:可编辑下载,若有不当之处,请指正,谢谢!)精选文档。

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