复旦大学财务管理期中考试题

复旦大学管理学院201５~2016学年第二学期期中考试试卷□A卷课程名称:__财务管理 ______＿_＿课程代码：＿＿９6９、０03、１、01__＿开课院系：__管理学院会计系_________考试形式:＿＿＿___开卷__＿___＿姓名: 学号: 专业:一、选择题（每题1、５分，共７５分）1.Ｃonsｉder a bonｄwith ａface vａluｅof $1，００0，a coupon raｔeｏf 6％，ayieｌｄto maｔurity of 8%, anｄtｅｎyearsｔo mａtuｒity、This bｏnｄ＇s ｄｕｒation iｓ：A、 8、7 yｅaｒsﻫB、 7、6 yeａrsﻫC、 0、１yｅａrsﻫD、 6、5 years2. A bｏnｄｗitｈa ｆace vａｌue ｏf ＄１,０00，cｏuｐon ｒate of 0％，ｙieｌdto maturiｔｙof9％,anｄtｅn ｙearｓto mａturｉty、Thiｓbｏnd's durａtion iｓ：A、 6、7 ｙearsﻫＢ、 7、５yｅarsﻫC、 9、6 yeaｒｓＤ、 10、０years3. A bｏnd wｉth duratｉon of 10 yｅars has yield to maturiｔｙof １0％、Tｈｉs ｂｏnd's volatiｌｉty is：ﻫA、９、09％ﻫB、 6、8％ﻫC、 14、6％D、 6、0%4.Ｉf a ｂｏnd’sｖoｌatiｌitｙis 10％anｄtｈe ｉnteresｔrａte goeｓdoｗn bｙ0、７5％(poinｔs）then theｐriｃe ｏｆｔhe ｂｏnd：ﻫA、ｄecreａses by 1０％B、 decｒeａses by 7、5%Ｃ、ｉncｒｅases ｂy 7、5％ﻫD、 iｎcｒｅasｅs by0、75％5.Vｏlatｉｌity of a ｂond is giveｎby：ﻫI) Duratiｏn/(1 + ｙield）ﻫＩI) Sloｐe oｆthe ｃuｒｖe reｌaｔing ｔhe ｂond prｉce tｏtｈe ｉｎteｒest rａteＩII）Ｙieｌｄtoｍaｔｕrity ﻫA、 I onlyB、ＩI oｎlyC、ＩＩＩonｌｙﻫＤ、 I anｄII onlｙ6.The value oｆ a mon stｏck today dependｓｏn：ﻫA、 Nuｍber of sharesoutstanding ａnｄthe nｕmber of shareｈｏlｄｅｒsB、 The expecteｄfutuｒe dividｅndｓａｎｄthe discｏunｔｒａteﻫC、 ThｅWａll StｒeeｔaｎaｌyｓtsﻫD、 Preｓent ｖaｌue ｏｆthe futuｒe earnｉnｇs per ｓhare7.Ｄeluxe pany ｅxpects to pay a dｉvidend of ＄2pｅr sｈarｅat the end of yeａr-1，＄３peｒｓhare at tｈｅeｎｄof ｙｅar-2 aｎｄthen be solｄfor ＄32 per share、If ｔhｅrequｉred rａｔe ｏｎｔhｅsｔock is １5％，wｈat is the currenｔvaｌuｅof ｔｈe sｔock？ﻫＡ、 $28、2０ﻫB、＄32、１７C、＄３2、00Ｄ、 Noｎe of theｇiven ａnｓｗerｓ8.Casino Iｎc、ｉs eｘpｅcted to pay a ｄivｉdend of $3 ｐｅｒshaｒe ａt the endof yｅar－1 （D１)and thｅｓe divideｎds ａｒｅexpected ｔo ｇroｗat ａｃonstant raｔｅof6％per yeaｒforeveｒ、If thｅrｅquired ratｅｏf rｅｔurn ｏn tｈe ｓtock iｓ18%，ｗhat ｉs cｕrrent ｖalｕe of tｈe stock today？A、 $2５Ｂ、＄5０C、 $100D、＄５49.R＆D TｅchnoｌogｙCorporatiｏn hａsｊusｔpaid a dividenｄof$0、５0pershare、Tｈe dividends are exｐeｃｔed to gｒow at 24% ｐｅr ｙeａｒｆoｒt ｈe nexｔtwo years ａnd ａt 8% per year tｈereａfter、If tｈe ｒeｑuiｒed rate of reｔurn in the stock ｉs 16％(ＡPR），calculatｅtｈe curreｎｔvalue oｆｔｈe ｓtocｋ、Ａ、＄１、1１ﻫＢ、＄7、7１C、＄8、８２ﻫD、 Nonｅof thｅaｂｏve10.Which of the folloｗinｇfｏrmulas reｇarｄiｎg earnｉngs ｔo prｉｃe ｒａtio is tｒｕe：Ａ、 EＰＳ/Pｏ= r［1 + （PVGO/Ｐo]ﻫB、ＥPS／Ｐo＝ｒ［１- （PVGO/Ｐo)］ﻫC、 EPS/Pｏ＝［r + （PVGO/Po)］D、 EPＳ/Po= ［ｒ+ （１+ （PVGO/Po)］/ｒ11.Wｈich of tｈe fｏlｌowｉng investmeｎt rulｅs does noｔuse ｔｈｅtｉme valueof ｔhe money ｃonｃeｐt?A、 Net preｓeｎt valueﻫＢ、Ｉnternaｌｒateｏf returnﻫＣ、 Tｈe paｙback ｐerｉoｄﻫD、 All of tｈｅａbove uｓe thｅtiｍe vaｌue ｃｏｎceｐｔ12. The net presｅnt ｖalｕe of a prｏjeｃｔdepeｎｄs upon：A、ｐaｎy＇s choice of ａccounｔinｇmethodﻫＢ、 mａnaｇｅｒ'sｔａstes anｄpｒeferｅnceｓﻫC、 pｒojeｃｔ＇ｓcaｓh fｌoｗs aｎd oｐpｏrtｕnity cost of caｐｉｔａlﻫD、 all of ｔhe abｏｖe13.Ｔｈｅｐaybａcｋperiod rule:A、 Variｅｓthe ｃuｔ—ofｆｐoiｎt wｉth thｅiｎteｒest rate、B、Ｄetｅrmines a cuｔ－ｏfｆpoinｔso thaｔaｌl pｒojects accｅpted bｙtheNPＶrule ｗｉllｂe acceｐteｄby the payｂａck perioｄｒｕｌｅ、C、Ｒequires an arbitrａrｙchｏiceｏf a cut-off poinｔ、ﻫＤ、ＢotｈA and C、14.Given ｔｈe folｌowingｃash ｆlｏｗs for projeｃtＡ：C0＝－1000，Ｃ１=+600 ,Ｃ２=+4０0，and Ｃ３= +1500，calｃulate tｈe paybacｋｐeｒiod、Ａ、 OｎｅｙｅaｒＢ、Ｔwo yearsﻫC、ＴhｒeｅｙｅarsﻫＤ、 Nonｅｏf the ａｂove15.Gｉvｅn tｈｅfolｌowing cash ｆloｗs for proｊeｃｔZ：C０= －1，00０,Ｃ1= ６00, Ｃ2= ７20 ａｎd C3= ２０00，caｌcｕｌate the dｉｓcounted payback periｏd fｏr the pｒoject at a dｉsｃｏunt raｔe of 20％、A、１yeａrﻫB、２yearｓﻫC、 3 yearｓD、 Nonｅｏf the ａｂoｖe16.Givｅnｔhe following ｃash floｗs for Proｊｅct M:C0 =—1，００0, C1 =+２00，C2=＋700,C3=＋６98，caｌｃｕlate theＩＲR ｆor ｔｈe project、ﻫA、 2３％B、 21%C、 19%ﻫＤ、 None ｏｆｔhｅａｂｏｖｅ17.Driｓcｏｌl ｐanｙｉs coｎsｉderｉng ｉｎveｓtiｎg ｉn a ｎew pｒｏjｅct、Ｔhe prｏjｅcｔｗill ｎeeｄanｉｎitｉal ｉnｖestment of＄2,400，000 anｄwi ｌl gｅneraｔe ＄１，２00,00０（afteｒ－tａｘ）ｃａsh flows ｆor three years、Ｃａlculate the IRR fｏr the ｐrojｅcｔ、A、 14、５％ﻫB、 18、6％C、 2０、2％D、２3、4%18. Whｉch portｆolio has had tｈｅhｉgｈeｓt averaｇeｒｉsｋｐremiuｍduring tｈe periｏd 190０-20０6?Ａ、ｍｏn stoｃｋsﻫB、 GoveｒｎmenｔbondsC、 Treasury billsD、 Nｏne of tｈe giｖｅn answeｒs19.Which oｆｔｈｅfollowｉng proviｄeｓａcorreｃt meａsure of the ｏppｏｒtｕnity ｃost of ｃapital regardｌess oｆthｅｔiming of the ｃaｓh fｌｏws? ﻫA、 ArithmeｔiｃaverageB、 GｅｏmetriｃaｖeraｇeﻫＣ、Ｈｙpｅrboｌic mｅaｎD、 None of ｔhｅaｂovｅ20.Markeｔrisk is ａｌｓo calleｄ：Ｉ) systｅｍａtic risk，II）unｄiverｓifiablｅｒiｓk，IＩＩ）firm specｉfｉc risk、A、 IｏnｌyＢ、 II onlyC、ＩII onlｙﻫＤ、 I and II onlｙ21.Ａs ｔｈe ｎｕｍberｏｆｓtockｓinａportfoｌioｉs incｒeａｓed：A、 Uniquｅrｉsk decｒｅases and aｐproachｅｓto zeroﻫB、 Maｒkeｔｒｉsk dｅcrｅａsesﻫC、 Uｎｉque risk deｃreasｅｓanｄbeeｓequal ｔｏｍarｋet riskD、 Total risk aｐｐrｏacｈes to zeｒo22.Stoｃk M and Stock N have had ｔｈe fｏｌlｏｗinｇrｅturｎs fｏr the ｐaｓttｈreｅyears of -１２%，1０%，32%; and １５%，6%，24％respeｃtively、C ａlcｕlａte ｔhe ｃｏvａriａnce beｔweeｎthｅtwo secuｒiｔies、Ａ、 -99ﻫB、 +９９ﻫC、 +250D、 Noｎe oｆｔhe above23.Ｔｈe rａnge of ｖalues ｔｈat corｒelａtｉon coeｆficiｅnts can takｅｃａｎbe:A、ｚｅro to ＋１B、—1 to ＋１ﻫC、 -infｉｎity to＋ｉnfiniｔyＤ、 zｅrｏｔo + infiｎity24.Ｉｎtｈｅcase of a poｒtfolio of Ｎ－stｏｃks，the forｍula fｏr pｏrｔfoliovarianｃe conｔaｉnｓ：A、 N vaｒiance terｍsﻫB、 N(N — 1）／2 varｉａnｃe terｍsC、 N２variaｎceｔermsﻫD、 None of tｈe above25.Tｈe"bｅtａ”ｉs ａmeasure of: ﻫA、ＵniqueｒiｓkﻫB、 Tｏtａl rｉｓkﻫC、Ｍaｒket ｒiｓkﻫD、 None of the aｂove26.The cｏrｒｅlation coｅfficient between stocｋA and the markｅｔpoｒtfolｉｏis +0、6、Ｔhe staｎｄard deviatｉon oｆretuｒn of theｓtｏcｋis 30％ａｎd that of ｔhe market portfolｉo ｉs２0％、Cａlcuｌate ｔhe beta ｏf the stock、ﻫA、 1、1B、１、0Ｃ、 0、9D、 0、６27.The disｔributiｏn oｆｒetｕrns，ｍeasured oveｒa ｓhｏｒt interval oｆtimｅ，ｌiｋe ｄaｉlｙreｔurns，cａｎbe apｐrｏxｉmatedｂy：A、Ｎormal distribuｔionﻫＢ、Ｌｏgnormal diｓtriｂutionC、 BinomiaｌｄｉｓｔriｂｕtionD、ｎone ｏｆthe ａbove28.Norｍａl ａnｄlognｏrmａl disｔｒibutioｎs are pletｅly specｉfｉed ｂy：ﻫI) ｍeanﻫII）stａnｄaｒd ｄeviatiｏnﻫＩII）tｈｉｒd momｅnt ﻫA、 I onlyB、 I and ＩI oｎｌyﻫＣ、ＩI onlyD、 IIＩｏnly29.Fｌorｉda pany（FC)and Minnｅsｏta ｐａny （MＣ）are bｏｔh sｅrvice ｐaｎiｅs、Ｔｈeir hｉstoｒicａl rｅｔｕrn for the past three yｅaｒｓare:FＣ：—５%,15%，20％；MC：８％，８%，2０％、ﻫCａlｃｕｌate tｈe ｓtandard dｅvｉａtｉoｎ（Ｓ、D、）of reｔurn for FC and MC、ﻫＡ、ＦC:10% MＣ: 12%B、 FC：18、7％ＭＣ：9、8％ﻫC、ＦＣ：１3、2％MC: 6、9％D、 Nｏne of ｔｈｅaｂｏve30. Flｏｒida paｎy (FC) ａnd Minnesotａｐany （MC)are boｔh serviｃｅｐａnｉｅs、Theirｈistoｒical rｅｔurｎfor the past tｈｒeｅyｅars aｒe: FＣ：- 5％，15%，20%; ＭＣ：8％,8%，20%、Ｗhat iｓtｈe ｖａriａnce of the ｐortfｏliｏwiｔｈ50%of thｅfuｎdｓinvested ｉｎFＣanｄ5０% iｎMC （aｐproximaｔeｌy）?A、８5、75ﻫB、 111、50C、 55、７5ﻫＤ、Ｎoｎe of the aｂove31.Iｎvｅsｔmｅntｓ A ａｎd B botｈｏffeｒan expected rａte of return oｆ12％、Iｆｔhe ｓtandaｒd dｅvｉatｉon of A iｓ20％anｄthat oｆB ｉs 30％，then ｉnｖｅｓtoｒs wouｌｄ: ﻫA、 Pｒeｆｅr A to BＢ、 Prefer Ｂto ＡC、 Prefｅr a porｔfolio of A anｄBＤ、 Cannot answｅｒｗithoｕt knowing investor’s ｒisk pｒefｅrenｃeｓ32.Ｔhe effｉｃｉｅnt poｒtfolｉos:Ｉ）hａve onｌy ｕniquｅrｉskII) ｐｒoviｄe highesｔｒeｔｕrns foｒa given lｅｖeｌof rｉskﻫＩII) provｉde the leａst ｒisk for a given ｌevel of retuｒｎｓIV）hａｖe nｏrisk at alｌA、ＩonlｙﻫB、 IＩａｎd ＩIＩonlyﻫC、 IV onlyﻫD、ＩI ｏnly33.Ｂy ｂinｉnｇlｅnding and borｒowing at thｅrisk－ｆｒeｅrａte ｗith the ｅfficient porｔfoｌios,we can I)extend tｈe ranｇｅof invｅstｍenｔpoｓsibiｌi ｔiesIＩ）chaｎge effｉｃient ｓet oｆportfｏlios from being ｃｕｒvilineａr to a sｔr ａighｔline、III）provｉde a ｈigｈer exｐｅcｔed retuｒｎfor ａny ｌevｅｌoｆｒisk except theｔangeｎtial porｔfoliｏﻫＡ、 I onｌyＢ、 I ａndＩI onlyﻫＣ、 I，II，andＩIID、 nonｅof tｈe aboｖｅ34.Suppose yoｕinveｓt equaｌamounｔs ｉn a portｆolio wｉth aｎexｐecｔeｄretｕrn of1６％aｎｄa standａｒd deｖiａtｉon oｆreｔurｎｓoｆ20% aｎd ａｒisｋ—ｆree ａｓｓet wｉth an inteｒest rate of 4％; calｃuｌａｔｅtｈestandard deｖiation of the retｕrｎs ｏn ｔhｅrｅsultinｇpoｒｔfolio：Ａ、 8％ﻫB、 10%ﻫＣ、 2０％ﻫD、 nｏne of ｔhe above35.Thｅcorreｌatiｏn bｅｔweeｎthe efｆｉcｉｅnt porｔfｏlio and tｈe risk—ｆrｅe assetｉｓ：ﻫＡ、 +１ﻫＢ、—1ﻫＣ、 0D、 cannot ｂｅcaｌcｕlated36.In tｈe pｒｅseｎcｅoｆa risk－freｅasｓet, the investｏr’s job iｓｔｏ：ﻫＩ）invｅst in tｈeｍaｒket poｒｔfolｉｏII)ｆiｎd aｎinterｉｏr poｒtfolio uｓingｑuaｄratic ｐrogｒamｍingﻫＩII）bo ｒｒoｗor lend at tｈe rｉｓk—ｆreｅｒａｔｅＩＶ）ｒｅａd aｎｄuｎｄeｒｓtａnd Markowitz'sｐortfｏlio theｏｒy ﻫA、 I ａｎd II oｎlyﻫＢ、ＩaｎｄＩII ｏｎlyC、ＩＩand IV ｏnlyﻫＤ、ＩV onｌy37.Bｅｔa of the market portfoliｏis:A、 ZeroﻫＢ、 +０、5ﻫＣ、 -1、０ﻫＤ、 +1、038.Tｈe ｇrapｈicａl reｐreseｎtation ｏf CAPＭ（CapitａｌAｓset ＰriciｎｇModel）is ｃallｅd：A、 Caｐｉtａl MａrkeｔLineﻫB、 Charaｃtｅrｉstic LineC、 Sｅcuｒity Mａrket LineD、 Noｎe of tｈｅaboｖｅ39.If tｈe betaｏｆEｘｘｏn Mobiｌｉｓ0、6５，ｒiｓｋ－free rａtｅis 4%and the mａrｋｅｔrate ｏf returｎiｓ1４%, cａlｃulaｔe the expeｃted ｒateｏf retuｒｎfrｏm Exxoｎ：ﻫA、 12、6%ﻫＢ、 1０、５％C、 13、1%D、 6、5%40. If a stock is ｏverpｒiced it wouｌd ｐlｏt：A、 Aboｖｅthe secｕritｙmａrkeｔlineＢ、Ｂelow ｔｈe sｅcurity mａrket lineC、 Onｔhe seｃuriｔy maｒket liｎeD、 On the Ｙ-axis41.Cost of cａpitaｌｉs ｔｈe same as coｓｔof ｅquiｔy for ｆiｒmｓ：ﻫA、 financeｄeｎtirely by ｄｅｂｔﻫB、 fｉnancｅd by boｔｈdebｔanｄequityC、ｆinancｅd entirelｙｂｙｅｑuityﻫD、 nｏnｅoｆthe abovｅｉｎg ｔhe pａny coｓt of ｃａpitaｌtｏevaluate a proｊect is：Ｉ）Ａlways correctII) Ａｌwａys inｃorrectIII）Ｃorreｃｔｆｏr ｐrojects tｈaｔａre about as risky aｓthe average of ｔhｅfirm'ｓｏｔher aｓsets ﻫA、 I onlyB、 II ｏnlyＣ、 III onlyﻫD、 I and III onｌy43.Which of the folｌowiｎｇtypeｓof pｒoｊects hａve the ｈighｅｓt rｉsk？A、 Spｅculaｔiｏn ｖentuｒeｓＢ、 New productsﻫC、 Eｘpaｎsion of exiｓtinｇｂｕsiｎｅｓsD、Ｃost impｒoｖｅment，(known tecｈnology）44.The mａrket ｖａluｅof Charter Crｕise pａｎy's ｅｑuiｔy is $15milliｏn, anｄｔｈe marｋet value ｏf ｉｔs risｋ－frｅe dｅbｔiｓ$５million、If tｈe ｒequired ｒaｔｅｏｆrｅｔurn on tｈe eｑuiｔy is 20％anｄｔhat on the deb ｔis8%，cａlｃulate tｈe pany’s cost of ｃaｐitａｌ、(Aｓsuｍｅｎｏta ｘes、）ﻫA、２0％ﻫB、 1７％Ｃ、 14％ﻫD、Ｎone of tｈe aboｖe45.Theｍａrkｅt valｕe ｏf ＸYZ Ｃorporａｔioｎ’s monｓtock iｓ40 miｌlｉonaｎｄthe maｒket valｕｅof ｔｈeｒisk-ｆｒee ｄｅbt is 60 million、Ｔｈe b ｅtａoｆthｅpaｎy＇s monｓｔoｃk ｉｓ０、8,ａnｄthe eｘpectｅｄmarkｅt rｉｓk ｐremiｕm is １０%、If thｅTrｅasｕry bｉllｒatｅis 6%，w ｈaｔｉｓtｈe firm＇ｓcｏst of cａｐitａｌ？(Asｓume no tａxeｓ、)A、 9、2％B、 1４%ﻫＣ、 8、１％ﻫD、 None of tｈe aｂoｖe46.Oｎａｇraph with ｍｏn stock returns on thｅＹ—axis and maｒkｅt returnson ｔhe X-axis，the ｓlｏpe of thｅrｅgressiｏn linｅreprｅsenｔs tｈe：Ａ、 AlｐhaB、 BｅtａC、Ｒ-squａredD、Ａｄjusted bｅta47.An eｘamｐｌe oｆdiｖersifiablｅrｉｓｋthａｔshｏulｄbｅiｇnored whenanalyｚing ｐroject risk wｏuld incluｄe ﻫA、 modity pｒice ｃhanｇesＢ、 Labor cｏstｓC、Ｓtock ｐrice ｆｌucｔｕationsD、Ｒisk of goｖerｎment non－ａpproval48. A fudge fａｃｔor ｍｉghtｉｎclude: ﻫA、ｍodｉty pｒiｃe changeｓﻫB、 Labor coｓｔsC、Ｓtｏcｋpｒice fluｃｔuationｓﻫＤ、 Riｓk ｏf govｅrnｍenｔｎon—approvａl49.Geneｒallｙ，the valuｅtｏusｅfor the risｋ－frｅe interest ｒatｅiｓ: ﻫA、 Short-teｒｍTreａｓury ｂｉll raｔｅＢ、 Long-term Ｃorpoｒate bonｄraｔeﻫC、 Mｅｄium-teｒm Ｃorporate boｎd raｔeＤ、ｎｏne ｏf the above50.Ｗhich of the followiｎg tyｐe of pｒojectｓhas ａveragｅrisk？ﻫA、 Sｐｅculation vｅnturesﻫＢ、 New productsC、Ｅｘpaｎsioｎof eｘisting buｓiｎessD、 Cost iｍprｏvemenｔ二、判断题1.The pany coｓｔof cａpｉtａl iｓthe corrｅct diｓcｏunt rａte for aｎy projeｃt ｕｎderｔakeｎby ｔhe pany、ﻫ2.It is gｅnerally mｏre accurateｔo estimate an”induｓｔry beｔａ＂ｆor a poｒtfolｉｏof ｐaｎieｓin the same ｉndustry tｈan tｏｅstｉmate beta foｒａsinｇle pany、ﻫ3.Firｍs wｉth ｈigh ｏpeｒａting leｖeｒagｅtｅnd to have hｉgher asｓet betａs、ﻫ4. Firｍs wiｔh cycｌｉcal ｒeｖeｎues tｅnｄtｏｈavｅlower ａｓset betas、5.If ｔｈe exｐｅｃted return oｆstｏｃk A iｓ１2% anｄｔhat oｆstoｃk B ｉｓ１４％anｄｂｏth have tｈe ｓａme vaｒiancｅ，ｔhen investors wouｌd ｐｒefe ｒstock Bｔo ｓtｏcｋＡ、6. Betａmeasures the margiｎal ｃonｔrｉｂutｉon of a ｓtoｃk toｔhe risk of a wｅｌl-diｖersｉfiｅd porｔｆoliｏ、ﻫ7.Portfoｌiｏs that offeｒｔhｅhiｇhｅｓt exｐｅcteｄretuｒn foｒa gｉven ｖａｒiａnｃe ｏr stａｎdard ｄｅviation are knｏwｎas efficiｅnt pｏｒtfolios、8.The staｎｄard statｉｓｔiｃaｌmeａｓuｒｅs of spreaｄare beｔａaｎｄcovarｉanｃe、ﻫ9.Diverｓificatiｏn reduceｓriｓk bｅcａusｅｐrｉceｓof ｄｉfｆerent secｕriｔieｓdo not moｖｅeｘacｔly togeｔher、ﻫ10.The ａvｅrage beta of aｌｌstoｃｋｓｉn tｈe mａrket is zero、11.The paｙbaｃk ｒule ｉgnoｒｅｓａll cash fｌowｓａftｅr the cuｔofｆdａte、12.Ｔhe intｅｒnal rate oｆretuｒn is the ｄiscoｕｎｔratｅthat makes theＰV of ａproject’s cash iｎｆlｏwｓequal to ｚero、13.The only ｐayoff ｔo theｏwnersｏf moｎstｏcks isｉn ｔhe fｏｒm cａsh diｖｉｄends、14. Sｈoｒt—ｔerm ａｎｄｌong－term iｎteresｔrates always move iｎｐａｒａlｌｅｌ、ﻫ15.Thｅｄurａtion of anyｂond iｓｔhe ｓame as its maturｉty、ﻫ三、问答题（5*2）1.Ｂriefｌy explain ｔhｅｄiffereｎcｅbeｔween beta as a measuｒe of riｓk aｎd ｖariａnce as a ｍeasｕｒｅｏf riｓk、2、Bｒｉefly explainｔhe ｍｅanｉnｇof ＰVＧＯ，aｎｄexplａiｎwｈy Microsoft e ｘｐeｒｉenced ａsiｇnificant ｄrｏp in pricｅwhen iｔａnnoｕnｃｅd its ｆirst ever ｒeguｌａr dividend aloｎｇwｉｔｈhuｇｅｐrofｉts、。