《金融市场学》习题之欧阳组创编.docx
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《金融市场学》习题之欧阳组创编.docx
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《金融市场学》习题之欧阳组创编
《金融市场学》复习题
时间:
2021.02.16
创作:
欧阳组
1.Commonstockisanexampleofa(n)______.
A)debtsecurity.B)moneymarketsecurity.C)equitysecurity.D)aandb
2.Therequiredreturntoimplementagivenbusinessprojectwillbe______ifinterestratesarelower. Thisimpliesthatbusinesseswilldemanda______quantityofloanablefundswheninterestratesarelower.
A)greater;lowerB)lower;greaterC)lower;lowerD)greater;greater
3.Thefederalgovernmentdemandforloanablefundsis__________. Ifthebudgetdeficitwasexpectedtoincrease,thefederalgovernmentdemandforloanablefundswould________.
A)interestelastic;decreaseB)interestelastic;increase
C)interestinelastic;increaseD)interestinelastic;decrease
4.Iftherealinterestratewasnegativeforaperiodoftime,then
A)inflationisexpectedtoexceedthenominalinterestrateinthefuture.
B)inflationisexpectedtobelessthanthenominalinterestrateinthefuture.
C)actualinflationwaslessthanthenominalinterestrate.
D)actualinflationwasgreaterthanthenominalinterestrate.
5.Ifinflationturnsouttobelowerthanexpected
A)saversbenefit.
B)borrowersbenefitwhilesaversarenotaffected.
C)saversandborrowersareequallyaffected.
D)saversareadverselyaffectedbutborrowersbenefit.
6.AssumethatforeigninvestorswhohaveinvestedinU.S.securitiesdecidetoincreasetheirholdingsofU.S.securities. ThisshouldcausethesupplyofloanablefundsintheUnitedStatesto_____andshouldplace______pressureonU.S.interestrates.
A)decrease;upwardB)decrease;downwardC)increase;downwardD)increase;upward
7.Ifeconomicexpansionisexpectedtodecrease,thedemandforloanablefundsshould______andinterestratesshould______.
A)increase;increaseB)increase;decreaseC)decrease;decreaseD)decrease;increase
8.WhenJapaneseinterestratesrise,andifexchangerateexpectationsremainunchanged,themostlikelyeffectisthatthesupplyofloanablefundsprovidedbyJapaneseinvestorstotheUnitedStateswill______,andtheU.S.interestrateswill_______.
A)increase;increaseB)increase;decreaseC)decrease;decreaseD)decrease;increase
9.Assumethatannualizedyieldsofshorttermandlongtermsecuritiesareequal. Ifinvestorssuddenlybelieveinterestrateswillincrease,theiractionsmaycausetheyieldcurveto
A)becomeinverted.B)becomeflat.C)becomeupwardsloping.D)beunaffected.
10.Iftheliquiditypremiumexists,aflatyieldcurvewouldbeinterpretedasthemarketexpecting______ininterestrates.
A)nochangesB)aslightdecreaseC)aslightincreaseD)alargeincrease
11.Accordingtothesegmentedmarketstheory,ifmostinvestorssuddenlypreferredtoinvestinshorttermsecuritiesandmostborrowerssuddenlypreferredtoissuelongtermsecuritiestherewouldbe
A)upwardpressureonthepriceoflongtermsecurities.
B)upwardpressureonthepriceofshorttermsecurities.
C)downwardpressureontheyieldoflongtermsecurities.
D)aandc
12.Otherthingsequal,theyieldrequiredonnoncallablebondsshouldbe______theyieldrequiredoncallablebondswhoseothercharacteristicsareexactlythesame.
A)greaterthanB)equaltoC)lessthan
D)Alloftheabovearepossible,dependingonthesizeofthecallpremium.
13.Accordingtoexpectationstheory,thesuddenexpectationoflowerinterestratesinthefuturewillcausea______supplyofshorttermfundsprovidedbyinvestors,anda______supplyoflongtermfunds.
A)large;largeB)large;smallC)small;smallD)small;large
14.AssumethattheTreasuryexperiencesalargedecreaseinthebudgetdeficitandpurchasesalargenumberofT-bills.Thisactionwill_________________thesupplyofT-billsinthemarketandplaces__________________pressureontheyieldofT-bills.
A)decrease;downwardB)decrease;upwardC)increase;upwardD)increase;downward
15.Afirmplanstoissue30daycommercialpaperfor$9,900,000. Parvalueis$10,000,000. Whatisthefirm’scostofborrowing?
A)12.12%B)11.11%C)13.00%D)14.08%E)15.25%
16.Arepurchaseagreementcallsforaninvestortobuysecuritiesfor$4,925,000andsellthembackin60daysfor$5,000,000. Whatistheyield?
A)9.43%B)9.28%C)9.14%D)9.00%
17.RobbinsCorp.frequentlyinvestsexcessfundsintheMexicanmoneymarket.Oneyearago,Robbinsinvestedinaone-yearMexicanmoneymarketsecuritythatprovidedayieldof25%.Attheendoftheyear,whenRobbinsconvertedtheMexicanpesostodollars,thepesohaddepreciatedfrom$.12to$.11.WhatistheeffectiveyieldearnedbyRobbins?
A)25.00%B)35.41%C)14.59%D)noneoftheabove
18.BullockCorp.purchasescertainsecuritiesfor$4,921,349,withanagreementtosellthembackatapriceof$4,950,000attheendofa30-dayperiod.Thereporateis________%.
A)7.08B)6.95C)6.99D)7.04E)noneoftheabove
19.AssumeU.S.interestratesaresignificantlyhigherthanGermanrates.AU.S.firmwantingtoissuebondscouldachievealowerfinancingrate,withoutexchangerateriskbydenominatingthebondsin
A)dollars.
B)marks(德国马克)andmakingpaymentsfromU.S.headquarters.
C)marksandmakingpaymentsfromaGermansubsidiary.
D)dollarsandmakingpaymentsfromaGermansubsidiary.
20.Ifinterestratessuddenly____________,thoseexistingbondsthathaveacallfeatureare__________likelytobecalled.
A)decline;moreB)decline;lessC)increase;moreD)noneoftheabove
21.Whenfinancialinstitutionsexpectinterestratesto______,theymay______.
A)increase;sellbondsandbuyshorttermsecurities
B)increase;sellshorttermsecuritiesandbuybonds
C)decrease;sellbondsandbuyshorttermsecurities
D)BandC
22.Ifthecouponrate______therequiredrateofreturn,thepriceofabond_____parvalue.
A)equals;equalsB)exceeds;islessthan
C)islessthan;isgreaterthanD)BandC
E)noneoftheabove
23.Asinterestratesconsistentlyriseoveraspecificperiod,themarketpriceofabondyouownwouldlikely______overthisperiod.(Assumenomajorchangeinthebond’sdefaultrisk.)
A)consistentlyincreaseB)consistentlydecreaseC)remainunchanged
D)changeinadirectionthatcannotbedeterminedwiththeaboveinformation
24.Ifanalystsexpectthatthedemandforloanablefundswillincrease,andthesupplyofloanablefundswilldecrease,theywouldmostlikelyexpectinterestratesto______andpricesofexistingbondsto______.
A)increase;increaseB)increase;decreaseC)decrease;decreaseD)decrease;increase
25.Ifbondportfoliomanagersexpectinterestratestoincreaseinthefuture,theywouldlikely______theirholdingsofbondsnow,whichcouldcausethepricesofbondsto______asaresultoftheiractions.
A)increase;increaseB)increase;decreaseC)decrease;decreaseD)decrease;increase
26.IftheUnitedStatesannouncesthatitwillborrowanadditional$10billion,thisannouncementwillnormallycausethebondtraderstoexpect
A)higherinterestratesinthefuture,andwillbuybondsnow.
B)higherinterestratesinthefuture,andwillsellbondsnow.
C)stableinterestratesinthefuture,andwillbuybondsnow.
D)lowerinterestratesinthefuture,andwillbuybondsnow.
E)lowerinterestratesinthefuture,andwillsellbondsnow.
27.Ifthelevelofinflationisexpectedto__________,therewillbe_______________pressureoninterestratesand____________pressureontherequiredrateofreturnonbonds.
A)increase;upward;downwardB)decrease;upward;downward
C)decrease;upward;upwardD)increase;downward;upward
E)increase;upward;upward
28.Usinga(n)_____________strategy,investorsallocatefundsevenlytobondsineachofseveraldifferentmaturityclasses.
A)matchingB)ladderedC)barbellD)interestrateE)noneoftheabove
29.Managersoffirmsmayconsiderastockrepurchaseorevenaleveragedbuyoutwhentheybelievetheirstockis____________bythemarket,orasecondarystockofferingwhentheybelievetheirstockis____________bythemarket.
A)undervalued;undervaluedB)overvalued;overvalued
C)undervalued;overvaluedD)overvalued;undervaluedE)noneoftheabove
30.Astock’saveragereturnis10%.Theaveragerisk-freerateis7%.Thestandarddeviationofthestock’sreturnis4%,andthestock’sbetais1.5.WhatistheTreynorIndexforthestock?
A).03B).75C)1.33D).02E)50
31.Ahigherbetaofanassetreflects
A)lowerrisk.
B)lowercovariancebetweentheasset’sreturnsandmarketreturns.
C)highercovariancebetweentheasset’sreturnsandthemarketreturns.
D)noneoftheabove.
32.Thearbitragepricingtheory(APT)differsfromthecapitalassetpricingmodel(CAPM)inthatitsuggeststhatstockprices
A)areinfluencedonlybythemarketitself.
B)canbeinfluencedbyasetoffactorsinadditiontothemarket.
C)arenotinfluencedatallbythemarket.
D)cannotbeinfluencedatallbytheindustryfactors.
33.Ifthereturnsoftwostocksareperfectlycorrelated,then
A)theirbetasshouldeachequal1.0.
B)thesumoftheirbetasshouldequal1.0.
C)theircorrelationcoefficientshouldequal1.0.
D)theirportfoliostandarddeviationshouldequal1.0.
34.Theriskofashortsaleisthatthestockprice
A)maydecreaseovertime.B)willremainthesame.
C)mayincreaseovertime.D)noneoftheabove.
35.Sellers(writers)ofcalloptionscanoffsettheirpositionatanypointintimeby
A)sellingaputoptiononthesamestock.B)buyingidenticalcalloptions.
C)sellingadditionalcalloptionsonthesamestock.D)AandBE)alloftheabove
36.Speculatorspurchasecurrency______oncurrenciestheyexpectto______againstthedollar.
A)calloptions;weakenB)putopt
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