投资学第7版Test Bank答案25Word格式.docx
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投资学第7版Test Bank答案25Word格式.docx
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E)noneoftheabove
Answer:
ADifficulty:
Easy
Rationale:
AmericanDepositoryReceipts(ADRs)allowU.S.investorstoinvestinforeignstocksviatransactionsontheU.S.stockexchanges.
2.__________referstothepossibilityofexpropriationofassets,changesintaxpolicy,andthepossibilityofrestrictionsonforeignexchangetransactions.
A)defaultrisk
B)foreignexchangerisk
C)marketrisk
D)politicalrisk
DDifficulty:
Alloftheabovefactorsarepoliticalinnature,andthusareexamplesofpoliticalrisk.
3.__________aremutualfundsthatinvestinonecountryonly.
CDifficulty:
Mutualfundsthatinvestinthestocksofonecountryonlyarecalledsingle-countryfunds.
4.Theperformanceofaninternationallydiversifiedportfoliomaybeaffectedby
A)countryselection
B)currencyselection
C)stockselection
Alloftheabovefactorsmayaffecttheperformanceofaninternationalportfolio.
5.Overtheperiod2001-2005,mostcorrelationsbetweentheU.S.stockindexandstock-indexportfoliosofothercountrieswere
A)negative
B)positivebutlessthan.9
C)approximatelyzero
D).9orabove
BDifficulty:
Moderate
Correlationcoefficientsweretypicallybelow.9,whilecorrelationsbetweenwell-diversifiedU.S.marketportfoliosweretypicallyabove.9.SeeTable25.10.
6.The__________indexisawidelyusedindexofnon-U.S.stocks.
A)CBOE
B)DowJones
C)EAFE
TheEurope,Australia,FarEast(EAFE)indexcomputedbyMorganStanleyisawidelyusedindexofnon-U.S.stocks.
7.The__________equitymarkethadthehighestaveragelocalcurrencyreturnbetween2001and2005.
A)Russian
B)Norwegian
C)U.K.
D)U.S.
SeeTable25.9.
8.The__________equitymarkethadthehighestaverageU.S.dollarreturnbetween2001and2005.
B)Finnish
C)Columbian
9.The__________equitymarkethadthehighestaverageU.S.dollarstandarddeviationbetween2001and2005.
A)Turkish
C)Indonesian
10.The__________equitymarkethadthehighestaveragelocalcurrencystandarddeviationbetween2001and2005.
11.In2005,theU.S.equitymarketrepresented__________oftheworldequitymarket.
A)19%
B)60%
C)43%
D)39%
SeeTable25.1.
12.ThestraightforwardgeneralizationofthesimpleCAPMtointernationalstocksisproblematicbecause__________.
A)inflationriskperceptionsbydifferentinvestorsindifferentcountrieswilldifferasconsumptionbasketsdiffer
B)investorsindifferentcountriesviewexchangerateriskfromtheperspectiveofdifferentdomesticcurrencies
C)taxes,transactioncostsandcapitalbarriersacrosscountriesmakeitdifficultforinvestortoholdaworldindexportfolio
E)noneoftheabove.
AlloftheabovefactorsmakeabroadgeneralizationoftheCAPMtointernationalstocksproblematic.
13.Theyieldona1-yearbillintheU.K.is8%andthepresentexchangerateis1pound=U.S.$1.60.Ifyouexpecttheexchangeratetobe1pound-U.S.$1.50ayearfromnow,thereturnaU.S.investorcanexpecttoearnbyinvestinginU.K.billsis
A)-6.7%
B)0%
C)8%
D)1.25%
r(US)=[1+r(UK)]F0/E0-1;
[1.08][1.50/1.60]-1=1.25%.
14.Supposethe1-yearrisk-freerateofreturnintheU.S.is5%.Thecurrentexchangerateis1pound=U.S.$1.60.The1-yearforwardrateis1pound=$1.57.Whatistheminimumyieldona1-yearrisk-freesecurityinBritainthatwouldinduceaU.S.investortoinvestintheBritishsecurity?
A)2.44%
B)2.50%
C)7.00%
D)7.62%
1.05=(1+r)X
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