投资学第7版TestBank答案03Word格式文档下载.docx
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投资学第7版TestBank答案03Word格式文档下载.docx
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acceptdepositsfromsaversandlendthemouttocompanies.AandB.
A,B,andC.
Apurchaseofanewissueofstocktakesplace
A)
B)
C)
D)
E)
Specialistsmaintainabooklistingoutstandingunexecutedlimitorders.Specialistsearnincomefromcommissionsandspreadsinstockprices.Specialistsstandreadytotradeatquotedbidandaskprices.Specialistscannottradeintheirownaccounts.
A,B,andCarealltrue.
Answer:
EDifficulty:
Moderate
Rationale:
Thespecialists'
functionsarealloftheitemslistedinA,B,andC.Inaddition,specialiststradeintheirownaccounts.
Investmentbankers
DDifficulty:
Theroleoftheinvestmentbankeristoassistthefirminissuingnewsecurities,bothinadvisoryandmarketingcapacities.The
theinvestmentbankerbuysthestockfromthecompanyandresellstheissuetothepublic.
theinvestmentbankeragreestohelpthefirmsellthestockatafavorableprice.theinvestmentbankerfindsthebestmarketingarrangementfortheinvestmentbankingfirm.
BandC.AandB.
investmentbankerdoesnothavearolecomparabletoacommercialbank,asindicatedinC.
Ina"
firmcommitment"
ADifficulty:
ThesecondarymarketconsistsoftransactionsontheAMEX.transactionsintheOTCmarket.transactionsthroughtheinvestmentbanker.AandB.
E)A,B,andC.
ThesecondarymarketconsistsoftransactionsontheorganizedexchangesandintheOTCmarket.Theinvestmentbankerisinvolvedintheplacementofnewissuesintheprimarymarket.
6.
TheuseoftheInternettotradeandunderwritesecurities
isillegalunderSECregulations.
isregulatedbytheNewYorkStockExchange.decreasesunderwritingcostsforanewsecurityissue.increasesunderwritingcostsforanewsecurityissue.
isregulatedbytheNationalAssociationofSecuritiesDealers.
CDifficulty:
7.
TheSECpermitstradingandunderwritingofsecuritiesovertheInternet,buthasrequiredfirmsparticipatinginthisactivitytotakestepstosafeguardinvestmentfunds.Thisformofunderwritingisexpectedtogrowquicklyduetoitslowercost.Initialmarginrequirementsaredeterminedby
A)B)C)
D)E)Answer:
BDifficulty:
theSecuritiesandExchangeCommission.
theFederalReserveSystem.
theNewYorkStockExchange.
BandC.
AandB
8.
TheBoardofGovernorsoftheFederalReserveSystemdeterminesinitialmarginrequirements.TheNewYorkStockExchangedeterminesmaintenancemarginrequirementsonNYSE-listedstocks;
however,brokersusuallysetmaintenancemarginrequirementsabovethoseestablishedbytheNYSE.
stop-buyorderlimit-buyordermarketorderlimit-sellordernoneoftheabove.
YoupurchasedXYZstockat$50pershare.Thestockiscurrentlysellingat$65.Yourgainsmaybeprotectedbyplacinga
Withalimit-sellorder,yourstockwillbesoldonlyataspecifiedprice,orbetter.Thus,suchanorderwouldprotectyourgains.Noneoftheotherordersareapplicabletothissituation.
YousoldABCstockshortat$80pershare.YourlossescouldbeminimizedbyplacingaA)B)C)D)E)
limit-sellorderlimit-buyorderstop-buyorderday-ordernoneoftheabove.
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Rationale:
Withastop-buyorder,thestockwouldbepurchasedifthepriceincreasedtoaspecifiedlevel,thuslimitingyourloss.Noneoftheotherordersareapplicabletothissituation.
10.
Amarketorderissimplyanordertobuyorsellastockimmediatelyattheprevailingmarketprice.
Alimitsellorderiswhereinvestorsspecifypricesatwhichtheyarewillingtosellasecurity.
IfstockABCissellingat$50,alimit-buyordermayinstructthebrokertobuythestockifandwhenthesharepricefallsbelow$45.
Adayorderexpiresatthecloseofthetradingday.Noneoftheabove.
11.
Whichoneofthefollowingstatementsregardingordersisfalse?
ModerateRationale:
Alloftheorderdescriptionsabovearecorrect.
Restrictionsontradinginvolvinginsiderinformationapplytothefollowingexcept
corporateofficersanddirectors.relativesofcorporatedirectorsandofficers.majorstockholders.
Alloftheabovearesubjecttoinsidertradingrestrictions.Noneoftheaboveissubjecttoinsidertradingrestrictions.
12.
A,B,andCarecorporateinsidersandaresubjecttorestric
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- 投资 TestBank 答案 03