FIN 4000题库Word文档下载推荐.docx
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FIN 4000题库Word文档下载推荐.docx
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2.
Anexampleofapoliticalriskis
expropriationofassets.
adversechangeintaxrules.
theoppositionpartybeingelected.
bothanswersaandbarecorrect.
3.
Productionofgoodsandserviceshasbecomeglobalizedtoalargeextentasaresultof
naturalresourcesbeingdepletedinonecountryafteranother.
skilledlaborbeinghighlymobile.
multinationalcorporations'
effortstosourceinputsandlocateproductionanywherewherecostsarelowerandprofitshigher.
commontastesworldwideforthesamegoodsandservices.
4.
Recently,financialmarketshavebecomehighlyintegrated.Thisdevelopment
allowsinvestorstodiversifytheirportfoliosinternationally.
allowsminorityinvestorstobuyandsellstocks.
hasincreasedthecostofcapitalforfirms.
answersaandcarebothcorrect.
5.
Japanhasexperiencedlargetradesurpluses.Japaneseinvestorshaverespondedtothisby
liquidatingtheirpositionsinstockstobuydollardenominatedbonds.
investingheavilyinU.S.andotherforeignfinancialmarkets.
lobbyingtheU.S.governmenttodepreciateitscurrency.
lobbyingtheJapanesegovernmenttoallowtheyentoappreciate.
6.
Supposeyourfirminvests$100,000inaprojectinItaly.Atthetimetheexchangerateis$1.25=€1.00.Oneyearlatertheexchangerateisthesame,buttheItaliangovernmenthasexpropriatedyourfirm'
sassetspayingonly€80,000incompensation.Thisisanexampleof
exchangeraterisk.
politicalrisk.
marketimperfections.
noneoftheabove,since$100,000=€80,000×
$1.25/€1.00
7.
Supposeyoustartwith$100andbuystockfor£
50whentheexchangerateis£
1=$2.Oneyearlater,thestockrisesto£
60.Youarehappywithyour20percentreturnonthestock,butwhenyousellthestockandexchangeyour£
60fordollars,youonlyget$45sincethepoundhasfallento£
1=$0.75.Thislossofvalueisanexampleof
weaknessinthedollar.
8.
SupposethatGreatBritainisamajorexportmarketforyourfirm,aU.S.-basedMNC.IftheBritishpounddepreciatesagainsttheU.S.dollar,
yourfirmwillbeabletochargemoreindollartermswhilekeepingpoundpricesstable.
yourfirmmaybepricedoutoftheU.K.market,totheextentthatyourdollarcostsstayconstantandyourpoundpriceswillrise.
toprotectU.K.marketshare,yourfirmmayhavetocutthedollarpriceofyourgoodstokeepthepoundpricethesame.
bothbandcarecorrect
9.
SupposeMexicoisamajorexportmarketforyourU.S.-basedcompanyandtheMexicanpesoappreciatesdrasticallyagainsttheU.S.dollar.Thismeans
yourcompany'
sproductscanbepricedoutoftheMexicanmarket,asthepesopriceofAmericanimportswillrisefollowingthepeso'
sfall.
yourfirmwillbeabletochargemoreindollartermswhilekeepingpesopricesstable.
yourdomesticcompetitorswillenjoyaperiodoffacinglessenedpricecompetitionfromMexicanimports.
10.
SupposeMexicoisamajorexportmarketforyourU.S.-basedcompanyandtheMexicanpesodepreciatesdrasticallyagainsttheU.S.dollar,asitdidinDecember1994.Thismeansthat
yourdomesticcompetitorswillenjoyaperiodoffacinglittlepricecompetitionfromMexicanimports.
11.
SupposethatyouareaU.S.producerofacommoditygoodcompetingwithforeignproducers.Yourinputsofproductionarepricedindollarsandyousellyouroutputindollars.IftheU.S.currencydepreciatesagainstthecurrenciesofourtradingpartners,
yourcompetitivepositionislikelyimproved.
yourcompetitivepositionislikelyworsened.
yourcompetitivepositionisunchanged.
12.
Undoubtedly,wearenowlivinginaworldwhereallthemajoreconomicfunctions—consumption,production,andinvestment
arestillinherentlylocal.
arestillregionalinnature.
areslowlybecomingglobalized.
arehighlyglobalized.
13.
Mostgovernmentsatleasttrytomakeitdifficultforpeopletocrosstheirbordersillegally.Thisbarriertothefreemovementoflaborisanexampleof
informationasymmetry.
excessivetransactionscosts.
racialdiscrimination.
amarketimperfection.
14.
Althoughtheworldeconomyismuchmoreintegratedtodaythanwasthecase10or20yearsago,avarietyofbarriersstillhamperfreemovementsofpeople,goods,services,andcapitalacrossnationalboundaries.Thesebarriersinclude
legalrestrictions.
excessivetransportationcosts.
alloftheabove
15.
TheJapaneseautomobilecompanyHondadecidedtoestablishproductionfacilitiesinOhio,mainlyto
circumventtradebarriers.
reducetransportationcosts.
reducetransactionscosts.
bothaandb
16.
Whenindividualinvestorsbecomeawareofoverseasinvestmentopportunitiesandarewillingtodiversifytheirportfoliosinternationally,
theytradeonemarketimperfection,informationasymmetry,foranother,exchangeraterisk.
theybenefitfromanexpandedopportunityset.
theyshouldnotbothertoreadortounderstandtheprospectus,sinceitsprobablywritteninaforeignlanguage.
theyshouldinvestonlyindollarsoreuros.
17.
TheNestlé
Corporation,awell-knownSwissMNC,usedtoissuetwodifferentclassesofcommonstock,bearersharesandregisteredshares,andforeignerswereallowedtoholdonly
registeredshares.
bearershares.
votingshares.
convertibleshares.
18.
Deregulatedfinancialmarketsandheightenedcompetitioninfinancialservicesprovidedanenvironmentforfinancialinnovationsthatresultedintheintroductionofvariousinstruments.Examplesoftheseinnovativeinstrumentsinclude
currencyfuturesandoptions,foreignstockindexfuturesandoptions.
multicurrencybonds.
internationalmutualfunds,countryfunds,exchangetradedfunds.
19.
Nestlé
awell-knownSwisscorporation,
hasbeenaparagonofvirtueinitsoppositiontoallformsofpoliticalrisk.
atonetimeplacedrestrictionsonforeignownershipofitsstock.Whenitrelaxedtheserestrictions,thetotalmarketvalueofthefirmfell.
atonetimeplacedrestrictionsonforeignownershipofitsstock.Whenitrelaxedtheserestrictions,therewasamajortransferofwealthfromforeignshareholderstoSwissshareholders.
noneoftheabove
20.
Thegoalofshareholderwealthmaximization
isnotappropriatefornon-U.S.businessfirms.
meansthatallbusinessdecisionsandinvestmentsthatafirmmakesaredoneforthepurposeofmakingtheownersofthefirmbetterofffinancially.
isasub-objectivethefirmshouldattempttoachieveaftertheobjectiveofcustomersatisfactionismet.
isinconflictwiththeprivatizationprocesstakingplaceinthird-worldcountries.
21.
Ascapitalmarketsarebecomingmoreintegrated,thegoalofshareholderwealthmaximization
hasbeenalteredtoincludeothergoalsaswell.
haslostouttoothergoals,evenintheU.S.
hasbeengivenincreasingimportancebymanagersinEurope.
hasbeenshowntobeadeterrenttoraisingfundsabroad.
22.
CorporatescandalsatfirmssuchasEnron,WorldComandtheItalianfirmParmalat
showthatmanagersmightbetemptedtopursuetheirownprivateinterestsattheexpenseofshareholders.
showthatItalianshareholdersarebetteratmonitoringmanagerialbehaviorthanU.S.shareholders.
showthatwhite-collarcriminalshardlyevergetpunished.
showthatsocialismisabetterwaytogothancapitalism.
23.
WhilethecorporategovernanceproblemisnotconfinedtotheUnitedStates,
itcanbeamuchmoreseriousprobleminmanyotherpartsoftheworld,wherelegalprotectionofshareholdersisweakornonexistent.
ithasreacheditshighpointintheUnitedStates.
theU.S.legalsystem,withlawsuitsusedonlyasalastresort,ensuredthatanyconflictsofinterestwillsoonbeathingofthepast.
24.
Theownersofabusinessarethe
taxpayers.
workers.
suppliers.
shareholders.
25.
Themassiveprivatizationthatiscurrentlytakingplacein
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