习题一Word格式文档下载.docx
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习题一Word格式文档下载.docx
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Anexampleofapoliticalriskis
Expropriationofassets
Adversechangeintaxrules
Theoppositionpartybeingelected
Bothanswersa)andb)arecorrect
3.
Productionofgoodsandserviceshasbecomeglobalizedtoalargeextentasaresultof
Naturalresourcesbeingdepletedinonecountryafteranother
Skilledlaborbeinghighlymobile
Multinationalcorporations'
effortstosourceinputsandlocateproductionanywherewherecostsarelowerandprofitshigher
Commontastesworldwideforthesamegoodsandservices
4.
Recently,financialmarketshavebecomehighlyintegrated.Thisdevelopment
Allowsinvestorstodiversifytheirportfoliosinternationally
Allowsminorityinvestorstobuyandsellstocks
Hasincreasedthecostofcapitalforfirms
Answersa)andc)arebothcorrect.
5.
Japanhasexperiencedlargetradesurpluses.Japaneseinvestorshaverespondedtothisby
Liquidatingtheirpositionsinstockstobuydollardenominatedbonds
InvestingheavilyinU.S.andotherforeignfinancialmarkets
LobbyingtheU.S.governmenttodepreciateitscurrency
LobbyingtheJapanesegovernmenttoallowtheyentoappreciate
6.
Supposeyourfirminvests$100,000inaprojectinItaly.Atthetimetheexchangerateis$1.25=€1.00.Oneyearlatertheexchangerateisthesame,buttheItaliangovernmenthasexpropriatedyourfirm'
sassetspayingonly80,000incompensation.Thisisanexampleof
Exchangeraterisk
Politicalrisk
Noneoftheabove,since$100,000=€80,000$1.25/1.00
7.
Supposeyoustartwith$100andbuystockfor50whentheexchangerateis1=$2.Oneyearlater,thestockrisesto60.Youarehappywithyour20percentreturnonthestock,butwhenyousellthestockandexchangeyour60fordollars,youonlyget$45sincethepoundhasfallento1=$0.75.Thislossofvalueisanexampleof:
ExchangeRateRisk.
PoliticalRisk.
Marketimperfections.
Weaknessinthedollar.
8.
SupposethatGreatBritainisamajorexportmarketforyourfirm,aU.S.basedMNC.IftheBritishpounddepreciatesagainsttheU.S.dollar,
Yourfirmwillbeabletochargemoreindollartermswhilekeepingpoundpricesstable.
YourfirmmaybepricedoutoftheU.K.market,totheextentthatyourdollarcostsstayconstantandyourpoundpriceswillrise.
ToprotectU.K.marketshare,yourfirmmayhavetocutthedollarpriceofyourgoodstokeepthepoundpricethesame.
b)andc)arebothcorrect.
9.
SupposeMexicoisamajorexportmarketforyourU.S.-basedcompanyandtheMexicanpesoappreciatesdrasticallyagainsttheU.S.dollar.Thismeans
Yourcompany'
sproductscanbepricedoutoftheMexicanmarket,asthepesopriceofAmericanimportswillrisefollowingthepeso'
sfall.
Yourfirmwillbeabletochargemoreindollartermswhilekeepingpesopricesstable.
YourdomesticcompetitorswillenjoyaperiodoffacinglessenedpricecompetitionfromMexicanimports.
b)andc)arebothcorrect
10.
SupposeMexicoisamajorexportmarketforyourU.S.-basedcompanyandtheMexicanpesodepreciatesdrasticallyagainsttheU.S.dollar,asitdidinDecember1994.Thismeans
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
informationasymmetry
Alloftheabove
15.
TheJapaneseautomobilecompanyHondadecidedtoestablishproductionfacilitiesinOhio,mainlyto
circumventtradebarriers
reducetransportationcosts
reducetransactionscosts
Botha)andb)
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.
RecentcorporatescandalsatfirmssuchasEnron,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.
Themassiveprivatizationthatiscurrentlytakingplaceinformerlysocialistcountries,willlikely
eventuallyenhancethestandardoflivingtothesecountries'
citizens
dependonprivateinvestment
increasetheopportunitysetfacingthesecountries'
26.
Afirmwithconcentratedownership
Maygiverisetoconflictsofinterestbetweendominantshareholdersandsmalloutsideshareholders.
Mayenjoymoreaccountingtransparencythanfirmswithdiffuseownershipstructures.
Isapartnership,neveracorporation.
TendstoexistoverseasbutnotintheU.S.
27.
Theultimateguardiansofshareholderinterestinacorporation,arethe
Rankandfileworkers
Seniormanagement
Boardsofdirectors
28.
IncountrieslikeFranceandGermany,
Managershaveoftenmadebusinessdecisionswithregardmaximizingmarketsharetotheexclusionofothergoals.
Managershaveoftenviewedshareholdersasoneofthe"
stakeholders"
ofthefirm,o
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