投资学课后题及答案.docx
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投资学课后题及答案.docx
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投资学课后题及答案
Chapter1 TheInvestmentEnvironment
1.Whatisarealasset?
Realassetsareusedtoproducegoodsandservices.Realassetsconsistofland,labor,andbuildings.Thesegenerateincometotheeconomyanddetermineboththematerialwealthandproductivecapacityoftheeconomy.Additionally,realassetsappearononlyonesideofthebalancesheet.
2.Whatisafinancialasset?
Financialassetsareclaimsonrealassetsandincomefromthem.Financialassetsconsistofstocksandbonds.Thesecontributeindirectlytotheproductivecapacityoftheeconomy.Additionally,financialassetsappearonbothsidesofthebalancesheet.
3.Whatisconsumptiontimingandwhyisitimportant?
Consumptiontimingallowsflexibilitybetweenearningsandspending.Therefore,whenweareyoungerandwecanconsumemorethanweearnbyborrowingmoneytobyhomesandautomobiles.Asweage,wecaninvesttosothatwecanretiresomedayandliveoffofourpriorearnings.Financialassets
4.Whatisallocationofriskandwhyisitimportant?
Allocationofriskiscreatingassetswithvariousdegreesofrisk.Thisenablesfirmstoraisecapitalandalsogivesinvestorsachoiceofassetswithvariousrisklevelsfromwhichtochoose
5.Whatisseparationofownershipandwhyisitimportant?
Theseparationofownershipandmanagementisimportant.Unlikeasoleproprietorshipwheretheownersarethemanagers,ownersofcorporationsarestockholders.Stockholderselectthebroadofdirectorsthathiresthemanagementteam.Theobjectivethatallownerscanagreetoisformanagementtomaximizethevalueofthefirm(shareprice).
6.Whatarethethreesectorsoftheeconomyandwhatistheirprimaryneed?
A.Firmsaretypicallynetborrowersastheyseektoexpandthefirmandrequireresourcestotakeonvaluableprojects.
B.Householdsaretypicallynetsaversastheyseektouseconsumptiontimingtoplanforlonger-termfinancialrequirementssuchaseducatingtheirchildrenandinvestingforretirement.Assuch,theyareinterestedinriskandaftertaxreturnsofinvestments.
C.Governmentsaretypicallynetborrowersbuttheirneedsdependonthecurrentrelationshipbetweentaxreceiptsandexpenditures
7.Listandexplainfourimportantfunctionsthatfinancialintermediatesperform.
Financialintermediariesconnectborrowersandlenders.Financialintermediariesareabletoselltheirownsecuritiesandinvestintheliabilitiesofotherfirms.Assuchtheycan:
A.poolresourcestospreadmanagementcostsoveranlargerbasewhichreducescoststoanindividualinvestor.
B.diversifyinvestmentsbybeingabletoinvestinmoresecurities.
C.developexpertisethroughtheincreasedvolumeofbusinessthattheydo.
D.achieveeconomiesofscalebybeingspreadresearchcostsoverthepool.]
8.Whatissecuritizationandwhyisitimportant?
Securitizationallowsborrowerstoentercapitalmarketsdirectly.Loansarearrangedintopass-throughsecurities(suchasmortgagepool)andinvestorscaninvestinsecuritiesbackedbythosepools
9.Listandbrieflyexplainfivewaysaninvestorcangloballydiversity
Aprimarymarkettransactioniswheresecuritiesareinitiallyissued.Thus,theissuingfirmreceivesthemoneyanddeliversthesecurities.Thesecondarymarketiswhereexistingsecuritiesaretraded.Thus,thefirmthatoriginallyissuedthesecuritiesreceivesnoproceedsfromthetransaction.Theindividualsellingthesecuritiesreceivesthemoneyanddeliversthesecuritieswhiletheindividualbuyingthesecuritiesdeliversthemoney
1.Thefourtypesofmarketswheretradingtakesplacearelistedbelow.
A.Directsearchmarkets.Indirectsearchmarketsbuyersandsellersmustfindeachother.Thesemarketsarecharacterizedbysporadictradingandlow-pricednon-standardgoodssuchasrefrigeratororsofas.
B.Brokeredmarkets.Inmarketsthathaveactivetrading,brokersfinditprofitabletooffersearchservicestobuyersandseller.Oneexampleofthisisrealestate.
C.Dealermarket.Indealermarkets,thedealersspecializebybuyingandsellingfortheirownaccount.Dealersprofitfromthedifferencebetweentheirbuyingpriceandsellingprice(bid-askspread).TheOTCmarketisadealermarket.
D.Auctionmarket.Inanauctionmarket,suchastheNYSE,alltradersconvergeinoneplacetobuyorsellanasset.Auctionmarketsrequireheavytradingtomakethemefficient.
1.Thefivewaysforinvestorstogloballydiversifyportfolioarelistedanddiscussedbelow.
A.InvestorscanpurchaseAmericanDepositoryReceipts(ADR=s)whichareacertificatethatisdenominatedindollarsandrepresentsaclaimonabundleofstock.
B.Investorscanpurchasedirectlypurchaseforeignsecuritiesofferedforsaleindollars.
C.Investorscanpurchaseinternationalmutualfundsthatinvestininternationalsecurities.
D.Investorscanpurchasederivativesonforeignsecurities.
E.InvestorscanpurchaseWorldEquityBenchmarkShares(WEBS)whichusethesamestructureasanADRbutallowaninvestortotradeportfoliosofforeignstocksinaselectedcountry.
Chapter2 FinancialInstruments
1.ThepricequotationsofTreasurybondsintheWallStreetJournalshowanaskpriceof101:
12andabidpriceof101:
07.
A.Asabuyerofthebondwhatisthedollarpriceyouexpecttopay?
B.Asasellerofthebondwhatisthedollarpriceyouexpecttoreceive?
A.Youwouldpaytheaskpriceofthedealer,10112/32or101.375%of$10,000,or$10,137.50.
B.Youwouldreceivethebidpriceofthedealer,1017/32or101.21875%of$10,000,or$10,121.875.
1.Aninvestorisconsideringthepurchaseofeitheramunicipaloracorporatebondthatpaybeforetaxratesofreturnof6.92%and9.67%,respectively.Iftheinvestorisinthe25%marginaltaxbracket,hisorheraftertaxratesofreturnonthemunicipalandcorporatebondswouldbe_________and_________,respectively.
Corporatebondsaretaxable,thereforetheaftertaxreturnwouldberc=0.0967(1-0.25)=0.0725or7.25%.Sincemunicipalbondsarefreeoffederaltaxtheaftertaxreturnisequaltothebeforetaxrateofreturnrm=0.0692(1-0)=6.92%.
2.A6.25%25-yearmunicipalbondiscurrentlypricedtoyield8.7%.Forataxpayerinthe25%marginaltaxbracket,thisbondwouldofferanequivalenttaxableyieldof__________.
Theequivalenttaxableyieldistheyielddividedbythequantityoneminusthetaxrateorrm/(1-t).Therefore,0.087/0.75=11.6%.
3.Ifthreestockscompriseanindexandthereturnsonthethreestocksduringagivenperiodwere17%,-13%,and6%,whatwouldbethegeometricreturnoftheindex?
Tocomputeageometricaverage,addonetoeachofthereturnsandmultiplyeachofthetermstofindthegeometricsum.Tofindthegeometricaverage,thegeometricsumisraisedto1/nandthenoneissubtracted.Therefore,thegeometricmeanis[(1.17)(0.87)(1.06)]1/3-1=2.566%.
4.Inorderforyoutobeindifferentbetweentheaftertaxreturnsonacorporatebondpaying8.15%andatax-exemptmunicipalbondpaying6.32%,whatwouldyoutaxbracketneedtobe?
Foryoutobeindifferent,theaftertaxreturnswouldneedtobeequal.Sinceonlythecorporatebondistaxed,rc(1-t)=rm.Therefore,0.0632=0.0815(1-t),(1-t)=0.77546,andt=0.2245or22.45%.
5.A$1,000facevaluebondpaysannualcouponpaymentsof$65andiscurrentlypricedat$967.Thecurrentyieldofthebondis__________.
Thecurrentyieldisannualinterestdividedbythecurrentprice($65/$967)=6.72%.
6.Comparetheaftertaxreturntoacorporationthatbuysashareofpreferredstockatthebeginningoftheyearfor$65,receivesadividendof$4.50duringtheyear,andsellsthestockattheendoftheyearfor$65.Thecorporationisinthe30%taxbracket.
Answerthequestionsbelowbasedontheinformationgiveninthefollowingtable.
Stock Price Numberofsharesoutstanding
StockA $35 2,000
StockB $82 4,500
StockC $21 1,600
Thetotalbeforetaxincomeisthe$4.50dividend.Sincethefirmcanexclude70%ofthedividendfromtax,thefirmmustpaytaxon30%ofthedividend,or($4.50×0.30)=$1.35.Sincethefirmisinthe30%taxbracketthetaxliabilityis$1.35×0.30=0.405.Therefore,thefirmnets(aftertax)$4.50-0.41=4.09.Sincethefirmexperiencednocapitalgain(orloss),theaftertaxreturnis$4.09/$65=0.06292or6.29%.
1.Theprice-weightedindexconstructedwiththethreestocksis__________.
Apriceweightedindexisconstructedbyaddingthepricesofthesecuritiesanddividingbythenumberofsecuritiesintheindex($35+$82+$21)/3=$46.
2.Thevalue-weightedindexconstructedwiththethreestocksusingadivisorof1,000is__________.
Avalue-weightedindexiscomputedbyfirstcomputingthemarketvalueofeachstock(pricetimethenumberofsharesoutstanding).Onceeachmarketvalueiscomputed,addthemarketvaluestogetheranddividebythedivisor.Inthiscaseitis[($35×2,000)+($82×4,500)+($21×1,600)]/1,000=472.60.
3.AssumethatthereturnonstocksA,B,andC(above)duringtheyearwere18%,-6%,and30%,respectively.
A.Thereturnoftheprice-weightedindexwouldbe__________.
B.Thereturnofthevalue-weightedindexwouldbe__________.
C.Thearithmeticreturnoftheequallyweightedindexwouldbe__________.
A.Tocomputethereturnoftheprice-weightedindexyouneedtofindthenewpricesofthestocksandthencomputetheaverageasfollows:
StockA=[$35×(1.18)]=$41.30
StockA=[$82×(0.94)]=$77.08
StockA=[$21×(1.30)]=$27.30
Average=(41.30+77.08+27.30)/3=$48.56.
Thechangeintheindexvalue(return)is(48.56-46)/46=5.565%.
B.Tocomputethereturn
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