金融市场与机构 15.docx
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金融市场与机构 15.docx
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金融市场与机构15
1Chapter15
WhyDoFinancialInstitutionsExist?
1 MultipleChoiceQuestions
1.OfthefollowingsourcesofexternalfinanceforAmericannonfinancialbusinesses,theleastimportantis
(a)loansfrombanks.
(b)stocks.
(c)bondsandcommercialpaper.
(d)nonbankloans.
Answer:
B
2.OfthefollowingsourcesofexternalfinanceforAmericannonfinancialbusinesses,themostimportantis
(a)loansfrombanks.
(b)stocks.
(c)bondsandcommercialpaper.
(d)nonbankloans.
Answer:
D
3.OfthesourcesofexternalfundsfornonfinancialbusinessesintheUnitedStates,bondsaccountforapproximately_________ofthetotal.
(a)10percent
(b)20percent
(c)30percent
(d)50percent
Answer:
C
4.OfthesourcesofexternalfundsfornonfinancialbusinessesintheUnitedStates,stocksaccountforapproximately_________ofthetotal.
(a)10percent
(b)20percent
(c)30percent
(d)40percent
Answer:
A
5.WithregardtoexternalsourcesoffinancingfornonfinancialbusinessesintheUnitedStates,whichofthefollowingareaccuratestatements?
(a)MarketablesecuritiesaccountforalargershareofexternalbusinessfinancingintheUnitedStatesthaninmostothercountries.
(b)Since1970,lessthan5percentofnewlyissuedcorporatebondsandcommercialpaperhavebeensolddirectlytoAmericanhouseholds.
(c)ThestockmarketaccountedforthelargestshareofthefinancingofAmericanbusinessesinthe1970–2000period.
(d)Alloftheabove.
(e)Only(a)and(b)oftheabove.
Answer:
E
6.WithregardtoexternalsourcesoffinancingfornonfinancialbusinessesintheUnitedStates,whichofthefollowingareaccuratestatements?
(a)Directfinanceisusedinlessthan5percentoftheexternalfinancingofAmericanbusinesses.
(b)Onlylarge,well-establishedcorporationshaveaccesstosecuritiesmarketstofinancetheiractivities.
(c)LoansfrombanksandotherfinancialintermediariesintheUnitedStatesprovidefivetimesmorefinancingofcorporateactivitiesthandostockmarkets.
(d)Alloftheabove.
(e)Only(a)and(b)oftheabove.
Answer:
D
7.(I)IntheUnitedStatesnonbankloansarethemostimportantsourceofexternalfundsfornonfinancialbusinesses.(II)InGermanyandJapan,issuingstocksandbondsisthemostimportantsourceofexternalfornonfinancialbusinesses.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
A
8.Whichofthefollowingisnotoneoftheeightbasicfactsaboutfinancialstructure?
(a)Debtcontractsaretypicallyextremelycomplicatedlegaldocumentsthatplacesubstantialrestrictionsonthebehavioroftheborrower.
(b)Indirectfinance,whichinvolvestheactivitiesoffinancialintermediaries,ismanytimesmoreimportantthandirectfinance,inwhichbusinessesraisefundsdirectlyfromlendersinfinancialmarkets.
(c)Collateralisaprevalentfeatureofdebtcontractsforbothhouseholdsandbusiness.
(d)Newsecurityissuesarethemostimportantsourceofexternalfundstofinancebusinesses.
Answer:
D
9.Whichofthefollowingisnotoneoftheeightbasicfactsaboutfinancialstructure?
(a)Thefinancialsystemisamongthemostheavilyregulatedsectorsoftheeconomy.
(b)Issuingmarketablesecuritiesistheprimarywaybusinessesfinancetheiroperations.
(c)Indirectfinance,whichinvolvestheactivitiesoffinancialintermediaries,ismanytimesmoreimportantthandirectfinance,inwhichbusinessesraisefundsdirectlyfromlendersinfinancialmarkets.
(d)Financialintermediariesarethemostimportantsourceofexternalfundstofinancebusinesses.
Answer:
B
10.Becauseinformationisscarce,
(a)equitycontractsareusedmuchmorefrequentlytoraisecapitalthanaredebtcontracts.
(b)monitoringmanagersgivesrisetocostlystateverification.
(c)governmentregulations,suchasstandardaccountingprinciples,canhelpreducemoralhazard.
(d)alloftheabovearetrue.
(e)only(b)and(c)oftheabovearetrue.
Answer:
E
11.Whichofthefollowingbestexplainstherecentdeclineintheroleoffinancialintermediaries?
(a)Privateproductionandsaleofinformation
(b)Governmentregulationtoincreaseinformation
(c)Improvementsininformationtechnology
(d)Noneoftheabovecanexplaintherecentdecline
Answer:
C
12.(I)Thetotalcostofcarryingoutatransactioninfinancialmarketsincreasesproportionallywiththesizeofthetransaction.(II)Financialintermediariesfacilitatediversificationwhenaninvestorhasonlyasmallsumtoinvest.
(a)(I)istrue;(II)isfalse
(b)(I)isfalse;(II)istrue
(c)Both(I)and(II)aretrue
(d)Both(I)and(II)arefalse
Answer:
B
13.Ifbadcreditrisksaretheoneswhomostactivelyseekloansand,therefore,receivethemfromfinancialintermediaries,thenfinancialintermediariesfacetheproblemof
(a)moralhazard.
(b)adverseselection.
(c)free-riding.
(d)costlystateverification.
Answer:
B
14.Ifborrowerstakeonbigrisksafterobtainingaloan,thenlendersfacetheproblemof
(a)free-riding.
(b)adverseselection.
(c)moralhazard.
(d)costlystateverification.
Answer:
C
15.Becauseofthelemonsproblemintheusedcarmarket,theaveragequalityoftheusedcarsofferedforsalewillbe_________,whichgivesrisetotheproblemof_________.
(a)low;moralhazard
(b)low;adverseselection
(c)high;moralhazard
(d)high;adverseselection
Answer:
B
16.Intheusedcarmarket,asymmetricinformationleadstothelemonsproblembecausethepricethatbuyersarewillingtopaywill
(a)reflectthehighestqualityofusedcarsinthemarket.
(b)reflectthelowestqualityofusedcarsinthemarket.
(c)reflecttheaveragequalityofusedcarsinthemarket.
(d)noneoftheabove.
Answer:
C
17.Theproblemcreatedbyasymmetricinformationbeforethetransactionoccursiscalled_________,whiletheproblemcreatedafterthetransactionoccursiscalled_________
(a)adverseselection;moralhazard.
(b)moralhazard;adverseselection.
(c)costlystateverification;free-riding.
(d)free-riding;costlystateverification.
Answer:
A
18.Aborrowerwhotakesoutaloanusuallyhasbetterinformationaboutthepotentialreturnsandriskoftheinvestmentprojectsheplanstoundertakethandoesthelender.Thisinequalityofinformationiscalled
(a)moralhazard.
(b)asymmetricinformation.
(c)noncollateralizedrisk.
(d)adverseselection.
Answer:
B
19.Adverseselectionisaproblemassociatedwithequityanddebtcontractsarisingfrom
(a)thelender’srelativelackofinformationabouttheborrower’spotentialreturnsandrisksofhisinvestmentactivities.
(b)thelender’sinabilitytolegallyrequiresufficientcollateraltocovera100percentlossiftheborrowerdefaults.
(c)theborrower’slackofincentivetoseekaloanforhighlyriskyinvestments.
(d)noneoftheabove.
Answer:
A
20.Moralhazardisaproblemassociatedwithdebtandequitycontractsarisingfrom
(a)theborrower’sincentivetoundertakehighlyriskyinvestments.
(b)theowners’inabilitytoensurethatmanagerswillactintheowners’interest.
(c)thedifficultylendershaveinsortingoutgoodcreditrisksfrombadcreditrisks.
(d)alloftheabove.
(e)only(a)and(b)oftheabove.
Answer:
E
21.Becauseoftheadverseselectionproblem,
(a)lendersmaymakeadisproportionateamountofloanstobadcreditrisks.
(b)lendersmayrefuseloanstoindividualswithlownetworth.
(c)lendersarereluctanttomakeloansthatarenotsecuredbycollateral.
(d)alloftheabove.
Answer:
D
22.Becauseoftheadverseselectionproblem,
(a)goodcreditrisksaremorelikelytoseekloans,causinglenderstomakeadisproportionateamountofloanstogoodcreditrisks.
(b)lendersmayrefuseloanstoindividualswithhighnetworth,becauseoftheirgreaterproclivityto“skiptown.”
(c)lendersarereluctanttomakeloansthatarenotsecuredbycollateral.
(d)alloftheabove.
Answer:
C
23.Theproblemofadverseselectionhelpstoexplain
(a)whybanksprefertomakeloanssecuredbycollateral.
(b)whybankshaveacomparativeadvantageinraisingfundsforAmericanbusinesses.
(c)whyborrowersarewillingtooffercollateraltosecuretheirpromisestorepayloans.
(d)alloftheabove.
(e)only(a)and(b)oftheabove.
Answer:
D
24.Theproblemofadverseselectionhelpstoexplain
(a)whichfirmsaremorelikelytoobtainfundsfrombanksandotherfinancialintermediaries,ratherthanfromsecuritiesmarkets.
(b)whycollateralisanimportantfeatureofconsumer,butnotbusiness,debtcontracts.
(c)whydirectfinanceismoreimportantthanindirectfinanceasasourceofbusinessfinance.
(d)only(a)and(b)oftheabove.
Answer:
A
25.Theconceptofadverseselectionhelpstoexplain
(a)whycollateralisnotacommonfeatureofmanydebtcontracts.
(b)whylarge,well-establishedcorporationsfinditsodifficulttoborrowfundsinsecuritiesmarkets.
(c)whyfinancialmarketsareamongthemostheavilyregulatedsectorsoftheeconomy.
(d)alloftheabove.
Answer:
C
26.Thatmostusedcarsaresoldbyintermediaries(i.e.,usedcardealers)providesevidencethattheseintermediaries
(a)havebeenaffordedspecialgovernmenttreatment,sinceusedcardealersdonotprovideinformationthatisvaluedbyconsumersofusedcars.
(b)areabletopreventpotentialcompetitorsfromfree-ridingofftheinformationthattheyprovide.
(c)havefailedtosolveadverseselectionproblemsinthismarketbecause“lemons”continuetobetraded.
(d)doalloftheabove.
Answer:
B
27.Thatmostusedcarsaresoldbyintermediaries(i.e.,usedcardealers)providesevidencethattheseintermediaries
(a)provideinformationthatisvaluedbyconsum
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