金融学(博迪)英文版课后习题答案.pdf
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金融学(博迪)英文版课后习题答案.pdf
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博迪金融学(第二版)课后习题答案(英文版)CONTENTSChapter1:
Chapter2:
Chapter3:
Chapter4:
Chapter5:
Chapter6:
Chapter7:
Chapter8:
Chapter9:
Chapter10:
Chapter11:
Chapter12Chapter13:
Chapter14:
Chapter15:
Chapter16:
Chapter17:
FinancialEconomics1-12-1FinancialMarketsandInstitutionsManagingFinancialHealthandPerformanceAllocatingResourcesOverTimeHouseholdSavingandInvestmentDecisionsTheAnalysisofInvestmentProjectsPrinciplesofMarketValuationValuationofKnownCashFlows:
BondsValuationofCommonStocks3-14-15-16-17-18-19-1PrinciplesofRiskManagementHedging,Insuring,andDiversifyingPortfolioOpportunitiesandChoiceCapitalMarketEquilibrium10-111-112-113-114-115-116-117-1ForwardandFuturesMarketsMarketsforOptionsandContingentClaimsFinancialStructureoftheFirmRealOptionsiii#华中师范大学经济学院刘梦恒1315149761qq.com博迪金融学(第二版)课后习题答案(英文版)CHAPTER1FinancialEconomicsEnd-of-ChapterProblemsDefiningFinance1.Whatareyourmaingoalsinlife?
Howdoesfinanceplayapartinachievingthosegoals?
Whatarethemajortradeoffsyouface?
SAMPLEANSWER:
FinishschoolGetgoodpayingjobwhichIlikeGetmarriedandhavechildrenOwnmyownhomeProvideforfamilyPayforchildrenseducationRetireHowFinancePlaysaRole:
SAMPLEANSWER:
Financehelpsmepayforundergraduateandgraduateeducationandhelpsmedecidewhetherspendingthemoneyongraduateeducationwillbeagoodinvestmentdecisionornot.HighereducationshouldenhancemyearningpowerandabilitytoobtainajobIlike.OnceIammarriedandhavechildrenIwillhaveadditionalfinancialresponsibilities(dependents)andIwillhavetolearnhowtoallocateresourcesamongindividualsinthehouseholdandlearnhowtosetasideenoughmoneytopayforemergencies,education,vacationsetc.Financealsohelpsmeunderstandhowtomanageriskssuchasfordisability,lifeandhealth.FinancehelpsmedeterminewhetherthehomeIwanttobuyisagoodvalueornot.Thestudyoffinancealsohelpsmedeterminethecheapestsourceoffinancingforthepurchaseofthathome.FinancehelpsmedeterminehowmuchmoneyIwillhavetosaveinordertopayformychildrenseducationaswellasmyownretirement.MajorTradeoffs:
SAMPLEANSWERSpendmoneynowbygoingtocollege(andpossiblygraduateschool)butpresumablymakemoremoneyonceIgraduateduetomyhighereducation.Consumenowandhavelessmoneysavedforfutureexpendituressuchasforahouseand/orcarorsavemoremoneynowbutconsumelessthansomeofmyfriendsFinancialDecisionsofHouseholds2.Whatisyournetworth?
Whathaveyouincludedamongyourassetsandyourliabilities?
Wouldyoulistthevalueofyourpotentiallifetimeearningpowerasanassetorliability?
Howdoesitcompareinvaluetootherassetsyouhavelisted?
Chapter1-1Copqrstuvwxyzzw|ronEducation,Inc.PublishingasPrenticeHall.#华中师范大学经济学院刘梦恒1315149761qq.com博迪金融学(第二版)课后习题答案(英文版)FinancialEconomicsSolutionsManualSAMPLEANSWER:
$_(verypossiblynegativeatthispoint)Assets:
CheckingaccountbalanceSavingsaccountbalanceFurniture/Jewelry(watch)Car(possibly)Liabilities:
StudentloansCreditcardbalanceIfrenting,remainderofrentalagreement(unlesssublettingisapossibility)Carpayments(possibly)Studentstypicallydontthinkaboutthehighvalueoftheirpotentiallifetimeearningpowerwhencalculatingtheirnetworthbutforyoungpeopleitisoftentheirmostvaluableasset.3.Howarethefinancialdecisionsfacedbyasinglepersonlivingalonedifferentfromthosefacedbytheheadofahouseholdwithresponsibilityforseveralchildrenofschoolage?
Arethetradeoffstheyhavetomakedifferent,orwilltheyevaluatethetradeoffsdifferently?
Asinglepersonneedsonlytosupporthimselfandthereforecanmakeeveryfinancialdecisiononhisown.Ifhedoesnotwanthealthinsurance(andiswillingtobearthefinancialrisksassociatedwiththatdecision)thennoonewillbeaffectedbythatdecisionotherthanthatsingleperson.Inaddition,thispersonneedstomakenodecisionsaboutallocatingincomeamongdependents.Asinglepersonisverymobileandcanchoosetolivealmostanywhere.Thetradeoffsthisindividualmakesgenerallyconcernissuesofconsuming(orspending)todayversussavingforconsumptiontomorrow.Sincethispersonissupportingonlyhimself,theneedtosavenowislessimportantthanfortheheadofhouseholddiscussednext.Theheadofhouseholdwithseveralchildrenmustshareresources(income)amongdependents.Thisindividualmustbepreparedtodealwithriskmanagementissuessuchashowtobepreparedforpotentialfinancialemergencies(suchasaserioushealthproblemexperiencedbyamemberofthefamilyorhomeownersinsuranceincaseofafireorothermishap).Becausetherearemorepeopleinthishouseholdthanwithasingleperson,therearegreaterrisksthatsomeonewillgetsickorinjured.Andbecausetherearedependents,thewageearner(s)shouldthinkcarefullyaboutlifeanddisabilityinsurance.Inaddition,thefamilyisnotasmobileasthesingleindividual.Becauseoftheschoolagechildren,thefamilymightwanttolivenear“goodschools”thinkingthatastrongereducationwilleventuallyhelpthosechildrensfuturewellbeingandfinancialsituation.Thus,thetradeoffsfortheheadofhouseholdaremorecomplex:
moremoneyisneededtoconsumetoday(heorsheneedstosupportmoredependents),butalotmoremoneyisalsoneededtosaveforfutureexpensessuchaseducationandhousingandmoremoneyisneededforriskmanagementsuchaslifeanddisabilityinsurance.4.FamilyAandfamilyBbothconsistofafather,motherandtwochildrenofschoolage.InfamilyAbothspouseshavejobsoutsidethehomeandearnacombinedincomeof$100,000peryear.InfamilyB,onlyonespouseworksoutsidethehomeandearns$100,000peryear.Howdothefinancialcircumstancesanddecisionsfacedbythetwofamiliesdiffer?
Withtwowageearners,thereislessriskofatotallossoffamilyincomeduetounemploymentordisabilitythanthereisinasinglewageearninghousehold.Thesinglewageearningfamilywillprobablywantmoredisabilityandlifeinsurancethanthetwowageearningfamily.Ontheflipside,however,thetwowageearningfamilymayneedtospendextramoneyonchildcareexpensesiftheyneedtopaysomeonetowatchthechildrenafterschool.Chapter1-2Copqrstuvwxyzzw|rowvsoww|sustww|rvsw#华中师范大学经济学院刘梦恒1315149761qq.com博迪金融学(第二版)课后习题答案(英文版)FinancialEconomicsSolutionsManual5.Supposewedefinefinancialindependenceastheabilitytoengageinthefourbasichouseholdfinancialdecisionswithoutresorttotheuseofrelativesresourceswhenmakingfinancingdecisions.Atwhatageshouldchildrenbeexpectedtobecomefinanciallyindependent?
Studentswillhavedifferingresponsestothisquestiondependingupontheirspecificexperiencesandopinions.Mostwillprobablysayindependenceshouldcomeafterfinishingtheireducation,andtheyhaveasignificantflowofincome.6.Youarethinkingofbuyingacar.Analyzethedecisionbyaddressingthefollowingissues:
a.Arethereareotherwaystosatisfyyourtransportationrequirementsbesidesbuyingacar?
Makealistofallthealternativesandwritedowntheprosandcons.TransportationModeProsConsWalkingTakesyoudirectlywhereyouwanttogoTakesalongtimeDestinationmaybetoofarNooutofpocketcostsConvenientBicycleBusTakesyoudirectlytowhereyouwanttogoRequiresphysicalstrengthandenduranceNooutofpocketmarginalcostsConvenientDestinationmaybetoofarInexpensiveMaynottakeyoudirectlywhereyouwanttogoReachesmoredistantdestinationsInconvenientschedulestogoManystops,notefficientSubwayInexpensiveFastMaynottakeyoudirectlywhereyouwanttogoLocaldestinationsonlyonlimitednetworkTrainReachesdistantdestinationsModeratelyexpensiveMaynottakeyoudirectlywhereyouwanttogoAirplaneReachesdistantdestinationsFastMostexpensiveWillnottakeyoudirectlywhereyouwanttogob.Whatarethedifferentwaysyoucanfinancethepurchaseofacar?
Financethroughabankloanorlease,financethroughacardealerwithaloanoraleaseorfinancethecaroutofyourownsavings.c.Obtaininformationfromatleastthreedifferentprovidersofautomobilefinancingonthetermstheyoffer.d.Whatcriteriashouldyouuseinmakingyourdecision?
Yourdecisionwillbetoselectthefinancingalternativethathasthelowestcosttoyou.Whenanalyzingtheinformation,youshouldconsiderthefollowing:
Doyouhavethecashsavedtomakeanoutrightpurchase?
Whatinterestratewouldyoubegivinguptomakethatpurchase?
Doyoupayadifferentpriceforthecarifyoupaycashratherthanfinance?
Chapter1-3Copqrstuvwxyzzw|rowvsoww|sustww|rvsw#华中师范大学经济学院刘梦恒1315149761qq.com博迪金融学(第二版)课后习题答案(英文版)FinancialEconomicsSolutionsManualFordifferingloanplans,whatisthedownpaymenttoday?
Whatarethemonthlypayments?
Forhowlong?
Whatistherelevantinterestrateyouwillbepaying?
Doesthewholeloangetpaidthroughmonthlypaymentsoristhereaballoonpaymentattheend?
Aretaxesand/orinsurancepaymentsincludedinthemonthlypayments?
Fordifferingleaseplans,whatisthedownpaymenttoday?
Whatarethemonthlypayments?
Forhowlong?
Doyouownthecarattheendofthelease?
Ifnot,whatdoesitcosttobuythecar?
Doyouhavetobuythecarattheendoftheleaseorisitanoption?
Isthereachargeifyoudecidenottobuythecar?
Whatrelevantinterestratewillyoubepaying?
Aretaxesand/orinsurancepaymentsincludedinthemonthlypayments?
Aretheremileagerestrictions?
7.Matcheachofthefollowingexampleswithoneofthefourcategoriesofbasictypesofhouseholdfinancialdecisions.AttheSafewaypayingwithyourdebitcardratherthantakingthetimetowriteacheckDecidingtotakethepr
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