Bank Management《银行管理学》第五版课后习题答案.docx
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Bank Management《银行管理学》第五版课后习题答案.docx
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BankManagement《银行管理学》第五版课后习题答案
《银行管理学》(第五版)课后题答案
Chapter1
FundamentalForcesofChangeinBanking
1.Thefundamentalcompetitiveforcesofchangearederegulation/reregulation,financialinnovation,securitization,globalization,andtechnologicaladvances.Eachincreasescompetitionbyexpandingthenumberandnatureofcompetitorsindifferentproductsandservices.Regulatorsrespondtocompetitivepressuresto‘leveltheplayingfield’byeitherimposingnewrestrictionsonactivitiesallowedcertainparticipantsorrelaxingexistingrestrictions.Legislationoftenfollowstoformalizethenewconstraintsoropportunities.Considerinterest-bearingcheckingaccounts.Atonetime,nofirmcouldpayinterestoncheckingaccounts.Noweveryonedoesinoneformoranother.Intheinterim,regulatorsandlegislatorsslowlyalloweddifferentfirmstoofferinterest-checking,oftenafterinvestmentbankscircumventedrestrictionsagainstit.ThesameresultoccurredwiththeinitialpassageofGlass-Steagalllegislation,whichseparatedbankingfromcommerce.Formanyyears,commercialbankscouldnotunderwritemostsecuritieswhileinvestmentbankscouldnotmakecommercialloansandaccepttransactionaccounts.PriortothepassageoftheFinancialModernizationAct,Citigroupwasformedanditofferedfull-scalecommercialandinvestmentbankingservices,insuranceservicesviaitsTravelerssubsidiary,andeffectivelyforcedtheU.S.CongresstopasstheActmakingallthislegal.
2.Securitizationgenerallyreducestheoverallqualityofassetsbecausetheloansthatcanbebestsecuritizedarethehighestquality,mostmarketableassetswithstandardizedfeaturesarethatreadilyunderstoodandvalued.
3.Banksthathavestrongseniormanagement,awelltrainedstaff,largeamountsofcapital,andgoodmarketsharearebestpositionedtobenefitfromincreasedcompetition.Theycanchoosethelinesofbusinesstoenterandexit,haveaccesstocapital,andcanexpandgeographicallywhereappropriate.Strongmanagementisevidencedbyaconstantreevaluationofstrategiesnecessarytocompeteandtheabilitytoimplementthestrategies.Abank’sBoardofDirectorsshouldplayakeyroleinensuringtheviableoperationofthefirmandcontinualstrategicplanning.
4.Investmentbanksgenerallyofferservicesintheareasof:
1)makingamarketinsecurities,2)underwritingsecurities,and3)assistinginmergersandacquisitions,and4)assetmanagement.Mostofthesearefee-basedservices,whicharenotsubjecttocreditrisk.Commercialbankshavebecomeincreasinglyinterestedinthelastthreebecauseofthepossibilityofearningfeeincome.Banksthatunderwritesecuritieshelpafirmorgovernmentunitplaceadebtorequityissuewiththeinvestingpublic.Theydosoeitheronabesteffortsbasisforafee,oractuallybuythesecuritiesfromtheoriginalissuerbeforesellingthemtoinvestors.Whenassistinginmergersandacquisitions,bankschargesubstantialfeesfortheireffortswithouttakingmuchrisk.Banksthatmanageassetsforcustomerschargeafeefortheservice.
5.Commercialpaperandjunkbondsprovidealternativefinancingtobankcreditforbusinesscustomers.Thecommercialpapermarketcamefirstandallowedlowriskbusinessestoaccessfundsdirectlyfrominvestorsonashort-term,unsecuredbasis.Thejunkbondmarketallowshigherriskbusinessesthesameaccess.Firmswiththebestreputationsandoperatingperformancecanreadilyaccessfundsinthisform.Thusbankloanportfolioshavebeendirectedlessatthehighestqualityborrowersandthoselowerqualityborrowerswithaccesstothejunkbondmarket.Manycommercialloanportfoliosaresubsequentlyconcentratedinrealestateandmiddlemarketbusinessloans.
6.ManybankshavefeltthecompetitionfromforeignbanksoperatingintheU.S.Bankcustomershavemoreoutletsfortheirfundsandborrowershavemorealternatives.LowriskbusinessescanborrowdomesticallyorviaforeigninstitutionsthathaveacompetitiveadvantageifthebusinessoperatedoutsidetheU.S.BankswithU.S.operationsonlythuswillfindthatthepoolofavailablecustomersisshrinkingwhilethenumberofcompetitorswithaglobalperspectiveisincreasing.Bankersoftenfearglobalizationbecauseitrepresentstheunknown.Thereareculturalandlanguagebarriersthatmanagersmustovercomeinordertoeffectivelycompete.NationwidefinancialservicescompanieswillbegreatlyaffectedbecausetheycompeteinmanygeographicmarketsthroughouttheU.S.andmanyoftheircustomersconductbusinessoutsidetheU.S.whilenon-U.S.basedcustomersalsoconductconsiderablebusinessintheU.S.Communitybankswillbelessaffectedbecausetheycompeteinlimitedgeographicmarkets,buttheircustomerbaseischangingwiththechangingU.S.demographics,suchthattheytoowillneedtobeawareofglobalissues,globalpaymentsystems,andtheneedsofcustomersfromdifferentcultures.
Chapter2
AnalyzingBankPerformance:
UsingtheUBPR
1.Foralargebank,assetsconsistapproximatelyofmarketablesecurities(20%),loans(70%),andotherassets(10%).Liabilitiesconsistofcoredeposits(40%60%),noncore,purchasedliabilities(20%40%),andotherliabilities(5%10%)asafractionofassets.Smallbankstypicallyobtainmorefundsintheformofcoredepositsandlessintheformofnoncore,purchasedliabilities.Smallbanksofteninvestmoreinsecuritiesaswell.Ofcourse,theactualpercentagesforanybankdependonthatbank’sbusinessstrategy,marketcompetition,andownership.
2.Abank'sinterestincomeconsistsofinterestearnedonloansandsecuritieswhilenoninterestincomeincludesrevenuesfromdepositservicecharges,trustdepartmentfees,feesfromnonbanksubsidiaries,etc.Interestexpenseconsistsofinterestpaidoninterest-bearingcoredepositsandnoncoreliabilitieswhilenoninterestexpenseiscomprisedofoverheadcosts,personnelcosts,andothercosts.Abank’snetinterestincomeequalsitsinterestincomeminusinterestexpense.Notethatinterestincomemaybecalculatedonataxequivalentbasisinwhichtaxexemptinterestisconvertedtoitspretaxequivalent.Abank’sburdenisdefinedasitsnoninterestexpenseminusnoninterestincome.Thisisoftenquotedasafractionoftotalassets.Abank’sefficiencyratioiscalculatedasnoninterestexpensedividedbythesumofnetinterestincomeandnoninterestincome.Thedenominatoreffectivelymeasuresnetoperatingrevenueaftersubtractinginterestexpense.Theefficiencyratiomeasurethenoninterestcostper$1ofoperatingrevenuegenerated.Analystsofteninterprettheefficiencyratioasameasureofabank’sabilitytocontroloverheadrelativetoitsabilitytogeneratenoninterestincome(andoverallrevenue).Alowernumberispresumablybetterbecauseitreflectsbettercostcontrolcomparedwithrevenuegeneration.
3.Incomestatement
InterestonU.S.Treasury&agencysecurities$44,500
Interestonmunicipalbonds60,000
Interestandfeesonloans189,700
Interestincome=$294,200
Interestpaidoninterest-checkingaccounts$33,500
Interestpaidontimedepositsunder$100,00072,000
InterestpaidonjumboCDs101,000
Interestexpense=$206,500
Netinterestincome=$87,700
Provisionsforloanlosses=$18,000
Netinterestincomeafterprovisions=$68,700
Feesreceivedonmortgageoriginations$23,000
Servicechargereceipts41,000
Trustdepartmentincome15,000
Noninterestincome=$79,000
Employeesalariesandbenefits$145,000
Occupancyexpense22,000
Noninterestexpense=$167,000
Incomebeforeincometaxes$19,300
Incometaxes6,562
Netincome=$12,738
Cashdividendsdeclared2,500
Retainedearnings=$15,238
Thisassumesthatexpensesassociatedwiththepurchaseofthenewcomputerareincludedinoccupancyexpense.Ifnot,thecomputerexpense(depreciation)willincreasethelossfortheperiod.Also,thebankcanreceiveataxrefundfrompriortaxpaymentsifthebankmadeataxableprofitwithinrecentyears.
4.Theprimaryriskfacedbybanksarecreditrisk,liquidityrisk,interestraterisk,foreignexchangerisk(thelattertworepresentmarketrisk),operationalrisk,andcapitalsolvency.Ingeneral,promised,orexpected,returnsshouldbehigherforbanksthatassumeincreasedrisk.Thereshouldalsobegreatervolatilityinreturnsovertime.
a.Creditrisk:
Netloanchargeoffs/Loans
Highriskhighratio;Lowrisklowratio
Highriskmanifestsitselfinoccasionalhighcharge-offs,whichrequiresaboveaverageprovisionsforloanlosssestoreplenishtheloanlossreserve.Thus,netincomeisvolatileovertime.
b.Liquidityrisk:
Coredeposits/Assets
Highrisklowratio;Lowriskhighratio
Highriskmanifestsitselfinlessstablefundingasabankreliesmoreonnoncore,purchasedliabilitiesthatfluctuateovertime.Thesenoncoreliabilitiesarealsohighercost,whichraisesinterestexpense.
c.Interestraterisk:
(|Repriceableassetsrepriceableliabilities|)/Assets
Highriskhighratio;Lowrisklowratio
Highriskbanksdonotcloselymatchtheamountofrepriceableassetsandrepriceableliabilities.Largedifferencessuggestthatnetinterestincomemayvarysharplyovertimeasthelevelofinterestrateschanges.
d.Foreignexchangerisk:
Assetsdenominatedinaforeigncurrencyminusliabilitiesdenominatedinthesameforeigncurrency.
Highrisk–alargedifference;Lowrisk–asmalldifference
Highriskmanifestsitselfwhenexchangerateschangeadverselyandthevalueofthebank’snetpositionofassetsversusliabilitiesdenominatedinacurrencychangessharply.
e.Operationalrisk:
totalassets/numberofemployees
Highrisk–lowratio;Lowrisk–highratio
Highriskmanif
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