投资学第7版Test Bank答案25.docx
- 文档编号:892644
- 上传时间:2022-10-13
- 格式:DOCX
- 页数:14
- 大小:44.66KB
投资学第7版Test Bank答案25.docx
《投资学第7版Test Bank答案25.docx》由会员分享,可在线阅读,更多相关《投资学第7版Test Bank答案25.docx(14页珍藏版)》请在冰豆网上搜索。
投资学第7版TestBank答案25
MultipleChoiceQuestions
1.SharesofseveralforeignfirmsaretradedintheU.S.marketsintheformof
A)ADRs
B)ECUs
C)single-countryfunds
D)alloftheabove
E)noneoftheabove
Answer:
ADifficulty:
Easy
Rationale:
AmericanDepositoryReceipts(ADRs)allowU.S.investorstoinvestinforeignstocksviatransactionsontheU.S.stockexchanges.
2.__________referstothepossibilityofexpropriationofassets,changesintaxpolicy,andthepossibilityofrestrictionsonforeignexchangetransactions.
A)defaultrisk
B)foreignexchangerisk
C)marketrisk
D)politicalrisk
E)noneoftheabove
Answer:
DDifficulty:
Easy
Rationale:
Alloftheabovefactorsarepoliticalinnature,andthusareexamplesofpoliticalrisk.
3.__________aremutualfundsthatinvestinonecountryonly.
A)ADRs
B)ECUs
C)single-countryfunds
D)alloftheabove
E)noneoftheabove
Answer:
CDifficulty:
Easy
Rationale:
Mutualfundsthatinvestinthestocksofonecountryonlyarecalledsingle-countryfunds.
4.Theperformanceofaninternationallydiversifiedportfoliomaybeaffectedby
A)countryselection
B)currencyselection
C)stockselection
D)alloftheabove
E)noneoftheabove
Answer:
DDifficulty:
Easy
Rationale:
Alloftheabovefactorsmayaffecttheperformanceofaninternationalportfolio.
5.Overtheperiod2001-2005,mostcorrelationsbetweentheU.S.stockindexandstock-indexportfoliosofothercountrieswere
A)negative
B)positivebutlessthan.9
C)approximatelyzero
D).9orabove
E)noneoftheabove
Answer:
BDifficulty:
Moderate
Rationale:
Correlationcoefficientsweretypicallybelow.9,whilecorrelationsbetweenwell-diversifiedU.S.marketportfoliosweretypicallyabove.9.SeeTable25.10.
6.The__________indexisawidelyusedindexofnon-U.S.stocks.
A)CBOE
B)DowJones
C)EAFE
D)alloftheabove
E)noneoftheabove
Answer:
CDifficulty:
Easy
Rationale:
TheEurope,Australia,FarEast(EAFE)indexcomputedbyMorganStanleyisawidelyusedindexofnon-U.S.stocks.
7.The__________equitymarkethadthehighestaveragelocalcurrencyreturnbetween2001and2005.
A)Russian
B)Norwegian
C)U.K.
D)U.S.
E)noneoftheabove
Answer:
ADifficulty:
Moderate
Rationale:
SeeTable25.9.
8.The__________equitymarkethadthehighestaverageU.S.dollarreturnbetween2001and2005.
A)Russian
B)Finnish
C)Columbian
D)U.S.
E)noneoftheabove
Answer:
CDifficulty:
Moderate
Rationale:
SeeTable25.9.
9.The__________equitymarkethadthehighestaverageU.S.dollarstandarddeviationbetween2001and2005.
A)Turkish
B)Finnish
C)Indonesian
D)U.S.
E)noneoftheabove
Answer:
ADifficulty:
Moderate
Rationale:
SeeTable25.9.
10.The__________equitymarkethadthehighestaveragelocalcurrencystandarddeviationbetween2001and2005.
A)Turkish
B)Finnish
C)Indonesian
D)U.S.
E)noneoftheabove
Answer:
ADifficulty:
Moderate
Rationale:
SeeTable25.9.
11.In2005,theU.S.equitymarketrepresented__________oftheworldequitymarket.
A)19%
B)60%
C)43%
D)39%
E)noneoftheabove
Answer:
DDifficulty:
Moderate
Rationale:
SeeTable25.1.
12.ThestraightforwardgeneralizationofthesimpleCAPMtointernationalstocksisproblematicbecause__________.
A)inflationriskperceptionsbydifferentinvestorsindifferentcountrieswilldifferasconsumptionbasketsdiffer
B)investorsindifferentcountriesviewexchangerateriskfromtheperspectiveofdifferentdomesticcurrencies
C)taxes,transactioncostsandcapitalbarriersacrosscountriesmakeitdifficultforinvestortoholdaworldindexportfolio
D)alloftheabove
E)noneoftheabove.
Answer:
DDifficulty:
Moderate
Rationale:
AlloftheabovefactorsmakeabroadgeneralizationoftheCAPMtointernationalstocksproblematic.
13.Theyieldona1-yearbillintheU.K.is8%andthepresentexchangerateis1pound=U.S.$1.60.Ifyouexpecttheexchangeratetobe1pound-U.S.$1.50ayearfromnow,thereturnaU.S.investorcanexpecttoearnbyinvestinginU.K.billsis
A)-6.7%
B)0%
C)8%
D)1.25%
E)noneoftheabove
Answer:
DDifficulty:
Moderate
Rationale:
r(US)=[1+r(UK)]F0/E0-1;[1.08][1.50/1.60]-1=1.25%.
14.Supposethe1-yearrisk-freerateofreturnintheU.S.is5%.Thecurrentexchangerateis1pound=U.S.$1.60.The1-yearforwardrateis1pound=$1.57.Whatistheminimumyieldona1-yearrisk-freesecurityinBritainthatwouldinduceaU.S.investortoinvestintheBritishsecurity?
A)2.44%
B)2.50%
C)7.00%
D)7.62%
E)noneoftheabove
Answer:
CDifficulty:
Moderate
Rationale:
1.05=(1+r)X
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 投资学第7版Test Bank答案25 投资 Test Bank 答案 25