投资学期末试题库答案解析及分析一.docx
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投资学期末试题库答案解析及分析一
TUTORIAL–SESSION01
CHAPTER01
1.Discusstheagencyproblem.
2.Discussthesimilaritiesanddifferencesbetweenrealandfinancialassets.
3.Discussthefollowingongoingtrendsastheyrelatetothefieldofinvestments:
globalization,financialengineering,securitization,andcomputernetworks.
CHAPTER02
Usethefollowingtoanswerquestions1to3:
Considerthefollowingthreestocks:
1.Theprice-weightedindexconstructedwiththethreestocksis
A）30
B）40
C）50
D）60
E）70
Answer:
BDifficulty:
Easy
Rationale:
（$40+$70+$10）/3=$40.
2.Thevalue-weightedindexconstructedwiththethreestocksusingadivisorof100is
A）1.2
B）1200
C）490
D）4900
E）49
Answer:
C Difficulty:
Moderate
Rationale:
The sum of the value of the three stocks divided by 100 is 490:
[（$40 x 200） + （$70 x 500） + （$10 x 600）] /100 = 490
3.Assumeatthesepricesthevalue-weightedindexconstructedwiththethreestocksis490.WhatwouldtheindexbeifstockBissplit2for1andstockC4for1?
A）265
B）430
C）355
D）490
E）1000
Answer:
DDifficulty:
Moderate
Rationale:
Value-weightedindexesarenotaffectedbystocksplits.
4.Aninvestorpurchasesonemunicipalandonecorporatebondthatpayratesofreturnof8%and10%,respectively.Iftheinvestorisinthe20%marginaltaxbracket,hisorheraftertaxratesofreturnonthemunicipalandcorporatebondswouldbe________and______,respectively.
A）8%and10%
B）8%and8%
C）6.4%and8%
D）6.4%and10%
E）10%and10%
Answer:
BDifficulty:
Moderate
Rationale:
rc=0.10（1-0.20）=0.08,or8%;rm=0.08（1-0）=8%.
5.A5.5%20-yearmunicipalbondiscurrentlypricedtoyield7.2%.Forataxpayerinthe33%marginaltaxbracket,thisbondwouldofferanequivalenttaxableyieldof:
A）8.20%.
B）10.75%.
C）11.40%.
D）4.82%.
E）noneoftheabove.
Answer:
BDifficulty:
Moderate
Rationale:
0.072=rm（1-t）;0.072=rm/（0.67）;rm=0.1075=10.75%
6.Inorderforyoutobeindifferentbetweentheaftertaxreturnsonacorporatebondpaying8.5%andatax-exemptmunicipalbondpaying6.12%,whatwouldyourtaxbracketneedtobe?
A）33%
B）72%
C）15%
D）28%
E）Cannottellfromtheinformationgiven
.0612=.085（1-t）;（1-t）=0.72;t=.28
7.Supposeaninvestorisconsideringacorporatebondwitha7.17%before-taxyieldandamunicipalbondwitha5.93%before-taxyield.Atwhatmarginaltaxratewouldtheinvestorbeindifferentbetweeninvestinginthecorporateandinvestinginthemuni?
A）15.4%
B）23.7%
C）39.5%
D）17.3%
E）12.4%
tm=1-（5.93%/7.17%）=17.29%
Usethefollowingtoanswerquestions8to9:
8.Basedontheinformationgiven,foraprice-weightedindexofthethreestockscalculate:
A）therateofreturnforthefirstperiod（t=0tot=1）.
B）thevalueofthedivisorinthesecondperiod（t=2）.AssumethatStockAhada2-1splitduringthisperiod.
C）therateofreturnforthesecondperiod（t=1tot=2）.
A.Theprice-weightedindexattime0is（70+85+105）/3=86.67.Theprice-weightedindexattime1is（72+81+98）/3=83.67.Thereturnontheindexis83.67/86.67-1=-3.46%.
B.Thedivisormustchangetoreflectthestocksplit.Becausenothingelsefundamentallychanged,thevalueoftheindexshouldremain83.67.Sothenewdivisoris（36+81+98）/83.67=2.57.Theindexvalueis（36+81+98）/2.57=83.67.
C.Therateofreturnforthesecondperiodis83.67/83.67-1=0.00%
9.Basedontheinformationgivenforthethreestocks,calculatethefirst-periodratesofreturn（fromt=0tot=1）on
A）amarket-value-weightedindex.
B）anequally-weightedindex.
C）ageometricindex.
A.Thetotalmarketvalueattime0is$70*200+$85*500+$105*300=$88,000.Thetotalmarketvalueattime1is$72*200+$81*500+$98*300=$84,300.Thereturnis$84,300/$88,000-1=-4.20%.
B.ThereturnonStockAforthefirstperiodis$72/$70-1=2.86%.ThereturnonStockBforthefirstperiodis$81/$85-1=-4.71%.ThereturnonStockCforthefirstperiodis$98/$105-1=-6.67%.Thereturnonanequallyweightedindexofthethreestocksis（2.86%-4.71%-6.67%）/3=-2.84%
C.Thegeometricaveragereturnis[（1+.0286）（1-.0471）（1-.0667）]（1/3）-1=[（1.0286）（0.9529）（0.9333）]0.3333-1=-2.92%
10.Discusstheadvantagesanddisadvantagesofcommonstockownership,relativetootherinvestmentalternatives.
CHAPTER03
1.Assumeyoupurchased200sharesofXYZcommonstockonmarginat$70persharefromyourbroker.Iftheinitialmarginis55%,howmuchdidyouborrowfromthebroker?
A）$6,000
B）$4,000
C）$7,700
D）$7,000
E）$6,300
Answer:
EDifficulty:
Moderate
Rationale:
200shares*$70/share*（1-0.55）=$14,000*（0.45）=$6,300.
2.Yousoldshort200sharesofcommonstockat$60pershare.Theinitialmarginis60%.Yourinitialinvestmentwas
A）$4,800.
B）$12,000.
C）$5,600.
D）$7,200.
E）noneoftheabove.
Answer:
DDifficulty:
Moderate
Rationale:
200shares*$60/share*0.60=$12,000*0.60=$7,200
3.Youpurchased100sharesofABCcommonstockonmarginat$70pershare.Assumetheinitialmarginis50%andthemaintenancemarginis30%.Belowwhatstockpricelevelwouldyougetamargincall?
Assumethestockpaysnodividend;ignoreinterestonmargin.
A）$21
B）$50
C）$49
D）$80
E）noneoftheabove
Answer:
BDifficulty:
Difficult
Rationale:
100shares*$70*.5=$7,000*0.5=$3,500（loanamount）;0.30=（100P-$3,500）/100P;30P=100P-$3,500;-70P=-$3,500;P=$50.
4.Youpurchased100sharesofcommonstockonmarginat$45pershare.Assumetheinitialmarginis50%andthestockpaysnodividend.Whatwouldthemaintenancemarginbeifamargincallismadeatastockpriceof$30?
Ignoreinterestonmargin.
A）0.33
B）0.55
C）0.43
D）0.23
E）0.25
Answer:
EDifficulty:
Difficult
Rationale:
100shares*$45/share*0.5=$4,500*0.5=$2,250（loanamount）;X=[100（$30）-$2,250]/100（$30）;X=0.25.
5.Youpurchased300sharesofcommonstockonmarginfor$60pershare.Theinitialmarginis60%andthestockpaysnodividend.Whatwouldyourrateofreturnbeifyousellthestockat$45pershare?
Ignoreinterestonmargin.
A）25%
B）-33%
C）44%
D）-42%
E）–54%
Answer:
DDifficulty:
Difficult
Rationale:
300（$60）（0.60）=$10,800investment;300（$60）=$18,000*（0.40）=$7,200loan;Proceedsaftersellingstockandrepayingloan:
$13,500-$7,200=$6,300;Return=（$6,300-$10,800）/$10,800=-41.67%.
6.Assumeyousellshort100sharesofcommonstockat$45pershare,withinitialmarginat50%.Whatwouldbeyourrateofreturnifyourepurchasethestockat$40/share?
Thestockpaidnodividendsduringtheperiod,andyoudidnotremoveanymoneyfromtheaccountbeforemakingtheoffsettingtransaction.
A）20%
B）25%
C）22%
D）77%
E）noneoftheabove
Answer:
CDifficulty:
Moderate
Rationale:
Profitonstock=（$45-$40）*100=$500,$500/$2,250（initialinvestment）=22.22%
7.YouwanttopurchaseXYZstockat$60fromyourbrokerusingaslittleofyourownmoneyaspossible.Ifinitialmarginis50%andyouhave$3000toinvest,howmanysharescanyoubuy?
A）100shares
B）200shares
C）50shares
D）500shares
E）25shares
Answer:
ADifficulty:
Moderate
Rationale:
.5=[（Q*$60）-$3,000]/（Q*$60）;$30Q=$60Q-$3,000;$30Q=$3,000;Q=100.
8.Youbuy300sharesofQualitycorpfor$30pershareanddepositinitialmarginof50%.ThenextdayQualitycorp'spricedropsto$25pershare.Whatisyouractualmargin?
A）50%
B）40%
C）33%
D）60%
E）25%
Answer:
BDifficulty:
Moderate
Rationale:
AM=[300（$25）-.5（300）（$30）]/[300（$25）]=.40
9.Yousoldshort100sharesofcommonstockat$45pershare.Theinitialmarginis50%.Yourinitialinvestmentwas
A）$4,800.
B）$12,000.
C）$2,250.
D）$7,200.
E）noneoftheabove.
Answer:
CDifficulty:
Moderate
Rationale:
100shares*$45/share*0.50=$4,500*0.50=$2,250
10.ListthreefactorsthatarelistingrequirementsfortheNewYorkStockExchange.Whydoestheexchangehavesuchrequirements?
CHAPTER04
1.MultipleMutualFundshadyear-endassetsof$457,000,000andliabilitiesof$17,000,000.Therewere24,300,000sharesinthefundatyear-end.WhatwasMultipleMutual'sNetAssetValue?
A）$18.11
B）$18.81
C）$69.96
D）$7.00
E）$181.07
Answer:
ADifficulty:
Moderate
Rationale:
（457,000,000-17,000,000）/24,300,000=$18.11
2.DiversifiedPortfolioshadyear-endassetsof$279,000,000andliabilitiesof$43,000,000.IfDiversified'sNAVwas$42.13,howmanysharesmusthavebeenheldinthefund?
A）43,000,000
B）6,488,372
C）5,601,709
D）1,182,203
E）Noneoftheabove.
Answer:
CDifficulty:
Moderate
Rationale:
（$279,000,000-43,000,000）/$42.13=5,601,708.996.
3.PinnacleFundhadyear-endassetsof$825,000,000andliabilitiesof$25,000,000.IfPinnacle'sNAVwas$32.18,howmanysharesmusthavebeenheldinthefund?
A）21,619,346,92
B）22,930,546.28
C）24,860,161.59
D）25,693,645.25
E）Noneoftheabove.
Answer:
CDifficulty:
Moderate
Rationale:
（$825,000,000-25,000,000）/$32.18=24,860,161.59.
4.TheProfitabilityFundhadNAVpershareof$17.50onJanuary1,2005.OnDecember31ofthesameyearthefund'sNAVwas$19.47.Incomedistributionswere$0.75andthefundhadcapitalgaindistributionsof$1.00.Withoutconsideringtaxesandtransactionscosts,whatrateofreturndidaninvestorreceiveontheProfitabilityfundlastyear?
A）11.26%
B）15.54%
C）16.97%
D）21.26%
E）9.83%
Ans
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