金融学第二版试题库.docx

金融学第二版试题库.docx

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金融学第二版试题库

ChapterTwo

FinancialMarketsandInstitutions

Thischaptercontains49multiple-choicequestions,20shortproblemsand10longerproblems.

MultipleChoice

1.Amarketthathasnoonespecificlocationistermeda（n）________market.

（a）over-the-counter

（b）geographiclocation

（c）intermediary

（d）conceptual

Answer:

（a）

2.________problemsarisebecausepartiestocontractsoftencannoteasilymonitororcontroloneanother.

（a）Payment

（b）Counter

（c）Incentive

（d）Exchange

Answer:

（c）

3.Incentiveproblemstakeavarietyofformsandinclude:

（a）moralhazard

（b）adverseselection

（c）principal-agent

（d）alloftheabove

Answer:

（d）

4.The________problemexistswhenhavinginsuranceagainstsomeriskcausestheinsuredpartytotakegreaterriskortotakelesscareinpreventingtheeventthatgivesrisetotheloss.

（a）moralhazard

（b）adverseselection

（c）principal-agent

（d）alloftheabove

Answer:

（a）

5.Lifeannuitiesareexamplesof________problems.

（a）moralhazard

（b）adverseselection

（c）principal-agent

（d）alloftheabove

Answer:

（b）

6.________meansgivingthelendertherighttoseizespecificbusinessassetsintheeventofdefault.

（a）Increasingmoralhazard

（b）Increasingadverseselection

（c）Collateralizationofloans

（d）Alloftheabove

Answer:

（c）

7.________instrumentsarealsocalledfixed-incomeinstruments.

（a）Debt

（b）Equity

（c）Derivative

（d）Alloftheabove

Answer:

（a）

8.Themarketforshort-termdebt（lessthanoneyear）iscalledthe________market,andthemarketforlong-termdebtandequitysecuritiesiscalledthe________market.

（a）capital;money

（b）money;capital

（c）fixed-income;money

（d）derivative;equity

Answer:

（b）

9.________securitiesarefinancialinstrumentsthatderivetheirvaluefromthepricesofoneormoreotherassets.

（a）Debt

（b）Equity

（c）Derivative

（d）Fixed-income

Answer:

（c）

10.Acalloptiongivesitsholdertherightto________someassetataspecifiedpriceonorbeforesomespecifiedexpirationdate.

（a）sell

（b）buy

（c）loan

（d）borrow

Answer:

（b）

11.Aputoptiongivesitsholdertherightto________someassetataspecifiedpriceonorbeforesomespecifiedexpirationdate.

（a）sell

（b）buy

（c）loan

（d）borrow

Answer:

（a）

12.________contractsobligeonepartytothecontracttobuy,andtheotherpartytosell,someassetataspecifiedpriceonsomespecifieddate.

（a）Options

（b）Uncertainty

（c）Moneymarket

（d）Forward

Answer:

（d）

13.The________curvedepictstherelationbetweeninterestratesonfixed-incomeinstrumentsissuedbytheU.S.Treasuryandthematurityoftheinstrument.

（a）long-term

（b）short-term

（c）yield

（d）exchangerate

Answer:

（c）

14.Iftheshort-termratesarehigherthanthelong-termrates,thentheyieldcurveis________.

（a）upwardsloping

（b）downwardsloping

（c）horizontal

（d）vertical

Answer:

（b）

Questions15and16areintendedtobecalculatedasapair.

15.SupposeyouareaFrenchinvestor,whowantsasafeinvestmentintermsoffrancs.Youareinvestingforoneyearandtheinterestrateonaone-yearFrenchgovernmentbondis5%andatthesametimeitis9%onaU.S.governmentbond.Theexchangerateiscurrently6.15Frenchfrancstothedollar.Supposeyouinvest$1,000inaU.S.bond.AlsosupposethatayearfromnowtheFrenchfranc/dollarexchangerateis6.50Frenchfrancstothedollar.WhatwillbetherealizedFrenchfrancrateofreturnontheU.S.bond?

（a）5.69%

（b）9.00%

（c）15.2%

（d）7.00%

Answer:

（c）

16.Inquestion15,whatwouldtheexchangerateatyear’sendhavetobeinorderfortheFrenchinvestortoearnexactly4%peryearontheinvestmentinU.S.bonds?

（a）6.20FF/$

（b）5.87FF/$

（c）6.40FF/$

（d）5.42FF/$

Answer:

（b）

Usethefollowingyielddatatoanswerquestions17and18.

2/29/98

Treasury1-10yr5.58%

10+yr5.72

Corporate1-10yrHighQlty5.98

MedQlty6.17

Corporate10+yrHighQlty6.26

MedQlty6.57

17.CalculatetheyieldspreadforTreasurybondswithmaturity1-10yearandcorporatebondsofhighqualityofthesamematurity.

（a）11.56%

（b）0.68%

（c）0.59%

（d）0.40%

Answer:

（d）

18.CalculatetheyieldspreadforTreasurybondswithmaturity10+yearsandcorporatebondsofmediumqualityofthesamematurity.

（a）12.29%

（b）0.85%

（c）0.54%

（d）0.45%

Answer:

（b）

19.Youinvestinastockthatcosts$45.50pershare.Itpaysacashdividendduringtheyearof$1.20andyouexpectitspricetobe$49atyear’send.Whatisyourexpectedrateofreturnifyousellthestockfor$49attheendoftheyear?

（a）2.64%

（b）7.69%

（c）10.33%

（d）–5.05%

Answer:

（c）

20.Youinvestinastockthatcosts$45.50pershare.Itpaysacashdividendduringtheyearof$1.20andyouexpectitspricetobe$49atyear’sen