投资学精要-博迪-第八版-课后答案-Chapter2Word文档格式.doc

投资学精要-博迪-第八版-课后答案-Chapter2Word文档格式.doc

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4.Treasurybills,certificatesofdeposit,commercialpaper,bankers’acceptances,Eurodollars,repos,reserves,federalfundsandbrokers’calls.

5.AmericanDepositoryReceipts,orADRs,arecertificatestradedinU.S.marketsthatrepresentownershipinsharesofaforeigncompany.Investorsmayalsopurchasesharesofforeigncompaniesonforeignexchanges.Lastly,investorsmayuseinternationalmutualfundstoownsharesindirectly.

6.Becausetheyproducecouponsthataretaxfree.

7.Thefedfundsrateissimplytherateofinterestonveryshort-termloansamongfinancialinstitutions.TheLondonInterbankOfferRate（LIBOR）istherateatwhichlargebanksinLondonarewillingtolendmoneyamongthemselves.

8.Generalobligationbondsarebackedbythelocalgovernments,whilerevenuebondshaveproceedsattachedtospecificprojects.Arevenuebondhaslessguarantees,therefore,itisriskierandwillhaveahigheryield.

9.Corporationsmayexclude70%ofdividendsreceivedfromdomesticcorporationsinthecomputationoftheirtaxableincome.

10.Limitedliabilitymeansthatthemostshareholderscanloseineventofthefailureofthecorporationistheiroriginalinvestment.

11.Moneymarketsecuritiesarereferredtoas“cashequivalents”becauseoftheirgreatliquidity.Thepricesofmoneymarketsecuritiesareverystable,andtheycanbeconvertedtocash（i.e.,sold）onveryshortnoticeandwithverylowtransactioncosts.

12.Taxableequivalentyield=.0675/（1-.35）=.1038

13.

a.Thetaxablebond.Withazerotaxbracket,theafter-taxyieldforthetaxablebondisthesameasthebefore-taxyield（5%）,whichisgreaterthantheyieldonthemunicipalbond.

b.Thetaxablebond.Theafter-taxyieldforthetaxablebondis:

0.05x（1–0.10）=4.5%

c.Youareindifferent.Theafter-taxyieldforthetaxablebondis:

0.05x（1–0.20）=4.0%

Theafter-taxyieldisthesameasthatofthemunicipalbond.

d.Themunicipalbondoffersthehigherafter-taxyieldforinvestorsintaxbracketsabove20%.

14.Theafter-taxyieldonthecorporatebondsis:

[0.09x（1–0.30）]=0.0630=6.30%.Therefore,themunicipalsmustofferatleast6.30%yields.

15.Theequivalenttaxableyield（r）is:

r=rm/（1–t）

a.4.00%

b.4.44%

c.5.00%

d.5.71%

16.

a.Youwouldhavetopaytheaskedpriceof:

107:

27=107.8438%ofpar=$1,074.438

b.Thecouponrateis4.875%,implyingcouponpaymentsof$48.75annuallyor,moreprecisely,$24.375semiannually.

c.Currentyield=Annualcouponincome/price=

4.875/107.8438=0.0452=4.52%

17.

a.Theclosingpricetodayis$74.92,whichis$1.82belowyesterday’sprice.Therefore,yesterday’sclosingpricewas:

$74.92+$1.82=$76.74

b.Youcouldbuy:

$5,000/$74.92=66.74shares

c.Yourannualdividendincomewouldbe1.90%of$5,000,or$95.

d.Earningspersharecanbederivedfromtheprice-earnings（PE）ratio.

Price/Earnings=13andPrice=$74.92sothatEarnings=$74.92/13=$5.7631

18.

a.Att=0,thevalueoftheindexis:

（90+50+100）/3=80

Att=1,thevalueoftheindexis:

（95+45+110）/3=83.3333

Therateofreturnis:

（83.3333/80）–1=4.167%

b.Intheabsenceofasplit,stockCwouldsellfor110,andthevalueoftheindexwouldbe:

Afterthesplit,stockCsellsat55.Therefore,weneedtosetthedivisor（d）suchthat:

83.3333=（95+45+55）/d…..d=2.340

c.Therateofreturniszero.Theindexremainsunchanged,asitshould,sincethereturnoneachstockseparatelyequalszero.

19.

a.Totalmarketvalueatt=0is:

（9,000+10,000+20,000）=39,000

Totalmarketvalueatt=1is:

（9,500+9,000+22,000）=40,500

Rateofreturn=（40,500/39,000）–1=3.85%

b.Thereturnoneachstockisasfollows:

Ra=（95/90）–1=0.0556

Rb=（45/50）–1=–0.10

Rc=（110/100）–1=0.10

Theequally-weightedaverageis:

[0.0556+（-0.10）+0.10]/3=0.0185=1.85%

20.Thefundwouldrequireconstantreadjustmentsinceeverychangeinthepriceofastockwouldbringthefun