投资学第7版TestBank答案03Word格式文档下载.docx

投资学第7版TestBank答案03Word格式文档下载.docx

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acceptdepositsfromsaversandlendthemouttocompanies.AandB.

A,B,andC.

Apurchaseofanewissueofstocktakesplace

A）

B）

C）

D）

E）

Specialistsmaintainabooklistingoutstandingunexecutedlimitorders.Specialistsearnincomefromcommissionsandspreadsinstockprices.Specialistsstandreadytotradeatquotedbidandaskprices.Specialistscannottradeintheirownaccounts.

A,B,andCarealltrue.

Answer:

EDifficulty:

Moderate

Rationale:

Thespecialists'

functionsarealloftheitemslistedinA,B,andC.Inaddition,specialiststradeintheirownaccounts.

Investmentbankers

DDifficulty:

Theroleoftheinvestmentbankeristoassistthefirminissuingnewsecurities,bothinadvisoryandmarketingcapacities.The

theinvestmentbankerbuysthestockfromthecompanyandresellstheissuetothepublic.

theinvestmentbankeragreestohelpthefirmsellthestockatafavorableprice.theinvestmentbankerfindsthebestmarketingarrangementfortheinvestmentbankingfirm.

BandC.AandB.

investmentbankerdoesnothavearolecomparabletoacommercialbank,asindicatedinC.

Ina"

firmcommitment"

ADifficulty:

ThesecondarymarketconsistsoftransactionsontheAMEX.transactionsintheOTCmarket.transactionsthroughtheinvestmentbanker.AandB.

E）A,B,andC.

ThesecondarymarketconsistsoftransactionsontheorganizedexchangesandintheOTCmarket.Theinvestmentbankerisinvolvedintheplacementofnewissuesintheprimarymarket.

6.

TheuseoftheInternettotradeandunderwritesecurities

isillegalunderSECregulations.

isregulatedbytheNewYorkStockExchange.decreasesunderwritingcostsforanewsecurityissue.increasesunderwritingcostsforanewsecurityissue.

isregulatedbytheNationalAssociationofSecuritiesDealers.

CDifficulty:

7.

TheSECpermitstradingandunderwritingofsecuritiesovertheInternet,buthasrequiredfirmsparticipatinginthisactivitytotakestepstosafeguardinvestmentfunds.Thisformofunderwritingisexpectedtogrowquicklyduetoitslowercost.Initialmarginrequirementsaredeterminedby

A）B）C）

D）E）Answer:

BDifficulty:

theSecuritiesandExchangeCommission.

theFederalReserveSystem.

theNewYorkStockExchange.

BandC.

AandB

8.

TheBoardofGovernorsoftheFederalReserveSystemdeterminesinitialmarginrequirements.TheNewYorkStockExchangedeterminesmaintenancemarginrequirementsonNYSE-listedstocks;

however,brokersusuallysetmaintenancemarginrequirementsabovethoseestablishedbytheNYSE.

stop-buyorderlimit-buyordermarketorderlimit-sellordernoneoftheabove.

YoupurchasedXYZstockat$50pershare.Thestockiscurrentlysellingat$65.Yourgainsmaybeprotectedbyplacinga

Withalimit-sellorder,yourstockwillbesoldonlyataspecifiedprice,orbetter.Thus,suchanorderwouldprotectyourgains.Noneoftheotherordersareapplicabletothissituation.

YousoldABCstockshortat$80pershare.YourlossescouldbeminimizedbyplacingaA）B）C）D）E）

limit-sellorderlimit-buyorderstop-buyorderday-ordernoneoftheabove.

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Rationale:

Withastop-buyorder,thestockwouldbepurchasedifthepriceincreasedtoaspecifiedlevel,thuslimitingyourloss.Noneoftheotherordersareapplicabletothissituation.

10.

Amarketorderissimplyanordertobuyorsellastockimmediatelyattheprevailingmarketprice.

Alimitsellorderiswhereinvestorsspecifypricesatwhichtheyarewillingtosellasecurity.

IfstockABCissellingat$50,alimit-buyordermayinstructthebrokertobuythestockifandwhenthesharepricefallsbelow$45.

Adayorderexpiresatthecloseofthetradingday.Noneoftheabove.

11.

Whichoneofthefollowingstatementsregardingordersisfalse?

ModerateRationale:

Alloftheorderdescriptionsabovearecorrect.

Restrictionsontradinginvolvinginsiderinformationapplytothefollowingexcept

corporateofficersanddirectors.relativesofcorporatedirectorsandofficers.majorstockholders.

Alloftheabovearesubjecttoinsidertradingrestrictions.Noneoftheaboveissubjecttoinsidertradingrestrictions.

12.

A,B,andCarecorporateinsidersandaresubjecttorestric