金融市场与机构Word下载.docx

金融市场与机构Word下载.docx

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（c）loweryields.

（d）lessrisk.

Answer:

B

2.（I）Securitiesthathaveanoriginalmaturitygreaterthanoneyeararetradedincapitalmarkets.

（II）Thebestknowncapitalmarketsecuritiesarestocksandbonds.

（a）（I）istrue,（II）false.

（b）（I）isfalse,（II）true.

（c）Botharetrue.

（d）Botharefalse.

C

3.（I）Securitiesthathaveanoriginalmaturitygreaterthanoneyeararetradedinmoneymarkets.

（II）Thebestknownmoneymarketsecuritiesarestocksandbonds.

D

4.（I）Firmsandindividualsusethecapitalmarketsforlong-terminvestments.（II）Thecapitalmarketsprovideanalternativetoinvestmentinassetssuchasrealestateandgold.

5.Theprimaryreasonthatindividualsandfirmschoosetoborrowlong-termistoreducetheriskthatinterestrateswill_________beforetheypayofftheirdebt.

（a）rise

（b）fall

（c）becomemorevolatile

（d）becomemorestable

A

6.Afirmthatchoosestofinanceanewplantbyissuingmoneymarketsecurities

（a）mustincurthecostofissuingnewsecuritiestorolloveritsdebt.

（b）runstheriskofhavingtopayhigherinterestrateswhenitrollsoveritsdebt.

（c）incursboththecostofreissuingsecuritiesandtheriskofhavingtopayhigherinterestratesonthenewdebt.

（d）ismorelikelytoprofitifinterestratesrisewhiletheplantisbeingconstructed.

7.Theprimaryreasonthatindividualsandfirmschoosetoborrowlong-termisto

（a）reducetheriskthatinterestrateswillfallbeforetheypayofftheirdebt.

（b）reducetheriskthatinterestrateswillrisebeforetheypayofftheirdebt.

（c）reducemonthlyinterestpayments,asinterestratestendtobehigheronshort-termthan

long-termdebtinstruments.

（d）reducetotalinterestpaymentsoverthelifeofthedebt.

8.Afirmwillborrowlong-term

（a）iftheextrainterestcostofborrowinglong-termislessthantheexpectedcostofrisinginterestratesbeforeitretiresitsdebt.

（b）iftheextrainterestcostofborrowingshort-termduetorisinginterestratesdoesnotexceedtheexpectedpremiumthatispaidforborrowinglongterm.

（c）ifshort-terminterestratesareexpectedtodeclineduringthetermofthedebt.

（d）iflong-terminterestratesareexpectedtodeclineduringthetermofthedebt.

9.Theprimaryissuersofcapitalmarketsecuritiesinclude

（a）thefederalandlocalgovernments.

（b）thefederalandlocalgovernments,andcorporations.

（c）thefederalandlocalgovernments,corporations,andfinancialinstitutions.

（d）localgovernmentsandcorporations.

10.Governmentsneverissuestockbecause

（a）theycannotsellownershipclaims.

（b）theConstitutionexpresslyforbidsit.

（c）both（a）and（b）oftheabove.

（d）neither（a）nor（b）oftheabove.

11.（I）Theprimaryissuersofcapitalmarketsecuritiesarefederalandlocalgovernments,andcorporations.（II）Governmentsneverissuestockbecausetheycannotsellownershipclaims.

12.（I）Theprimaryissuersofcapitalmarketsecuritiesarefinancialinstitutions.

（II）Thelargestpurchasersofcapitalmarketsecuritiesarecorporations.

13.Thedistributionofafirm’scapitalbetweendebtandequityisits

（a）leverageratio.

（b）liabilitystructure

（c）acidratio.

（d）capitalstructure.

14.Thelargestpurchasersofcapitalmarketsecuritiesare

（a）households.

（b）corporations

（c）governments.

（d）centralbanks.

15.Individualsandhouseholdsfrequentlypurchasecapitalmarketsecuritiesthroughfinancialinstitutionssuchas

（a）mutualfunds.

（b）pensionfunds.

（c）moneymarketmutualfunds.

（d）alloftheabove.

（e）only（a）and（b）oftheabove.

E

16.（I）Therearetwotypesofexchangesinthesecondarymarketforcapitalsecurities:

organizedexchangesandover-the-counterexchanges.（II）Whenfirmssellsecuritiesfortheveryfirsttime,theissueisaninitialpublicoffering.

17.（I）Capitalmarketsecuritiesfallintotwocategories:

bondsandstocks.（II）Long-termbondsincludegovernmentbondsandlong-termnotes,municipalbonds,andcorporatebonds.

（b）（I）