兹维博迪金融学第二版试题库17TBWord文档格式.docx
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(c)abandon
(d)expand
Answer:
(b)
2.Incomparingthesimilaritybetweenoptionsininvestmentprojectsandcalloptionsonstocks,thedecisionmakerhasthe________tobuysomethingofvalueatafuturedate.
(a)obligation
(b)rightbutnottheobligation
(c)desirebutnottheright
(d)financialmeans
Answer:
3.Ingeneral,the________theuncertaintyaboutfutureoutcomes,the________theneedtoaccountexplicitlyforanyoptions.
(a)greater;
greater
(b)greater;
less
(c)less;
(d)noneoftheabove
(a)
4.
A(n)________intheuncertaintyaboutaproject'
sfuturepayoffs________itsvalue.
(a)increase,decreases
(b)increase,increases
(c)decreaseincreases
(d)increase,doesnotchange
5.Anoptionto________aprojectcorrespondstoanAmericanputoption.
(a)defer
(b)abandon
(c)rescale
(d)reverse
6.Anoptionto________allowstheprojecttobeexpandedorcontractedforsomefixedprice.
(c)
7.Anoptionto________allowsthepostponementofthebeginningofaninvestmentproject.
8.Anoptionto________correspondstoanAmericancalloption.
9.Ifacompany’sinvestmentinanewprojecthasasalvagevalueofzero,thisinvestmentissaidtobe________.
(a)uncertain
(b)irreversible
(c)deferrable
(d)mutable
10.Theoptionto________aninvestmentdecisionisvaluableeveniftheexpectedpriceinthefutureisequaltothecurrentprice.
(b)reverse
(c)renew
(d)obligate
11.Takingmanagement'
sflexibilityexplicitlyintoaccount________aproject’sNPV.
(a)decreases
(b)increases
(c)doesnotchange
(d)reverses
12.________canbeusedtodetermineasetofpossibleNPVs,withrespecttovariableswithinanproject,todetermineiftheoptimalstrategyistoabandon,defer,orimmediatelyproceedwiththeinvestment.
(a)Adecisiontree
(b)TheAPVmethod
(c)Probabilitymapping
(d)Sensitivityanalysis
(d)
13.
The________formulacanbeappliedtocapitalbudgetingproblems.
(a)Dividendvaluation
(b)Capitalstructurevaluation
(c)Black-Scholes
(d)alloftheabove
14.Inacapitalbudgetingframework,wecanusethesamevaluationmodelsdevelopedtoprice________.
(a)Europeanexchangeratefutures
(b)Americanexchangeratefutures
(c)Europeanpreferredstockvaluations
(d)Europeancalloptionsonastock
15.Inthecontextofoptionpricing,thevalueofflexibility________thevolatilityoftheproject.
(a)undermines
(b)isunaffectedby
(c)increaseswith
(d)decreaseswith
16.Failingtotakeintoaccountthemanagerialoptionstodelaythestartofaproject,oroncestartedtoexpandorabandonit,willcauseananalystevaluatingtheprojectto________.
(a)overestimateitsNPV
(b)underestimateitsNPV
(c)overestimateitsinitialcosts
(d)underestimateitsinitialcosts
17.Acompanyisconsideringanewprojectthatwouldrequireaninitialinvestmentof$5millionandinitssecondphaseoneyearfromnowanotherinvestmentof$105milliontobuildaplant.Fromtoday’sperspectivethevalueofthecompletedplantayearfromnowisarandomvariablewithameanof$110millionandastandarddeviationof0.2.Therisklessinterestrateis5%peryear.IfoneweretoevaluatethisinvestmentwiththeBlack-Scholesformulainordertotakeitsflexibilityintoaccount,whichofthefollowingistrue?
(a)thevalueofEtobeusedintheformulais$110million
(b)thevalueofStobeusedintheformulais$100million
(c)thevalueofCisfoundtobe$8.02million
18.TrueBlueInc.isconsideringacquiringanotherfirm,MellowYellowInc.Letusassumethattheyareboth100%equityfinancedfirms,thatis,neitherfirmhasanydebtoutstanding.Eachfirmhas1millionsharesofcommonstockoutstandingthatcanbefreelyboughtandsoldinacompetitivemarket.ThecurrentmarketvalueofMellowYellowInc.is$50millionanditsstandarddeviationis0.2.SupposeMellowYellow’smanagementoffersTrueBlueanoptiontoacquire100%ofMellowYellow’ssharesayearfromnowfor$55million.Therisklessinterestrateis5%peryear.Iftheoptioncosts$2.25million,theNPVis:
(a)$5.27million
(b)$3.02million
(c)