兹维博迪金融学第二版试题库17TBWord文档格式.docx

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）