国际金融IFinanceTestBank5之欧阳历创编Word下载.docx

国际金融IFinanceTestBank5之欧阳历创编Word下载.docx

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c.

purchaseCanadiandollarputoptions.

d.

purchaseCanadiandollarcalloptions.

ANS:

CPTS:

1

2.Graylon,Inc.,basedinWashington,exportsproductstoaGermanfirmandwillreceivepaymentof€200,000inthreemonths.OnJune1,thespotrateoftheeurowas$1.12,andthe3-monthforwardratewas$1.10.OnJune1,Graylonnegotiatedaforwardcontractwithabanktosell€200,000forwardinthreemonths.ThespotrateoftheeuroonSeptember1is$1.15.Graylonwillreceive$____fortheeuros.

224,000

220,000

200,000

230,000

B

SOLUTION:

€200,000⋅$1.10=$220,000

PTS:

3.Theone-yearforwardrateoftheBritishpoundisquotedat$1.60,andthespotrateoftheBritishpoundisquotedat$1.63.Theforward____is____percent.

discount;

1.9

1.8

premium;

（F/S）−1=（$1.60/$1.63）−1=−1.8percent.

4.The90-dayforwardratefortheeurois$1.07,whilethecurrentspotrateoftheeurois$1.05.Whatistheannualizedforwardpremiumordiscountoftheeuro?

1.9percentdiscount.

1.9percentpremium.

7.6percentpremium.

7.6percentdiscount.

C

[（F/S）−1]⋅360/90=7.6percent.

5.Thornton,Inc.needstoinvestfivemillionNepaleserupeesinitsNepalesesubsidiarytosupportlocaloperations.Thorntonwouldlikeitssubsidiarytorepaytherupeesinoneyear.Thorntonwouldliketoengageinaswaptransaction.Thus,Thorntonwould:

converttherupeestodollarsinthespotmarkettodayandconvertrupeestodollarsinoneyearattoday'

sforwardrate.

convertthedollarstorupeesinthespotmarkettodayandconvertdollarstorupeesinoneyearattheprevailingspotrate.

convertthedollarstorupeesinthespotmarkettodayandconvertrupeestodollarsinoneyearattoday'

convertthedollarstorupeesinthespotmarkettodayandconvertrupeestodollarsinoneyearattheprevailingspotrate.

6.IntheU.S.,thetypicalcurrencyfuturescontractisbasedonacurrencyvalueintermsof:

euros.

U.S.dollars.

Britishpounds.

Canadiandollars.

BPTS:

7.Currencyfuturescontractssoldonanexchange:

containacommitmenttotheowner,andarestandardized.

containacommitmenttotheowner,andcanbetailoredtothedesireoftheowner.

containarightbutnotacommitmenttotheowner,andcanbetailoredtothedesireoftheowner.

containarightbutnotacommitmenttotheowner,andarestandardized.

APTS:

8.Currencyoptionssoldthroughanoptionsexchange:

DPTS:

9.Currencyoptionsarecommonlytradedthroughthe____system.

robot

Euro

GLOBEX

Scope

10.Forwardcontracts:

11.WhichofthefollowingisthemostlikelystrategyforaU.S.firmthatwillbereceivingSwissfrancsinthefutureanddesirestoavoidexchangeraterisk（assumethefirmhasnooffsettingpositioninfrancs）?

purchaseacalloptiononfrancs.

sellafuturescontractonfrancs.

obtainaforwardcontracttopurchasefrancsforward.

alloftheaboveareappropriatestrategiesforthescenariodescribed.

12.WhichofthefollowingisthemostunlikelystrategyforaU.S.firmthatwillbepurchasingSwissfrancsinthefutureanddesirestoavoidexchangeraterisk（assumethefirmhasnooffsettingpositioninfrancs）?

13.Ifyourfirmexpectstheeurotosubstantiallydepreciate,itcouldspeculateby____eurocalloptionsor____eurosforwardintheforwardexchangemarket.

selling;

selling

purchasing

purchasing;

14.Whenyouown____,thereisnoobligationonyourpart;

however,whenyouown____,thereisanobligationonyourpart.

calloptions;

putoptions

futurescontracts;

calloptions

forwardcontracts;

futurescontracts

putoptions;

forwardcontracts

15.Thegreaterthevariabilityofacurrency,the____willbethepremiumofacalloptiononthiscurrency,andthe____willbethepremiumofaputoptiononthiscurrency,otherthingsequal.

greater;

lower

greater

lower;

16.Whencurrencyoptionsarenotstandardizedandtradedover-the-counter,thereis____liquidityanda____bid/askspread.

less;

narrower

more;

wider

17.Theshorterthetimetotheexpirationdateforacurrency,the____willbethepremiumofacalloption,andthe____willbethepremiumofaputoption,otherthingsequal.

18.AssumethataspeculatorpurchasesaputoptiononBritishpounds（withastrikepriceof$1.50）for$.05perunit.Apoundoptionrepresents31,250units.Assumethatatthetimeofthepurchase,thespotrateofthepoundis$1.51andcontinuallyrisesto$1.62bytheexpirationdate.Thehighestnetprofitpossibleforthespeculatorbasedontheinformationaboveis:

$1,562.50.

−$1,562.50.

−$1,250.00.

−$625.00.

Thepremiumoftheoptionis$.05⋅（31,250units）=$1,562.50.Sincetheoptionwillnotbeexercised,thenetprofitis−$1,562.50.

19.Whichofthefollowingistrue?

Thefuturesmarketisprimarilyusedbyspeculatorswhiletheforwardmarketisprimarilyusedforhedging.

Thefuturesmarketisprimarilyusedforhedgingwhiletheforwardmarketisprimarilyusedforspeculating.

Thefuturesmarketandtheforwardmarketareprimarilyusedforspeculating.

Thefuturesmarketandtheforwardmarketareprimarilyusedforhedging.

20.Whichofthefollowingistrue?

Mostforwardcontractsbetweenfirmsandbanksareforspeculativepurposes.

Mostfuturecontractsrepresentaconservativeapproachbyfirmstohedgeforeigntrade.

Theforwardcontractsofferedbybankshavematuritiesforonlyfourpossibledatesinthefuture.

noneoftheabove

21.Ifyouexpecttheeurotodepreciate,itwouldbeappropriateto____forspeculativepurposes.

buyaeurocallandbuyaeuroput

buyaeurocallandsellaeuroput

sellaeurocallandsellaeuroput

sellaeurocallandbuyaeuroput

22.IfyouexpecttheBritishpoundtoappreciate,youcouldspeculateby____poundcalloptionsor____poundputoptions.