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.