金融市场与机构11Word格式.docx

金融市场与机构11Word格式.docx

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（d）bondholders,butafterthatofcommonstockholders.

3.（I）Preferredstockholdersholdaclaimonassetsthathaspriorityovertheclaimsofcommonstockholders,butafterthatofbondholders.（II）Firmsissuepreferredstockinfargreateramountsthancommonstock.

A

4.（I）Preferredstockholdersholdaclaimonassetsthathaspriorityovertheclaimsofcommonstockholders.（II）Bondholdersholdaclaimonassetsthathaspriorityovertheclaimsofpreferredstockholders.

5.（I）Firmsissuecommonstockinfargreateramountsthanpreferredstock.（II）Thetotalvolumeofstockissuedismuchlessthanthevolumeofbondsissued.

6.Theriskiestcapitalmarketsecurityis

（a）preferredstock.

（b）commonstock.

（c）corporatebonds.

（d）Treasurybonds.

B

7.Organizedexchangesaccountforabout_________percentofthetotaldollarvolumeofdomesticstocksharestraded.

（a）30

（b）45

（c）60

（d）70

D

8.Organizedexchangesaccountforabout_________percentofthetotaldollarvolumeofdomesticstockstraded.

（a）60

（b）70

（c）80

（d）90

9.（I）ThelargestoftheorganizedstockexchangesintheUnitedStatesistheNewYorkStockExchange.（II）TobelistedontheNYSE,afirmmusthaveaminimumof$100milliondollarsinmarketvalueor$10millioninrevenues.

10.TolistontheNYSE,afirmmust

（a）haveearningsofatleast$100millionforeachofthelastthreeyears.

（b）haveatleast$500millionofmarketvalueand$100millionofrevenue.

（c）haveatotalof$100millioninmarketvalueofpubliclytradedshares.

（d）meetalloftheaboverequirements.

（e）meet（a）and（b）oftheaboverequirements.

E

11.Securitiesnotlistedononeoftheexchangestradeintheover-the-countermarket.Inthisexchange,dealers“makeamarket”by

（a）buyingstocksforinventorywheninvestorswanttosell.

（b）sellingstocksfrominventorywheninvestorswanttobuy.

（c）doingbothoftheabove.

（d）doingneitheroftheabove.

12.Themostactivestockexchangeintheworldisthe

（a）NikkeiStockExchange.

（b）LondonStockExchange.

（c）ShanghaiStockExchange.

（d）NewYorkStockExchange.

13.Whichofthefollowingstatementsabouttradingoperationsinanorganizedexchangearecorrect

（a）Floortradersalldealinawidevarietyofstocks.

（b）Inmosttrades,specialistsmatchbuyandsellorders.

（c）Inmosttrades,specialistsbuyfororsellfromtheirowninventories.

（d）TheSuperDOTsystemisusedtoexpeditelargetradesofover100,000shares.

14.WhichofthefollowingisnotanadvantageofElectronicCommunicationsNetworks（ECNs）

（a）AllunfilledordersareavailableforreviewbyECNtraders.

（b）TransactionscostsarelowerforECNtrades.

（c）Tradesaremadeandconfirmedfaster.

（d）ECNsworkwellforthinlytradedstocks.

15.WhichofthefollowingstatementsisfalseregardingElectronicCommunicationsNetworks（ECNs）

（a）ArchipelagoandInstinetaretwoexamplesofECNs.

（b）CompetitionfromECNshasforcedNASDAQtocutitsfees.

（c）Tradersbenefitfromlowertradingcostsandfasterservice.

（d）ECNsallowinstitutionalinvestors,butnotindividuals,totradeafterhours.

16.Abasicprincipleoffinanceisthatthevalueofanyinvestmentis

（a）thepresentvalueofallfuturenetcashflowsgeneratedbytheinvestment.

（b）theundiscountedsumofallfuturenetcashflowsgeneratedbytheinvestment.

（c）unrelatedtothefuturenetcashflowsgeneratedbytheinvestment.

（d）unrelatedtothedegreeofriskassociatedwiththefuturenetcashflowsgeneratedbytheinvestment.

17.Astockcurrentlysellsfor$25pershareandpays$peryearindividends.Whatisaninvestor’svaluationofthisstockifsheexpectsittobesellingfor$30inoneyearandrequires15percentreturnonequityinvestments

（a）$

（b）$

（c）$

（d）$

18.Astockcurrentlysellsfor$30pershareandpays$peryearindividends.Whatisaninvestor’svaluationofthisstockifheexpectsittobesellingfor$37inoneyearandrequires12percentreturnonequityinvestments

（a）$38

19.Intheone-periodvaluationmodel,astock’svaluewillbehigher

（a）thehigherisitsexpectedfutureprice.

（b）thelowerisitsdividend.

（c）thehigheristherequiredreturnoninvestmentsinequity.

（d）alloftheabove.

20.Intheone-periodvaluationmodel,astock’svaluefallsifthe_________rises.

（a）dividend

（b）expectedfutureprice

（c）requiredreturnonequity

（d）currentprice

21.Inthegeneralizeddividendvaluationmodelastock’svaluedependonlyon

（a）itsfuturedividendpaymentsanditsfutureprice.

（b）itsfuturedividendpaymentsandtherequiredreturnonequity.

（c）itsfuturepriceandtherequiredreturnoninvestmentsonequity.

（d）itsfuturedividendpayments.

22.WhichofthefollowingisnotanelementoftheGordongrowthmodelofstockvaluation

（a）thestock’smostrecentdividendpaid.

（b）theexpectedconstantgrowthrateofdividends.

（c）therequiredreturnoninvestmentsinequity.

（d）thestock’sexpectedfutureprice.

23.AccordingtotheGordongrowthmodel,whatisaninvestor’svaluationofastockwhosecurrentdividendis$peryearifdividendsareexpectedtogrowataconstantrateof10percentoveralongperiodoftimeandtheinvestor’srequiredreturnis11percent

（a）$110

（b）$100

（c）$11

（d）$10

（e）$

24.AccordingtotheGordongrowthmodel,whatisaninvestor’svaluationofastockwhosecurrentdividendis$peryearifdividendsareexpectedtogrowataconstantrateof10percentoveralongperiodoftimeandtheinvestor’srequiredreturnis15percent

（a）$20

（b）$11

（c）$22

25.Holdingotherthingsconstant,astock’svaluewillbehighestifitsdividendgrowthrateis

（a）15percent

（b）10percent

（c）5percent

（d）2percent

26.Holdingotherthingsconstant,astock’svaluewillbehighestifitsmostrecentdividendis

27.Holdingotherthingsconstant,astock’svaluewillbehighestiftheinvestor’srequiredreturnoninvestmentsinequityis

（a）20percent

（b）15percent

（c）10percent

（d）5percent

28.SupposetheaverageindustryPEratioforautopartsretailersis20.WhatisthecurrentpriceofAutoZonestockiftheretailer’searningspershareareprojectedtobe$

（b）$37

29.WhichofthefollowingistrueregardingtheGordongrowthmodel

（a）Dividendsareassumedtogrowataconstantrateforever.

（b）Thedividendgrowthrateisassumedtobegreaterthantherequiredreturnonequity.

（c）Both（a）and（b）.

（d）Neither（a）nor（b）.

30.ThePEratioapproachtovaluingstockisespeciallyusefulforvaluing

（a）privatelyheldfirms.

（b）firmsthatdon’tpaydividends.

（c）both（a）and（b）.

（d）neither（a）nor（b）.

31.ThePEratioapproachtovaluingstockisespeciallyusefulforvaluing

（a）publiclyheldcorporations.

（b）firmsthatregularlypaydividends.

32.AweaknessofthePEapproachtovaluingstockisthatitis

（a）difficulttoestimatetheconstantgrowthrateofafirm’sdividends.

（b）difficulttoestimatetherequiredreturnonequity.

（c）difficulttopredicthowmuchafirmwillpayindividends.

（d）basedonindustryaveragesratherthanfirm-specificfactors.

33.Afirmisexpectedtopayadividendof$nextyearandthedividendisexpectedtogrowataconstantrateof4percentovertime.Someinvestorshaverequiredreturnsoninvestmentsinequityof12percent,some10percent,andsome8percent.Themarketpriceofthisfirm’sstockwillbeslightlyabove

（a）$25

（b）$18

34.（I）Themarketpriceofasecurityatagiventimeisthehighestvalueanyinvestorputsonthesecurity.（II）Superiorinformationaboutasecurityincreasesitsvaluebyreducingitsrisk.

（a）（I）istrue,（II）isfalse.

（b）（I）isfalse,（II）istrue.

35.Themaincauseoffluctuationsinstockpricesischangesin

（a）taxlaws.

（b）errorsintechnicalstockanalysis.

（c）dailytradingvolumeinstockmarkets.

（d）informationavailabletoinvestors.

（e）totalhouseholdwealthintheeconomy.

36.Stockvaluescomputedbyvaluationmodelsmaydifferfromactualmarketpricesbecauseitisdifficultto

（a）estimatefuturedividendgrowthrates.

（b）estimatetheriskofastock.

（c）forecastastock’sfuturedividends.

（d）alloftheabovearetru