投资学第7版TestBank答案15之欧阳地创编.docx

投资学第7版TestBank答案15之欧阳地创编.docx

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投资学第7版TestBank答案15之欧阳地创编

MultipleChoiceQuestions

时间：

2021.03.04

创作：

欧阳地

1.Thetermstructureofinterestratesis:

A）Therelationshipbetweentheratesofinterestonallsecurities.

B）Therelationshipbetweentheinterestrateonasecurityanditstimetomaturity.

C）Therelationshipbetweentheyieldonabondanditsdefaultrate.

D）Alloftheabove.

E）Noneoftheabove.

Answer:

BDifficulty:

Easy

Rationale:

Thetermstructureofinterestratesistherelationshipbetweentwovariables,yearsandyieldtomaturity（holdingallelseconstant）.

2.Theyieldcurveshowsatanypointintime:

A）Therelationshipbetweentheyieldonabondandthedurationofthebond.

B）Therelationshipbetweenthecouponrateonabondandtimetomaturityofthebond.

C）Therelationshipbetweenyieldonabondandthetimetomaturityonthebond.

D）Alloftheabove.

E）Noneoftheabove.

Answer:

CDifficulty:

Easy

3.Aninvertedyieldcurveimpliesthat:

A）Long-terminterestratesarelowerthanshort-terminterestrates.

B）Long-terminterestratesarehigherthanshort-terminterestrates.

C）Long-terminterestratesarethesameasshort-terminterestrates.

D）Intermediateterminterestratesarehigherthaneithershort-orlong-terminterestrates.

E）noneoftheabove.

Answer:

ADifficulty:

Easy

Rationale:

Theinverted,ordownwardsloping,yieldcurveisoneinwhichshort-termratesarehigherthanlong-termrates.Theinvertedyieldcurvehasbeenobservedfrequently,althoughnotasfrequentlyastheupwardsloping,ornormal,yieldcurve.

4.Anupwardslopingyieldcurveisa（n）_______yieldcurve.

A）normal.

B）humped.

C）inverted.

D）flat.

E）noneoftheabove.

Answer:

ADifficulty:

Easy

Rationale:

Theupwardslopingyieldcurveisreferredtoasthenormalyieldcurve,probablybecause,historically,theupwardslopingyieldcurveistheshapethathasbeenobservedmostfrequently.

5.Accordingtotheexpectationshypothesis,anormalyieldcurveimpliesthat

A）interestratesareexpectedtoremainstableinthefuture.

B）interestratesareexpectedtodeclineinthefuture.

C）interestratesareexpectedtoincreaseinthefuture.

D）interestratesareexpectedtodeclinefirst,thenincrease.

E）interestratesareexpectedtoincreasefirst,thendecrease.

Answer:

CDifficulty:

Easy

Rationale:

Anupwardslopingyieldcurveisbasedontheexpectationthatshort-terminterestrateswillincrease.

6.Whichofthefollowingisnotproposedasanexplanationforthetermstructureofinterestrates?

A）Theexpectationstheory.

B）Theliquiditypreferencetheory.

C）Themarketsegmentationtheory.

D）Modernportfoliotheory.

E）A,B,andC.

Answer:

DDifficulty:

Easy

Rationale:

A,B,andCarealltheoriesthathavebeenproposedtoexplainthetermstructure.

7.Theexpectationstheoryofthetermstructureofinterestratesstatesthat

A）forwardratesaredeterminedbyinvestors'expectationsoffutureinterestrates.

B）forwardratesexceedtheexpectedfutureinterestrates.

C）yieldsonlong-andshort-maturitybondsaredeterminedbythesupplyanddemandforthesecurities.

D）alloftheabove.

E）noneoftheabove.

Answer:

ADifficulty:

Easy

Rationale:

Theforwardrateequalsthemarketconsensusexpectationoffutureshortinterestrates.

8.Whichofthefollowingtheoriesstatethattheshapeoftheyieldcurveisessentiallydeterminedbythesupplyanddemandsforlong-andshort-maturitybonds?

A）Liquiditypreferencetheory.

B）Expectationstheory.

C）Marketsegmentationtheory.

D）Alloftheabove.

E）Noneoftheabove.

Answer:

CDifficulty:

Easy

Rationale:

Marketsegmentationtheorystatesthatthemarketsfordifferentmaturitiesareseparatemarkets,andthatinterestratesatthedifferentmaturitiesaredeterminedbytheintersectionoftherespectivesupplyanddemandcurves.

9.Accordingtothe"liquiditypreference"theoryofthetermstructureofinterestrates,theyieldcurveusuallyshouldbe:

A）inverted.

B）normal.

C）upwardsloping

D）AandB.

E）BandC.

Answer:

EDifficulty:

Easy

Rationale:

Accordingtotheliquiditypreferencetheory,investorswouldprefertobeliquidratherthanilliquid.Inordertoacceptamoreilliquidinvestment,investorsrequirealiquiditypremiumandthenormal,orupwardsloping,yieldcurveresults.

Usethefollowingtoanswerquestions10-13:

Supposethatallinvestorsexpectthatinterestratesforthe4yearswillbeasfollows:

10.Whatisthepriceof3-yearzerocouponbondwithaparvalueof$1,000?

A）$863.83

B）$816.58

C）$772.18

D）$765.55

E）noneoftheabove

Answer:

BDifficulty:

Moderate

Rationale:

$1,000/（1.05）（1.07）（1.09）=$816.58

11.Ifyouhavejustpurchaseda4-yearzerocouponbond,whatwould