金融市场机构1.docx
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金融市场机构1
1Chapter24
RiskManagementinFinancialInstitutions
1 MultipleChoiceQuestions
1.Banksfacetheproblemof_________inloanmarketsbecausebadcreditrisksaretheonesmostlikelytoseekbankloans.
（a）adverseselection
（b）moralhazard
（c）moralsuasion
（d）intentionalfraud
Answer:
A
2.Ifborrowerswiththemostriskyinvestmentprojectsaremorelikelytoseekbankloansthanborrowerswiththesafestinvestmentprojects,banksfacetheproblemof
（a）adversecreditrisk.
（b）adverseselection.
（c）moralhazard.
（d）conflictofinterest.
Answer:
B
3.Becauseborrowers,oncetheyhavealoan,aremorelikelytoinvestinhigh-riskinvestmentprojects,banksfacethe
（a）adverseselectionproblem.
（b）lemonproblem.
（c）adversecreditriskproblem.
（d）moralhazardproblem.
Answer:
D
4.Banks’attemptstosolveadverseselectionandmoralhazardproblemshelpexplainloanmanagementprinciplessuchas
（a）screeningandmonitoringofloanapplicants.
（b）collateralandcompensatingbalances.
（c）creditrationing.
（d）alloftheabove.
（e）only（a）and（b）oftheabove.
Answer:
D
5.Inonesense,_________appearssurprisingsinceitmeansthatthebankisnot_________itsportfolioofloansandthusisexposingitselftomorerisk.
（a）specializationinlending;diversifying
（b）specializationinlending;rationing
（c）creditrationing;diversifying
（d）screening;rationing
Answer:
A
6.Fromthestandpointof_________,specializationinlendingissurprisingbutmakesperfectsensewhenoneconsidersthe_________problem.
（a）moralhazard;diversification
（b）diversification;moralhazard
（c）adverseselection;diversification
（d）diversification;adverseselection
Answer:
D
7.Provisionsinloancontractsthatproscribeborrowersfromengaginginspecifiedriskyactivitiesarecalled
（a）proscriptionbonds.
（b）collateralclauses.
（c）restrictivecovenants.
（d）liens.
Answer:
C
8.Banksattempttoscreengoodfrombadcreditriskstoreducetheincidenceofloandefaults.Todothis,banks
（a）specializeinlendingtocertainindustriesorregions.
（b）writerestrictivecovenantsintoloancontracts.
（c）expendresourcestoacquireaccuratecredithistoriesoftheirpotentialloancustomers.
（d）doalloftheabove.
Answer:
D
9.Abank’scommitment（foraspecifiedfutureperiodoftime）toprovideafirmwithloansuptoagivenamountataninterestratethatistiedtoamarketinterestrateiscalled
（a）creditrationing.
（b）alineofcredit.
（c）continuousdealings.
（d）noneoftheabove.
Answer:
B
10.Linesofcreditandlong-termrelationshipsbetweenbanksandtheircustomers
（a）reducethecostsofinformationcollection.
（b）makeiteasierforbankstoscreengoodfrombadrisks.
（c）enablebankstodealwithmoralhazardcontingenciesthatareneitheranticipatednorspecifiedinrestrictivecovenants.
（d）doalloftheabove.
（e）doonly（a）and（b）oftheabove.
Answer:
D
11.Compensatingbalances
（a）areaparticularformofcollateralcommonlyrequiredoncommercialloans.
（b）arearequiredminimumamountoffundsthataborrower（i.e.,afirmreceivingaloan）mustkeepinacheckingaccountatthebank.
（c）allowbankstomonitorfirms’checkpaymentpracticeswhichcanyieldinformationabouttheirborrowers’financialconditions.
（d）alloftheabove.
Answer:
D
12.Abankthatwantstomonitorthecheckpaymentpracticesofitscommercialborrowers,sothatmoralhazardcanbeprevented,willrequireborrowersto
（a）placeabankofficerontheirboardofdirectors.
（b）placeacorporateofficeronthebank’sboardofdirectors.
（c）keepcompensatingbalancesinacheckingaccountatthebank.
（d）doalloftheabove.
（e）doonly（a）and（b）oftheabove.
Answer:
C
13.Ofthefollowingmethodsthatbanksmightusetoreducemoralhazardproblems,theonenotlegallypermittedintheUnitedStatesistherequirementthat
（a）firmskeepcompensatingbalancesatthebanksfromwhichtheyobtaintheirloans.
（b）firmsplaceontheirboardofdirectorsanofficerfromthebank.
（c）loancontractsincluderestrictivecovenants.
（d）individualsprovidedetailedcredithistoriestobankloanofficers.
Answer:
B
14.Whenalenderrefusestomakealoan,althoughborrowersarewillingtopaythestatedinterestrateorevenahigherrate,itissaidtoengagein
（a）constrainedlending.
（b）strategicrefusal.
（c）creditrationing.
（d）collusivebehavior.
Answer:
C
15.Whenalenderrefusestomakealoan,eventhoughborrowersarewillingtopaythestatedinterestrateorevenahigherrate,itissaidtoengagein
（a）specializedlending.
（b）strategicrefusal.
（c）diversifiedlending.
（d）coercivebehavior.
（e）noneoftheabove.
Answer:
E
16.Creditrationingoccurswhenabank
（a）refusestomakealoanofanyamounttoaborrower,evenwhensheiswillingtopayahigherinterestrate.
（b）restrictstheamountofaloantolessthantheborrowerwouldlike.
（c）doeseither（a）or（b）oftheabove.
（d）doesneither（a）nor（b）oftheabove.
Answer:
C
17.Becauselargerloanscreategreaterincentivesforborrowerstoengageinundesirableactivitiesthatmakeitlesslikelytheywillrepaytheloans,banks
（a）rationcredit,grantingborrowerssmallerloansthantheyhaverequested.
（b）rationcredit,charginghigherinterestratestoborrowerswhowantlargeloansthantothosewhowantsmallloans.
（c）rationcredit,charginghigherfeesasapercentageoftheloantoborrowerswhowantlargeloansthantothosewhowantsmallloans.
（d）dononeoftheabove.
Answer:
A
18.Whenbanksofferborrowerssmallerloansthantheyhaverequested,banksaresaidto
（a）shavecredit.
（b）discounttheloan.
（c）razecredit.
（d）rationcredit.
Answer:
D
19.Whichofthefollowingarenotrate-sensitiveassets?
（a）Securitieswithamaturityoflessthanoneyear.
（b）Variable-ratemortgages.
（c）Fixed-ratemortgages.
（d）Alloftheabovearerate-sensitiveassets.
（e）Noneoftheaboveisarate-sensitiveasset.
Answer:
C
20.Liabilitiesthatarepartially,butnotfully,rate-sensitiveinclude
（a）checkabledeposits.
（b）federalfunds.
（c）non-negotiableCDs.
（d）fixed-ratemortgages.
（e）moneymarketdepositaccounts.
Answer:
A
21.Ifabankhasmorerate-sensitiveliabilitiesthanrate-sensitiveassets,thena（n）_________ininterestrateswill_________bankprofits.
（a）increase;increase
（b）increase;reduce
（c）decline;reduce
（d）decline;notaffect
Answer:
B
22.Ifabankhasmorerate-sensitiveassetsthanrate-sensitiveliabilities,thena（n）_________ininterestrateswill_________bankprofits.
（a）increase;increase
（b）increase;reduce
（c）decline;increase
（d）decline;notaffect
Answer:
A
23.Ifabankhas_________rate-sensitiveassetsthanrate-sensitiveliabilities,thena（n）_________ininterestrateswillincreasebankprofits.
（a）more;decline
（b）more;increase
（c）less;increase
（d）both（a）and（c）
Answer:
B
24.Thedifferencebetweenrate-sensitiveliabilitiesandrate-sensitiveassetsisknownasthe
（a）duration.
（b）interest-sensitivityindex.
（c）interest-rateriskindex.
（d）gap.
Answer:
D
Table24.1
FirstNationalBank
Assets
Liabilities
Rate-sensitive
$20million
$50million
Fixed-rate
$80million
$40million
25.ReferringtoTable24.1,FirstNationalBankhasagapof_________.
（a）–30
（b）+30
（c）60
（d）0
Answer:
A
26.ReferringtoTable24.1,ifinterestratesriseby5percentagepoints,thenbankprofits（measuredusinggapanalysis）will
（a）declineby$0.5million.
（b）declineby$1.5million.
（c）declineby$2.5million.
（d）increaseby$1.5million.
Answer:
B
27.RefertoTable24.1.Assumingthattheaveragedurationofitsassetsisfiveyears,whiletheaveragedurationofitsliabilitiesisthreeyears,ariseininterestratesfrom5percentto10percentwillcausethenetworthofFirstNationalto_________by_________ofthetotaloriginalassetvalue.
（a）increase;11percent
（b）decline;11percent
（c）increase;10percent
（d）decline;5percent
Answer:
B
Table24.2
FirstNationalBank
Assets
Liabilities
Rate-sensitive
$40million
$50million
Fixed-rate
$60million
$40million
28.ReferringtoTable24.2,FirstNationalBankhasagapof_________.
（a）–10
（b）10
（c）20
（d）0
Answer:
A
29.ReferringtoTable24.2,ifinterestratesriseby5percentagepoints,thenbankprofits（measuredusinggapanalysis）will
（a）declineby$0.5million.
（b）declineby$1.5million.
（c）declineby$2.5million.
（d）increaseby$2.0million.
Answer:
A
30.RefertoTable24.2.Assumingthattheaveragedurationofthebank’sassetsisfouryears,whiletheaveragedurationofitsliabilitiesisthreeyears,ariseininterestratesfrom5percentto10percentwillcausethenetworthofFirstNationalto_________by_________ofthetotaloriginalassetvalue.
（a）decline;5percent
（b）decline;1.3percent
（c）decline;6.2percent
（d）increase;5percent
Answer:
C
31.IfFirstStateBankhasagapequaltoapositive$20million,thena5percentagepointdropininterestrateswillcauseprofitsto
（a）increaseby$10million.
（b）increaseby$1.0million.
（c）declineby$10million.
（d）declineby$1.0million.
Answer:
D
32.IfFirstNationalBankhasagapequaltoanegative$30million,thena5percentagepointincreaseininterestrateswillcauseprofitsto
（a）increaseby$15million.
（b）increaseby$1.5million.
（c）declineby$15million.
（d）declineby$1.5million.
Answer:
D
33.Measuringthesensitivityofbankprofitstochangesininterestratesbymultiplyingthegaptimesthechangeintheinterestrateiscalled
（a）basicdurationanalysis.
（b）basicgapanalysis.
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