金融市场与金融机构基础 Fabozzi Chapter17.docx
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金融市场与金融机构基础FabozziChapter17
FoundationsofFinancialMarketsandInstitutions,4e（Fabozzi/Modigliani/Jones）
Chapter17MarketsforCommonStock:
TheBasicCharacteristics
MultipleChoiceQuestions
1CommonStockCharacteristics
1）Equitysecuritiesrepresent________interestinacorporation.Holdersofequitysecuritiesareentitledtotheearningsofthecorporationwhenthoseearningsaredistributedintheformof________.Thekeydistinctionbetweencommonstockandpreferredstockliesinthedegreetowhichtheymayparticipateinanydistributionofearningsandtheprioritygiventoeachinthe________.
A）anownership;dividends;retainmentofearnings
B）anownership;interest;distributionofearnings
C）anownership;dividends;distributionofearnings
D）apotential;interest;retainmentofearnings
Answer:
C
Comment:
Equitysecuritiesrepresentanownershipinterestinacorporation.Holdersofequitysecuritiesareentitledtotheearningsofthecorporationwhenthoseearningsaredistributedintheformofdividends.Theyarealsoentitledtoaproratashareoftheremainingequityincaseofliquidation.Thetwotypesofequitysecuritiesarecommonstockandpreferredstock.Thekeydistinctionbetweenthesetwoformsofequitysecuritiesliesinthedegreetowhichtheymayparticipateinanydistributionofearningsandtheprioritygiventoeachinthedistributionofearnings.
Diff:
2
Topic:
17.1CommonStockCharacteristics
Objective:
17.9theimplicationsofpricingefficiencyforacommonstockstrategy
2）Forcommonstockinvestors,thereturnrealizedbyholdingthisinvestmentcomesfrom________.
A）dividendpayments
B）decreaseinthepriceofthecommonstock
C）decreaseinthepriceofthecommonstock
D）Allofthese
Answer:
D
Comment:
Forcommonstockinvestors,thereturnrealizedbyholdingthisinvestmentcomesfromtwosources:
dividendpaymentsandthechangeinthepriceofthecommonstock.Thechangecanbeeitheradecreaseorincrease.
Diff:
2
Topic:
17.1CommonStockCharacteristics
Objective:
17.8evidenceonthepricingefficiencyofthestockmarket
3）WhichofthebelowstatementsisTRUE?
A）Dividends（whicharetypicallyintheformofstock）arearedistributionsmadebyacorporationtoitsownersthatrepresentareturnontheirinvestment.
B）Dividendspaidtocommonstockholdersarenotlegalobligationsofacorporationandsomecorporationsdonotpaycashdividends.
C）Atonetime,dividendpaymentsweretaxedsolelyasordinaryincome.Ordinaryincomemeansthatthetaxrateapplicableisbasedontheinvestor'saveragetaxbracket.
D）Dependingontheindividual'sincometaxrate,preferentialdividendsaretaxedateither5%or15%.
Answer:
B
Comment:
Dividends（whicharetypicallyintheformofcash）arearedistributionsmadebyacorporationtoitsownersthatrepresentareturnontheirinvestment.
Atonetime,dividendpaymentsweretaxedsolelyasordinaryincome.Ordinaryincomemeansthatthetaxrateapplicableisbasedontheinvestor’sregularmarginaltaxbracket.
Dependingontheindividual’sincometaxrate,qualifieddividendsaretaxedateither5%or15%.
Diff:
2
Topic:
17.1CommonStockCharacteristics
Objective:
17.8evidenceonthepricingefficiencyofthestockmarket
4）Ifthepriceatafuturedate________thepurchaseprice,thenthereisa________.
A）lessthan;capitalgain
B）lessthan;ataxablegain
C）exceeds;capitalloss
D）exceeds;capitalgain
Answer:
D
Comment:
Ifthepriceatafuturedateexceedsthepurchaseprice,thenthereisacapitalgain;ifthepriceatafuturedateislessthanthepurchaseprice,thenthereisacapitalloss.
Diff:
2
Topic:
17.1CommonStockCharacteristics
Objective:
17.8evidenceonthepricingefficiencyofthestockmarket
2TradingMechanics
1）Inregardstotypesoforder,whichofthebelowstatementsisFALSE?
A）Thesimplesttypeoforderisthemarketorder,anordertobeexecutedatthebestpriceavailableinthemarket.
B）Thedangerofamarketorderisthatanadversemovemaytakeplacebetweenthetimetheinvestorplacestheorderandthetimetheorderisexecuted.
C）Abuylimitorderindicatesthatthestockmaybepurchasedonlyatthedesignatedpriceorlower,whileaselllimitorderindicatesthatthestockmaybesoldatthedesignatedpriceorhigher.
D）Thekeyadvantageofalimitorderisthatthereisnoguaranteethatitwillbeexecutedatall;thedesignatedpricemaysimplynotbeobtainable.
Answer:
D
Comment:
Thekeydisadvantageofalimitorderisthatthereisnoguaranteethatitwillbeexecutedatall;thedesignatedpricemaysimplynotbeobtainable.
Diff:
2
Topic:
17.2TradingMechanics
Objective:
17.1tradingmechanismssuchasthetypesoforders,shortselling,andmargintransactions
2）The________isaconditionalorderandisexecutedonlyifthelimitpriceorabetterpricecanbeobtained.Anothertypeofconditionalorderisthe________,whichspecifiesthattheorderisnottobeexecuteduntilthemarketmovestoadesignatedprice,atwhichtimeitbecomesa________.
A）limitorder;stoporder;marketorder
B）stoporder;limitorder;marketorder
C）limitorder;marketorder;stoporder
D）marketorder;stoporder;limitorder
Answer:
A
Comment:
Thelimitorderisaconditionalorderandisexecutedonlyifthelimitpriceorabetterpricecanbeobtained.Anothertypeofconditionalorderisthestoporder,whichspecifiesthattheorderisnottobeexecuteduntilthemarketmovestoadesignatedprice,atwhichtimeitbecomesamarketorder.
Diff:
2
Topic:
17.2TradingMechanics
Objective:
17.1tradingmechanismssuchasthetypesoforders,shortselling,andmargintransactions
3）Ina________stoporder,thedesignatedpriceis________thanthecurrentmarketpriceofthestock,whileina________limitorder,thedesignatedpriceis________thanthecurrentmarketpriceofthestock.
A）buy;lower;buy;higher
B）sell;lower;buy;lower
C）sell;higher;buy;lower
D）sell;lower;sell;lower
Answer:
B
Comment:
Inasell（buy）stoporder,thedesignatedpriceislower（higher）thanthecurrentmarketpriceofthestock,whileinasell（buy）limitorder,thedesignatedpriceishigher（lower）thanthecurrentmarketpriceofthestock.
Diff:
2
Topic:
17.2TradingMechanics
Objective:
17.1tradingmechanismssuchasthetypesoforders,shortselling,andmargintransactions
4）WhichofthebelowstatementsisTRUE?
A）Stockpricesoftenexhibitabruptpricechanges,sothedirectionofachangeinastockpricemaybequitepermanent,resultingintheprematuretradingofastock.
B）Astop-limitorder,ahybridofastoporderandalimitorder,isastoporderthatdesignatesapricelimit.
C）Thestop-limitordercannotbeusedtocushionthemarketimpactofastoporder.
D）Wecanthinkofthestoporderasanorderdesignedtogetoutofanexistingpositionatanacceptableprice（byspecifyingtheexactprice）,andthemarketiftouchedorderasanorderdesignedtogetintoapositionatanacceptableprice（alsobyspecifyingtheexactprice）.
Answer:
B
Comment:
Stockpricessometimesexhibitabruptpricechanges,sothedirectionofachangeinastockpricemaybequitetemporary,resultingintheprematuretradingofastock.
Thestop-limitordercanbeusedtocushionthemarketimpactofastoporder.
Wecanthinkofthestoporderasanorderdesignedtogetoutofanexistingpositionatanacceptableprice（withoutspecifyingtheexactprice）,andthemarketiftouchedorderasanorderdesignedtogetintoapositionatanacceptableprice（alsowithoutspecifyingtheexactprice）.
Diff:
2
Topic:
17.2TradingMechanics
Objective:
17.1tradingmechanismssuchasthetypesoforders,shortselling,andmargintransactions
5）________involvesthesaleofasecuritynotownedbytheinvestoratthetimeofsale.
A）Shortbuying
B）Longselling
C）Shortselling
D）Longbuying
Answer:
C
Diff:
1
Topic:
17.2TradingMechanics
Objective:
17.1tradingmechanismssuchasthetypesoforders,shortselling,andmargintransactions
6）Atransactioninwhichaninvestorborrowstobuysharesusingthesharesthemselvesascollateraliscalled________.
A）buyingonmargin.
B）sellingonmargin.
C）buyingonloan.
D）sellingonloan.
Answer:
A
Diff:
1
Topic:
17.2TradingMechanics
Objective:
17.1tradingmechanismssuchasthetypesoforders,shortselling,andmargintransactions
7）________istheminimumproportionof
（1）theequityintheinvestor'smarginaccountto
（2）thetotalmarketvalue.
A）preservationmarginrequirement
B）maintenanceboundaryrequirement
C）maintenancemargincondition
D）maintenancemarginrequirement
Answer:
D
Diff:
1
Topic:
17.2TradingMechanics
Objective:
17.1tradingmechanismssuchasthetypesoforders,shortselling,andmargintransactions
3TransactionCosts
1）________arethedirectcostsoftrading,suchasbrokercommissions,fees,andtaxes.
A）Embeddedcosts
B）Operationcosts
C）Implicitcosts
D）Explicitcosts
Answer:
D
Comment:
Transactioncosts,alsoreferredtoastradingcosts,canbedecomposedintotwomajorcomponents:
explicitcostsandimplicitcosts.Explicitcostsarethedirectcostsoftrading,suchasbrokercommissions,fees,andtaxes.Implicitcostsrepresentsuchindirectcostsasthepriceimpactofthetradeandtheopportunitycostsoffailingtoexecuteinatimelymanneroratall.Whereasexplicitcostsareassociatedwithidentifiableaccountingcharges,nosuchreportingofimplicitcostsoccurs.
Diff:
2
Topic:
17.3TransactionCosts
Objective:
17.2thetypesoftransactioncostsencounteredwhentradingstocks
2）Investorsoftenchoosetheir________basedonwhowillgivethe
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