Investments 8ed Bodie 投资学 第八版 博迪 习题答案.docx

Investments 8ed Bodie 投资学 第八版 博迪 习题答案.docx

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Investments8edBodie投资学第八版博迪习题答案

Investments8edBodie投资学第八版博迪习题答案

CHAPTER1THEINVESTMENTENVIRONMENT

PROBLEMSETS

1UltimatelyitistruethatrealassetsdeterminethematerialwellbeingofaneconomyNeverthelessindividualscanbenefitwhenfinancialengineeringcreatesnewproductsthatallowthemtomanagetheirportfoliosoffinancialassetsmoreefficientlyBecausebundlingandunbundlingcreatesfinancialproductswithnewpropertiesandsensitivitiestovarioussourcesofriskitallowsinvestorstohedgeparticularsourcesofriskmoreefficiently

SecuritizationrequiresaccesstoalargenumberofpotentialinvestorsToattracttheseinvestorsthecapitalmarketneeds

asafesystemofbusinesslawsandlowprobabilityofconfiscatorytaxationregulation

awell-developedinvestmentbankingindustry

awell-developedsystemofbrokerageandfinancialtransactionsand

well-developedmediaparticularlyfinancialreporting

Thesecharacteristicsarefoundinindeedmakeforawell-developedfinancialmarket

3SecuritizationleadstodisintermediationthatissecuritizationprovidesameansformarketparticipantstobypassintermediariesForexamplemortgage-backedsecuritieschannelfundstothehousingmarketwithoutrequiringthatbanksorthriftinstitutionsmakeloansfromtheirownportfoliosAssecuritizationprogressesfinancialintermediariesmustincreaseotheractivitiessuchasprovidingshort-termliquiditytoconsumersandsmallbusinessandfinancialservices

4FinancialassetsmakeiteasyforlargefirmstoraisethecapitalneededtofinancetheirinvestmentsinrealassetsIfGeneralMotorsforexamplecouldnotissuestocksorbondstothegeneralpublicitwouldhaveafarmoredifficulttimeraisingcapitalContractionofthesupplyoffinancialassetswouldmakefinancingmoredifficulttherebyincreasingthecostofcapitalAhighercostofcapitalresultsinlessinvestmentandlowerrealgrowth

5EvenifthefirmdoesnotneedtoissuestockinanyparticularyearthestockmarketisstillimportanttothefinancialmanagerThestockpriceprovidesimportantinformationabouthowthemarketvaluesthefirmsinvestmentprojectsForexampleifthestockpricerisesconsiderablymanagersmightconcludethatthemarketbelievesthefirmsfutureprospectsarebrightThismightbeausefulsignaltothefirmtoproceedwithaninvestmentsuchasanexpansionofthefirmsbusiness

InadditionthefactthatsharescanbetradedinthesecondarymarketmakesthesharesmoreattractivetoinvestorssinceinvestorsknowthatwhentheywishtotheywillbeabletoselltheirsharesThisinturnmakesinvestorsmorewillingtobuysharesinaprimaryofferingandthusimprovesthetermsonwhichfirmscanraisemoneyintheequitymarket

6aCashisafinancialassetbecauseitistheliabilityofthefederalgovernment

bNoThecashdoesnotdirectlyaddtotheproductivecapacityoftheeconomy

cYes

dSocietyasawholeisworseoffsincetaxpayersasagroupwillmakeupfortheliability

7aThebankloanisafinancialliabilityforLanniLannisIOUisthebanksfinancialassetThecashLannireceivesisafinancialassetThenewfinancialassetcreatedisLannispromissorynotethatisLannisIOUtothebank

bLannitransfersfinancialassetscashtothesoftwaredevelopersInreturnLannigetsarealassetthecompletedsoftwareNofinancialassetsarecreatedordestroyedcashissimplytransferredfromonepartytoanother

cLannigivestherealassetthesoftwaretoMicrosoftinexchangeforafinancialasset1500sharesofMicrosoftstockIfMicrosoftissuesnewsharesinordertopayLannithenthiswouldrepresentthecreationofnewfinancialassets

dLanniexchangesonefinancialasset1500sharesofstockforanother120000Lannigivesafinancialasset50000cashtothebankandgetsbackanotherfinancialassetitsIOUTheloanis"destroyed"inthetransactionsinceitisretiredwhenpaidoffandnolongerexists

8a

AssetsLiabilities

ShareholdersequityCash70000Bankloan50000Computers30000Shareholdersequity50000Total100000Total100000Ratioofrealassetstototalassets30000100000030

b

AssetsLiabilities

ShareholdersequitySoftwareproduct70000Bankloan50000Computers30000Shareholdersequity50000Total100000Total100000Valuedatcost

Ratioofrealassetstototalassets10000010000010

c

AssetsLiabilities

ShareholdersequityMicrosoftshares120000Bankloan50000Computers30000Shareholdersequity100000Total150000Total150000Ratioofrealassetstototalassets30000150000020

ConclusionwhenthefirmstartsupandraisesworkingcapitalitischaracterizedbyalowratioofrealassetstototalassetsWhenitisinfullproductionithasahighratioofrealassetstototalassetsWhentheproject"shutsdown"andthefirmsellsitoffforcashfinancialassetsonceagainreplacerealassets

9Forcommercialbankstheratiois10751041090010

Fornon-financialfirmstheratiois13295251640528

Thedifferenceshouldbeexpectedprimarilybecausethebulkofthebusinessoffinancialinstitutionsistomakeloanswhicharefinancialassetsforfinancialinstitutions

10aPrimary-markettransaction

bDerivativeassets

cInvestorswhowishtoholdgoldwithoutthecomplicationandcostofphysicalstorage

11aAfixedsalarymeansthatcompensationisatleastintheshortrunindependentofthefirmssuccessThissalarystructuredoesnottiethemanagersimmediatecompensationtothesuccessofthefirmHoweverthemanagermightviewthisasthesafestcompensationstructureandthereforevalueitmorehighly

bAsalarythatispaidintheformofstockinthefirmmeansthatthemanagerearnsthemostwhentheshareholderswealthisimizedThisstructureisthereforemostlikelytoaligntheinterestsofmanagersandshareholdersIfstockcompensationisoverdonehoweverthemanagermightviewitasoverlyriskysincethemanagerscareerisalreadylinkedtothefirmandthisundiversifiedexposurewouldbeexacerbatedwithalargestockpositioninthefirm

cCalloptionsonsharesofthefirmcreategreatincentivesformanagerstocontributetothefirmssuccessInsomecaseshoweverstockoptionscanleadtootheragencyproblemsForexampleamanagerwithnumerouscalloptionsmightbetemptedtotakeonaveryriskyinvestmentprojectreasoningthatiftheprojectsucceedsthepayoffwillbehugewhileifitfailsthelossesarelimitedtothelostvalueoftheoptionsShareholdersincontrastbearthelossesaswellasthegainsontheprojectandmightbelesswillingtoassumethatrisk

12EvenifanindividualshareholdercouldmonitorandimprovemanagersperformanceandtherebyincreasethevalueofthefirmthepayoffwouldbesmallsincetheownershipshareinalargecorporationwouldbeverysmallForexampleifyouown10000ofGMstockandcanincreasethevalueofthefirmby5averyambitiousgoalyoubenefitbyonly00510000500

Incontrastabankthathasamultimillion-dollarloanoutstandingtothefirmhasabigstakeinmakingsurethatthefirmcanrepaytheloanItisclearlyworthwhileforthebanktospendconsiderableresourcestomonitorthefirm

13Mutualfundsacceptfundsfromsmallinvestorsandinvestonbehalfoftheseinvestorsinthenationalandinternationalsecuritiesmarkets

Pensionfundsacceptfundsandtheninvestonbehalfofcurrentandfutureretireestherebychannelingfundsfromonesectoroftheeconomytoanother

Venturecapitalfirmspoolthefundsofprivateinvestorsandinvestinstart-upfirms

Banksacceptdepositsfromcustomersandloanthosefundstobusinessesorusethefundstobuysecuritiesoflargecorporations

14Treasurybillsserveapurposeforinvestorswhopreferalow-riskinvestmentTheloweraveragerateofreturncomparedtostocksisthepriceinvestorspayforpredictabilityofinvestmentperformanceandportfoliovalue

15Withatop-downinvestingstyleyoufocusonassetallocationorthebroadcompositionoftheentireportfoliowhichisthemajordeterminantofoverallperformanceMoreovertop-downmanagementisthenaturalwaytoestablishaportfoliowithalevelofriskconsistentwithyourrisktoleranceThedisadvantageofanexclusiveemphasisontop-downissuesisthatyoumayforfeitthepotentialhighreturnsthatcouldresultfromidentifyingandconcentratinginundervaluedsecuritiesorsectorsofthemarket

Withabottom-upinvestingstyleyoutrytobenefitfromidentifyingundervaluedsecuritiesThedisadvantageisthatyoutendtooverlooktheoverallcompositionofyourportfoliowhichmayresultinanon-diversifiedportfoliooraportfoliowitharisklevelinconsistentwithyourlevelofrisktoleranceInadditionthistechniquetendstorequiremoreactivemanagementthusgeneratingmoretransactioncostsFinallyyouranalysismaybeincorrectinwhichcaseyouwillhavefruitlesslyexpendedeffortandmoneyattemptingtobeatasimplebuy-and-holdstrategy

16YoushouldbeskepticalIftheauthoractuallyknowshowtoachievesuchreturnsonemustquestionwhytheauthorwouldthenbesoreadytosellthesecrettoothersFinancialmarketsareverycompetitiveoneoftheimplicationsofthisfactisthatrichesdonotcomeeasilyHighexpectedreturnsrequirebearingsomeriskandobviousbargainsarefewandfarbetweenOddsarethattheonlyonegettingrichfromthebookisitsauthor

17aTheSECwebsitedefinesthedifferencebetweensavingandinvestingintermsoftheinvestmentalternativesorthefinancialassetstheindividualchoosestoacquireAccordingtotheSECwebsitesavingistheprocessofacquiringasafefinancialassetandinvestingistheprocessofacquiringriskyfinancialassets

bTheeconomis