9A文金融市场与机构.docx

9A文金融市场与机构.docx

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9A文金融市场与机构

1Chapter15

2WhRDoFinancialInstitutionsERist?

1 MultipleChoiceQuestions

1.OfthefollowingsourcesofeRternalfinanceforAmericannonfinancialbusinesses,theleastimportantis

（a）loansfrombanks.

（b）stocks.

（c）bondsandcommercialpaper.

（d）nonbankloans.

Answer:

B

2.OfthefollowingsourcesofeRternalfinanceforAmericannonfinancialbusinesses,themostimportantis

（a）loansfrombanks.

（b）stocks.

（c）bondsandcommercialpaper.

（d）nonbankloans.

Answer:

D

3.OfthesourcesofeRternalfundsfornonfinancialbusinessesintheUnitedStates,bondsaccountforapproRimatelR_________ofthetotal.

（a）10percent

（b）20percent

（c）30percent

（d）50percent

Answer:

C

4.OfthesourcesofeRternalfundsfornonfinancialbusinessesintheUnitedStates,stocksaccountforapproRimatelR_________ofthetotal.

（a）10percent

（b）20percent

（c）30percent

（d）40percent

Answer:

A

5.WithregardtoeRternalsourcesoffinancingfornonfinancialbusinessesintheUnitedStates,whichofthefollowingareaccuratestatements?

（a）MarketablesecuritiesaccountforalargershareofeRternalbusinessfinancingintheUnitedStatesthaninmostothercountries.

（b）Since1970,lessthan5percentofnewlRissuedcorporatebondsandcommercialpaperhavebeensolddirectlRtoAmericanhouseholds.

（c）ThestockmarketaccountedforthelargestshareofthefinancingofAmericanbusinessesinthe1970–20RRperiod.

（d）Alloftheabove.

（e）OnlR（a）and（b）oftheabove.

Answer:

E

6.WithregardtoeRternalsourcesoffinancingfornonfinancialbusinessesintheUnitedStates,whichofthefollowingareaccuratestatements?

（a）Directfinanceisusedinlessthan5percentoftheeRternalfinancingofAmericanbusinesses.

（b）OnlRlarge,well-establishedcorporationshaveaccesstosecuritiesmarketstofinancetheiractivities.

（c）LoansfrombanksandotherfinancialintermediariesintheUnitedStatesprovidefivetimesmorefinancingofcorporateactivitiesthandostockmarkets.

（d）Alloftheabove.

（e）OnlR（a）and（b）oftheabove.

Answer:

D

7.（I）IntheUnitedStatesnonbankloansarethemostimportantsourceofeRternalfundsfornonfinancialbusinesses.（II）InGermanRandJapan,issuingstocksandbondsisthemostimportantsourceofeRternalfornonfinancialbusinesses.

（a）（I）istrue,（II）false.

（b）（I）isfalse,（II）true.

（c）Botharetrue.

（d）Botharefalse.

Answer:

A

8.Whichofthefollowingisnotoneoftheeightbasicfactsaboutfinancialstructure?

（a）DebtcontractsaretRpicallReRtremelRcomplicatedlegaldocumentsthatplacesubstantialrestrictionsonthebehavioroftheborrower.

（b）Indirectfinance,whichinvolvestheactivitiesoffinancialintermediaries,ismanRtimesmoreimportantthandirectfinance,inwhichbusinessesraisefundsdirectlRfromlendersinfinancialmarkets.

（c）Collateralisaprevalentfeatureofdebtcontractsforbothhouseholdsandbusiness.

（d）NewsecuritRissuesarethemostimportantsourceofeRternalfundstofinancebusinesses.

Answer:

D

9.Whichofthefollowingisnotoneoftheeightbasicfactsaboutfinancialstructure?

（a）ThefinancialsRstemisamongthemostheavilRregulatedsectorsoftheeconomR.

（b）IssuingmarketablesecuritiesistheprimarRwaRbusinessesfinancetheiroperations.

（c）Indirectfinance,whichinvolvestheactivitiesoffinancialintermediaries,ismanRtimesmoreimportantthandirectfinance,inwhichbusinessesraisefundsdirectlRfromlendersinfinancialmarkets.

（d）FinancialintermediariesarethemostimportantsourceofeRternalfundstofinancebusinesses.

Answer:

B

10.Becauseinformationisscarce,

（a）equitRcontractsareusedmuchmorefrequentlRtoraisecapitalthanaredebtcontracts.

（b）monitoringmanagersgivesrisetocostlRstateverification.

（c）governmentregulations,suchasstandardaccountingprinciples,canhelpreducemoralhazard.

（d）alloftheabovearetrue.

（e）onlR（b）and（c）oftheabovearetrue.

Answer:

E

11.WhichofthefollowingbesteRplainstherecentdeclineintheroleoffinancialintermediaries?

（a）Privateproductionandsaleofinformation

（b）Governmentregulationtoincreaseinformation

（c）ImprovementsininformationtechnologR

（d）NoneoftheabovecaneRplaintherecentdecline

Answer:

C

12.（I）ThetotalcostofcarrRingoutatransactioninfinancialmarketsincreasesproportionallRwiththesizeofthetransaction.（II）FinancialintermediariesfacilitatediversificationwhenaninvestorhasonlRasmallsumtoinvest.

（a）（I）istrue;（II）isfalse

（b）（I）isfalse;（II）istrue

（c）Both（I）and（II）aretrue

（d）Both（I）and（II）arefalse

Answer:

B

13.IfbadcreditrisksaretheoneswhomostactivelRseekloansand,therefore,receivethemfromfinancialintermediaries,thenfinancialintermediariesfacetheproblemof

（a）moralhazard.

（b）adverseselection.

（c）free-riding.

（d）costlRstateverification.

Answer:

B

14.Ifborrowerstakeonbigrisksafterobtainingaloan,thenlendersfacetheproblemof

（a）free-riding.

（b）adverseselection.

（c）moralhazard.

（d）costlRstateverification.

Answer:

C

15.Becauseofthelemonsproblemintheusedcarmarket,theaveragequalitRoftheusedcarsofferedforsalewillbe_________,whichgivesrisetotheproblemof_________.

（a）low;moralhazard

（b）low;adverseselection

（c）high;moralhazard

（d）high;adverseselection

Answer:

B

16.Intheusedcarmarket,asRmmetricinformationleadstothelemonsproblembecausethepricethatbuRersarewillingtopaRwill

（a）reflectthehighestqualitRofusedcarsinthemarket.

（b）reflectthelowestqualitRofusedcarsinthemarket.

（c）reflecttheaveragequalitRofusedcarsinthemarket.

（d）noneoftheabove.

Answer:

C

17.TheproblemcreatedbRasRmmetricinformationbeforethetransactionoccursiscalled_________,whiletheproblemcreatedafterthetransactionoccursiscalled_________

（a）adverseselection;moralhazard.

（b）moralhazard;adverseselection.

（c）costlRstateverification;free-riding.

（d）free-riding;costlRstateverification.

Answer:

A

18.AborrowerwhotakesoutaloanusuallRhasbetterinformationaboutthepotentialreturnsandriskoftheinvestmentprojectsheplanstoundertakethandoesthelender.ThisinequalitRofinformationiscalled

（a）moralhazard.

（b）asRmmetricinformation.

（c）noncollateralizedrisk.

（d）adverseselection.

Answer:

B

19.AdverseselectionisaproblemassociatedwithequitRanddebtcontractsarisingfrom

（a）thelender’srelativelackofinformationabouttheborrower’spotentialreturnsandrisksofhisinvestmentactivities.

（b）thelender’sinabilitRtolegallRrequiresufficientcollateraltocovera100percentlossiftheborrowerdefaults.

（c）theborrower’slackofincentivetoseekaloanforhighlRriskRinvestments.

（d）noneoftheabove.

Answer:

A

20.MoralhazardisaproblemassociatedwithdebtandequitRcontractsarisingfrom

（a）theborrower’sincentivetoundertakehighlRriskRinvestments.

（b）theowners’inabilitRtoensurethatmanagerswillactintheowners’interest.

（c）thedifficultRlendershaveinsortingoutgoodcreditrisksfrombadcreditrisks.

（d）alloftheabove.

（e）onlR（a）and（b）oftheabove.

Answer:

E

21.Becauseoftheadverseselectionproblem,

（a）lendersmaRmakeadisproportionateamountofloanstobadcreditrisks.

（b）lendersmaRrefuseloanstoindividualswithlownetworth.

（c）lendersarereluctanttomakeloansthatarenotsecuredbRcollateral.

（d）alloftheabove.

Answer:

D

22.Becauseoftheadverseselectionproblem,

（a）goodcreditrisksaremorelikelRtoseekloans,causinglenderstomakeadisproportionateamountofloanstogoodcreditrisks.

（b）lendersmaRrefuseloanstoindividualswithhighnetworth,becauseoftheirgreaterproclivitRto“skiptown.”

（c）lendersarereluctanttomakeloansthatarenotsecuredbRcollateral.

（d）alloftheabove.

Answer:

C

23.TheproblemofadverseselectionhelpstoeRplain

（a）whRbanksprefertomakeloanssecuredbRcollateral.

（b）whRbankshaveacomparativeadvantageinraisingfundsforAmericanbusinesses.

（c）whRborrowersarewillingtooffercollateraltosecuretheirpromisestorepaRloans.

（d）alloftheabove.

（e）onlR（a）and（b）oftheabove.

Answer:

D

24.TheproblemofadverseselectionhelpstoeRplain

（a）whichfirmsaremorelikelRtoobtainfundsfrombanksandotherfinancialintermediaries,ratherthanfromsecuritiesmarkets.

（b）whRcollateralisanimportantfeatureofconsumer,butnotbusiness,debtcontracts.

（c）whRdirectfinanceismoreimportantthanindirectfinanceasasourceofbusinessfinance.

（d）onlR（a）and（b）oftheabove.

Answer:

A

25.TheconceptofadverseselectionhelpstoeRplain

（a）whRcollateralisnotacommonfeatureofmanRdebtcontracts.

（b）whRlarge,well-establishedcorporationsfinditsodifficulttoborrowfundsinsecuritiesmarkets.

（c）whRfinancialmarketsareamongthemostheavilRregulatedsectorsoftheeconomR.

（d）alloftheabove.

Answer:

C

26.ThatmostusedcarsaresoldbRintermediaries（i.e.,usedcardealers）providesevidencethattheseintermediaries

（a）havebeenaffordedspecialgovernmenttreatment,sinceusedcardealersdonotprovideinformationthatisvaluedbRconsumersofusedcars.

（b）areabletopreventpotentialcompetitorsfromfree-ridingofftheinformationthattheRprovide.

（c）havefailedtosolveadverseselectionproblemsinthismarketbecause“lemons”continuetobetraded.

（d）doalloftheabove.

Answer:

B

27.ThatmostusedcarsaresoldbRintermediaries（i.e.,usedcardealers）providesevidencethattheseintermediaries

（a）provideinformationthatisvaluedbRconsumersofusedcars.

（b）areabletopreventothersfromfree-ridingofftheinformationthattheRprovide.

（c）canprofitbRbecomingeRpertsindeterminingwhetheranautomobileisagoodcaroralemon.

（d）doalloftheabove.

Answer:

D

28.AkeRfindingoftheeconomicanalRsisoffinancialstructureisthat

（a）theeRistenceofthefree-riderproblemfortradedsecuritieshelpstoeRplainwhRbanksplaRapredominantroleinfinancingtheactivitiesofbusinesses.

（b）whilefree-riderproblemslimittheeRtenttowhichsecuritiesmarketsfinancesomebusinessactivities,neverthelessthemajoritRoffundsgoingtobusinessesarechanneledthroughsecuritiesmarkets.

（c）giventhegreateRtenttowhichsecuritiesmarketsareregulated,free-riderproblemsarenotofsignificanteconomicconsequenceinthesemarkets.

（d）economistsdonothaveaverRgoodeRplanationforwhRsecuritiesmarketsaresoheavilRregulated.

Answer:

A

29.IntheUnitedStates,thegovernmentagencRrequiringthatfirms,whichsellsecuritiesinpublicmarkets,adheretostandardaccountingprinciplesanddiscloseinformationabouttheirsales,assets,andearningsisthe

（a）FederalCorporateSecuritiesCommission.

（b）FederalTradeCommission.

（c）SecuritiesandERchangeCommission.

（d）U.S.TreasurRDepartment.

（e）FederalReserveSRstem.

Answer:

C

30.Anauditcertifiesthat

（a）afirm’sloanswillberepaid.

（b）a