金融市场与机的构Madura第九版题库ch12.docx
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金融市场与机的构Madura第九版题库ch12
Chapter12
MarketMicrostructureandStrategies
1.A__________ordertobuyorsellastockmeanstoexecutethetransactionatthebestpossibleprice.
A）market
B）limit
C）stop-loss
D）stop-buy
ANSWER:
A
2.Witha_________order,theinvestorspecifiesapurchasepricethatisabovethecurrentmarketprice.
A）market
B）limit
C）stop-loss
D）stop-buy
ANSWER:
D
3.Wheninvestorsbuystockwithborrowedfunds,thisissometimesreferredtoas
A）useofproxy.
B）purchasingstockonmargin.
C）amargincall.
D）amarginresidualclaim.
ANSWER:
B
4.Themaintenancemarginistheminimumamountofthemarginthatinvestorsmustmaintainasapercentageofthestock’sinitialpurchaseprice.
A）True
B）False
ANSWER:
B
5.Assumeastockisinitiallypricedat$50,andpaysanannual$2dividend. Aninvestorusescashtopay$25ashareandborrowstheremainingfundsata12percentannualinterest. Whatisthereturniftheinvestorsellsthestockfor$55attheendofoneyear?
A）50percent
B）30percent
C）10percent
D）16percent
E）8percent
ANSWER:
D
6.Whenabrokeragefirmdemandsmorecollateralfrominvestorswhohaveborrowedfromthebrokeragefirmtobuystocks,itismakinga
A）margincall.
B）shortsale.
C）proxyfight.
D）hedge.
ANSWER:
A
7.Whichofthefollowingstatementsisincorrect?
A）Inashortsale,investorsplaceanordertosellastockthattheydonotown.
B）Investorssellastockshortwhentheyanticipatethatitspricewillrise.
C）Wheninvestorssellshort,theywillultimatelyhavetoprovidethestockbacktotheinvestorfromwhomtheyborrowedit.
D）Short-sellersmustmakepaymentstotheinvestorfromwhomthestockwasborrowedtocoverthedividendpaymentsthattheinvestorwouldhavereceivedofthestockhadnotbeenborrowed.
ANSWER:
B
8.Programtrading
A）iscommonlyusedtoreducethesusceptibilityofastockportfoliotostockmarketmovements.
B）mayinvolvethepurchaseofstocksthatbecome“underpriced.”
C）mayinvolvethesaleofstocksthatbecome“overpriced.”
D）canbecombinedwiththetradingofindividualbondstocreateportfolioinsurance.
E）noneoftheabove
ANSWER:
A
9.Youpurchaseastockwithcash,andyouearnanegativereturnonthestock.Ifyouhadpurchasedthestockwith60percentcashand40percentborrowedfunds,yourreturnonyourinvestmentwouldhavebeen
A）positive.
B）morenegativethanifyouhadcoveredtheentireinvestmentwithcash.
C）negative,butmorefavorablethanifyouhadcoveredtheentireinvestmentwithcash.
D）zero.
ANSWER:
B
Thefollowinginformationreferstoquestions10and11.
Markwouldliketopurchaseastockpricedat$70.Thestockisnotexpectedtopayanydividendsinthecomingyear.Hecaneitherputuptheentireamountandpurchasethestock,orborrow$35fromhisbrokeragefirmatanannualinterestrateof12percentandputuptheremainder.Markthinkshecansellthestockfor$100afteroneyear.
10.IfMarkdoesnotborrowanymoneyfromhisbrokeragefirm,whatistheestimatedreturnonthestock?
A）30.00percent
B）–42.86percent
C）–30.00percent
D）42.86percent
E）noneoftheabove
ANSWER:
D
11.IfMarkborrowsfromhisbrokeragefirm,hisestimatedreturnonthestockwouldbe________percent.
A）42.86
B）85.71
C）73.71
D）30.00
ANSWER:
C
12.Karenjustpurchasedastockcosting$33onmargin,paying$23andborrowingtheremainderfromabrokeragefirmat15percentannualinterest.Thestockpaysanannualdividendof$2.IfKarensellsthestockafteroneyearatapriceof$50,whatisthereturnonthestock?
A）27.60percent
B）82.61percent
C）76.09percent
D）58.70percent
E）noneoftheabove
ANSWER:
C
13.Thepresentmarginrequirementisthatatleast_________percentofaninvestor’sinvestedfundsmustbepaidincash.
A）20
B）30
C）40
D）50
E）noneoftheabove
ANSWER:
D
14.Aninvestorsoldastockshortayearagofor$50pershare.Thestock’spriceiscurrently$52pershare.Iftheinvestorisunwillingtoacceptalossontheshortsaleofmorethan$5pershareonthetransaction,shecouldplacea
A）stop-lossorderwithaspecifiedsellingpriceof$55pershare.
B）stop-buyorderwithaspecifiedpurchasepriceof$55pershare.
C）stop-lossorderwithaspecifiedsellingpriceof$45pershare.
D）stop-buyorderwithaspecifiedpurchasepriceof$45pershare.
ANSWER:
B
15.Theshortinterestratioiscommonlymeasuredasthenumberofsharesshorteddividedbythenumberofsharesthatthefirmhasrepurchasedinthelastquarter.
A）True
B）False
ANSWER:
B
16.Investorscanreducetheirriskbypurchasingastockonmargininsteadofusingallcashtobuythestock.
A）True
B）False
ANSWER:
B
17.Ashortseller
A）anticipatesthatthepriceofthestocksoldshortwillincrease.
B）earnsthedifferencebetweenwhattheyinitiallypaidforthestockversuswhattheylatersellthestockfor.
C）makesaprofitequaltothedifferencebetweentheoriginalsellpriceandthepricepaidforthestock,aftersubtractinganydividendpaymentsmade.
D）isessentiallylendingthestocktoanotherinvestorandwillultimatelyreceivethatstockbackfromthatinvestor.
E）noneoftheabove
ANSWER:
C
18.____________________areenforcedtorestricttheamountofcreditextendedtocustomersbystockbrokers.
A）Limitorders
B）Marginrequirements
C）Maintenancemargins
D）Initialmargins
ANSWER:
B
19.Assumethatastockispricedat$50andpaysanannualdividendof$2pershare.Aninvestorpurchasesthestockonmargin,paying$25pershareandborrowingtheremainderfromthebrokeragefirmat9percentannualinterest.If,afteroneyear,thestockissoldatapriceof$65.25pershare,thereturnonthestockis
A）60percent.
B）44percent.
C）30percent.
D）69percent.
ANSWER:
A
20.Assumethatastockispricedat$50andpaysanannualdividendof$2pershare.Aninvestorpurchasesthestock,usingonlypersonalfundsandnotborrowingfromthebrokeragefirm.If,afteroneyear,thestockissoldatapriceof$65.25pershare,thereturnonthestockis
A）26.5percent.
B）28.5percent.
C）30.5percent.
D）34.5percent.
ANSWER:
D
21.Theriskofashortsaleisthatthestockprice
A）maydecreaseovertime.
B）willremainthesame.
C）mayincreaseovertime.
D）noneoftheabove
ANSWER:
C
22.____________facilitatetransactionsontheNewYorkStockExchangebytakingpositionsinspecificstocks;theyalsostandreadytobuyorsellthesestocks.
A）Floorbrokers
B）Capstonemembers
C）Specialists
D）noneoftheabove
ANSWER:
C
23.____________facilitatetransactionsontheNewYorkStockExchangebyexecutingstocktransactionsfortheirclients.
A）Floorbrokers
B）Capstonemembers
C）Specialists
D）noneoftheabove
ANSWER:
A
24.The“trade-thoughrule”establishedbytheSECrequiresthatanorderforNYSE-listedstocksmustbeexecutedontheexchangethatoffersthebestpricefortheinvestor.
A）True
B）False
ANSWER:
A
25.Whichofthefollowingstatementsisincorrect?
A）Market-makerstakepositionstocapitalizeonthediscrepancybetweentheprevailingstockpriceandtheirownvaluationofastock.
B）Specialistsandmarket-makersmaytaketheoppositepositionofuninformedinvestorsandthereforestandtobenefitiftheirexpectationsarecorrect.
C）ForeachstockthatistradedintheNasdaqmarket,thereare50market-makersonaverage.
D）Thespreadquotedforagivenstockmayvaryamongmarket-makers.
ANSWER:
C
26.Ashort-interestratioof20ormoreindicatesthatmanyinvestors
A）believethatthestockpriceiscurrentlyovervalued.
B）believethatthestockpriceiscurrentlyundervalued.
C）aresellingthestockshort.
D）bothAandC
ANSWER:
D
27.Lisawouldliketopurchaseastockpricedat$70.Thestockisnotexpectedtopayanydividendsinthecomingyear.Shecaneitherputuptheentireamountandpurchasethestock,orborrow$35fromherbrokeragefirmatanannualinterestrateof12percentandputuptheremainder.Shethinksshecansellthestockfor$100afteroneyear.Ifsheborrowsfromherbrokeragefirm,herestimatedreturnonthestockwouldbe________percent.
A）42.86
B）85.71
C）73.71
D）30.00
ANSWER:
C
28.Short-sellingastockrefersto
A）poorperformancefrompurchasinganovervaluedstock.
B）thenewissuanceoflow-pricedstocksbyfirms.
C）thenewissuanceofstocksbyfinanciallyweakfirms.
D）theborrowingofstockownedbysomeoneelseandsellingitinthemarket.
ANSWER:
D
29.Tradinghaltsareimposedby
A）theSEC.
B）brokers.
C）stockexchanges.
D）theTreasury.
ANSWER:
C
30.Thesizeofthespreadonstocksthathaverelativelylittletradingis
A）smallertoreflectthelowerdegreeofuncertainty.
B）thesameasthatofstockswithhighervolumesoftrading.
C）widertoreflectthehigherdegreeofuncertainty.
D）notaffectedbytradingvolume.
ANSWER:
C
31.The________thetradingvolumeofastock,the________thespread.
A）higher;wider
B）higher;narrower
C）lower;narrower
D）noneoftheabove
ANSWER:
B
32.__________isanelectroniccommunicationsnetworkthatwasacquiredbytheNYSE.
A）Island
B）Archipelago
C）Instinet
D）CyberTrader
ANSWER:
B
33.A__________isatradingplatformonacomputerwebsitethatallowsinvestorstotradestockswithouttheuseofabroker.
A）directaccessbroker
B）programtrader
C）marketmaker
D）communicationnetwork
ANSWER:
A
34.TheNYSEdefines__________asthesimultaneousbuyingandsellingofaportfolioofatleast15differentstocksthatarecontainedwithintheS&P500indexvaluesatmoret
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