《金融市场学》习题之欧阳物创编.docx

《金融市场学》习题之欧阳物创编.docx

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《金融市场学》习题之欧阳物创编

《金融市场学》复习题

时间：

2021.02.07

命题人：

欧阳物

1.Commonstockisanexampleofa（n）______.

A）debtsecurity.B）moneymarketsecurity.C）equitysecurity.D）aandb

2.Therequiredreturntoimplementagivenbusinessprojectwillbe______ifinterestratesarelower. Thisimpliesthatbusinesseswilldemanda______quantityofloanablefundswheninterestratesarelower.

 A）greater;lowerB）lower;greaterC）lower;lowerD）greater;greater

3.Thefederalgovernmentdemandforloanablefundsis__________. Ifthebudgetdeficitwasexpectedtoincrease,thefederalgovernmentdemandforloanablefundswould________.

 A）interestelastic;decreaseB）interestelastic;increase

 C）interestinelastic;increaseD）interestinelastic;decrease

4.Iftherealinterestratewasnegativeforaperiodoftime,then

A）inflationisexpectedtoexceedthenominalinterestrateinthefuture.

B）inflationisexpectedtobelessthanthenominalinterestrateinthefuture.

 C）actualinflationwaslessthanthenominalinterestrate.

 D）actualinflationwasgreaterthanthenominalinterestrate.

5.Ifinflationturnsouttobelowerthanexpected

A）saversbenefit.

B）borrowersbenefitwhilesaversarenotaffected.

 C）saversandborrowersareequallyaffected.

 D）saversareadverselyaffectedbutborrowersbenefit.

6.AssumethatforeigninvestorswhohaveinvestedinU.S.securitiesdecidetoincreasetheirholdingsofU.S.securities. ThisshouldcausethesupplyofloanablefundsintheUnitedStatesto_____andshouldplace______pressureonU.S.interestrates.

A）decrease;upwardB）decrease;downwardC）increase;downwardD）increase;upward

7.Ifeconomicexpansionisexpectedtodecrease,thedemandforloanablefundsshould______andinterestratesshould______.

A）increase;increaseB）increase;decreaseC）decrease;decreaseD）decrease;increase

8.WhenJapaneseinterestratesrise,andifexchangerateexpectationsremainunchanged,themostlikelyeffectisthatthesupplyofloanablefundsprovidedbyJapaneseinvestorstotheUnitedStateswill______,andtheU.S.interestrateswill_______.

A）increase;increaseB）increase;decreaseC）decrease;decreaseD）decrease;increase

9.Assumethatannualizedyieldsofshorttermandlongtermsecuritiesareequal. Ifinvestorssuddenlybelieveinterestrateswillincrease,theiractionsmaycausetheyieldcurveto

A）becomeinverted.B）becomeflat.C）becomeupwardsloping.D）beunaffected.

10.Iftheliquiditypremiumexists,aflatyieldcurvewouldbeinterpretedasthemarketexpecting______ininterestrates.

A）nochangesB）aslightdecreaseC）aslightincreaseD）alargeincrease

11.Accordingtothesegmentedmarketstheory,ifmostinvestorssuddenlypreferredtoinvestinshorttermsecuritiesandmostborrowerssuddenlypreferredtoissuelongtermsecuritiestherewouldbe

A）upwardpressureonthepriceoflongtermsecurities.

B）upwardpressureonthepriceofshorttermsecurities.

C）downwardpressureontheyieldoflongtermsecurities.

D）aandc

12.Otherthingsequal,theyieldrequiredonnoncallablebondsshouldbe______theyieldrequiredoncallablebondswhoseothercharacteristicsareexactlythesame.

A）greaterthanB）equaltoC）lessthan

D）Alloftheabovearepossible,dependingonthesizeofthecallpremium.

13.Accordingtoexpectationstheory,thesuddenexpectationoflowerinterestratesinthefuturewillcausea______supplyofshorttermfundsprovidedbyinvestors,anda______supplyoflongtermfunds.

A）large;largeB）large;smallC）small;smallD）small;large

14.AssumethattheTreasuryexperiencesalargedecreaseinthebudgetdeficitandpurchasesalargenumberofT-bills.Thisactionwill_________________thesupplyofT-billsinthemarketandplaces__________________pressureontheyieldofT-bills.

A）decrease;downwardB）decrease;upwardC）increase;upwardD）increase;downward

15.Afirmplanstoissue30daycommercialpaperfor$9,900,000. Parvalueis$10,000,000. Whatisthefirm’scostofborrowing?

A）12.12%B）11.11%C）13.00%D）14.08%E）15.25%

16.Arepurchaseagreementcallsforaninvestortobuysecuritiesfor$4,925,000andsellthembackin60daysfor$5,000,000. Whatistheyield?

A）9.43%B）9.28%C）9.14%D）9.00%

17.RobbinsCorp.frequentlyinvestsexcessfundsintheMexicanmoneymarket.Oneyearago,Robbinsinvestedinaone-yearMexicanmoneymarketsecuritythatprovidedayieldof25%.Attheendoftheyear,whenRobbinsconvertedtheMexicanpesostodollars,thepesohaddepreciatedfrom$.12to$.11.WhatistheeffectiveyieldearnedbyRobbins?

A）25.00%B）35.41%C）14.59%D）noneoftheabove

18.BullockCorp.purchasescertainsecuritiesfor$4,921,349,withanagreementtosellthembackatapriceof$4,950,000attheendofa30-dayperiod.Thereporateis________%.

A）7.08B）6.95C）6.99D）7.04E）noneoftheabove

19.AssumeU.S.interestratesaresignificantlyhigherthanGermanrates.AU.S.firmwantingtoissuebondscouldachievealowerfinancingrate,withoutexchangerateriskbydenominatingthebondsin

A）dollars.

B）marks（德国马克）andmakingpaymentsfromU.S.headquarters.

C）marksandmakingpaymentsfromaGermansubsidiary.

D）dollarsandmakingpaymentsfromaGermansubsidiary.

20.Ifinterestratessuddenly____________,thoseexistingbondsthathaveacallfeatureare__________likelytobecalled.

A）decline;moreB）decline;lessC）increase;moreD）noneoftheabove

21.Whenfinancialinstitutionsexpectinterestratesto______,theymay______.

A）increase;sellbondsandbuyshorttermsecurities

B）increase;sellshorttermsecuritiesandbuybonds

C）decrease;sellbondsandbuyshorttermsecurities

D）BandC

22.Ifthecouponrate______therequiredrateofreturn,thepriceofabond_____parvalue.

A）equals;equalsB）exceeds;islessthan

C）islessthan;isgreaterthanD）BandC

E）noneoftheabove

23.Asinterestratesconsistentlyriseoveraspecificperiod,themarketpriceofabondyouownwouldlikely______overthisperiod.（Assumenomajorchangeinthebond’sdefaultrisk.）

A）consistentlyincreaseB）consistentlydecreaseC）remainunchanged

D）changeinadirectionthatcannotbedeterminedwiththeaboveinformation

24.Ifanalystsexpectthatthedemandforloanablefundswillincrease,andthesupplyofloanablefundswilldecrease,theywouldmostlikelyexpectinterestratesto______andpricesofexistingbondsto______.

A）increase;increaseB）increase;decreaseC）decrease;decreaseD）decrease;increase

25.Ifbondportfoliomanagersexpectinterestratestoincreaseinthefuture,theywouldlikely______theirholdingsofbondsnow,whichcouldcausethepricesofbondsto______asaresultoftheiractions.

A）increase;increaseB）increase;decreaseC）decrease;decreaseD）decrease;increase

26.IftheUnitedStatesannouncesthatitwillborrowanadditional$10billion,thisannouncementwillnormallycausethebondtraderstoexpect

A）higherinterestratesinthefuture,andwillbuybondsnow.

B）higherinterestratesinthefuture,andwillsellbondsnow.

C）stableinterestratesinthefuture,andwillbuybondsnow.

D）lowerinterestratesinthefuture,andwillbuybondsnow.

E）lowerinterestratesinthefuture,andwillsellbondsnow.

27.Ifthelevelofinflationisexpectedto__________,therewillbe_______________pressureoninterestratesand____________pressureontherequiredrateofreturnonbonds.

A）increase;upward;downwardB）decrease;upward;downward

C）decrease;upward;upwardD）increase;downward;upward

E）increase;upward;upward

28.Usinga（n）_____________strategy,investorsallocatefundsevenlytobondsineachofseveraldifferentmaturityclasses.

A）matchingB）ladderedC）barbellD）interestrateE）noneoftheabove

29.Managersoffirmsmayconsiderastockrepurchaseorevenaleveragedbuyoutwhentheybelievetheirstockis____________bythemarket,orasecondarystockofferingwhentheybelievetheirstockis____________bythemarket.

A）undervalued;undervaluedB）overvalued;overvalued

C）undervalued;overvaluedD）overvalued;undervaluedE）noneoftheabove

30.Astock’saveragereturnis10%.Theaveragerisk-freerateis7%.Thestandarddeviationofthestock’sreturnis4%,andthestock’sbetais1.5.WhatistheTreynorIndexforthestock?

A）.03B）.75C）1.33D）.02E）50

31.Ahigherbetaofanassetreflects

A）lowerrisk.

B）lowercovariancebetweentheasset’sreturnsandmarketreturns.

C）highercovariancebetweentheasset’sreturnsandthemarketreturns.

D）noneoftheabove.

32.Thearbitragepricingtheory（APT）differsfromthecapitalassetpricingmodel（CAPM）inthatitsuggeststhatstockprices

A）areinfluencedonlybythemarketitself.

B）canbeinfluencedbyasetoffactorsinadditiontothemarket.

C）arenotinfluencedatallbythemarket.

D）cannotbeinfluencedatallbytheindustryfactors.

33.Ifthereturnsoftwostocksareperfectlycorrelated,then

A）theirbetasshouldeachequal1.0.

B）thesumoftheirbetasshouldequal1.0.

C）theircorrelationcoefficientshouldequal1.0.

D）theirportfoliostandarddeviationshouldequal1.0.

34.Theriskofashortsaleisthatthestockprice

A）maydecreaseovertime.B）willremainthesame.

C）mayincreaseovertime.D）noneoftheabove.

35.Sellers（writers）ofcalloptionscanoffsettheirpositionatanypointintimeby

A）sellingaputoptiononthesamestock.B）buyingidenticalcalloptions.

C）sellingadditionalcalloptionsonthesamestock.D）AandBE）alloftheabove

36.Speculatorspurchasecurrency______oncurrenciestheyexpectto______againstthedollar.

A）calloptions;weakenB）putop