国际投资题目中英对照版.docx

1、国际投资题目中英对照版第一章 1. Since the value of the British pound in U.S. dollars has gone down, it has depreciated with respect to the U.S. dollar. Therefore, the British will have to spend more British pounds to purchase U.S. goods. 自从英镑的价值在美元已经下跌了,它已贬值对美国的美元。因此,英国将不得不花费更多的英镑购买美国商品。Accordingly, the correct a

2、nswer is (c).2. Since the number of Australian dollars needed to purchase one U.S. dollar has decreased from 1.60 to 1.50, the Australian dollar has appreciated with respect to the U.S. dollar. Therefore, the Australians will have to spend fewer Australian dollars to purchase U.S. goods. 自从数量的澳元兑1美元

3、用来购买已经从1.60降到1.50,澳元兑美元已升值就美元。因此,澳大利亚人需要花更少的澳元购买美国商品 Accordingly, the correct answer is (a).3. The value of the dollar in Swiss francs has gone up from about 1.20 to about 1.60. 美元的价值的瑞士法郎已经从1.20到1.60Therefore, the dollar has appreciated relative to the Swiss franc, and the dollars needed by America

4、ns to purchase Swiss goods have decreased. 美元已经升值相对瑞士法郎和美元所需要的美国人购买瑞士商品已经减少Thus, the statement is correct. 4. a. One baht was worth 1/25 or 0.04 dollars earlier. It is worth 1/30 or 0.0333 dollars now. Thus, the baht has depreciated with respect to the dollar. Percentage change in the dollar value o

5、f thebaht = (0.0333 - 0.04)/0.04)100% = -16.7%.b. One dollar was worth 25 bahts earlier and is worth 30 bahts now. Percentage change in the value of the dollar = (30 - 25)/25)100% = 20.0%.答:一个泰铢价值0.04或美元之前。值得1/30或/ 0.0333美元现在。因此,泰铢贬值就美元。百分比变化的美元价值泰铢=(0.0333 - 0.04)/ 0.04)100% = -16.7%。b .一美元价值25 bah

6、ts值得30 bahts早些时候和现在。百分比变化,美元价值=(30 - 25)/ 25)100% = 20.0%。11. The A$:SFr quotation is obtained as follows. In obtaining this quotation, we keep in mind that A$:SFr = ($:SFr) ($:A$), and that the price (bid or ask) for each transaction is the one that is more advantageous to the bank. The A$:SFr bid

7、price is the number of SFr the bank is willing to pay to buy one A$. This transaction (buy A$sell SFr) is equivalent to selling SFr to buy dollars (at a bid rate of 1.5960) and then selling those dollars to buy A$ (at an ask rate of 1.8235). Mathematically, the transaction is as follows:bid A$:SFr =

8、 (bid $:SFr) (ask $:A$) = 1.5960/1.8235 = 0.8752 The A$:SFr ask price is the number of SFr that the bank is asking for one A$. This transaction (sell A$buy SFr) is equivalent to buying SFr with dollars (at an ask rate of 1.5970) and simultaneously purchasing these dollars against A$ (at a bid rate o

9、f 1.8225). This may be expressed as follows:ask A$:SFr = (ask $:SFr) (bid $:A$) = 1.5970/1.8225 = 0.8763 The resulting quotation by the bank isA$:SFr = 0.8752 0.8763澳元:SFr报价方法如下。在获得这个报价,请记住在$:sfr44 % =($:SFr)美元(美元),这个价格(竞标,或者问)为每个事务是一个更有利的银行。澳元:SFr标价的SFr的数量世行愿意付钱买一美元。这个事务(美元买一个-sell SFr)相当于购买美元出售SFr

10、(在投标利率为1.5960),然后出售这些美元去买一块(在一个问速率为1.8235)。在数学上,事务如下:叫一个$:sfr44 % =(美元收购:SFr)(问:一美元元= 1.5960/1.8235 = 0.8752澳元:SFr卖价是SFr的数量,银行正在寻求一个$。这个事务(出售SFr -buy美元)相当于购买以美元SFr(在一个问速率为1.5970),同时购买这些美元对一个$(在投标利率为1.8225)。这可能是表达了如下:问一个$:sfr44 % =(问:SFr美元)(美元收购:$)= 1.5970/1.8225 = 0.8763由此产生的报价的银行一个$:sfr44 % = 0.875

11、2 - 0.876312. The SFr:A$ quotation is obtained as follows. In obtaining this quotation, we keep in mind that SFr:A$ = ($:As) ($:SFr), and that the price (bid or ask) for each transaction is the one that is more advantageous to the bank. The SFr:A$ bid price is the number of A$ the bank is willing to

12、 pay to buy one SFr. This transaction (buy SFr sell A$) is equivalent to selling A$ to buy dollars (at a bid rate of 1.8225) and then selling those dollars to buy SFr (at an ask rate of 1.5970). Mathematically, the transaction is as follows:Bid SFr:A$ = (bid $:A$)/(ask $:SFr) = 1.8225/1.5970 = 1.141

13、2 The SFr:A$ ask price is the number of A$ that the bank is asking for one SFr. This transaction (sell SFr buy A$) is equivalent to buying A$ with dollars (at an ask rate of 1.8235) and simultaneously purchasing these dollars against SFr (at a bid rate of 1.5960). This may be expressed as follows:As

14、k SFr:A$ = (ask $:A$)/(bid $:SFr) = 1.8235/1.5960 = 1.1425 The resulting quotation by the bank isSFr:A$ = 1.1412 - 1.1425SFr美元的报价方法如下。在获得这个报价,我们记住,SFr:$ =($:作为)($:sfr44 %),这个价格(竞标,或者问)为每个事务是一个更有利的银行。SFr美元标价的数量的美元银行愿意支付购买一个sfr44 %。这个交易(买SFr -卖$)相当于出售购入美元,美元(在投标利率为1.8225),然后出售这些美元去购买SFr(在一个问速率为1.5970)

15、。在数学上,事务如下:投标SFr:$ =(美元收购:$)/(问:SFr美元)= 1.8225/1.5970 = 1.1412SFr美元的卖价是美元的数量,银行正在寻求一个sfr44 %。这个事务(出售SFr -美元买一个)相当于购买以美元美元(在一个问速率为1.8235),同时购买这些美元反对SFr(在投标利率为1.5960)。这可能是表达了如下:问SFr:$ =(问:一个耗资美元)/(美元收购:SFr)= 1.8235/1.5960 = 1.1425由此产生的报价的银行SFr:一个= 1.14121.1425美元 第二章1. The central electronic limit orde

16、r book is the hub of those automated markets that are order-driven (not price-driven.) Statement III, therefore, is not correct. 中央电子限制订单是中心的那些自动化市场指令驱动(不是打零分。)声明三世,因此,是不正确的。5. Each of the three statements about ECNs is true. 三个不同的声明ecn是真的。9. The apparent market capitalization of these four companie

17、s taken together is 50 million 4 = 200 million. But because of their cross-holdings, there is some double counting. The usual free-float adjustment would be to retain only the portion that is not owned by other companies within the group.a. The adjusted market capitalization is as follows: Company A

18、: 50 (1 - 0.10) = $45 million (because 10% of Company A is held by Company C). Company B: 50 (1 - 0.20 - 0.10) = $35 million (because 20% of Company B is held by Company A and 10% of Company B is held by Company C). Company C: 50 (1 - 0.10 - 0.15) = $37.5 million (because 10% of Company C is held by

19、 Company A and 15% of Company C is held by Company B). Company D: 50 (1 - 0.05) = $47.5 million (because 5% of Company D is held by Company C).b. From (a) above, the total adjusted market capitalization = 45 + 35 + 37.5 + 47.5 = $165 million. Because the unadjusted market capitalization of each comp

20、any is the same, the total adjusted market cap can also be computed by subtracting the total cross-holdings from 200 million. The total cross-holdings are 50 (0.20 + 0.10 + 0.15 + 0.10 + 0.10 + 0.05) = $35 million. Thus, the total adjusted market cap = 200 - 35 = $165 million.显然这4家公司的市值加在一起是5000万4 =

21、2亿年。但由于他们的交叉持股,有一些重复计算。通常的自由流通股调整将只保留的部分并不属于其他内的企业集团。a .调整后的市值如下:公司:50(1 - 0.10)= 4500万美元(因为10%的公司是由公司C)。公司B:50(1 - 0.20 - 0.10)= 3500万美元(因为20%的公司B是由公司和10%的公司B是由公司C)。公司职员:50(1 - 0.10 - 0.15)= 3750万美元(因为10%的公司C是由公司和15%的公司C是由公司B)。公司D:50(1 - 0.05)= 4750万美元(因为5%的公司D是由公司C)。b .从上述(a),调整后的总市值= 45 + 35 + 47

22、.5 + = 1.65亿美元。因为未经调整的各个公司的市值是相同的,总市值调整也可以计算总从2亿减去交叉持股。交叉持股总50(0.20 + 0.10 + 0.15 + 0.10 + 0.10 + 0.05)= 3500万美元。因此,总市值调整= 200 - 35 = $ 1.65亿。第三章 3. a. In order to prevent any arbitrage opportunities, the forward price F should be F = 1.1(1.08)/ (1.05) = 1.13143 per $.b. If the trader invested 1 at

23、the euro risk-free rate, he would have 1(1.08) = 1.08 at the end of one year. Alternatively, he could convert 1 to U.S. dollars, invest at the U.S. risk-free rate, and use a forward contract to lock in the rate at which U.S. dollars are converted back to euros. In this scenario: One euro would be wo

24、rth 1/1.1 = $0.90909. Invest this for one year and receive = 0.90909(1.05) = $0.95454. Use the short forward contract to sell dollars for euros at 1.15 per dollar = 1.15(0.95454) = 1.09772 Because this option yields more than investing at the euro interest rate, there is an arbitrage opportunity. To

25、 earn this arbitrage profit, you would borrow 1 at an interest rate of 8 percent. Convert to U.S. dollars at the spot exchange rate and invest at the U.S. risk-free rate and then use a forward contract to convert dollars back to euros. The arbitrage profit per euro is 1.09772 - 1.08 = 0.01772.a .为了防

26、止任何套利机会,远期价格F应该F =1.08()/(1.05)=每$。b如果交易员投资1欧元的无风险利率,他将有1(1.08)=满一年。或者,他可以把1美元,投资在美国无风险利率,并使用远期合同,锁定速率美元兑换成欧元。在这个场景中:一欧元的价值将1/1.1 = $。投资一年和接收= 0.90909(1.05)= 0.95454美元。使用短的远期合同出售美元欧元在日圆兑1美元=(0.95454)=因为这个选项收益率超过投资欧元利率,有一种套利机会。以获得这种套利利润,你将会借1,利率为8%。转换为美元即期汇率和投资在美国无风险率,并使用远期合同将美元回欧元。套利利润每欧元是1.09772 -

27、1.08 = 0.01772。 4. a. To prevent any arbitrage opportunities, the forward price F should be F = $0.90(1.07)/(1.05) = $0.91714 per euro.b. If the trader invested $1 at the U.S. risk-free rate, at the end of one year he would have 1(1.07) = $1.07. Alternatively, he could convert $1 to euros, invest at

28、 the euro risk-free rate, and use a forward contract to lock in the rate at which euros are converted back to dollars. In this scenario: One dollar would be worth 1/0.90 = 1.1111 Invest this for one year and receive 1.1111(1.05) = 1.16667 Use a forward contract to sell euros for dollars at $0.85 per

29、 euro, receiving 1.16667(0.85) = $0.99167 per euro Because this option yields less than investing at the U.S. interest rate, there is an arbitrage opportunity. To earn this arbitrage profit, you would borrow 1/0.9 = 1.1111 at an interest rate of 5 percent. Convert to one U.S. dollar and invest at th

30、e U.S. risk-free rate and then use a forward contract to convert a portion of the dollar proceeds to euros to repay the loan plus interest. One dollar invested at the risk-free rate = 1 (1.07) = $1.07 The repayment of the euro loan = 1.1111(1.05) = 1.16667 Using the forward contract, you would conve

31、rt $0.99167 = (1.16667) (0.85) to euros The arbitrage profit per dollar = $1.07 - $0.99167 = $0.07833. a .,以防止任何套利机会,远期价格F应该F = $ 1.07()/(1.05)= 1欧元兑0.91714美元。b如果交易员投资1美元在美国无风险利率,在最后的一年,他将有1(1.07)= 1.07美元。或者,他可以把1美元,欧元,欧元的投资无风险利率,并使用远期合同,锁定速率欧元兑换成美元。在这个场景中:一美元的价值将1/0.90 =投资一年和接收1.05()=使用远期合同卖出欧元对美元的

32、1欧元兑0.85美元,收到0.85()= 1欧元兑0.99167美元因为这个选项收益率低于投资在美国的利率,有一种套利机会。以获得这种套利利润,你将会借1/0.9 = 1.1111,利率为5%。转换为1美元,投资在美国无风险率,并使用远期合同将一美元的部分收益欧元偿还贷款和利息。一美元投资于无风险回报率= 1()= 1.07美元偿还欧元贷款= 1.1111(1.05)=使用远期合同,你将把0.99167美元=(1.16667)(0.85)来欧元每美元的套利利润= $ 1.07 - 0.99167美元= 0.07833美元。 8. Because the risk exposure faced by the bank is a decline in interest rates, the bank should enter into the swap to