兹维博迪金融学第二版试题库15TB(1)

Chapter Fifteen

Markets for Options and Contingent Claims

This chapter contains 50 multiple choice questions, 15 short problems, and 9 longer problems. Multiple Choice

1.An option to buy a specified item at a fixed price is a(n) ________; an option to sell is a ________.

(a)put; call

(b)spot option, call

(c)call; put

(d)put; spot option

Answer: (c)

2.A(n) ________ option can be exercised up to and on the expiration date, whereas a(n) ________

option can only be exercised on the expiration date.

(a)American-type; Bermudan-type

(b)American-type; European-type

(c)European-type; American-type

(d)Bermudan-type; European-type

Answer: (b)

3.The difference between exercise price and current stock price is the tangible value of an ________,

and the difference between the current stock price and exercise price is the tangible value of an ________.

(a)out of the money put option; in the money call option

(b)in the money put option; out of the money call option

(c)in the put money option; at the money call option

(d)at the money put option; in the money put option

Answer: (b)

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4. A call option is said to be “out of the money” if its ________.

(a)exercise price is equal to the price of the underlying stock

(b)current stock price is greater than its strike price

(c)strike price is greater than the current stock price

(d)strike price is less than its current stock price

Answer: (c)

5.The time value of an option is ________.

(a)the difference between an option’s stock price and its tangible value

(b)the difference between the current stock price and exercise price

(c)the difference between the exercise price and the stock price

(d)the difference between an option’s market price and its tangible value

Answer: (d)

6.The prices of puts are ________ the higher the exercise price, and the prices of calls are ________ the

higher is the exercise price.

(a)lower; higher

(b)higher; lower

(c)lower; lower

(d)higher; higher

Answer: (b)

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Questions 7 through 10 refer to the following hypothetical information:

Listing of LePlastrier Options (symbol: LLB)

(Prices listed are closing prices.)

February 27, 2009

7.What is the tangible value of the April LLB 110 put?

(a)0

(b)0.25

(c)3.25

(d)7.375

Answer: (b)

8.What is the tangible value of the February LLB 107 call?

(a)0

(b)5.625

(c)–0.75

(d)2.75

Answer: (d)

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9.In what state is the January LLB 107 call?

(a)in-the-money

(b)out-of-the-money

(c)at-the-money

(d)zero state

Answer: (a)

10.In what state is the February LLB 113 put?

(a)in-the-money

(b)out-of-the-money

(c)at-the-money

(d)zero state

Answer: (a)

11.Which is the correct formula describing the put-call parity relation?

(a)S + C =

E

(1 + r)

+ P

r

(b)S + P = E

r

+ C T

(c)S + P =

E

(1 + r)

+ C

T

(d)S + C = E

r

+ P T

Answer: (c)

12.A “protective-put” strategy is where one ________.

(a)buys a share of stock and a call option

(b)buys a put option and a call option

(c)buys a put option and a share of stock

(d)sells a put option and buys a call option

Answer: (c)

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13.SPX options are effectively calls or puts on a hypothetical index fund that invests in a portfolio

composed of the stocks that make up the S&P 500 index, each of the 500 companies ________.

(a)equally represented with respect to the others

(b)in proportion to the total value of its shares outstanding

(c)in proportion to the trading volume of its shares

(d)rotating on a proportional basis dependent on earnings

Answer: (b)

14.The SPX contract specifies that if the call option is exercised, the owner of the options __________.

(a)pays a cash settlement of $100 times the difference between the index value and the strike

price

(b)receives a cash payment of $100 times the difference between the index and tangible values

(c)receives a cash payment of $100 times the difference between the index value and the strike

price

(d)receives a payment of index shares $100 times the difference between the index value and

strike price

Answer: (c)

15.The stock of Deneuvre Ltd, currently lists for $370 a share, while one-year European call options on

this stock with an exercise price of $150 sell for $290 and European put options with the same

expiration date and exercise price sell for $58.89. Infer the yield on a one-year zero-coupon U.S.

government bond sold today.

(a)2.49%

(b)8.00%

(c)11.11%

(d)24.90%

Answer: (b)

16.The stock of Fellini Ltd, currently lists for $550 a share, while one-year European call options on this

stock with an exercise price of $250 sell for $380 and European put options with the same expiration date and exercise price sell for $56.24. Infer the yield on a one-year zero-coupon U.S. government bond sold today.

(a)6.67%

(b)10.5%

(c)19.76%

(d)23.76%

Answer: (b)

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17.Consider a stock that can take only one of two values a year from now, either $250 or $90. Also

consider a call option on the stock with an exercise price of $160 expiring in one year. At expiration, the call will pay either $90 if the stock price is $250 or it will pay nothing if the stock price is $90.

Calculate the call option’s hedge ratio.

(a)0.3600

(b)0.4444

(c)0.5625

(d)0.6400

Answer: (c)

18.Consider a stock that can take only one of two values a year from now, either $320 or $130. Also,

consider a call option on the stock with an exercise price of $200 expiring in one year. At expiration, the call will pay either $120 if the stock price is $320 or it will pay nothing if the stock price if $130.

The risk-free rate is 5% per year. Calculate the hedge ratio.

(a)hedge ratio = 0.3750

(b)hedge ratio = 0.4063

(c)hedge ratio = 0.6000

(d)hedge ratio = 0.6316

Answer: (d)

19.As one attempts to improve the two state model, we can further subdivide time intervals into shorter

increments and build the ________.

(a)Binomial option pricing model

(b)Black-Scholes model

(c)Discrete model

(d)a and b

Answer: (d)

20.When the ________ price of the underlying stock equals the ________, this reasoning leads to the

simplified Black-Scholes formula.

(a)future; price of the call

(b)current; future value of the strike price

(c)current; present value of the strike price

(d)future; price of the put

Answer: (c)

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21.Which is the correct formula using Black-Scholes method for a European call option on a non-

dividend paying stock?

(a)C = N(d1)S + N(d2)Ee-rT

(b)C = N(d2)S + N(d1)Ee-rT

(c)C = N(d1)S – N(d2)Ee-rT

(d)C = N(d1)E – N(d2)Se-rT

Answer: (c)

https://www.sodocs.net/doc/f05264070.html,e the Black-Scholes formula to find the value of a European call option on the following stock:

Time to maturity 6 months

Standard deviation 50 percent per year

Exercise price 60

Stock price 60

Interest rate 10 percent per year

Assume it is a non-dividend paying stock. The value of a call is ________.

(a)$6.83

(b)$9.76

(c)$9.96

(d)$14.36

Answer: (b)

https://www.sodocs.net/doc/f05264070.html,e the Black-Scholes formula to find the value of a European call option on the following non-

dividend paying stock:

Time to maturity 4 months

Standard deviation 45 percent per year

Exercise price 65

Stock price 60

Interest rate 11 percent per year

(a)$5.09

(b)$7.75

(c)$9.66

(d)$11.43

Answer: (a)

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24.The Black-Scholes formula has four parameters that are directly observable and one that is not.

Which of the following parameter is not directly observable?

(a)exercise price

(b)stock price

(c)volatility of the stock return

(d)risk-free interest rate

Answer: (c)

25.As a financial analyst at Dodgie Brothers investment house, you are asked by a client if she should

purchase European call options on Angel Heart Ltd shares that are currently selling in U.S. dollars for $45.00. The options on Angel Heart Ltd have an exercise price of $65.00. The current stock price for Angel Heart is $70 and the estimated rate of return variance of the stock is 0.09. If these options expire in 35 days and the riskless interest rate over the period is 6%, what should your client do?

(a)The call is valued at $19.63; this is less than $70 and not worth buying.

(b)The call is valued at $5.37; this is less than $45 and not worth buying.

(c)The call is valued at $70; this is greater than $45 and worth buying.

(d)The call is valued at $15; this is greater than $6 and worth buying.

Answer: (b)

https://www.sodocs.net/doc/f05264070.html,e the linear approximation of the Black-Scholes model to find the value of a European call option

on the following stock:

Time to maturity 6 months

Standard deviation 0.3

Exercise price 50

Stock price 50

Interest rate 10 percent per year

What is the discrepancy between the value obtained from the linear approximation and traditional Black-Scholes formula?

(a)Linear approx = $3.01; Discrepancy = $1.0154

(b)Linear approx = $4.24; Discrepancy = $1.2016

(c)Linear approx = $3.01; Discrepancy = $1.2016

(d)Linear approx = $4.76; Discrepancy = $1.2153

Answer: (b)

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https://www.sodocs.net/doc/f05264070.html,e the Black-Scholes formula to find the value of a European call option and a European put option

on the following stock:

Time to maturity 0.5

Standard deviation 30% per year

Exercise price 100

Stock price 100

Risk-free interest rate 10 percent per year

The values are closest to:

(a)Value of call = $16.73; Value of put = $7.22

(b)Value of call = $12.27; Value of put = $9.32

(c)Value of call = $10.90; Value of put = $6.02

(d)Value of call = $8.28; Value of put = $3.40

Answer: (c)

https://www.sodocs.net/doc/f05264070.html,e the Black-Scholes formula to find the value of a European call option and a European put option

on the following stock:

Time to maturity 0.5

Standard deviation 42% per year

Exercise price 100

Stock price 110

Risk-free interest rate 12 percent per year

The values are closest to:

(a)Value of call = $29.26; Value of put = $7.95

(b)Value of call = $21.53; Value of put = $5.73

(c)Value of call = $10.30; Value of put = $13.90

(d)Value of call = $8.28; Value of put = $3.40

Answer: (b)

29.Call options become more valuable as the exercise price ________, as the stock price ________, as

the interest rate ________, and as the stock’s volatility ________.

(a)increases; increases; increases; increases

(b)increases; decreases; decreases; increases

(c)decreases; increases; decreases; increases

(d)decreases; increases; increases; increases

Answer: (d)

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30.Implied volatility is the value of σ that makes ________ of the option equal to the value computed

using the option-pricing formula.

(a)the exercise price

(b)the observed market price

(c)the historical market price

(d)the call value

Answer: (b)

31.Calculate the implied volatility of a stock which has a time to maturity of 3 months, a risk-free rate of

8%, exercise price of $70, current stock price of $65, and does not pay dividends. Use the linear function of the option price. The value of the call is $6.50

(a)≈ 15%

(b)≈ 35%

(c)≈ 46%

(d)≈ 50%

Answer: (d)

32.Calculate the implied volatility of a stock using the linear function of the option price for the

following data: time to maturity = 4 months, call value = $5.80, stock price = $50 and risk-free rate = 10%. The value is closest to:

(a)≈ 14.54%

(b)≈ 36.78

(c)≈ 45%

(d)≈ 50.50%

Answer: (d)

33.The same methodology used to price options can be used to value many other contingent claims,

including:

(a)corporate stocks and bonds

(b)loan guarantees

(c)real options embedded in research and development

(d)all of the above

Answer: (d)

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34.The replication strategy used in contingent claims analysis is known as:

(a)claims financing

(b)self-financing

(c)replicating financing

(d)risk adjusted financing

Answer: (b)

Questions 35-37 refer to the following information:

Crabby Tabby Corporation is in the cat food business and has a total market value of $140 million. The corporation issues two types of securities: common stock (850,000 shares) and zero-coupon bonds (95,000 bonds each with a face value of $1,000). The bonds are considered to be default-free and mature in one year. The risk-free interest rate is 4.5% per year.

35.What is the market value of Crabby Tabby’s bonds?

(a)$99,275,000

(b)$95,000,000

(c)$92,476,091

(d)$90,909,091

Answer: (d)

36.What is the market value of Crabby Tabby’s stocks?

(a)$45,000,000

(b)$43,062,201

(c)$46,976,946

(d)$49,090,909

Answer: (d)

37.What is Crabby Tabby’s share price?

(a)$52.94

(b)$55.26

(c)$57.75

(d)$58.26

Answer: (b)

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Questions 38-40 refer to the following information:

The Callas Corporation is in the music publishing business, and has a total market value of $115 million. The corporation issues two types of securities: common stock (800,000 shares) and zero-coupon bonds (90,000 bonds each with a face value of $1,000). The bonds are considered to be default-free and mature in one year. The risk-free interest rate is 6% per year.

38.What is the market value of Callas’ bonds?

(a)$95,400,000

(b)$90,000,000

(c)$84,905,650

(d)$83,333,333

Answer: (c)

39.What is the market value of Callas’ stock?

(a)$30,094,340

(b)$27,042,314

(c)$25,000,000

(d)$19,600,000

Answer: (a)

40.What is Callas’ share price?

(a)$24.50

(b)$31.25

(c)$37.62

(d)$41.66

Answer: (c)

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41.The Gobbi Corporation has a total market value of $120 million. The corporation issues two types of

securities: common stock (950,000 shares) and zero-coupon bonds (95,000 bonds, each with a face value of $1,000). There is risk associated with the bonds, however, because the bonds mature in one year. What do the stockholders receive a year from now, if the value (denoted V1) of the firm’s assets falls short of $95 million?

(a)The company will default on the debt and the stockholders will get nothing.

(b)The company will default on the debt and the stockholders will receive all of the firm’s

assets.

(c)The stockholders receive V1 – $95 million.

(d)None of the above.

Answer: (a)

42.Lenski Corporation has issued two types of securities: common stock (2 million shares) and zero-

coupon bonds with an aggregate face value of $95 million (95,000 bonds each with a face value of $1,000). Lenski’s bonds mature one year from now. If we know that the total market value of Lenski Corporation is $200 million, the risk-free interest rate is 7% per year and the volatility of the firm’s asset value is 0.35, then what are the separate market values of Lenski Corporation stocks and bonds?

(a)E = $105 million; D = $95 million

(b)E = $111.58 million; D = $82.64 million

(c)E = $88.42 million; D = $111.58 million

(d)E = $111.58 million; D = $88.42 million

Answer: (d)

43.Lenski Corporation has issued two types of securities: common stock (2 million shares) and zero-

coupon bonds with an aggregate face value of $95 million (95,000 bonds each with a face value of $1,000). Lenski’s bonds mature one year from now. If we know that the total market value of Lenski Corporation is $200 million, the risk-free rate interest rate is 7% per year and the volatility of the firm’s asset value is 0.35, then what is the continuously compounded promised rate of interest on the debt?

(a)7.00% per year

(b)7.18% per year

(c)7.44% per year

(d)10.00% per year

Answer: (b)

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Questions 44-40 refer to the following information:

The Dolce Company is in the confectionary business, and has a total market value of $80 million. The corporation issues two types of securities: common stock (700,000 shares) and zero-coupon bonds (60,000 bonds each with a face value of $1,000). The bonds are considered to be default-free and mature in one year. The risk-free interest rate is 5% per year and the volatility of the firm’s asset value is 0.3.

44.What is the market value of the firm’s equity?

(a)$1.31 million

(b)$22.93 million

(c)$24.24 per year

(d)$35.55 per year

Answer: (c)

45.What is the market value of the firm’s debt?

(a)$44.45 million

(b)$55.76 million

(c)$57.07 million

(d)$60 million

Answer: (b)

46.What is the continuously compounded promised rate of interest on the debt?

(a)5.03% per year

(b)7.33% per year

(c)8.33% per year

(d)28.77% per year

Answer: (b)

47.Suppose that a bank undertakes to guarantee the debt of Dolce against default. What is the fair market

value of this guarantee?

(a)$1.11 million

(b)$1.21 million

(c)$1.31 million

(d)$3.50 million

Answer: (c)

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48.In the United States, the largest provider of financial guarantees is ________.

(a)insurance companies

(b)banks

(c)government and government agencies

(d)real estate investment trusts

Answer: (c)

49.An implicit guarantee is involved any time a loan is made and the fundamental identity is:

(a)Risky Loan = Default-Free Loan + Loan Guarantee

(b)Risky Loan = Default-Free Loan – Loan Guarantee

(c)Risky Loan = Default-Free Loan x Loan Guarantee

(d)Risky Loan = Default-Free Loan / Loan guarantee

Answer: (b)

50.A high-grade bond has a ________ guarantee component, compared with a junk bond that typically

has a ________ component.

(a)very small; large

(b)large; very small

(c)large; large

(d)small; small

Answer: (a)

15-15

Shorter Problems

1.Refer to the following table to answer this question.

Listing of LePlastrier Options (symbol: LLB)

(Prices listed are closing prices.)

February 27, 2009

Answer the following questions:

(a) For the call options, what happens to the option prices as the exercise price increases?

The puts?

(b) What is the price of a February LLB 110 put?

(c) What is the option price of a January LLB 107 call?

(d) What is the tangible value of an April LLB 113 put?

(e) What is the tangible value of a February LLB 110 call?

(f) In what state is the January LLB 113 call?

(g) In what state is the April LLB 110 put?

Answer:

(a) For call options, we notice that as the exercise price increases, the price of the

call decreases. For the put options, we notice that as the exercise price increases,

the price of the put increases.

(b) February LLB 110 put: = $5.875

(c) January LLB 107 call:= $3.375

(d) The April LLB 113 put is in the money.

Tangible value = $113.00 – $109.875 = $3.125

15-16

15-17

(e) The February LLB 110 call is out of the money, so its tangible value is zero. (f) January LLB 113 call: Strike price > Stock price, so this option is out of the money. (g) April LLB 110 put: Strike price > Stock price, so this option is in the money.

2. Is it possible to insure against downside price risk? If so, describe how you would achieve this. Answer: Yes it is. Buy a share of stock and a put option. Such an approach is called a protective

put strategy.

3. The stock of LaDolce Vita Ltd, currently lists for $350.00 a share, while one-year European call

options on this stock with an exercise price of $150 sell for $280 and European put options with the same expiration date and exercise price sell for $69.53. (a) Infer the yield on a one-year zero-coupon U.S. government bond sold today. (b) If the yield is actually at 8%, construct a profitable trade to exploit the potential for

arbitrage.

Answer: Use the put-call parity relation. (a) S + P =

E

(1 + r ) + C

350 + 69.53 = 150

1 + r

+ 280

r 7.5%

(b) Yield is actually 8%. A potential trade to exploit the potential for arbitrage is as follows:

350 + 69.53 = E/1.08 + 280 E = 150.69

So the bonds are underpriced by approximately 69 cents.

We might want to acquire a long position in bonds, which consists of long positions in one share and one put and writing one call. This will earn an immediate revenue. = $350 + 69.53 – 280 = $139.53

If we use this revenue to purchase a portion of the one-year bond, at expiration the bond pays off $150.69, while the portfolio you sold requires payment of $150.

4.Consider a stock of Capote Ltd. This stock can take only one of two values a year from now, either

$220 or $70. Also consider a call option on Capote stock with an exercise price of $150 expiring in a year. At expiration, the call will pay either $70 if the stock price is $220 or it will pay nothing if the stock price is $70. What is the option’s hedge ratio?

Answer:

Hedge ratio = range of option values/range of stock values

= 70/150

= 0.47

The hedge ratio for this call option is 0.47.

5.Consider a stock of Santana Inc. This stock can take only one of two values a year from now, either

$220 or $70. Also, consider a put option on Santana stock with an exercise price of $150 expiring in a year. At expiration, the put will pay either $80 if the stock price is $70 or it will pay nothing if the stock price is $220. What is the option’s hedge ratio?

Answer:

Hedge ratio = range of option values/range of stock values

= 80/150

= 0.53

The hedge ratio for this call option is 0.53.

6.

Stock Price $65

Strike Price $72

Risk-free rate 10% per year

Volatility 45% per year

Time to Maturity 6 months

(c) After that, recalculate the value of the European call option based on one of the following

changes while keeping the other parameters the same as in (b).

(i) Time to Maturity = 3 months

(ii) Volatility = 50% per year

(iii) Stock price = $68

(iv) Exercise price = $75

(v) Interest rate = 13% per year

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Answer:

(a) Predictions:

(b)

S E r T d σResult

65 72 0.1 0.5 0 0.45 C = $6.8054

(c) (i) T = 0.25

C = $3.797

Call value decreases as T decreases – confirms prediction

(ii) σ = 50%

C = $7.7222

Call value increases as σ increases – confirms prediction

(iii) S = $68

C = $8.3846

Call value increases as S increases – confirms prediction

(iv) E = $75

C = $5.8092,

Call value decreases as E increases – confirms prediction

(v) r = 13%

C = $7.1951 (confirms prediction)

Call value increases as r increases – confirms prediction

https://www.sodocs.net/doc/f05264070.html,e the Black-Scholes formula to find the value of a European call option on the following stock:

Time to maturity 6 months

Standard deviation 45% per year

Exercise price 55

Stock price 55

Interest rate 10%

Assume we are looking at a non-dividend paying stock. What is the put price?

Answer:

S E r T d σResult

55 55 0.1 0.5 0 0.45 C = $8.207, P = $5.525

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8.(a) Use the Black-Scholes formula to find the price of a 4 month European call option on a non-

dividend paying stock with a current price of $68. Assume the exercise price is $74, the continuously compounded risk-free rate of interest is 7%, and σ = 0.45.

(b) Use the put-call parity relation to find the Black-Scholes formula for the price of the

corresponding put option.

Answer:

(a)

S E r T d σResult

68 74 0.07 0.333 0 0.45 C = $5.3023

(b) C = S – [E/(1 + r)T] + P

5.023 = 68 – [74/(1.080.333)] + P

$9.5960 ≈ P

9.(a) Use the Black-Scholes formula to find the price of a 6 month European call option on a non-

dividend paying stock with a current price of $65, a strike price of $72. The continuously

compounded risk-free rate of interest is 8% and σ = 0.4.

(b) Use the put-call parity relation to find the Black-Scholes formula for the price of the

corresponding put option.

Answer:

(a)

S E r T d σResult

65 72 0.08 0.5 0 0.4 C = $5.6374

(b) C = S – [E/(1 + r)T] + P

5.6374 = 65 – [72/(1.080.5)] + P

$9.8143 ≈ P

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兹维博迪金融学第二版试题库6TB(1)

Chapter Six The Analysis of Investment Projects This chapter contains 41 multiple choice problems, 20 short problems and 8 longer problems. Multiple Choice 1.The objective of a firm's management is to only undertake the projects that ________ the market value of shareholders' equity. a)decrease b)do not decrease c)change d)do not change Answer: (b) 2.The decision rule that management uses with the net present value is to undertake only those projects with ________ NPV. a) a discounted b) a contingent c) a positive d)negative Answer: (c) 3.If a firm decides to invest in automated machines that will allow the firm to reduce labor costs, this is an example of a ________ capital expenditures project. a)new products b)replacement of existing assets c)cost reduction d)advertising Answer: (c) 4.The NPV of a project represents the amount by which it is expected to increase ________. a)the break-even point b)capital budgeting c)capital expenditures d)shareholder wealth Answer: (d)

兹维博迪金融学第二版试题库9TB

Chapter Nine Valuation of Common Stocks This chapter contains 47 multiple choice questions, 17 short problems, and 9 longer problems. Multiple Choice 1.In a quote listing of stocks, the ________ is defined as the annualized dollar dividend divided by the stock’s price, and is usually expressed as a percentage. (a)cash dividend (b)dividend payout (c)dividend coverage (d)dividend yield Answer: (d) 2.According to the discounted-dividend model, the price of a share of stock is the ________ value of all expected ________ dividends per share, discounted at the market capitalization rate. (a)present; current (b)present; future (c)future; future (d)future; current Answer: (b) 3.The value of common stock is determined by which of the following expected cash flows? (a)dividends and interest payments (b)dividends and maturity value of stock (c)dividends and net cash flows from operations of the firm (d)interest payments and maturity value Answer: (c)

2021年兹维博迪金融学第二版试题库TB

Chapter Seven Principles of Market Valuation This chapter contains 30 multiple choice questions，10 short problems and 5 longer problems. Multiple Choice 1.In regard to an asset，the ________ is defined as the process well-informed investors must pay for it in a free and competitive market. (a)analyst value (b)technical value (c)competitive value (d)fundamental value Answer：(d) 2.In corporate finance decision making，an extremely important rule is to choose the investment that ________ current shareholders’ wealth. (a)minimizes (b)maximizes (c)provides zero change in (d)jeopardizes Answer：(b) 3.In asset valuation，the method used to accomplish the estimation depends on the ________. (a)number of participants (b)quality of calculating instruments

《金融学(第二版)》讲义大纲及课后习题答案详解 十二章

CHAPTER 12 CHOOSING AN INVESTMENT PORTFOLIO Objectives ?To understand the process of personal investing in theory and in practice. ?To build a quantitative model of the tradeoff between risk and reward. Outline 12.1 The Process of Personal Portfolio Selection 12.2 The Trade-off between Expected Return and Risk 12.3 Efficient Diversification with Many Risky Assets Summary ?There is no single portfolio selection strategy that is best for all people. ?Stage in the life cycle is an imp ortant determinant of the optimal composition of a person’s optimal portfolio of assets and liabilities. ?Time horizons are important in portfolio selection. We distinguish among three time horizons: the planning horizon, the decision horizon, and the trading horizon. ?In making portfolio selection decisions, people can in general achieve a higher expected rate of return only by exposing themselves to greater risk. ?One can sometimes reduce risk without lowering expected return by diversifying more completely either within a given asset class or across asset classes. ?The power of diversification to reduce the riskiness of an investor’s portfolio depends on the correlations among the assets that make up the portfolio. In practice, the vast majority of assets are positively correlated with each other because they are all affected by common economic factors. Consequently, one’s ability to reduce risk through diversification among risky assets without lowering expected return is limited. ?Although in principle people have thousands of assets to choose from, in practice they make their choices from a menu of a few final products offered by financial intermediaries such as bank accounts, stock and bond mutual funds, and real estate. In designing and producing the menu of assets to offer to their customers these intermediaries make use of the latest advances in financial technology.

兹维博迪金融学第二版试题库5TB(1)

Chapter Five Household Savings and Investment Decisions This chapter contains 28 multiple choice questions, 10 short problems, and 9 longer problems. Multiple Choice 1.Getting a professional degree can be evaluated as ________. a) a social security decision b)an investment in human capital c)an investment in a consumer durable d) a tax exempt decision Answer: (b) 2.Suppose you will face a tax rate of 20% before and after retirement. The interest rate is 8%. You are 30 years before your retirement date and invest $10,000 to a tax deferred retirement plan. If you choose to withdraw the total accumulated amount at retirement, what will you be left with after paying taxes? a)$51,445 b)$64,000 c)$80,501 d)$100,627 Answer: (c) 3.Suppose you will face a tax rate of 20% before and after retirement. The interest rate is 8%. You are 30 years before your retirement date and have $10,000 to invest. If you invest this in an ordinary savings plan instead of a tax deferred retirement plan, what amount will you have accumulated at retirement? a)$51,445 b)$64,000 c)$80,501 d)$100,627 Answer: (a)

兹维博迪金融学第二版试题库4TB(1)

Chapter Four Allocating Resources Over Time This chapter contains 46 multiple-choice questions, 18 short problems and 9 longer problems. Multiple Choice 1.________ is the process of going from present value to future value, whereas ________ is finding the present value of some future amount. (a)Discounting; compounding (b)Compounding; annualizing (c)Compounding; discounting (d)Discounting; leasing Answer: (c) 2.________ refers to the interest rate at which money received before the end of the planning horizon can be reinvested. (a)Internal rate (b)Reinvestment rate (c)Cost of equity (d)Compound interest Answer: (b) 3.The difference between an immediate annuity and an ordinary annuity is ________. (a)the number of periods (b)the amount of the payments (c)the interest rate (d)the timing of the payments Answer: (d)

金融学兹维博迪第二版-第一章答案

CHAPTER 1 – Financial Economics End-of-Chapter Problems Defining Finance 1. What are your main goals in life? How does finance play a part in achieving those goals? What are the major tradeoffs you face? SAMPLE ANSWER: ? ? ? ? ? ? ? Finish school Get good paying job which I like Get married and have children Own my own home Provide for family Pay for children’s education Retire How Finance Plays a Role: SAMPLE ANSWER: ? Finance helps me pay for undergraduate and graduate education and helps me decide whether spending the money on graduate education will be a good investment decision or not. ? ? Higher education should enhance my earning power and ability to obtain a job I like. Once I am married and have children I will have additional financial responsibilities (dependents) and I will have to learn how to allocate resources among individuals in the household and learn how to set aside enough money to pay for emergencies, education, vacations etc. Finance also helps me understand how to manage risks such as for disability, life and health. ? Finance helps me determine whether the home I want to buy is a good value or not. The study of finance also helps me determine the cheapest source of financing for the purchase of that home. Finance helps me determine how much money I will have to save in order to pay for my children’s ? education as well as my own retirement. Major Tradeoffs: SAMPLE ANSWER ? Spend money now by going to college (and possibly graduate school) but presumably make more money once I graduate due to my higher education. Consume now and have less money saved for future expenditures such as for a house and/or car or save ? more money now but consume less than some of my friends Financial Decisions of Households 2. What is your net worth? What have you included among your assets and your liabilities? Would you list the value of your potential lifetime earning power as an asset or liability? How does it compare in value to other assets you have listed?

兹维博迪金融学第二版试题库2TB

Chapter Two Financial Markets and Institutions This chapter contains 49 multiple-choice questions, 20 short problems and 10 longer problems. Multiple Choice 1. A market that has no one specific location is termed a(n) ________ market. (a)over-the-counter (b)geographic location (c)intermediary (d)conceptual Answer: (a) 2. ________ problems arise because parties to contracts often cannot easily monitor or control one another. (a)Payment (b)Counter (c)Incentive (d)Exchange Answer: (c) 3. Incentive problems take a variety of forms and include: (a)moral hazard (b)adverse selection (c)principal-agent (d)all of the above Answer: (d) 4. The ________ problem exists when having insurance against some risk causes the insured party to take greater risk or to take less care in preventing the event that gives rise to the loss. (a)moral hazard (b)adverse selection (c)principal-agent (d)all of the above Answer: (a)

兹维博迪金融学第二版试题库08TB

Chapter Eight Valuation of Known Cash Flows: Bonds This chapter contains 50 multiple choice questions, 18 short problems and 9 longer problems. Multiple Choice 1. A ________ is a quantitative method used to infer an asset's value from market information about the prices of other assets and market interest rates. (a)fixed model (b)perpetual valuation model (c)valuation model (d)variable model Answer: (c) 2.________ are examples of fixed-income securities. (a)Common stock and pension funds (b)Mortgages and pension annuities (c)Mutual funds and common stock (d)Preferred stock and common stock Answer: (b) 3.Consider a fixed-income security that promises to pay $150 each year for the next five years. How much is this five-year annuity worth if the appropriate discount rate is 7% per year? (a)$534.74 (b)$615.03 (c)$802.50 (d)$867.96 Answer: (b) 8-1

博迪《金融学》(第2版)笔记和课后习题详解修订版答案

博迪《金融学》（第2版）笔记和课后习题详解（修订版）完整版>精研学习?>无偿试用20％资料 全国547所院校视频及题库全收集 考研全套>视频资料>课后答案>往年真题>职称考试 第1部分金融和金融体系 第1章金融学 1.1复习笔记 1.2课后习题详解 第2章金融市场和金融机构 2.1复习笔记 2.2课后习题详解 第3章管理财务健康状况和业绩 3.1复习笔记 3.2课后习题详解 第2部分时间与资源配置 第4章跨期配置资源 4.1复习笔记 4.2课后习题详解 第5章居民户的储蓄和投资决策 5.1复习笔记 5.2课后习题详解 第6章投资项目分析 6.1复习笔记 6.2课后习题详解 第3部分价值评估模型 第7章市场估值原理 7.1复习笔记 7.2课后习题详解 第8章已知现金流的价值评估：债券 8.1复习笔记 8.2课后习题详解 第9章普通股的价值评估 9.1复习笔记 9.2课后习题详解 第4部分风险管理与资产组合理论 第10章风险管理的原理 10.1复习笔记 10.2课后习题详解

第11章对冲、投保和分散化 11.1复习笔记 11.2课后习题详解 第12章资产组合机会和选择 12.1复习笔记 12.2课后习题详解 第5部分资产定价 第13章资本市场均衡 13.1复习笔记 13.2课后习题详解 第14章远期市场与期货市场 14.1复习笔记 14.2课后习题详解 第15章期权市场与或有索取权市场 15.1复习笔记 15.2课后习题详解 第6部分公司金融 第16章企业的财务结构 16.1复习笔记 16.2课后习题详解 第17章实物期权 17.1复习笔记 17.2课后习题详解

兹维博迪金融学第二版试题库10TB

Chapter Ten Principles of Risk Management This chapter contains 30 multiple choice questions, 10 short problems, and 5 longer problems. Multiple Choice 1.________ that “matters” because if affects people's welfare. ________ exists whenever one does not know for sure what will occur in the future. (a)Uncertainty is risk; Uncertainty (b)Risk is uncertainty; Uncertainty (c)Risk is uncertainty; Risk (d)Uncertainty is risk; Risk Answer: (b) 2.________ is a measure of willingness to pay to reduce one's exposure to risk. (a)Risk aversion (b)Risk avariciousness (c)Risk predilection (d)Risk inflation Answer: (a) 3.When choosing among investment alternatives with the same expected rate of return, a risk averse individual chooses the one with the ________ risk. (a)surest (b)most uncertain (c)lowest (d)highest Answer: (c) 10-1

博迪《金融学》第2版课后习题及详解(金融学)【圣才出品】

博迪《金融学》第2版课后习题及详解 第1章金融学 一、概念题 1．金融学（finance） 答：金融学是一项针对人们怎样跨期配置稀缺资源的研究。其主要研究货币领域的理论及货币资本资源的配置与选择、货币与经济的关系及货币对经济的影响、现代银行体系的理论和经营活动的经济学科，是当代经济学的一个相对独立而又极为重要的分支。金融学所涵盖的内容极为丰富，诸如货币原理、货币信用与利息原理、金融市场与银行体系、储蓄与投资、保险、信托、证券交易、货币理论、货币政策、汇率及国际金融等。 2．金融体系（financial system） 答：金融体系是金融市场以及其他金融机构的集合，这些集合被用于金融合同的订立以及资产和风险的交换。金融体系是由连接资金盈余者和资金短缺者的一系列金融中介机构和金融市场共同构成的一个有机体，包括股票、债券和其他金融工具的市场、金融中介（如银行和保险公司）、金融服务公司（如金融咨询公司）以及监控管理所有这些单位的管理机构等。研究金融体系如何发展演变是金融学科的重要方面。 3．资产（assets） 答：资产是指个人、公司或者组织拥有的具有商业或交换价值的任何物品，它能在未来产生经济利益，资产有三个非常重要的特征：①能在未来产生经济利益；②由实体控制；③由过去发生的事项或交易产生。

在国民账户体系中，资产是指经济资产，即所有者能对其行使所有权，并在持有或使用期间可以从中获得经济利益的资源或实体。资产可分为金融资产和非金融资产两大类。金融资产是指以价值形态或以金融工具形式存在的资产，它包括金融债权以及货币黄金和特别提款权。非金融资产是指非金融性的资产，它包括生产资产和非生产资产。 在企业财务会计中，资产是指由过去的交易和事项所形成的，并由企业拥有或控制，预期会给企业带来经济利益的资源。按流动性可分为流动资产和非流动资产两大类。流动资产是指企业可以在一年或超过一年的一个营业周期内变现或者耗用的资产。非流动资产是指不能在一年或者超过一年的一个营业周期内变现或耗用的资产。 4．资产配置（asset allocation） 答：资产分配是指将投资在各种资产（如股票、债券、不动产和现金等）中进行分配的过程。根据某人或者某机构特定情况和目标进行资产分配，可使投资的风险—收益组合最优化。资产配置是财务规划和资金管理中的一个重要概念。 5．负债（liability） 答：负债是指一个经济主体对另一个经济主体应尽的偿还义务，即应偿付的债务。常用的负债概念有金融负债和企业负债。金融负债指金融交易中的负债，它与金融债权相对应。金融债权和金融债务产生于一个经济主体向另一个经济主体提供资金时所缔结的契约关系，是同时对应存在的。企业负债指过去的交易、事项形成的现时义务，履行该义务预期会导致经济利益流出企业。企业负债按流动性分为流动负债和长期负债。流动负债指应在一年或者在超过一年的一个营业周期内偿还的债务；长期负债指偿还期在一年以上或者在超过一年的一个营业周期以上的负债。

博迪莫顿版金融学(第二版)课后习题答案

博迪莫顿版金融学(第二版)课后习题答案

金融学（第二版）答案 博迪默顿 第一章课后习题答案 一 . 我的生活目标： ●完成学业 ●找到一份自己喜欢且收入不菲的工作 ●结婚和生养子女 ●拥有我自己的房子 ●供养我的家庭生活 ●供养孩子上学 ●退休 在我实现目标的过程中，金融所扮演的角色： 答案样例：1，金融现在可以为我提供大学本科及研究生教育的学费并帮我完成学业，帮我决定投资于上学是否是一个好的投资决定 2，高等教育可以帮助提高我赚钱的能力以及获得一个我喜欢的工作的能力 3，当我结婚并且有了孩子以后，我就有了额外的金融责任（以具体情况

负债包括：学生贷款 信用卡结余的差额 各种租用金的协定（不包括转租） 应付车款 在计算净值时学生会特别地排除了他们一生潜在的赚钱能力的价值 三．一个单身汉之需要养活他自己，所以他可以独立自主的作出金融决策。如果他不想购买健康保险（而愿意承担由这个决定而带来的金融风险）那么除了这个单身汉自身，没谁会受这个决定的影响。另外，他不需要在家庭成员之间分配收入这件事上做任何决定。单身汉是很灵活自由的，可以选择住在几乎任何地方。他主要是在今天的消费（开支）和为明天储蓄之间做出权衡决策。既然他只需要养活他自己，那么他储蓄的重要性就比对一家之主的重要性小。 有许多孩子的一家之长必须在这些家庭成员中分配资源[或者说是收入].他们必须随时准备着处理各种风险,比如说潜在财政危机的突然发生[诸如家庭成员经历的严重健康问题,或者

因为火灾和其他疏忽导致的保险问题].因为在一般一个家庭里人会比较多,有些人生病或受伤的风险就会更大.并且因为家庭中有许多依赖性的个体,所以薪水收入者得认真地考虑生活和残疾保险.还有,家庭并不像个体那样富有机动性,这是因为有了适龄儿童的缘故,这个家庭会想离所谓好的学校近一点,同时良好的教育会对孩子将来的生活和财政状况有所裨益.因此一家之主的资源配置会更加的复杂:要有更多的钱于目前的消费（这也是他或她需要来抚养成员的）,但是同时又需要更多的钱储蓄起来以支付未来的费用,诸如教育和房屋购置,还有风险投资,比如生活和残障保险. 四．在双收入家庭中,家庭失去全部经济收入的风险比单收入家庭要小,同时,单收入家庭比双收入家庭更愿意购买残疾保险,人身保险.然而,如果单收入家庭需要有人照顾放学后回家的孩子,他们还要再支付照看小孩的额外费用. 五．学生们结合他们具体的经历和看法会给出不同的答案。很多的人很可能会说应该是在完成学业，并获得一份可观收入的工作之后实现经济上的独立。

兹维博迪金融学第二版试题库13TB(1)

Chapter Thirteen Capital Market Equilibrium This chapter contains 43 multiple choice questions, 19 short problems, and 9 longer problems. Multiple Choice 1.If one holds a diversified portfolio in which securities are held in the same relative proportions as in a broad market index, this is referred to as ________. (a)eliminating (b)discounting risk (c)indexing (d)capitalizing Answer: (c) 2.The CAPM provides a way of estimating ________ for use in a variety of financial applications. (a)actual rates of return (b)expected rates of return (c)expected standard deviation (d)actual standard deviation Answer: (b) 3.The CAPM may be used to provide ________. (a)inputs to DCF valuation model for stocks (b)inputs to DCF valuation model for bonds (c)estimation of a “fair” rate of return on invested capital (d)both (a) and (c) Answer: (d) 13-1

《金融学(第二版)》讲义大纲及课后习题答案详解 第十章

CHAPTER 10 AN OVERVIEW OF RISK MANAGEMENT Objectives ?To explore how risk affects financial decision-making. ?To provide a conceptual framework for the management of risk. ?To explain how the financial system facilitates the efficient allocation of risk-bearing. Outline 10.1 What Is Risk? 10.2 Risk and Economic Decisions 10.3 The Risk Management Process 10.4 The Three Dimensions of Risk Transfer 10.5 Risk Transfer and Economic Efficiency 10.6 Institutions for Risk Management 10.7 Portfolio Theory: Quantitative Analysis for Optimal Risk Management 10.8 Probability Distributions of Returns Summary ?Risk is defined as uncertainty that matters to people. Risk management is the process of formulating the benefit-cost trade-offs of risk-reduction and deciding on a course of action to take. Portfolio theory is the quantitative analysis of those trade-offs to find an optimal course of action. ?All risks are ultimately borne by people in their capacity as consumers, stakeholders of firms and other economic organizations, or taxpayers. ?The riskiness of an asset or a transaction cannot be assessed in isolation or in the abstract; it depends on the specific frame of reference. In one context, the purchase or sale of a particular asset may add to one’s risk exposure; in another, the same transaction may be risk-reducing. ?Speculators are investors who take positions that increase their exposure to certain risks in the hope of increasing their wealth. In contrast, hedgers take positions to reduce their exposures. The same person can be a speculator on some exposures and a hedger on others. ?Many resource-allocation decisions, such as saving, investment, and financing decisions, are significantly influenced by the presence of risk and therefore are partly risk-management decisions. ?We distinguish among five major categories of risk exposures for households: sickness, disability, and death; job loss; consumer-durable asset risk; liability risk; and financial asset risk. ?Firms face several categories of risks: production risk, price risk of outputs, and price risk of inputs. ?There are five steps in the risk-management process: risk identification, risk assessment, selection of risk-management techniques, implementation, review. ?There are four techniques of risk management: r isk avoidance, loss prevention and control, risk retention, risk transfer. ?There are three dimensions of risk transfer: hedging, insuring, and diversifying. ?Diversification improves welfare by spreading risks among many people, so that the existing uncertainty matters less. ?From society’s perspective risk-management institutions contribute to economic efficiency in two important ways. First, they shift risk away from those who are least willing or able to bear it to those who are most willing to bear it. Second, they cause a reallocation of resources to production and consumption in accordance with the new distribution of risk-bearing. By allowing people to reduce their exposure to the risk of undertaking certain business ventures, they may encourage entrepreneurial behavior that can have a benefit to society. ?Over the centuries, various economic organizations and contractual arrangements have evolved to facilitate a more efficient allocation of risk-bearing by expanding the scope of diversification and the types of risk that are shifted. ?Among the factors limiting the efficient allocation of risks are transactions costs and problems of adverse selection and moral hazard.