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)

5.Consider the following annual cash flows:

Year Cash Flows (in thousands of dollars)

0 –2,000

1 1,200

2 1,500

3 1,800

Using a cost of capital of 15%, compute this project's NPV.

a)$5,361,000

b)$3,548,000

c)$3,361,000

d)$1,361,000

Answer: (d)

6.Consider the following annual cash flows:

Year Cash Flows (in thousands of dollars)

0 –5,000

1 4,100

2 3,800

3 3,500

Using a cost of capital of 12%, compute this project's NPV.

a)$14,181,000

b)$9,181,000

c)$4,181,000

d)$3,548,000

Answer: (c)

7. A negative sign in front of a cash-flow forecast for a particular year means that it is an

________.

a)inflow

b)outflow

c)indeterminate flow

d)more information is required to make this determination

Answer: (b)

https://www.sodocs.net/doc/138383250.html, cash inflows from operations can be computed in which of the following ways?

a)Cash Flow = Revenue – Cash Expenses – Taxes

b)Cash Flow = Net Income + Noncash Expenses

c)Cash Flow = Revenue – Total Expenses – Taxes + Noncash Expenses

d)all of the above

Answer: (d)

9.Consider the development of a new type of laptop machine. In your estimates you determine

that you will sell 5,000 laptop units per year at a price of $2,500 per laptop. Production

equipment will have to be purchased at a cost of $2 million. The equipment will be

depreciated over five years using the straight-line method. Net working capital of $1.9

million will also required to finance this project. The cash expenses for this project are $1,700 per laptop. The tax rate is 40%. Compute the net cash inflows from operations.

a)$4 million

b)$2.56 million

c)$2.16 million

d)$1.76 million

Answer: (b)

10.Refer to question 9. What is the annual depreciation amount for this project?

a)$4 million

b)$1 million

c)$0.78 million

d)$0.4 million

Answer: (d)

11.Refer to question 9. If we use a cost of capital equal to 13%, what is the NPV for this project?

a)$2.3 million

b)$3.7 million

c)$5.1 million

d)$9 million

Answer: (c)

12.In computing a project's cost of capital the risk to use is ________.

a)the risk of the financing instruments used to fund the project

b)the risk of the project's cash flows

c) a risk-free rate

d) a historical risk rate using T-bills

Answer: (b)

13.A capital budgeting project's cost of capital should reflect only the ________ risk of the

project, not the project's ________ risk.

a)unsystematic, systematic

b)unsystematic, market-related

c)systematic, unsystematic

d)systematic, market-related

Answer: (c)

14.The point of indifference between accepting and rejecting a project is referred to as the

________ point.

a)payback

b)NPV

c)rejection

d)break-even

Answer: (d)

15.Consider a project that has total fixed costs of $400,000, an annual depreciation (based on the

straight-line method) of $150,000, annual cash flows of $255,000, and a tax rate of 34%. The difference between the revenue and variable cost (on a per unit basis) is $1,600 (so we use 1,600Q). Determine the break-even volume for this project.

a)Q = 443 units

b)Q = 349 units

c)Q = 230 units

d)Q = 194 units

Answer: (b)

16.For a project, an initial cash outlay of $1.4 million is made. In year 1 the expected annual

cash flow is $900,000, years 2-5 the expected annual cash flow is $1,000,000 and in year 6 the expected annual cash flow is $1.3 million. A cost of capital of 15% is used. The IRR (internal rate of return) is ________.

a)72.1%

b)65.8%

c)51.7%

d)40.0%

Answer: (b)

17.An initial cash outlay of $1.4 million is made for a capital budgeting project. In year 1, the

expected annual cash flow is $900,000, years 2-5, the expected annual cash flow is

$1,000,000 and in year 6, the expected annual cash flow is $1.3 million. If a cost of capital of 15% is used, compute the NPV of this project.

a)$1,800,000

b)$2,100,000

c)$2,427,225

d)$3,296,790

Answer: (c)

18.The ________ is defined as the annual cash payment that has a present value equal to the

initial outlay.

a)annualized cost of debt

b)cost of debt

c)cost of financing

d)annualized capital cost

Answer: (d)

19.Project A has an initial $3.5 million capital outlay which is converted into an equivalent

seven year annuity at a discount rate of 12% per year. Project B has a $7 million initial capital outlay and will last for 14 years. Project B has the same discount rate as Project A. What is the preferred alternative based on the annualized capital cost?

a)Project A; its annualized capital cost = $528,050

b)Project A; its annualized capital cost = $766,912

c)Project B; its annualized capital cost = $1,056,099

d)Project B; its annualized capital cost = $1,533,824

Answer: (b)

20.Project A has an initial capital outlay of $3 million. It will be converted into an equivalent 5

year annuity at a discount rate of 12% per year. Project B has an initial capital outlay of $6 million. It will be a ten year annuity at the same discount rate as Project A. What are the annualized capital costs of both projects?

a) a. Project A: $832,229 Project B: $1,664,458

b) b. Project A: $530,952 Project B: $1,664,458

c) c. Project A: $832,229 Project B: $1,061,905

d) d. Project A: $530,952 Project B: $1,061,905

Answer: (c)

21.In comparing alternative annualized capital costs, the alternative with the ________

annualized capital cost is the preferred alternative.

a)lowest

b)highest

c)zero

d)amortized

Answer: (a)

22.A project's IRR is ________ its scale, which makes IRR not a good measure for ranking

mutually exclusive projects.

a)contingent on

b)independent of

c)inversely proportional to

d)half of

Answer: (b)

23.The ________ rate is the rate that prevails in a zero-inflation scenario. The ________ rate is

the rate that one actually observes.

a)nominal, inflation

b)real, expected

c)nominal, real

d)real, nominal

Answer: (d)

24.If the nominal cost of capital is 16% per year and the expected rate of inflation is 5% per year,

then compute the real cost of capital.

a)21.8%

b)11.5%

c)11%

d)10.5%

Answer: (d)

25.The nominal rate of interest is 15.7% and the expected rate of inflation is 6%. Compute the

real rate of return.

a)22.6%

b)10.9%

c)9.15%

d)7.85%

Answer: (c)

Use the following table to solve questions 26 through 28.

Year Real Cash Flow Nominal Cash Flow

1 800,000 840,000

2 800,000 882,000

3 800,000 926,100

4 800,000 972,405

In the above table, the real cost of capital is 11% per year, and the expected rate of inflation is 5% per year. The initial outlay for this project is $1.5 million.

https://www.sodocs.net/doc/138383250.html,ing the information given above, determine the nominal cost of capital.

a)16.55%

b)15.45%

c)11.66%

d) 5.7%

Answer: (a)

https://www.sodocs.net/doc/138383250.html,pute the NPV of the real cash flows.

a)$714,189

b)$981,957

c)$1,009,971

d)$1,290,317

Answer: (b)

https://www.sodocs.net/doc/138383250.html,pute the NPV of the nominal cash flows.

a)$714,189

b)$981,957

c)$1,009,971

d)$1,290,317

Answer: (b)

29.How can NPV be properly calculated?

a)by using the nominal cost of capital to discount nominal cash flows

b)by using the real cost of capital to discount real cash flows

c)neither (a) nor (b)

d)both (a) and (b)

Answer: (d)

Use the following information to answer questions 30 through 35:

A new type of candy bar is being considered by ChocoLicious. This project is completely

independent of all the other projects at ChocoLicious. An outlay of $3.1 million is required for equipment to produce the new product, and additional net working capital in the amount of $1.5 million is also required. The firm will recover all working capital at the end of the project. The project will be terminated in five years and the equipment will be fully depreciated over fiver years using the straight-line method. Revenues are expected to be $5 million per year during the project, while operating expenses (excluding depreciation) for the project are expected to be $2 million per year. There will be an additional $0.5 million working capital requirement during the first year, and no working capital additions beyond that time. The required rate of return for this project is 12% and the relevant tax rate is 40%. Calculate the NPV of this project.

30.What is the annual depreciation?

a)$0.62 million

b)$0.81 million

c)$0.92million

d)$1.54 million

Answer: (a)

31.What is the net cash flow in year 1?

a)$1.428 million

b)$1.548 million

c)$2.048 million

d)$2.458 million

Answer: (b)

32.What is the total cash flow in year 3?

a)$1.428 million

b)$1.548 million

c)$2.048 million

d)$2.458 million

Answer: (c)

33.What is the total cash flow in year 5?

a)$2.048 million

b)$2.548 million

c)$3.548 million

d)$4.048 million

Answer: (d)

34.Which is closest to the NPV of the project?

a)$2.34 million

b)$2.78 million

c)$3.47 million

d)$3.92 million

Answer: (c)

35.What is the IRR of project?

a)34.35%

b)35.23%

c)37.35%

d)39.29%

Answer: (d)

36.Apex Corporation is considering the purchase of Zenith Corporation. The owners of Zenith

Corporation are asking $75 million in cash and the managers of Apex Corporation estimate that, once under their control, Zenith Corporation will generate cash flows of $20 million per year for five years. The cash flows are net of taxes. The IRR of this investment is ________.

a)8.17%

b)10.42%

c)15.34%

d)20%

Answer: (b)

37.BGB Corporations is considering a project that will pay nothing for the first three years,

$80,000 in the fourth year, $120,000 in the fifth year, and $160,000 in the sixth year. The appropriate discount rate is 8.8% and the project requires an investment tomorrow of

$150,000 if we accept the project. The NPV of this project is:

a)$149,135

b)$124,939

c)$94,901

d)$82,263

Answer: (d)

Use the following information to answer questions 38 through 41.

NetProducts Inc. is considering installing a new server. The new machine costs $61,000 and is expected to have a useful economic life of 5 years, after which it will have a book value of $0. In addition to the equipment costs, management expects installation costs of $9,000 and an initial outlay for net working capital of $7,000.

The new server is expected to generate an additional $16,000 per year in earnings after tax over its useful life, but an additional $4,000 per year is required in net working capital. The net working capital will be recovered by the end of the fifth year. NetProducts Inc. has cost of capital (k) of 20%.

38.What is the net cash flow in year 1?

a)$12,000

b)$26,000

c)$30,000

d)$34,000

Answer: (b)

39.What is the total cash flow in year 5?

a)$26,000

b)$30,000

c)$46,000

d)$53,000

Answer: (d)

40.What is the NPV of this project?

a)$11,606.59

b)$8,793.45

c)$5,176.55

d)$755.90

Answer: (a)

41.What is the IRR of this project?

a)30.03%

b)26.01%

c)22.88%

d)20.45%

Answer: (b)

Short Problems

1.Explain why the internal rate of return (IRR) is not a good measure for ranking mutually

exclusive projects.

Answer: In some cases the ranking system according to IRR may be inconsistent with the objective of maximizing shareholder value. IRR is not a good measure for ranking

mutually exclusive projects since a project's IRR is independent of its scale.

2.You are considering two investment projects with the following patterns of expected future

net after-tax cash flows:

Year Project A Project B

0 –$9 million –$9 million

1 $

2 million $4.0 million

2 $2.5 million $3.5 million

3 $3.0 million $3.0 million

4 $3.

5 million $2.5 million

5 $4.0 million $2.0 million

For both projects, the appropriate cost of capital is 11%. Which project would you

recommend and why?

Answer:

NPV A= PV – initial outlay

= $1,703,796

NPV B= PV – initial outlay

= $2,471,586

Project B is better than Project A

3.Consider an investment that requires an initial outlay of $3 million. In the absence of inflation

this investment is expected to produce an annual after-tax cash flow of $800,000 for six years.

The cost of capital for this project is 12%. Compute the NPV and internal rate of return (IRR) of this investment. Does this seem a worthwhile investment?

Answer:

NPV = PV – initial outlay

= $289,126

IRR = 15.34%

NPV > 0

and IRR > cost of capital

This appears to be a worthwhile investment based on NPV and IRR.

4.Projects requiring capital expenditures fall into three categories. What are they? Discuss how

ideas for investment projects evolve.

Answer:

Most investment projects requiring capital expenditures fall into three categories:

new products, cost reduction, and replacement of existing assets. Ideas for

investment projects can come from customers and competitors, or from within the

firm's own R&D or production departments.

5.Explain the manner in which firms use (or should use) the cost of capital in computing the net

present value for a project.

Answer:

The correct cost of capital is the one applicable to firms in the same industry as

the new project. If the project happens to be a "mini-replica" of the asset

currently held by the firm, then management should use the firm's cost of capital

in computing the project's NPV.

6. A firm is considering investing $15 million in machinery equipment that is expected to have a

useful life of five years and is expected to reduce the firm's labor costs by $5 million per year.

Assume the firm pays a 35% tax rate on accounting profits and uses the straight-line

depreciation method. What is the after-tax cash flow from the investment in years 1 through 5?

If the hurdle rate for this investment is 16% per year, is it worthwhile? What are the

investment's IRR and NPV?

Answer:

Increase in after-tax cash flow = Increase in before tax cash flow – increase in

taxes

= $5,000,000 – (5,000,000 – 3,000,000)(0.35)

= $4,300,000

NPV = PV - Initial Outlay

= 14,079,463 – 15,000,000

= -$920,537

IRR = 13.34%

This is not a worthwhile project based on NPV and IRR.

7.Consider two projects but the projects last for different periods of time. Project A has an

initial outlay of $5 million and is expected to generate an equivalent 5 year annuity at a

discount rate of 11%. Project B requires twice the initial outlay, but will last ten years at the same discount rate. Which is the preferred project based on annualized capital cost?

Answer:

Project A:

n I PV FV PMT

5 11% -5,000,000 0 ?

PMT = $1,352,852 per year

Project B:

n I PV FV PMT

10 11% -10,000,000 0 ?

PMT = $1,698,014 per year

Project A is the preferred alternative because it has the lower annualized capital

cost.

8.Consider the following mutually exclusive projects, for a firm using a discount rate of 10%:

Project Initial Investment NPV IRR

A $1,000,000 $100,000 10.2%

B $100 $1 11%

C $50,000 $70,000 23%

D $200,000 $24,000 13%

Which project should the firm accept?

Answer: Note the scaling differences associated with these projects, and the conflicting NPV and IRR results. In such cases, the project with the highest NPV should be chosen. Therefore the firm should accept Project A.

9.Two projects being considered are mutually exclusive and have the following projected cash

flows:

Year Project A Project B

0 –$50,000 –$50,000

1 0 15,625

2 0 15,625

3 0 15,625

4 0 15,625

5 99,500 15,625

If the required rate of return on these projects is 10 percent, which should be chosen and why?

Answer: Calculate net present value of each project and choose the project with the

higher NPV.

Net Present Value (Project A) = $11,781.67

Net Present Value (Project B) = $9,231.04

Choose Project A.

10.Consider the following mutually exclusive, average risk projects, for a firm with a discount

rate of 9%:

Project Initial Investment NPV IRR

A $100 $1 11%

B $25,000 $35,000 23%

C $500,000 $50,000 10.2%

D $100,000 $12,000 13%

Which project should the firm accept?

Answer:

Choose Project C – it has the highest NPV.

Note the scaling differences associated with these projects, and the conflicting NPV and IRR results. In such cases, the project with the highest NPV should be chosen. Therefore the firm should accept Project C.

11.You are evaluating two mutually exclusive projects for Licorice Inc., with the following net

cash flows:

Year Project A Project B

0 $(100,000) ($100,000)

1 55,000 35,000

2 45,000 38,000

3 40,000 41,000

4 35,000 42,000

5 0 45,000

If Licorice's cost of capital is 15%, which project should you choose?

Answer:

Choose the project with the higher NPV.

Net Present Value (Project A) = $28,164.56

Net Present Value (Project B) = $32,513.00

Choose Project B.

12.Pluto Inc. is considering the purchase of Neptune Corp. The owners of Neptune Corp. are

asking for $150 million in cash. The managers of Pluto estimate that, under their control, Neptune Corp. will generate cash flows of $12 million per year for five years and then be sold for $200 million. The IRR of this investment is:

Answer:

First of all, set up the cash flows associated with this investment:

Year Cash Flow___

0 ($150,000,000)

1-4 $12,000,000/yr

5 $212,000,000

Using a cash flow worksheet, the IRR = 13.13% per year.

13.You are evaluating two independent projects for Licorice Corporation, with the following net

cash flows:

Year Project A Project B

0 –$100,000 –$100,000

1 55,000 35,000

2 45,000 38,000

3 40,000 41,000

4 35,000 42,000

5 0 45,000

If Licorice Corp's cost of capital is 9%, which project(s) should be accepted?

Answer:

Net Present Value (Project A) = $44,016.54

Net Present Value (Project B) = $54,754.23

Note that these are independent projects; accepting one does not preclude accepting the other. Since both projects have positive NPVs, both should be accepted.

14.Oscar’s Corp. is considering starting a new business involving bicycle production. This new

business involves purchases of $8 million of new equipment. This new business is anticipated to generate net income of $1.43 million per year for 6 years. The company uses straight-line depreciation to zero salvage value for tax purposes. Assuming a 30 percent tax rate and a 10 percent discount rate, calculate the project's IRR.

Answer:

Dep = ($8,000,000)/6

= $1,333,333/yr

Annual cash flow = Net income + noncash charges

= $1.43 million + $1,333,333

= $2763,333/yr

Calculate the internal rate of return = 25.85%

Since IRR > discount rate, accept project.

15.Brunhilde Corporation is considering a project that will pay $10,000 at the end of the first

year, $20,000 at the end of the second year, and $40,000 at the end of the third year. The project's appropriate discount rate is 11% and it will require an investment tomorrow of

$50,000 if accepted. Calculate the NPV of this project.

Answer:

The cash flows for this project are:

Year Cash flow

0 ($50,000)

1 10,000

2 20,000

3 40,000

NPV (@ 11% discount rate) = $4,489.11

16.You are analyzing a capital budgeting project and, as shown by ???, some numbers are

unreadable. You can read the following information:

Cash Flows at the end of: Year 0 = ($24,300)

Year 1 = $10,800

Year 2 = $ 6,000

Year 3 = $ 2,600

Year 4 = $ ???

Year 5 = $ 9,300

The Cost of Capital is 13%, the NPV = –$2,663.48 and the IRR = ???%. Your superior, ignoring the important fact that we should reject the project, is demanding to know the Cash Flow in Year 4. Calculate the cash flow in Year 4.

Answer:

Solve the expression:

10,800/1.13 + 6,000/(1.13)2 + 2,600/(1.13)3 + ???/(1.13)4 + 9,300/(1.13)5 –24300 =

–2,663.48

??? = $865

17.Consider the following normal, independent projects that are being considered for next year's

capital budget. The firm had been using a cost of capital of 16%, but recently found out that the correct cost of capital was 10%. Your firm uses discounted cash flow methods (NPV, IRR) to choose projects. You are given the following information.

Project Initial Investment NPV@16%IRR

A $1,000,000 –$200,000 13.9%

B $4,000,000 –$900,000 11.1%

C $2,000,000 –$180,000 8.4%

Note, the above information is correct except that the NPVs were calculated using 16%

instead of 10%. Which project(s) should the firm accept?

Answer: Since the cost of capital has decreased, the NPV for each project will change.

However, we do not have the annual cash flows that we need to recompute NPV. Instead

we consider IRR. Now Project A and Project B have IRRs greater than the cost of capital.

The firm should accept projects A and B.

18.You are considering two different pieces of equipment for your business. Either of them will

serve your purpose equally well; however, they have different acquisition costs, operating costs, and useful lives. The specific characteristics of each piece of equipment are:

Machine A Machine B Acquisition cost $50,000 $70,000

Operating cost per annum 10,000 9,000

Useful life 3 years 5 years Salvage value 0 0

If you anticipate remaining in business for at least 15 years, and your discount rate is 10%, which machine should you select?

Answer:

PV of costs (Project A) = 50,000 + 24,868.52 = $74,868.52

PV of costs (Project B) = 70,000 + 34,117.08 = $104,117.08

Now determine which project is the cheaper alternative. Calculate the annualized cost:

Project A:

PV I N Result___________

-74,868.52 10 3 PMT = $30,105.74

Project B:

PV I N Result___________

-104,117.08 10 5 PMT = $27,465.82

Choose Project B since its annualized cost is lower than that of Project A.

19.Consider the following normal, independent projects that are being considered for next

year’s capital budget. The firm had been using a cost of capital of 17%, but recently found out that the correct cost of capital was 10%. Your firm uses discounted cash flow methods (NPV,IRR) to choose projects. You are given the following information about the projects.

Project Initial Investment NPV@17% IRR

A $2,000,000 –$1,470,000 8.4%

B $6,000,000 –$1,200,000 11.1%

C $1,500,000 –$450,000 13.9%

Note, the above information is correct except that the NPVs were calculated using 17% instead of 10%. Which project(s) should the firm accept?

Answer:

Since the cost of capital has decreased, this may change our assessment of the projects.

To recompute the NPV, we need the annual cash flows, which are not displayed, so we

need to take a look at IRR instead. Now Projects B & C have IRRs greater than the cost of capital. The firm should accept Project B and Project C.

20.Makine Corp. is considering a new business. This business involves startup costs of $13

million. This business is anticipated to generate net income of $1.35 million per year for 13 years. The company uses straightline depreciation to zero salvage value for tax purposes.

Assuming a 30 percent tax rate and a 10 percent discount rate, calculate the project’s NPV.

Answer:

Annual depreciation = $13 million/13

= $1 million

Annual net cash flow = net income + depreciation

= 1.35 million + $1 million

= $2.35 million

NPV = $3,692,887

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

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)

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。

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。

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.