兹维博迪金融学第二版试题库12TB

Chapter Twelve

Portfolio Opportunities and Choice

This chapter contains 30 multiple choice questions, 10 short problems, and 5 longer problems.

Multiple Choice

1. A person's wealth portfolio consists of all one’s ________ and ________.

(a)retained earnings; credit

(b)stocks; bonds

(c)assets; liabilities

(d)student loans; mortgages

Answer: (c)

2.The principle of diversification usually applies to all ________.

(a)risk averse people

(b)risk neutral people

(c)risk tolerant people

(d)b and c

Answer: (a)

3.Which of the following decisions can be considered part of portfolio selection?

(a)Whether to buy or rent one’s house

(b)What kind of life insurance to purchase

(c)Whether to invest in stocks or bonds

(d)All of the above

Answer: (d)

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4.An insurance policy that guarantees a person an income for as long as one lives is termed a ________.

(a)lump sum payment

(b)life annuity

(c)perpetual annuity

(d)life perpetuity

Answer: (b)

5.The ________ is the length of time between decisions to revise portfolios, whereas the ________ is

the total length of time for which one plans.

(a)trading horizon; decision horizon

(b)planning horizon; decision horizon

(c)decision horizon; trading horizon

(d)decision horizon; planning horizon

Answer: (d)

6.In making portfolio-selection decisions, people can in general achieve a ________ expected rate of

return by exposing themselves to ________ risk.

(a)higher; no

(b)higher; greater

(c)higher; lower

(d)lower; greater

Answer: (b)

7.The ________ the assets that make up the portfolio is found to be a very important factor when

considering the ability of diversification to reduce the riskiness of an investor's portfolio.

(a)expected return of

(b)variance of

(c)correlation among

(d)skewness among

Answer: (c)

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8.Risk tolerance can be influenced by which of the following characteristics?

(a)job status

(b)age

(c)wealth

(d)all of the above

Answer: (d)

9.The ________ is defined as a security that offers a perfectly predictable rate of return in terms of the

unit of account and the length of the investor's decision horizon.

(a)riskless asset

(b)risky asset

(c)30-day bond

(d)30-day debenture

Answer: (a)

10.A portfolio contains one risky asset and one riskless asset. The expected rate of return on the risky

asset is 0.13 and the riskless rate is 0.05. The standard deviation of the risky asset is 0.2, and the standard deviation of the portfolio is 0.075. What is the expected rate of return on the portfolio using the trade-off line?

(a)0.0490

(b)0.0800

(c)0.0980

(d)0.1175

Answer: (b)

11.An investor has a $100,000 investment to allocate between a risky asset and a riskless asset. The

equation for the trade-off line is determined to be E(r) = 0.05 + 0.09w. If the investor is requiring a portfolio composition corresponding to an expected rate of return of 0.11, how much should be invested in the risky asset?

(a)$18,181

(b)$33,333

(c)$66,667

(d)$81,819

Answer: (c)

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12.An investor has a $100,000 investment to allocate between a risky asset and a riskless asset. The

equation for the trade-off line is determined to be E(r) = 0.07 + 0.12w. If the investor is requiring a portfolio composition corresponding to an expected rate of return of 0.17, how much should be

invested in the riskless asset?

(a)$16,667

(b)$29,412

(c)$70,588

(d)$83,333

Answer: (a)

13.An investor has a $100,000 investment to allocate between a risky asset and a riskless asset. The

equation for the trade-off line is determined to be E(r) = 0.07 + 0.12w. If the investor requires a

portfolio composition corresponding to an expected rate of return of 0.17, what is the corresponding standard deviation of the portfolio? The standard deviation of risky asset is 0.3.

(a)0.05

(b)0.25

(c)0.49

(d)0.83

Answer: (b)

14.The expected rate of return on a risky asset is 0.13 and the riskless rate is 0.06. The standard deviation

of the risky asset is 0.25. What happens to the slope of the trade-off line if the riskless rate changes to

0.05 per year and the expected return on the risky asset changes to 0.14?

(a)No change

(b)The slope of the line falls from 36% to 28%

(c)The slope of the line rises from 28% to 36%

(d)The slope of the line rises from 52% to 56%

Answer: (c)

15.The formula for the trade-off line between risk and expected return is ________.

(a)E(r) = r f+ w[E(r s) –r f]

(b)E(r) = r f+ [E(r s) –r f]

(c)E(r) = r f+ w[E(r s) + r f]

(d)all of the above

Answer: (a)

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16.In the trade-off line, the risk premium depends on ________

(a)the risk premium of the risky asset

(b)the proportion of the portfolio invested in the risky asset

(c)the risk premium of the riskless asset

(d)both a and b

Answer: (d)

17.When one of the two assets in a portfolio is riskless, the standard deviation of its rate of return and its

correlation with other asset are________.

(a)greater than zero but less than positive one

(b)less than zero but greater than negative one

(c)zero

(d)none of the above

Answer: (c)

18.The expected rate of return on a risky asset is 0.16 and the riskless rate is 0.07. The standard deviation

of the risky asset is 0.2. What happens to the slope of the trade-off line if the riskless rate changes to .06 per year and the expected return on the risky asset changes to 0.15?

(a)no change

(b)the slope rises from 0.45 to 0.5

(c)the slope falls from 0.5 to 0.45

(d)the slope falls from 0.45 to 0.4

Answer: (a)

19.A portfolio contains a riskless asset with an expected rate of return of 0.06 and a risky asset with an

expected rate of return of 0.15. The standard deviation of the risky asset is 0.25. If the expected rate of return of this portfolio is 0.10, what is its standard deviation?

(a)0.11

(b)0.14

(c)0.22

(d)0.44

Answer: (a)

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Consider a portfolio of two risky assets with the following distribution of rates of return on risky assets for questions 20 and 21. The portfolio is 55% Risky Asset 1 and 45% Risky Asset 2, and the correlation coefficient is 0.4.

Risky Asset 1 Risky Asset 2

Mean

Standard Deviation 0.16

0.25

0.09

0.18

20.What is the mean of this portfolio?

(a)0.1215

(b)0.1285

(c)0.2005

(d)0.2185

Answer: (b)

21.What is the standard deviation of this portfolio?

(a)0.15958

(b)0.18541

(c)0.25467

(d)0.34378

Answer: (b)

Consider a portfolio of two risky assets with the following distribution of rates of return on risky assets for questions 22 and 23. The portfolio is 70% Risky Asset 1 and 30% Risky Asset 2, and the correlation coefficient is 0.3.

Risky Asset 1 Risky Asset 2

Mean

Standard Deviation 0.12

0.16

0.20

0.30

22.What is the mean of this portfolio?

(a)0.1716

(b)0.1600

(c)0.1414

(d)0.1320

Answer: (c)

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23.What is the standard deviation of this portfolio?

(a)0.16338

(b)0.14368

(c)0.02669

(d)0.02064

Answer: (a)

24.In practice, the vast majority of assets are positively correlated with each other because they are all

affected by ________.

(a)common economic factors

(b)firm specific factors

(c)potential lawsuits

(d)managerial inefficiencies

Answer: (a)

25.A mutual fund company offers a safe money market fund whose current rate is 0.04. The same

company also offers an equity fund with an aggressive growth objective, which historically has exhibited an expected return of 0.25 and a standard deviation of 0.30. Derive the equation for the risk-reward trade-off line.

(a)E(r) = 0.04 + 0.25σ

(b)E(r) = 0.04 + 0.7σ

(c)E(r) = 0.04 + 0.21σ

(d)E(r) = 0.04 + 0.83σ

Answer: (b)

26.The ________ refers to the set of portfolios of risky assets offering the highest possible expected rate

of return for any given standard deviation.

(a)minimum portfolio frontier

(b)effective portfolio frontier

(c)expected portfolio frontier

(d)efficient portfolio frontier

Answer: (d)

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27.The optimal combination of risky assets is found as ________ between a straight line representing the

riskless asset and the efficient frontier of risky assets.

(a)the point of bisection

(b)the point of intersection

(c)the point of tangency

(d)the point of highest return

Answer: (c)

28.The power of diversification to reduce the riskiness of an investor’s portfolio depends on the

________ among the assets that make up the portfolio.

(a)expected returns

(b)variances

(c)correlations

(d)none of the above

Answer: (c)

29.In the context of the optimal combination of risky assets, in order to decide on the menu of asset

choices to offer its customers a financial intermediary should consider:

(a)investor preferences

(b)the expected returns and standard deviations of the risky assets

(c)both a and b

(d)neither a nor b

Answer: (b)

30.An investor has $100,000 invested in a portfolio that is composed of a tangency portfolio and a

riskless asset, such that 35% is in the tangency portfolio and 65% is in the riskless asset. If the

tangency portfolio is composed of 43.75% Risky Asset A and 56.25% Risky Asset B, which of the following accurately displays the amount of money invested in each component of the portfolio?

(a)$35,000 in Riskless Asset; $43,750 in Risky Asset A; $56,250 in Risky Asset B

(b)$65,000 in Riskless Asset; $43,750 in Risky Asset A; $56,250 in Risky Asset B

(c)$35,000 in Riskless Asset; $28,437.50 in Risky Asset A; $36,562.50 in Risky Asset B

(d)$65,000 in Riskless Asset; $15,312.50 in Risky Asset A; $19,687.50 in Risky Asset B

Answer: (d)

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Short Problems

1.Discuss the time horizons as they relate to portfolio planning.

Answer:

In formulating a plan for portfolio selection you begin by determining our goals and time

horizons. The planning horizon is the total length of time for which one plans. The

longest time horizon would typically correspond to the retirement goal and would be the

balance of one’s lifetime. There are also shorter planning horizons that correspond to

specific financial goals, such as paying for a child’s education. The decision horizon is

the length of time between decisions to revise the portfolio. The length of the decision

horizon is controlled by the individual, within certain limits. The shortest possible

decision horizon is the trading horizon, defined as the minimum time interval over which

investors can revise their portfolios.

2.What is the riskless asset if the unit of account is the Japanese Yen and the length of the decision

horizon is a month?

Answer:

The Japanese Yen one-month zero-coupon bond.

3.Describe the steps involved in the portfolio optimization process.

Answer:

(1) Find the optimal combination of risky assets.

(2) Mix this optimal risk-asset portfolio with the riskless asset.

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4.Who would you expect to be more risk tolerant, a young investor or an elderly one? An investor or

moderate means or a wealthy one?

Answer:

A young person with a secure job can look forward to a long period of earning a salary

that will probably increase with the rate of inflation. For her, investment in stocks would

not be as risky as for an older person who needs to ensure a steady source of income for

the rest of his life. A wealthier individual may be willing to take more risks (than a poorer

person) because his capacity to take bigger gambles and lose is higher. That is, he may

still be quite wealthy after his losses.

5.An investor has a $100,000 investment to allocate between a risky asset and a riskless asset. The

equation for the trade-off line is determined to be E(r) = 0.05 + 0.07w. If the investor requires a

portfolio composition corresponding to an expected rate of return of 0.10, how much should be

invested in the risky asset? In the riskless asset?

Answer:

E(r) = 0.05 + 0.07w

0.10 = 0.05 + 0.07w

0.05 = 0.07w

0.71429 = w

The investor should invest $71,429 in the risky asset and $28,571 in the riskless asset. 6.An investor has $75,000 to allocate between a risky asset and a riskless asset. The equation for the

trade-off line is determined to be E(r) = 0.06 + 0.1w. If the investor requires a portfolio composition with an expected rate of return of 0.12, how much should be invested in each asset?

Answer:

E(r) = 0.06 + 0.1w

0.12 = 0.06 + 0.1w

0.06 = 0.1w

0.6 = w

0.6($75,000) = $45,000 should be invested in the risky asset

0.4($75,000 = $30,000 should be invested in the riskless asset

There would have to be 16 million uncorrelated drugs in the portfolio.

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7.Consider the portfolio of two risky assets with the following distribution of rates of return on risk

assets.

Risky Asset 1 Risky Asset 2

Mean

Standard Deviation 0.17

0.23

0.10

0.19

What are the mean and standard deviation of a portfolio that is 60% Risky Asset 1 and 40% Risky Asset 2 if the correlation coefficient is 0.3?

Answer:

E(r) = wE(r1) + (1 - w)E(r2)

= 0.6(0.17) + 0.4(0.10)

= 0.142

The mean is 14.2%

σ2= w2σ12 + (1 - w)2σ22 + 2w(1-w)ρ1,2σ1σ2

= (0.6)2(0.23)2 + (0.4)2(0.19)2 + 2(0.6)(0.4)(0.3)(0.23)(0.19)

σ2= 0.03111

σ= 0.17639

The standard deviation is 17.6%

8.An investor has a $150,000 investment to allocate between a risky asset and a riskless asset. The

expected rate of return for the risky asset is 0.18 and the expected rate of return for the riskless asset is 0.07. The standard deviation of the risky asset is 0.2. If the investor requires a portfolio

composition corresponding to an expected rate of return of 0.15, what is the standard deviation of the portfolio?

Answer:

Use the trade-off line to find w:

E(r) = r f + w[E(r s) – r f)

0.15 = 0.07 + w[0.18 – 0.07]

0.15 = 0.07 + 0.11w

0.08 = 0.11w

0.7272 = w

So the standard deviation of the portfolio is 0.2(0.7272) = 0.1455.

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9.Discuss how to create efficient portfolios when the raw materials are two risky assets and a riskless

asset.

Answer:

Let us now summarize what we have learned about creating efficient portfolios when the raw

materials are two risky assets and a riskless asset. There is a single portfolio of the two risky

assets that it is best to combine with the riskless asset. We call this particular risky portfolio the optimal combination of risky assets. The preferred portfolio is always some combination of this

tangency portfolio and the riskless asset

10.The expected rate of return on a risky asset is 0.19 and the riskless rate is 0.05. The standard deviation

of the risky asset is 0.3.

a. What happens to the slope of the trade-off line if the riskless rate decreases to 0.04 and the

expected return on the risky asset increases to 0.2?

b. What happens to the slope of the trade-off line if the riskless rate increases to 0.06 and the

expected return on the risky assets increases to 0.2?

Answer:

a. Slope = (E(r s) – r f)/σs

Slope of original scenario: (0.19 – 0.05)/0.3 = 0.14/0.3 = 0.467

Slope in revised scenario: (0.20 – 0.04)/0.3 = 0.16/0.3 = 0.533

The slope rises from 0.467 to 0.533.

b.

Slope of original scenario: (0.19 – 0.05)/0.3 = 0.14/0.3 = 0.467

Slope in revised scenario: (0.20 – 0.06)/0.3 = 0.14/0.3 = 0.467

The slope is unchanged.

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Longer Problems

1. A mutual fund advertises a money market fund whose current rate is 0.06, and is deemed “safe.” In

addition, the mutual fund also offers an equity fund that is considered very aggressive in terms of growth. Historical expected returns are 0.30 with a standard deviation of 0.25.

(a) Derive the risk-reward trade-off line.

(b) For each unit of extra risk that an investor bears, how much extra expected return will

result?

(c) What allocation should be placed in the money market fund if an investor desires an

expected return of 18%?

Answer:

(a) E(r) = r f + w[E(r s) – r f)

= 0.06 + w[0.3 – 0.06]

= 0.06 +0 .24w

= 0.06 +0 .24(σ/0.25)

= 0.06 + 0.96σ

(b) For each unit of extra risk that an investor bears, the extra expected return will be 0.96

(the slope of the risk-reward line)

(c) 0.18 = 0.06 + w[0.30 - 0.06]

0.18 = 0.06 + 0.24w

0.12 = 0.24w

0.5 = w

Invest 50% in the money market fund and 50% in the equity fund.

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2.Suppose you are the manager of a mutual fund and a client comes to you wanting to invest 65% of a

portfolio into your mutual fund and the remaining 35% into a “safe” money market fund. The mutual fund that you manage has an expected rate of return of 0.18 and a standard deviation of 0.25. The money market fund rate is 0.065.

(a) If your client invests as described above, what is the expected return and standard

deviation of his portfolio?

(b) The fund that you manage has the following stocks and their corresponding proportions:

Stock X: 30%, Stock Y: 35%, and Stock Z: 35%

If we include the position in the riskless asset, what are the investment proportions of

your client’s portfolio?

Answer:

(a) E(r) = r f + w[E(r s) – r f)

= 0.065 +0 .65[0.18 – 0.065]

= 0.065 + 0.65[0.115]

= 0.13975

σ= 0.65 (0.25)

= 0.1625

(b) Stock X: (0.65 x 30%) = 19.50%

Stock Y: (0.65 x 35%) = 22.75%

Stock Z: (0.65 x 35%) = 22.75%

Riskless Asset: = 35.00%

Total = 100.00%

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3.If we have many risky assets to choose from, how do we determine the optimal combination of risky

assets?

Answer:

When there are many risky assets we use a two-step method of portfolio construction

similar to the one used in the previous section. In the first step, we consider portfolios

constructed from the risky assets only, and in the second step we find the tangency

portfolio of risky assets to combine with the riskless asset. Because the computation

involves a lot of number crunching, it is best done using computers. The efficient

portfolio frontier is defined as the set of portfolios of risky assets offering the highest

possible expected rate of return for any given standard deviation. The reason the

individual basic assets lie inside the efficient frontier is that there is usually some

combination of two or more basic securities that has a higher expected rate of return

than the basic security for the same standard deviation.

The optimal combination of risky assets is found as the point of tangency between a

straight line from the point representing the riskless asset and the efficient frontier of

risky assets. The straight line connecting the riskless asset and the tangency point

representing the optimal combination or risky assets is the best feasible risk reward

tradeoff line.

4.Suppose you have the following two stocks:

Risky Asset A Risky Asset B

Mean 0.10 0.18

Standard Deviation 0.12 0.25

_____________________________________________________

The minimum-variance portfolio of these assets requires investment proportions of 83.92% of

Risky Asset A and 16.08% of Risky Asset B. The correlation between the two stocks is 0.1?

What is the corresponding expected return and standard deviation of the portfolio?

Answer:

The corresponding E(r) = w1 E(r1) + (1 - w1) E(r2)

= 0.8392 (0.1) + 0.1608 (0.18)

= 0.113

The corresponding σ2= w12σ12 + (1 - w1)2σ22 + 2w(1 - w1) ρ1,2σ1σ2

σ2= 0.01257

So σ= 0.112

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5.Is it true that investing in stocks is less risky in the long run than the short run? Why or why not?

Answer:

There is a widespread—but mistaken—belief that stocks are less risky in the long run than in the short run. Based on this belief, it is generally inferred that you should invest more of your money in stocks the longer your planned holding period. Two propositions have been used to persuade

skeptics that this so-called time diversification effect is valid:

? The longer the investor’s holding period, the smaller the standard deviation of the annualized rate of return on stocks.

? The longer the investor’s holding period, the lower the probability that stocks will earn a rate of return less than the corresponding risk-free interest rate on bonds.

Although they are true, these propositions do not support the validity of the claim that stocks are less risky in the long run than in the short run or that you should invest more in stocks because you have a longer planned holding period. Let us explain why. First, the fact that the standard

deviation of the annualized rate of return on an investment in stocks declines as the length of the holding period increases is merely an artifact of expressing investment performance in terms of the annualized rate of return. There is no genuine diversification in this situation. You care about the amount of wealth that you will have at the end of the holding period, and there is no decline in its standard deviation. For example, compare the results of investing all of your money in stocks

versus risk-free bonds for one year and for 25 years. Even though the standard deviation of your annualized rate of return for the 25-year period is approximately one-fifth of the one-year result, the standard deviation of your ending wealth for the 25-year holding period is five times greater than the one-year standard deviation. Second, it is true that the longer the holding period, the

lower the probability of a shortfall, defined as the stock portfolio’s earning less than the risk-free interest rate over that same period. However, the risk of a shortfall depends on its severity when it happens as well as its probability of happening. If we consider measures of risk that take account of both the severity and the probability of a shortfall, there is no decline in risk as the holding

period lengthens. For example, consider as a measure of risk the price of insuring a stock portfolio against a shortfall. It actually increases with the length of the holding period.

12-16

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.