兹维博迪金融学第二版试题库13TB(1)

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13-1 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

(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

(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

(d) both (a) and (c)

Answer: (d)

13-2

4. A(n) ________ is a portfolio that holds all assets in proportion to their observed market values.

(a) market portfolio

(b) riskless portfolio

(d) both (b) and (c)

Answer: (a)

5. Suppose there are three assets: BB stock, REM stock, and a risk-free asset. The total market values of

each at current prices are $40 million of BB stock, $80 million of REM stock, and $10 million of the

risk-free asset. The composition of the market portfolio is ________.

(a) 61.5% BB stock; 7.7% REM stock; 30.8% risk-free asset

(b) 33.33% BB stock; 66.67% REM stock; 0 risk-free asset

(d) 30.8% BB stock; 66.67% REM stock; 7.7% risk-free asset

Answer: (c)

6. Suppose there are three assets: BB stock, REM stock, and a risk-free asset. The total market value of

each at current prices are $40 million of BB stock, $80 million of REM stock, and $10 million of the

risk-free asset. The composition of the risky part of any investor's portfolio will be ________

(a) 30.8% BB stock; 61.5% REM stock

(b) 33.33% BB stock; 66.67% REM stock

(d) 66.67% BB stock; 33.33% REM stock

Answer: (b)

7. Suppose there are four securities: BB stock, REM stock, ACX stock, and a risk-free asset. The total

market values of each at current prices are $50 million of BB stock, $40 million of REM stock, $80

million of ACX stock, and $30 million of the risk-free asset. The composition of the market portfolio

is ________.

(a) 25% BB stock; 20% REM stock; 40% ACX stock; 30% risk-free asset

(b) 25% BB stock; 40% REM stock; 40% ACX stock; 15% risk-free asset

(d) 50% BB stock; 40% REM stock; 80% ACX stock; 30% risk-free asset

Answer: (c)

13-3 8. Suppose there are four securities: BB stock, REM stock, ACX stock, and a risk-free asset. The total

market values of each at current prices are $50 million of BB stock, $40 million of REM stock, $80

million of ACX stock, and $30 million of the risk-free asset. Determine the holdings of the three

risky assets of a trader who invests $60,000 of a $300,000 portfolio in the riskless security.

(a) $70,000 in BB stock, $50,000 in REM stock, $120,000 in ACX stock

(b) $60,000 in BB stock, $48,000 in REM stock, $96,00 in ACX stock

(d) $88,235 in BB stock, $70,588 in REM stock, $141,176 in ACX stock

Answer: (c)

9. In the CAPM, the trade-off line is called the ________.

(a) capital market line

(b) portfolio market line

(d) capital asset line

Answer: (a)

10. The correct equation for the Capital Market Line (CML) is ________.

(a) MfErr

(b) MffMErrErr

(d) MfMErr

Answer: (b)

13-4 11. Investors must be offered an expected rate of return that ________ the risk-free rate of interest when

being induced to accept a market portfolio.

(a) is less than

(b) is the same as

(d) minimizes

Answer: (c)

12. The ________ the average degree of risk aversion of the population, the ________ the risk premium

required.

(a) greater; lower

(b) greater; greater the insignificance of

(d) greater; higher

Answer: (d)

13. The slope of the Capital Market Line represents the:

(a) volatility of interest rates

(b) market reward-to-risk ratio

(d) individual preference

Answer: (b)

14. Suppose the standard deviation of the market portfolio is 0.15 and the average degree of risk aversion

is 1.5. Then the risk premium on the market portfolio is:

(a) 0.034

(b) 0.051

(d) 0.340

Answer: (a)

兹维博迪金融学答案

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腹有诗书气自华兹维博迪金融学答案

【篇一：投资学博迪第九版中文答案第一章】

题集

1．的确,实际资产决定经济的物质享受。然而,当金融工程创建新产品时, 个人可以受益，可以让他们更有效地管理金融资产投资组合。因为对于不同的风险来源，捆绑和拆分创造具有新属性和敏感性的金融产品,能让投资者更有效地对冲特定来源的风险。

2．证券化需要大量的潜在投资者。为了吸引这些投资者,资本市场需求:

1。一个安全系统的商业法律和概率低的没收的税收法律/法规;

2。一个成熟的投资银行业;

3。成熟的经纪和金融交易系统,;

4。发达的媒介,尤其是财务报告。

这些特征在一个发达的金融市场中具有。

3．证券化导致金融脱媒;也就是说,证券化为市场参与者提供了一个手段绕过中介。例如,抵押贷款支持证券是房地产市场获得资金不需要通过银行或储蓄机构发放贷款的投资组合。随着资产证券化的发展,金融中介机构必须增加其他活动，例如向消费者和小型企业提供短期流动性,金融服务。

4．金融资产使大公司筹集支持实物资产投资的资本变得容易。如果福特,例如,可以不向公众发行股票或债券,这将更难以筹集资金。紧缩金融资产的供应将使融资更加困难,从而增加了资本成本。更高的资本成本导致更少的投资和较低的实际增长。

5．即使公司不需要发行股票，股票市场对于财务经理依然很重要。股票价格提供关于公司投资项目的市场价值的重要信息。例如，如果股票价格大幅上涨，经理可能得出结论，认为公司的前景是光明的。这对于公司继续投资扩大资产业务可能是个有用的信号。此外，股票可以在二级市场交易是对初始投资者更具吸引力的方面，因为他们知道他们可以出售股票。反过来这会使得市场投资者更愿意购买初始股票，从而使得公司更容易在股市筹集资金。

6． a、不会，价格的增加不会增加经济的生产能力。

b、是的，股票在这些资产的价值增加了。

兹维博迪金融学第二版试题库4TB(1)

-CAL-FENGHAI.-(YICAI)-Company One1

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

(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

(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

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%.

金融必读书籍

做世界上5%的人——玩金融必读书籍。

1.Dynamic Asset Pricing Theory Darrell Duffie 动态资产定价理论

2.Asset Pricing John H.Cochrane 资产定价

3.Econometric Analysis (3'rd edition) Greene W.H. 中级计量

4.Financial Econometrics (problems, Models,

And Methods) Christian Gourieroux &Joann JasiaK 金融计量经济学

5.The Econometrics Of Financial Markets

Campbell J.Y. Lo, A.W.& Mackinlay A.C 金融市场中的计量经济学

6.Theory Of Financial Decision Making Imgersoll J.E. 金融决策理论

7.Foundation For Financial Economics Huang C.F. & Litzenberger R.H. 金融经济学基础

8.Principles Of Financial Economics S.F. Leroy&Jan Werner 金融经济学原理

9.Continuous-time Finance Merton R.C. 连续时间金融

10.Fractals And Scaling In Finance Mandelbrot B.B. 金融中的分形与标度无

11.Mathematics Of Financial Derivatives Salih1N.Neftci 金融衍生工具的数学理论(第三版)

12.Options,Futures And Other Derivative Securities Hull 期权，期货及其它衍生证券(第四版)

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