金融市场与机构作业第二次

国开大学会计专科2021春《金融市场》形考任务二满分答案试题1减少本国货币供给会导致本国货币（）。

选择一项：A.短期升值幅度大于长期B.长期升值幅度大于短期C.短期贬值幅度大于长期D.长期贬值幅度大于短期正确答案是：短期升值幅度大于长期试题2目前，全球主要外汇市场中，日均交易量最大的金融中心城市是（）。

选择一项：A.伦敦B.新加坡C.东京D.纽约正确答案是：伦敦试题3从外汇市场的结构来看，按其（）划分，外汇市场可分为柜台市场和交易所市场。

选择一项：A.买卖交割期?B.参加者C.组织方式D.政府对市场交易的干预程度正确答案是：组织方式试题4如果墨西哥比索相对于美元贬值。

下列，哪种表述是正确的（）。

选择一项：A.购买美元需要更少的墨西哥比索B.美国商品在墨西哥的价格下跌C.美元相对于墨西哥比索升值D.购买墨西哥比索需要更多的美元正确答案是：美元相对于墨西哥比索升值试题5以本国货币来表示一定单位外国货币的汇率表示方法是（）。

选择一项：A.直接标价法B.间接标价法C.数量标价法D.混合标价法正确答案是：间接标价法试题6外汇市场的运行机制不包括（）。

选择一项：A.利率机制B.效率机制C.供求机制D.风险机制正确答案是：利率机制试题7以（）为主体形成的外汇供求，已成为决定市场汇率的主要力量。

选择一项：A.外汇经纪商B.外汇银行C.各国中央银行D.跨国公司正确答案是：外汇银行试题8从主观上分析，外汇市场交易风险有（）。

选择一项：A.国际收支状况B.本国货币购买力的变化C.外国货币购买力的变化D.外汇投机活动的干扰正确答案是：外汇投机活动的干扰试题9下列哪项不是掉期交易的特点（）。

选择一项：A.买与卖的交割期限不同B.买与卖的货币种类相同C.买和卖同时进行D.买与卖的汇率相同正确答案是：买与卖的汇率相同试题10下列哪项不是投机交易的特点（）。

选择一项：A.投机者被动交易B.投机者主动交易C.收益大小取决于预测的正确程度D.投机活动并非是基于对外汇的实际需求正确答案是：投机者被动交易试题11我国《证券投资基金运作管理办法》规定同一基金人管理的全部基金持有一家公司发行的证券不得超过该证券总额的（）。

Chapter 1Role of Financial Markets and InstitutionsQuestions1. Explain the meaning of surplus units and deficit units. Provide an example of each.ANSWER: Surplus units provide funds to the financial markets while deficit units obtain funds from the financial markets. Surplus units include households with savings, while deficit units include firms or government agencies that borrow funds.2. Distinguish between primary and secondary markets.ANSWER: Primary markets are used for the issuance of new securities while secondary markets are used for the trading of existing securities.3. Distinguish between money and capital markets.ANSWER: Money markets facilitate the trading of short-term (money market) instruments while capital markets facilitate the trading of long-term (capital market) instruments.4. Distinguish between perfect and imperfect security markets.ANSWER: With perfect financial markets, all information about any securities for sale would be freely available to investors, information about surplus and deficit units would be freely available, and all securities could be unbundled into any size desired. In reality, markets are imperfect, so that surplus and deficit units do not have free access to information, and securities can not be unbundled as desired.5. Explain why the existence of imperfect markets creates a need for financial institutions.ANSWER: Financial intermediaries are needed to facilitate the exchange of funds between surplus and deficit units. They have the information to provide this service and can even repackage deposits to provide the amount of funds borrowers desire.6. Explain the meaning of efficient markets. Why might we expect markets to be efficient most of thetime?ANSWER: If markets are efficient then prices of securities available in these markets properly reflect all information. We should expect markets to be efficient because if they weren't, investors would capitalize on the discrepancy between what prices are and what they should be. This action would force market prices to represent the appropriate prices as perceived by the market.7. In recent years, several securities firms have been guilty of using inside information when purchasingsecurities, thereby achieving returns well above the norm (even when accounting for risk). Does this suggest that the security markets are not efficient? Explain.ANSWER: Efficiency is often defined with regard to publicly available information. In this case, markets can be efficient, but investors with inside information could possibly outperform the market on a consistent basis. A stronger version of efficiency would hypothesize that even access to inside information will not consistently outperform the market.12 Chapter 1/Role of Financial Markets and Institutions8. What was the purpose of the Securities Act of 1933? What was the purpose of the SecuritiesExchange Act of 1934? Do these laws prevent investors from making poor investment decisions?Explain.ANSWER: The Securities Act of 1933 was intended to assure complete disclosure of relevantfinancial information on publicly offered securities, and prevent fraudulent practices when selling these securities. The Securities Exchange Act of 1934 extended the disclosure requirements tosecondary market issues. It also declared a variety of deceptive practices illegal, but does not prevent poor investments.9. If barriers to international securities markets are reduced, will a country's interest rate be more or lesssusceptible to foreign lending or borrowing activities? Explain.ANSWER: If international securities market barriers are reduced, a country's interest rate will likely become more susceptible to foreign lending and borrowing activities. Without barriers, funds will flow more freely in between countries. Funds would seek out countries where expected returns are high. Then, the amount of foreign funds invested in any country could adjust abruptly and affect interest rates.10. In what way could the international flow of funds cause a decline in interest rates?ANSWER: If a large volume of foreign funds was invested in the United States, it could placedownward pressure on U.S. interest rates. Without this supply of foreign funds, U.S. interest rates would have been higher.11. Distinguish between the functions of a broker and those of a dealer, and explain how each iscompensated.ANSWER: Brokers are commonly compensated with commissions on trades, while dealers are compensated on their positions in particular securities. Some dealers also provide brokerage services.12. Why is it necessary for securities to be somewhat standardized?ANSWER: Securities can be more easily traded when they are standardized because the specifics of the security transaction are well known. If securities were not standardized, transactions would be slowed considerably as participants would have to negotiate all the provisions.13. What are the functions of securities firms?ANSWER: Securities firms provide a variety of functions (such as underwriting and brokerage) that either enhance a borrower's ability to borrow funds or an investor’s abi lity to invest funds.14. Explain why some financial flows of funds cannot occur through the sale of standardized securities.ANSWER: Some financial flows, such as most commercial loans, must be provided on a personal basis, since the firms requesting loans have particular needs.15. If securities were not standardized, how would this affect the volume of financial transactionsconducted by brokers?ANSWER: If securities were not standardized, the volume of financial transactions conducted by brokers would be reduced, because the documentation would be greater.16. Commercial banks use some funds to purchase securities and other funds to make loans. Why are thesecurities more marketable than loans in the secondary market?ANSWER: Securities are more standardized than loans and therefore can be more easily sold in the secondary market. The excessive documentation on commercial loans limits a bank's ability to sell loans in the secondary market.17. How have the asset compositions of savings and loan associations differed from those of commercialbanks? Explain why and how this distinction may change over time.ANSWER: Savings and loan associations have traditionally concentrated in mortgage lending, while commercial banks have concentrated in commercial lending. Savings and loan associations are nowChapter 1/Role of Financial Markets and Institutions 3 allowed to diversify their asset portfolio to a greater degree and will likely increase theirconcentration in commercial loans (but not to the same degree as commercial banks.18. With regard to the profit motive, how are credit unions different from other financial institutions?ANSWER: Credit unions are non-profit financial institutions.19. Compare the main sources and uses of funds for finance companies, insurance companies, andpension funds.ANSWER: Finance companies sell securities to obtain funds, while insurance companies receive insurance premiums and pension funds receive employee/employer contributions. Finance companies use funds to provide direct loans to consumers and businesses. Insurance companies and pension funds purchase securities.20. What is the function of a mutual fund? Why are mutual funds popular among investors?ANSWER: A mutual fund sells shares to investors, pools the funds, and invests the funds in aportfolio of securities. Mutual funds are popular because they can help individuals diversify while using professional expertise to make investment decisions.21. How does a money market mutual fund differ from a stock or bond mutual fund?ANSWER: A money market mutual fund invests in money market securities, whereas other mutual funds normally invest in stocks or bonds.22. Classify the types of financial institutions mentioned in this chapter as either depository ornondepository. Explain the general difference between depository and nondepository institution sources of funds.ANSWER: Depository institutions include commercial banks, savings and loan associations, and credit unions. These institutions differ from nondepository institutions in that they accept deposits.Nondepository institutions include finance companies, insurance companies, pension funds, mutual funds, and money market funds.23. It is often stated that all types of financial institutions have begun to offer services that werepreviously offered only by certain types. Consequently, many financial institutions are becoming more similar in terms of their operations. Yet, the performance levels still differ significantly among types of financial institutions. Why?ANSWER: Even though financial institutions are becoming more similar, they often differ distinctly from each other in terms of sources and uses of funds. Therefore, their performance levels differ as well.24. Look in a recent business periodical for news about a recent financial transaction that involves twofinancial institutions. For this transaction, determine the following:a. How will each institution's balance sheet be affected?b. Will either institution receive immediate income from the transaction?c. Who is the ultimate user of funds?d. Who is the ultimate source of funds?ANSWER: This exercise will force students to understand how the balance sheet and incomestatement of a financial institution is affected by various transactions. When a financial institution simply acts as a middleman, income (fees or commissions) are earned, but the institution's asset portfolio is not significantly affected.25. Which types of financial institutions do you deal with? Explain whether you are acting as a surplusunit or a deficit unit in your relationship with each financial institution.ANSWER: This exercise allows students to realize that they constantly interact with financialinstitutions, and that they often play the role of a deficit unit (on car loans, tuition loans, etc.).4 Chapter 1/Role of Financial Markets and Institutions26. Explain how the privatization of companies in Europe can lead to the development of new securitiesmarkets.ANSWER: The privatization of companies will force these companies to finance with stocks and debt securities, instead of relying on the federal government for funds. Consequently, secondary markets for stocks and debt securities will be developed over time.Chapter 2Determination of Interest RatesQuestions1.Explain why interest rates changed as they did over the past year.ANSWER: This exercise should force students to consider how the factors that influence interest rates have changed over the last year, and assess how these changes could have affected interest rates.2. Explain what is meant by interest elasticity.ANSWER: Interest elasticity of supply represents a change in the quantity of loanable funds supplied in response to a change in interest rates. Interest elasticity of demand represents a change in thequantity of loanable funds demanded in response to a change in interest rates.3. Would you expect federal government demand for loanable funds to be more or less interest elasticthan household demand for loanable funds? Why?ANSWER: Federal government demand for loanable funds should be less interest elastic than the consumer demand for loanable funds, because the government's planned borrowings will likely occur regardless of the interest rate. Conversely, the quantity of loanable funds by consumers is moreresponsive to the interest rate level.4. If the federal government planned to expand the space program, how might this affect interest rates?ANSWER: An expanded space program would (a) force the federal government to increase its budget deficit, (b) possibly force any firms involved in facilitating the program to borrow more funds.Consequently, there is a greater demand for loanable funds. The additional spending could cause higher income and additional saving. Yet, this impact is not likely to be as great. The likely overall impact would therefore be upward pressure on interest rates.5. Explain why interest rates tend to decrease during recessionary periods.ANSWER: During a recession, firms and consumers reduce their amount of borrowing. The demand for loanable funds decreases and interest rates decrease as a result.6. Obtain or develop forecasts of economic growth and inflation. Use this information to forecastinterest rates one year from now.ANSWER: Open-ended question, intended to illustrate the ease of subjectively creating forecasts, but the difficulty in deciding the appropriate weight to be assigned to each influential factor.7. Jayhawk Forecasting Services analyzed several factors that could affect interest rates in the future.Most factors were expected to place downward pressure on interest rates. Jayhawk also felt that although the annual budget deficit was to be cut by 40 percent from the previous year, it would stillChapter 1/Role of Financial Markets and Institutions 5 be very large. Thus, Jayhawk believed that the deficit's impact would more than offset the othereffects and therefore forecast interest rates to increase by 2 percent. Comment on Jayhawk's logic.ANSWER: A reduction in the deficit should free up some funds that had been used to support the government borrowings. Thus, there should be additional funds available to satisfy other borrowing needs. Given this situation plus the other information, Jayhawk should have forecasted lower interest rates.8. Should increasing money supply growth place upward or downward pressure on interest rates? Justifyyour answer.ANSWER: If one believes that higher money supply growth will not cause inflationary expectations, the additional supply of funds places downward pressure on interest rates. However, if one believes that inflation expectations do erupt as a result, demand for loanable funds will also increase, and interest rates could increase (if the increase in demand more than offsets the increase in supply).9. Consider a scenario where inflation is low and is not expected to rise in the future. In addition,assume that the Fed substantially increases the money supply. Explain how this would likely affect interest rates.ANSWER: Interest rates should decrease because the amount of loanable funds will increase withouta corresponding increase in the demand for loanable funds.10. What is the logic behind the Fisher effect's implied positive relationship between expected inflationand nominal interest rates?ANSWER: Investors require a positive real return, which suggests that they will only invest funds if the nominal interest rate is expected to exceed inflation. In this way, the purchasing power of invested funds increases over time. As inflation rises, nominal interest rates should rise as well since investors would require a nominal return that exceeds the inflation rate.11. What is the difference between the nominal interest rate and real interest rate?ANSWER: The nominal interest rate is the quoted interest rate, while the real interest rate is defined as the nominal interest rate minus the expected rate of inflation. The real interest rate represents the recent nominal interest rate minus the recent inflation rate.12. Estimate the real interest rate over the last year.ANSWER: This exercise forces students to measure last year's nominal interest rate and inflation rate.13. Review historical interest rates to determine how they react to recessionary periods. Explain thisreaction.ANSWER: In general, interest rates tend to decline in recessionary periods. This reaction occurs because the demand for loanable funds declines during the recessionary periods, which placesdownward pressure of interest rates.14. Why do forecasts of interest rates differ among experts?ANSWER: Various factors may influence interest rates, and changes in these factors will affectinterest rate movements. Experts disagree about how various factors will change. They also disagree about the specific influence these factors have on interest rates.15. During the stock market crash in October 1987, interest rates declined. Use the loanable fundsframework discussed in this chapter to explain why.ANSWER: The crash led to concerns of a possible recession. The demand for loanable funds declined, causing downward pressure on interest rates. In addition, investors shifted funds out of stocks and into money market securities, causing an increase in the supply of loanable funds.6 Chapter 1/Role of Financial Markets and Institutions16. If foreign investors expected that the U.S. dollar's value would weaken over the next few years, howmight this affect (a) the foreign supply of funds to the U.S. markets and (b) U.S. interest rates?Explain.ANSWER: The expectation of a weaker U.S. dollar can cause a lower foreign supply of funds to the U.S. markets, as foreign investors reduce their investment in the United States, because a weakened dollar over the investment horizon reduces the return to foreign investors. The reduced foreign supply of funds to U.S. markets places upward pressure on U.S. interest rates.17. A well-known economist recently suggested that lower interest rates will stimulate the economy. Yet,this chapter implied that a strong economy can cause high interest rates. Do these concepts conflict?Explain.ANSWER: The concepts do not conflict. There are feedback effects between interest rates andeconomic growth. Lower interest rates stimulate the economy because they encourage borrowing and therefore spending. Yet, a strong economy can cause an additional desire to borrow, which places upward pressure on interest rates.18. Assume that if the U.S. dollar strengthens, it can place downward pressure on U.S. inflation. Basedon this information, how might expectations of a strong dollar affect the demand for loanable funds in the United States and U.S. interest rates? Is there any reason to think that expectations of a strong dollar could also affect the supply of loanable funds? Explain.ANSWER: As a strong U.S. dollar dampens U.S. inflation, it can reduce the demand for loanable funds, and therefore reduce interest rates. The expectations of a strong dollar could also increase the supply of funds because it may encourage saving (there is less concern to purchase goods before prices rise when inflationary expectations are reduced). In addition, foreign investors may invest more funds in the United States if they expect the dollar to strengthen, because that could increase their return on investment.19. If financial market participants overestimate inflation in a particular period, will real interest rates berelatively high or low? Explain.ANSWER: If inflation is overestimated, the real interest rate will be relatively high. Investors had required a relatively high nominal interest rate because they expected inflation to be high (according to the Fisher effect).20. Why might you expect interest rate movements of various industrialized countries to be more highlycorrelated in recent years than in earlier years?ANSWER: Interest rates among countries are expected to be more highly correlated in recent years because financial markets are more geographically integrated. More international financial flows will occur to capitalize on higher interest rates in foreign countries, which affects the supply and demand conditions in each market. As funds leave a country with low interest rates, this places upwardpressure on that country's interest rates. The international flow of funds caused this type of reaction.21. In November 1989, the wall separating East and West Germany was removed. Some analysts say thatthis event led to an increase in German and U.S. interest rates. Offer a possible explanation as to why this event could have caused an increase in German and U.S. interest rates.ANSWER: The removal of the wall led to the reunification of East and West Germany, and resulted in economic expansion in Germany. This led to an increased demand for loanable funds from sources in Germany and in the United States, placing upward pressure on interest rates.22. In August 1990, the Persian Gulf crisis occurred, resulting in some significant reactions in financialmarkets. Why would the crisis be expected to place upward pressure on U.S. interest rates? Why might some investors expect the crisis to place downward pressure on U.S. interest rates?ANSWER: The Persian Gulf crisis placed upward pressure on U.S. interest rates because it (1)increased inflationary expectations in the United States as oil prices increased abruptly, and (2)increased the expected U.S. budget deficit as government expenditures were necessary to boostChapter 1/Role of Financial Markets and Institutions 7 military support. However, the crisis also caused some analysts to revise their forecasts of economic growth downward. In fact, some analysts predicted that a U.S. recession would occur. The slower economy reflects a reduced corporate demand for funds, which by itself places downward pressure on interest rates. If inflation was not a concern, the Fed may attempt to increase money supply growth to stimulate the economy. However, the inflationary pressure restricted the Fed from stimulating the economy (since any stimulative policy could cause higher inflation).23. Offer an argument for why the terrorist attack on the United States on September 11, 2001 couldplace downward pressure on U.S. interest rates. Offer an argument for why the terrorist attack could place upward pressure on U.S. interest rates.ANSWER: The terrorist attack could cause a reduction in spending related to travel (airlines, hotels), and would also reduce the expansion by those types of firms. This reflects a decline in the demand for loanable funds, and places downward pressure on interest rates. Conversely, the attack increases the amount of government borrowing needed to support a war, and therefore places upward pressure on interest rates.Interpreting Financial NewsInterpret the following comments made by Wall Street analysts and portfolio managers.a. “The flight of funds from bank deposits to U.S. stocks will pressure interest rates.”As the supply of loanable funds declines (due to bank deposit withdrawals), there will be upward pressure on interest rates.b. “Since Japanese interest rates have recently declined to very low levels, expect a reduction in U.S.interest rates.”As Japanese interest rates decline, Japanese savers invest more loanable funds in the UnitedStates, which places downward pressure on U.S. interest rates.c. “The cost of borrowing by U.S. firms is dictated by the degree to which the federal governmen tspends more than it taxes.”As the federal government spends more than it taxes, it borrows the difference; the greater theamount borrowed, the higher the pressure on U.S. interest rates.Managing in Financial MarketsAs the treasurer of a manufacturing company, your task is to forecast the direction of interest rates. You plan to borrow funds and may use the forecast of interest rates to determine whether you should obtain a loan with a fixed interest rate or a floating interest rate. The following information can be considered when assessing the future direction of interest rates:♦Economic growth has been high over the last two years, but you expect that it will be stagnant over the next year.♦Inflation has been 3 percent over each of the last few years, and you expect that it will be about the same over the next year.♦The federal government has announced major cuts in its spending, which should have a major impact on the budget deficit.♦The Federal Reserve is not expected to affect the existing supply of loanable funds over the next year. ♦The overall level of savings by households is not expected to change.a. Given the preceding information, determine how the demand for and the supply of loanable fundswould be affected (if at all), and determine the future direction of interest rates.The demand for loanable funds should decline in response to: (1) stagnant economic growth(because a relatively low level of borrowing will be needed), and (2) a major cut in government8 Chapter 1/Role of Financial Markets and Institutionsspending. The supply of loanable funds should remain unchanged because the savings level is not expected to change, and the Fed is not expected to affect the existing money supply. Given a large decline in the demand for loanable funds and no significant change in the supply of loanablefunds, U.S. interest rates should decline.b. You can obtain a one-year loan at a fixed-rate of 8 percent or a floating-rate loan that is currentlyat 8 percent but would be revised every month in accordance with general interest ratemovements. Which type of loan is more appropriate based on the information provided?Since interest rates are expected to decline, you should prefer the floating-rate loan. As interest rates decline, the rate charged on this type of loan would decline.c. Assume that Canadian interest rates have abruptly risen just as you have completed your forecastof future U.S. interest rates. Consequently, Canadian interest rates are now 2 percentage pointsabove U.S. interest rates. How might this specific situation place pressure on U.S. interest rates?Considering this situation along with the other information provided, would you change yourforecast of the future direction of U.S. interest rates?This situation could encourage U.S. individuals and firms to withdraw their savings from U.S.financial institutions and send their funds to Canada to earn a higher interest rate (although they would have to convert their U.S. dollars into Canadian dollars and are therefore exposed toexchange rate risk). To the extent that savings are withdrawn from U.S. financial institutions,there would be a reduction in the supply of loanable funds in the U.S. Consequently, this specific situation places upward pressure on the U.S. interest rates.While this specific situation places upward pressure on U.S. interest rates, the economic growth and the budget deficit are expected to place downward pressure on interest rates.Therefore, you would still forecast a decline in U.S. interest rates, unless you believe that theimpact of the Canadian situation would overwhelm the impact of the economic growth and thebudget deficit.Problems1.Suppose the real interest rate is 6 percent and the expected inflation is 2 percent. What would youexpect the nominal rate of interest to be?ANSWER:i = E(INF) + i ki = 2% + 6% = 8%2. Suppose that Treasury bills are currently paying 9 percent and the expected inflation is 3 percent.What is the real interest rate?ANSWER:i = E(INF) + i ki k = i – E(INF)i k = 9% – 3% = 6%Chapter 3Structure of Interest RatesChapter 1/Role of Financial Markets and Institutions 9Questions1.Identify the relevant characteristics of any security that can affect the security's yield.ANSWER:The relevant characteristics are:1. default risk2. liquidity3. tax status4. maturity5. special provisions (such as a call feature)2. What effect does a high credit risk have on securities?ANSWER: Investors require a higher risk premium on securities with a high default risk.3. Discuss the relationship between the yield and liquidity of securities.ANSWER: The greater the liquidity of a security, the lower is the yield, other things being equal.4. Do investors in high-tax brackets or those in low-tax brackets benefit more from tax-exemptsecurities? Why?ANSWER: High-tax bracket investors benefit more from tax-exempt securities because their tax savings from avoiding taxes is greater.5. Do municipal bonds or corporate bonds offer a higher before-tax yield at a given point in time? Why?Which has the higher after-tax yield?ANSWER: Corporate bonds offer a higher before-tax yield, since they are taxable by the federal government. The municipal bonds may have a higher tax yield for investors subject to a high tax rate.For low-tax bracket investors, the corporate bonds would likely have a higher after-tax yield.6. If taxes did not exist, would Treasury bonds offer a higher or lower yield than municipal bonds withthe same maturity? Why?ANSWER: Treasury bonds would offer a lower yield than municipal bonds because they areperceived to be risk-free. If taxes did not exist, the required return on Treasury bonds would be lower than on municipal bonds.7. Explain how a yield curve would shift in response to a sudden expectation of rising interest rates,according to the pure expectations theory.ANSWER: The demand for short-term securities would increase, placing upward (downward)pressure on their prices (yields). The demand for long-term securities would decrease, placingdownward (upward) pressure on their prices (yields). If the yield curve was originally upward sloped, it would now have a steeper slope as a result of the expectation. If it was originally downward sloped, it would now be more horizontal (less steep), or may have even become upward sloping.8. What is the meaning of the forward rate in the context of the term structure of interest rates?ANSWER: The forward rate is the expected interest rate at a future point in time.9. Why might forward rates consistently overestimate future interest rates? How could such a bias beavoided?ANSWER: If forward rates are estimated without considering the liquidity premium, it mayoverestimate the future interest rates. If a liquidity premium is accounted for when estimating the forward rate, the bias can be eliminated.10. Assume there is a sudden expectation of lower interest rates in the future. What would be the effecton the shape of the yield curve? Explain.ANSWER: The demand for short-term securities would decrease, placing downward (upward)pressure on their prices (yields). The demand for long-term securities would increase, placing upward。

作业总分作业名称100金融市场与机构第二次作业起止时间2016-11-27 23:59:00至2016-11-2标准题总分通过分数10060:2单选题（请在以下几个选项中选择唯一正确答案）: 本题分数题号:1 题型年年末，在全球交易所衍生产品交易市场上，）的统计，根据国际清算银行（BIS2005）是交易最活跃的衍生工具（A、利率期货?B、股指期权?C、外汇期权?、利率期权D?d标准答案：说明：:2本题分数单选题（请在以下几个选项中选择唯一正确答案）题型: :2 题号）的统计，（ 2005年年末，BIS根据国际清算银行（在全球场外衍生产品交易市场上，）是交易最活跃的衍生工具A、外汇远期?、利率互换B?、远期利率协议C?D、利率期权?b标准答案：说明：:2本题分数单选题（请在以下几个选项中选择唯一正确答案）:题型 :3 题号．以锁定一个无风同时进入两个或多个金融衍生品市场进行交易，在金融衍生品市场中，险收益的交易者是（）A、套期保值者?B、投机者?、投资者C?、套利者D?d标准答案：说明：:2:单选题（请在以下几个选项中选择唯一正确答案）本题分数题型题号:4下列关于金融期权合约买卖双方权利义务关系的说法中，正确的是（）A、买方有执行权利，无执行义务?B、买方可能遭受的损失无限?、卖方面临的风险是有限的C?D、卖方可以要求买方履行合约?a标准答案：说明：:2题号:5 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数在交易双方商定合约时，不需要缴纳保证金的交易品种是（）A、利率期货合约?B、股票指数期权合约?、远期利率协议C?．、股票期货D?c标准答案：说明：:2本题分数单选题（请在以下几个选项中选择唯一正确答案）题号:6 题型:）利率期货的基础资产为价格随市场利率波动的（、股票产品A?、债券产品B?C、基金产品?、外汇产品D?b标准答案：说明：:2单选题（请在以下几个选项中选择唯一正确答案）本题分数题号:7 题型:下列关于金融期货合约的说法中，正确的是（）A、场外交易?、非标准化B?C、流动性强?、违约风险高D?c 标准答案：说明： :2本题分数单选题（请在以下几个选项中选择唯一正确答案）:题型 :8 题号．）我国曾于1993年开展金融衍生交易（、利率期货A?、国债期货B?、股指期货C?、外汇期货D?b标准答案：说明： :2题型 :单选题（请在以下几个选项中选择唯一正确答案）本题分数题号:9的时候使用()升值共享抵押贷款主要在利率、较高A?B、较低?C、波动?D、稳定?a标准答案：说明：题号 :2单选题（请在以下几个选项中选择唯一正确答案）:10 题型:本题分数）不是期货合约中应该包括的内容下列（A、交易规格?、交易价格B?、交易数量C?．、交易品种D?b标准答案：说明：:2题型:11 :单选题（请在以下几个选项中选择唯一正确答案）本题分数题号赋予期权买者出售标的资产权利的期权是（）、看涨期权A?、看跌期权B?C、欧式期权?、美式期权D?b 标准答案：说明：:2单选题（请在以下几个选项中选择唯一正确答案）本题分数题号:12 题型:下列关于金融期权合约的说法正确的是（）A、以金融资产作为标的物?、期权买卖双方的权利义务对等B?C、期权买方面临的风险难以预测?、期权卖方的收益可能是无限的D?a标准答案：说明： :2本题分数单选题（请在以下几个选项中选择唯一正确答案）:题型 :13 题号．）在期权合约的内容中，最重要的是（A、期权费?、协定价格B?C、合约期限?D、合约数景?b标准答案：说明： :单选题（请在以下几个选项中选择唯一正确答案）:2本题分数题型题号:14在金融衍生品种，买卖权利的交易是（）A、金融远期合约?B、金融期货合约?C、金融互换合约?、金融期权合约D?d标准答案：说明：单选题（请在以下几个选项中选择唯一正确答案）题型 ::2本题分数:15 题号下列不属于金融远期合约的特点的是（）A、协议非标准化?、场外交易B?、实物交割C?．、保证金制度D?d标准答案：说明：:2本题分数::16 题型单选题（请在以下几个选项中选择唯一正确答案）题号不属于金融期货合约特点的是（）、交易对象标准化A?、基本没有违约风险B?C、流动性弱?、交易单位规范化D?c标准答案：说明：:2单选题（请在以下几个选项中选择唯一正确答案）本题分数题型题号:17 :下列属于创新性抵押贷款的是()A、联邦抵押贷款?、普通抵押贷款B?C、浮动利率抵押贷款?、升值共享抵押贷款D?c标准答案：说明： :2本题分数单选题（请在以下几个选项中选择唯一正确答案）:题型 :18 题号．下列不属于抵押贷款风险的是（）A、利率风险?、提前偿付风险B?C、敏感性风险?D、信用风险?c标准答案：说明： :单选题（请在以下几个选项中选择唯一正确答案）:2本题分数题型题号:19下列属于抵押转递证券的是（）A、担保抵押证券?B、抵押担保证券?C、固定利率抵押贷款?、参与凭证D?d标准答案：说明：单选题（请在以下几个选项中选择唯一正确答案）题型 ::2 本题分数:20 题号住房抵押贷款属于（）A、公积金贷款?、保证贷款B?、商业性贷款C?．D、政策性贷款?c标准答案：说明：:3判断题本题分数题号:21 题型:储蓄银行和其他专业西方国家的银行按职能可划分为中央银行、商业银行、投资银行、信用机构。

14秋学期《金融机构与金融市场》在线作业
1. 在证券交易中，经纪人同客户之间形成( )关系。

A. 委托代理关系
B. 债权债务关系
C. 信任关系
D. 买卖关系
E. 所有权关系
正确答案：A 满分：2 分得分：2
2. 股票实际上代表了股东对股份公司的（）.
A. 产权
B. 债权
C. 物权
D. 所有权
正确答案：D 满分：2 分得分：2
3. 商业银行参与货币市场的主要目的是为了（）
A. 筹集资金
B. 头寸管理
C. 实现货币政策目标
D. 降低投资风险
正确答案：B 满分：2 分得分：2
4. 按资金的偿还期限分，金融市场可分为：
A. 一级市场和二级市场
B. 同业拆借市场和长期债券市场
C. 货币市场和资本市场
D. 股票市场和债券市场
正确答案：C 满分：2 分得分：2
5. 中国证券市场逐步规范化，其中发行制度的发展（）
A. 始终是审批制
B. 由审批制到核准制
C. 始终是核准制
D. 由核准制到审批制
正确答案：B 满分：2 分得分：2
1. 股票在实质上代表了股东对股份公司的（）
A. 产权
B. 债券
C. 物权
D. 所有权
正确答案：D 满分：3 分得分：3
2. 按照美国的做法，垃圾债券一般是指信用评级在B B B（Baa）以下的债券，又称为
A. 无风险债券
B. 无收益债券
C. 高风险债券。

金融市场作业参考答案金融市场作业（一）一、填空1、金融市场的深度、广度和弹性是发达的金融市场必须具备的特点2、按品种划分金融工具有票据、债券和股票三种。

3、金融市场四要素中最基本的要素是金融市场主体、金融市场客体。

4、金融市场按交割方式可分为现货市场、期货市场和期权市场。

5、金融市场最基本的功能是转化储蓄为投资。

6、金融市场监管的内容主要是对金融市场要素的监管。

7、我国金融市场的主要监管机构是中国人民银行。

8、企业在货币市场是以资金需求者和资金供应者的双重身份出现。

9、政府除了是金融市场上最大的资金需求者和交易的主体以外，还是重要的监管者和调节者，因此在金融市场的身份是双重的。

10、政府公债从来都是财政政策实施的重要方式，又是中央银行执行货币政策的主要手段。

三、单项选择：1、金融市场首先形成于17世纪初的（ C）A、中国浙江一带B、美州大陆C、欧洲大陆D、日本2、世界最早的证券交易所是（A）A、荷兰阿姆斯特丹证交所B、英国伦敦证交所C、德国法兰克福证交所D、美国纽约证交所3、我国历史上第一家证券交易所是成立于1918年的（C）A上海证券物品交易所 B、上海华商证交所C、北京证交所D、天津证券、华沙、粮食、皮毛交易股份公司4、在金融市场发达的国家，许多未上市的证券或不足一个成交批量的证券，也可以在金融市场进行交易，人们习惯把这种市场称为（A）A、店头市场B、议价市场C、公开市场D、第四市场5、机构投资者买卖双方直接联系成交的市场称为（D）A、店头市场B、议价市场C、公开市场D、第四市场6、企业是经济活动的中心，因此也是金融市场运行的（B）A、中心B、基础C、枢纽D、核心7、金融市场中最早形成的市场是（A）A、公债市场B、股票市场C、票据市场D、外汇市场8、当法定存款准备金率为20%，商业银行吸收的存款为100万美元，便有（D）必须作为法定存款准备金。

A、5万美元B、10万美元C、15万美元D、20万美元9、票据是一种返还证券，这里的返还是指必须把票据交还（D）A、出票人B、执票人C、收款人 D付款人10、票据是一种要式证券，这里要式是指（A）A、必须以法定方式作成B、强调票据的重要性C、盖章人必须对票据所载文字负责D、票据的权利四、多项选择：1、在西方发达国家，有价证券细分为（A、B、C）2、在下述对金融市场实施监管的机构中，属于辅助监管机构的有（B、C）3、在我国金融市场中，属于自律性的监管机构包括（B、C、D）4、机构投资者一般包括（B、C、D）5、货币市场上的交易工具主要有（A、D、f）6、在票据的各种特征中，最主要的特征是（B、C、D）7、货币市场经纪人包括（A、C、D）8、在证券交易中，经纪人同客户之间形成了（A、B、C、D）关系。

作业名称金融市场与机构第二次作业作业总分100起止时间2016-11-2至2016-11-27 23:59:00通过分数60标准题总分100题号:1 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2根据国际清算银行（BIS）的统计，2005年年末，在全球交易所衍生产品交易市场上，（）是交易最活跃的衍生工具•A、利率期货•B、股指期权•C、外汇期权•D、利率期权标准答案：d说明：题号:2 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2根据国际清算银行（BIS）的统计，2005年年末，在全球场外衍生产品交易市场上，（）是交易最活跃的衍生工具•A、外汇远期•B、利率互换•C、远期利率协议•D、利率期权标准答案：b说明：题号:3 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2在金融衍生品市场中，同时进入两个或多个金融衍生品市场进行交易，以锁定一个无风险收益的交易者是（）•A、套期保值者•B、投机者•C、投资者•D、套利者标准答案：d说明：题号:4 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 下列关于金融期权合约买卖双方权利义务关系的说法中，正确的是（）•A、买方有执行权利，无执行义务•B、买方可能遭受的损失无限•C、卖方面临的风险是有限的•D、卖方可以要求买方履行合约标准答案：a说明：题号:5 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 在交易双方商定合约时，不需要缴纳保证金的交易品种是（）•A、利率期货合约•B、股票指数期权合约•C、远期利率协议•D、股票期货标准答案：c说明：题号:6 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 利率期货的基础资产为价格随市场利率波动的（）•A、股票产品•B、债券产品•C、基金产品•D、外汇产品标准答案：b说明：题号:7 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 下列关于金融期货合约的说法中，正确的是（）•A、场外交易•B、非标准化•C、流动性强•D、违约风险高标准答案：c说明：题号:8 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2我国曾于1993年开展金融衍生交易（）•A、利率期货•B、国债期货•C、股指期货•D、外汇期货标准答案：b说明：题号:9 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 升值共享抵押贷款主要在利率()的时候使用•A、较高•B、较低•C、波动•D、稳定标准答案：a说明：题号:10 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 下列（）不是期货合约中应该包括的内容•A、交易规格•B、交易价格•C、交易数量•D、交易品种标准答案：b说明：题号:11 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 赋予期权买者出售标的资产权利的期权是（）•A、看涨期权•B、看跌期权•C、欧式期权•D、美式期权标准答案：b说明：题号:12 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 下列关于金融期权合约的说法正确的是（）•A、以金融资产作为标的物•B、期权买卖双方的权利义务对等•C、期权买方面临的风险难以预测•D、期权卖方的收益可能是无限的标准答案：a说明：题号:13 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2在期权合约的内容中，最重要的是（）•A、期权费•B、协定价格•C、合约期限•D、合约数景标准答案：b说明：题号:14 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 在金融衍生品种，买卖权利的交易是（）•A、金融远期合约•B、金融期货合约•C、金融互换合约•D、金融期权合约标准答案：d说明：题号:15 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 下列不属于金融远期合约的特点的是（）•A、协议非标准化•B、场外交易•C、实物交割•D、保证金制度标准答案：d说明：题号:16 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 不属于金融期货合约特点的是（）•A、交易对象标准化•B、基本没有违约风险•C、流动性弱•D、交易单位规范化标准答案：c说明：题号:17 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 下列属于创新性抵押贷款的是()•A、联邦抵押贷款•B、普通抵押贷款•C、浮动利率抵押贷款•D、升值共享抵押贷款标准答案：c说明：题号:18 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2下列不属于抵押贷款风险的是（）•A、利率风险•B、提前偿付风险•C、敏感性风险•D、信用风险标准答案：c说明：题号:19 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 下列属于抵押转递证券的是（）•A、担保抵押证券•B、抵押担保证券•C、固定利率抵押贷款•D、参与凭证标准答案：d说明：题号:20 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:2 住房抵押贷款属于（）•A、公积金贷款•B、保证贷款•C、商业性贷款•D、政策性贷款标准答案：c说明：题号:21 题型:判断题本题分数:3西方国家的银行按职能可划分为中央银行、商业银行、投资银行、储蓄银行和其他专业信用机构。

1.下面哪一项不是政府弥补财政赤字的方法。

（D）（分）A.发行公债B.透支增发货币C.向央行借款D.商业银行贷款2.（D）是分配土地、劳动与资本等生产要素的市场。

（分）A.产品市场B.资本市场C.金融市场D.要素市场3.（C）是现代经济的核心。

（分）A.生产B.商品C.金融D.物流4.（B）是经济活动中最大的资金需求者。

（分）A.居民B.企业C.银行D.政府5.（B）是指金融资产在转换成货币时，其价值不会蒙受损失的能力。

（分）B.流动性C.偿还性D.收益性6.（B）的出现标志金融市场的萌芽。

（分）A.信用形式B.货币C.证券业D.银行7.商业银行的投资活动多将（A）放在首位。

（分）A.安全性B.保护存款人利益C.收益性D.流动性8.（C）由出票人签发，要求付款人按约定的付款期限，对指定的收款人无条件支付一定金额的票据。

（分）A.支票B.发票C.汇票D.本票9.（D）在公司盈余分配，排在后面。

（分）A.优先股B.资产股D.普通股10.（C）是支付证券。

（分）A.发票B.汇票C.支票D.本票11.一般认为有形的、有组织的金融市场大约形成于（A）世纪的欧洲大陆。

（分）12.下面哪一项不是金融市场的宏观功能（C）。

（分）A.反映功能B.分配功能C.财富功能D.调节功能13.（C）是金融市场上传统的投资者和资金供给者。

（分）A.政府B.机构投资者C.家庭D.企业14.商业银行是以（A）为主要业务，以盈利为目的的金融机构。

（分）A.经营存贷款B.银行资本金C.基金D.利润15.商业银行接受（C）业务，具有创造存款货币的职能（分）A.定活两便存款B.理财C.活期存款D.定期存款16.规模庞大、经营良好、收益丰厚的大公司发行的股票是（B）。

（分）A.绩优股B.蓝筹股C.资产股D.收入股17.下面哪一项金融市场活动是中央银行操作的。

（B）（分）A.货币政策B.公开市场业务C.财政政策D.发行国库券18.货币头寸的价格即（A）。

Chapter1Role of Financial Markets and Institutions OutlineOverview of Financial MarketsMoney Versus Capital MarketsPrimary Versus Secondary MarketsOrganized Versus Over-the-Counter MarketsSecurities Traded in Financial MarketsMoney Market SecuritiesCapital Market SecuritiesDerivative SecuritiesValuation of Securities in Financial MarketsMarket Pricing of SecuritiesMarket EfficiencyFinancial Market RegulationDisclosureOther RegulationsFinancial Market GlobalizationRole of the Foreign Exchange MarketForeign Exchange RatesRole of Financial Institutions in Financial MarketsRole of Depository InstitutionsRole of Nondepository InstitutionsComparison of Roles Among Financial InstitutionsOverview of Financial InstitutionsCompetition Between Financial InstitutionsConsolidation of Financial Institutions12E Chapter1/Role of Financial Markets and InstitutionsGlobal Expansion by Financial InstitutionsKey Concepts1.Explain the role of financial intermediaries in transferring funds from surplus units to deficit units.2.Introduce the types of financial markets available and their functions.3.Introduce the various financial institutions that facilitate the flow of funds.4.Provide a preview of the course outline.Emphasize the linkages between the various sections of thecourse.Questions1.Explain the meaning of surplus units and deficit units.Provide an example of each.ANSWER:Surplus units provide funds to the financial markets while deficit units obtain funds from the financial markets.Surplus units include households with savings,while deficit units include firms or government agencies that borrow funds.2.Distinguish between primary and secondary markets.ANSWER:Primary markets are used for the issuance of new securities while secondary markets are used for the trading of existing securities.3.Distinguish between money and capital markets.ANSWER:Money markets facilitate the trading of short-term(money market)instruments while capital markets facilitate the trading of long-term(capital market)instruments.4.Distinguish between perfect and imperfect security markets.ANSWER:With perfect financial markets,all information about any securities for sale would be freely available to investors,information about surplus and deficit units would be freely available, and all securities could be unbundled into any size desired.In reality,markets are imperfect,so that surplus and deficit units do not have free access to information,and securities can not be unbundled as desired.5.Explain why the existence of imperfect markets creates a need for financial institutions.ANSWER:Financial intermediaries are needed to facilitate the exchange of funds between surplus and deficit units.They have the information to provide this service and can even repackage deposits to provide the amount of funds borrowers desire.6.Explain the meaning of efficient markets.Why might we expect markets to be efficient most of thetime?ANSWER:If markets are efficient then prices of securities available in these markets properly reflect all information.We should expect markets to be efficient because if they weren't,investors would capitalize on the discrepancy between what prices are and what they should be.This action would force market prices to represent the appropriate prices as perceived by the market.7.In recent years,several securities firms have been guilty of using inside information when purchasingsecurities,thereby achieving returns well above the norm(even when accounting for risk).Does this suggest that the security markets are not efficient?Explain.ANSWER:Efficiency is often defined with regard to publicly available information.In this case, markets can be efficient,but investors with inside information could possibly outperform the market on a consistent basis.A stronger version of efficiency would hypothesize that even access to inside information will not consistently outperform the market.Chapter1/Role of Financial Markets and Institutions E3 8.What was the purpose of the Securities Act of1933?What was the purpose of the SecuritiesExchange Act of1934?Do these laws prevent investors from making poor investment decisions?Explain.ANSWER:The Securities Act of1933was intended to assure complete disclosure of relevantfinancial information on publicly offered securities,and prevent fraudulent practices when selling these securities.The Securities Exchange Act of1934extended the disclosure requirements tosecondary market issues.It also declared a variety of deceptive practices illegal,but does not prevent poor investments.9.If barriers to international securities markets are reduced,will a country's interest rate be more or lesssusceptible to foreign lending or borrowing activities?Explain.ANSWER:If international securities market barriers are reduced,a country's interest rate will likely become more susceptible to foreign lending and borrowing activities.Without barriers,funds will flow more freely in between countries.Funds would seek out countries where expected returns are high.Then,the amount of foreign funds invested in any country could adjust abruptly and affect interest rates.10.In what way could the international flow of funds cause a decline in interest rates?ANSWER:If a large volume of foreign funds was invested in the United States,it could placedownward pressure on U.S.interest rates.Without this supply of foreign funds,U.S.interest rates would have been higher.11.Distinguish between the functions of a broker and those of a dealer,and explain how each iscompensated.ANSWER:Brokers are commonly compensated with commissions on trades,while dealers arecompensated on their positions in particular securities.Some dealers also provide brokerage services.12.Why is it necessary for securities to be somewhat standardized?ANSWER:Securities can be more easily traded when they are standardized because the specifics of the security transaction are well known.If securities were not standardized,transactions would be slowed considerably as participants would have to negotiate all the provisions.13.What are the functions of securities firms?ANSWER:Securities firms provide a variety of functions(such as underwriting and brokerage)that either enhance a borrower's ability to borrow funds or an investor’s ability to invest funds.14.Explain why some financial flows of funds cannot occur through the sale of standardized securities.ANSWER:Some financial flows,such as most commercial loans,must be provided on a personal basis,since the firms requesting loans have particular needs.15.If securities were not standardized,how would this affect the volume of financial transactionsconducted by brokers?ANSWER:If securities were not standardized,the volume of financial transactions conducted by brokers would be reduced,because the documentation would be greater.mercial banks use some funds to purchase securities and other funds to make loans.Why are thesecurities more marketable than loans in the secondary market?ANSWER:Securities are more standardized than loans and therefore can be more easily sold in the secondary market.The excessive documentation on commercial loans limits a bank's ability to sell loans in the secondary market.17.How have the asset compositions of savings and loan associations differed from those of commercialbanks?Explain why and how this distinction may change over time.ANSWER:Savings and loan associations have traditionally concentrated in mortgage lending,while commercial banks have concentrated in commercial lending.Savings and loan associations are now4E Chapter1/Role of Financial Markets and Institutionsallowed to diversify their asset portfolio to a greater degree and will likely increase theirconcentration in commercial loans(but not to the same degree as commercial banks.18.With regard to the profit motive,how are credit unions different from other financial institutions?ANSWER:Credit unions are non-profit financial institutions.pare the main sources and uses of funds for finance companies,insurance companies,andpension funds.ANSWER:Finance companies sell securities to obtain funds,while insurance companies receive insurance premiums and pension funds receive employee/employer contributions.Finance companies use funds to provide direct loans to consumers and businesses.Insurance companies and pension funds purchase securities.20.What is the function of a mutual fund?Why are mutual funds popular among investors?ANSWER:A mutual fund sells shares to investors,pools the funds,and invests the funds in aportfolio of securities.Mutual funds are popular because they can help individuals diversify while using professional expertise to make investment decisions.21.How does a money market mutual fund differ from a stock or bond mutual fund?ANSWER:A money market mutual fund invests in money market securities,whereas other mutual funds normally invest in stocks or bonds.22.Classify the types of financial institutions mentioned in this chapter as either depository ornondepository.Explain the general difference between depository and nondepository institution sources of funds.ANSWER:Depository institutions include commercial banks,savings and loan associations,and credit unions.These institutions differ from nondepository institutions in that they accept deposits.Nondepository institutions include finance companies,insurance companies,pension funds,mutual funds,and money market funds.23.It is often stated that all types of financial institutions have begun to offer services that werepreviously offered only by certain types.Consequently,many financial institutions are becoming more similar in terms of their operations.Yet,the performance levels still differ significantly among types of financial institutions.Why?ANSWER:Even though financial institutions are becoming more similar,they often differ distinctly from each other in terms of sources and uses of funds.Therefore,their performance levels differ as well.24.Look in a recent business periodical for news about a recent financial transaction that involves twofinancial institutions.For this transaction,determine the following:a.How will each institution's balance sheet be affected?b.Will either institution receive immediate income from the transaction?c.Who is the ultimate user of funds?d.Who is the ultimate source of funds?ANSWER:This exercise will force students to understand how the balance sheet and incomestatement of a financial institution is affected by various transactions.When a financial institution simply acts as a middleman,income(fees or commissions)are earned,but the institution's asset portfolio is not significantly affected.25.Which types of financial institutions do you deal with?Explain whether you are acting as a surplusunit or a deficit unit in your relationship with each financial institution.ANSWER:This exercise allows students to realize that they constantly interact with financialinstitutions,and that they often play the role of a deficit unit(on car loans,tuition loans,etc.).Chapter1/Role of Financial Markets and Institutions E5 26.Explain how the privatization of companies in Europe can lead to the development of new securitiesmarkets.ANSWER:The privatization of companies will force these companies to finance with stocks and debt securities,instead of relying on the federal government for funds.Consequently,secondary markets for stocks and debt securities will be developed over time.Interpreting Financial News“Interpreting Financial News”tests your ability to comprehend common statements made by Wall Street analysts and portfolio managers who participate in the financial markets.Interpret the following statements made by Wall Street analysts and portfolio managers.a.“The price of IBM will not be affected by the announcement that its earnings have increased asexpected.”The earnings level was anticipated by investors,so that IBM’s stock price already reflected this anticipation.b.“The lending operations at Bank of America should benefit from strong economic growth.”High economic growth encourages expansion by firms,which results in a strong demand forloans provided by Bank of America.c.“The brokerage and underwriting performance at Merrill Lynch should benefit from strongeconomic growth.”High economic growth may result in a large volume of stock transactions in which Merrill Lynch may serve as a broker.Also,Merrill Lynch underwriters new securities that are issued whenfirms raise funds to support expansion;firms are more willing to issue new securities to expand during periods of high economic growth.Managing in Financial MarketsAs a financial manager of a large firm,you plan to borrow$70million over the next year.a.What are the more likely alternatives for you to borrow$70million?You could attempt to borrow$70million from commercial banks,savings institutions,or finance companies in the form of commercial loans.Alternatively,you may issue debt securities.b.Assuming that you decide to issue debt securities,describe the types of financial institutions thatmay purchase these securities.Financial institutions such as mutual funds,pension funds,and insurance companies commonly purchase debt securities that are issued by firms.Other financial institutions such as commercial banks and savings institutions may also purchase debt securities.c.How do individuals indirectly provide the financing for your firm when they maintain deposits atdepository institutions,invest in mutual funds,purchase insurance policies,or invest in pensions?Individuals provide funds to financial institutions in the form of bank deposits,investment inmutual funds,purchases of insurance policies,or investment in pensions.The financialinstitutions may channel the funds toward the purchase of debt securities(and even equitysecurities)that were issued by large corporations,such as the one where you work.。

第3章利率的含义及其在定价中的作用课后题（定量）1．计算5年期，到期收益率为6%的1000美元零息债券的现值。

2．一种彩票头奖每年偿付50万，共付20年，贴现率为6%，这份头奖的实际价值是多少？3．年息票利率为7%，面值1000美元，到期期限3年，到期收益率5%，计算当期价格。

4．票面价值为1000美元，息票利率为10%，当期售价1150美元，到期期限为8年，债券的到期收益率为多少？5．一种永续债券年支付1250美元，当前价格15625美元。

求年支付1250美元，20年期普通年金的当前价格。

6．一种永续债券年支付50美元，到期收益率为2.5%，求当前价格。

如果到期收益率翻倍，当前价格为多少。

7．10万美元的房产，财产税为每年2.66%，求财产税的现值。

（假设房产价值不变，财产税率不变，贴现率为9%）8．实际利率2%，下一年预期通货膨胀率6%，名义利率是多少？以名义利率存款1000美元，一年后能否购买1050美元的音响。

9．10年期息票债券，面值1000美元，息票利率7%，当前售价871.65美元，如果第二年以880.1美元出售，计算回报率。

10．5年期债券，息票利率8%，面值1000美元，当前以980.30美元购买，若在1年后售出，回报率为9%，求售出价。

11．期限3年，面值1000美元，息票利率6%的息票债券久期。

（到期收益率7%）12．第11题中，如果利率跌至6.75%，计算预期价格变动。

两种方法13．一种价值为1亿美元的资产组合久期为10年，4000万证券加入该组合后久期变为12.5年，求4000万证券的久期？14．银行有两种3年期贷款。

第一种价值为3000万美元，到期一次性还款3780万美元。

第二种价值为4000万美元，要求每年偿还360美元利息，本金到期后归还。

（1）银行贷款资产组合的久期。

（2）如果利率从8%提高为8.5%该资产组合的价值变化情况。

15．一种债券的现金流支付如下：年 1 2 3 4现金流160 170 180 230将其持有2.5年，然后售出。