超星2018春金融学基础_1章节答案(学习通2023完整答案)

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模块一：金融和金融系统

1.1 金融的超星春金概念与含义随堂测验

1、The融学 roles of time and conditions of uncertainty are the two distinguishing characteristics of financial decisions.

1.3 个人/家庭和企业的金融决策随堂测验

1、A business firm’s decision between financing the purchase of a delivery van by taking out a loan or by leasing is 基础an example of ( )
A、capital-budgeting decision
B、章节整答working capital management decision
C、答案capital structure decision
D、学习risk management decision

2、通完In order to protect against a drop in price of the stocks you hold,超星春金 you decide to lock in stock prices by signing a contract with financial intermediaries. What is the type of financial decision you make in the example? ( )
A、Consumption and saving decision
B、融学Investment decision
C、基础Financing decision
D、章节整答Risk-management decision

1.4 资金流动与金融系统随堂测验

1、答案Suppose that Alice bought a house by obtaining a loan from a financial company,学习 which raised funds by issuing stocks and bonds in the markets. Which one is correct about the flow of funds? ( )
A、Surplus Units - Markets - Deficit Units
B、通完Surplus Units - Markets - Intermediaries - Deficit Units
C、超星春金Surplus Units - Intermediaries - Deficit Units
D、Surplus Units - Intermediaries - Markets - Deficit Units

1.5 金融市场的类型随堂测验

1、Stock is one of the financial instruments traded on the money market.

《模块一：金融和金融系统》单元测验

1、A business firm’s decision between financing the purchase of a delivery van by taking out a loan or by leasing is an example of ( )
A、capital-budgeting decision
B、working capital management decision
C、capital structure decision
D、risk management decision

2、In order to protect against a drop in price of the stocks you hold, you decide to lock in stock prices by signing a contract with financial intermediaries. What is the type of financial decision you make in the example? ( )
A、Consumption and saving decision
B、Investment decision
C、Financing decision
D、Risk-management decision

3、Suppose you want to invest in the U.S. Treasury bills (T-bills). The minimum denomination is $100,000 and you have only $1,000. Therefore, you choose to invest your $1,000 in U.S. T-bill mutual funds at a price of $10 per share. Which function of financial systems does the mutual fund perform in doing this way? ( )
A、polling resources and subdividing shares
B、providing information
C、clearing and settling payments
D、dealing with incentive problem

4、In following businesses, ①—>②—>③ is the order of flow of funds of （ ）
A、You buy an insurance policy and insurance company then uses premiums to buy bonds
B、You buy some bonds issued by China Construction Bank (CCB) and CCB then makes loans to families and firms
C、You buy bonds
D、You deposit your money into banks and banks then make loans to firms

5、The discipline of finance is devoted to understanding resource allocation problems of a particular nature. The two distinguishing characteristics of financial decisions are ( ）
A、the roles of time and conditions of uncertainty
B、assets and liabilities
C、human and financial capital
D、time and natural resources

6、Investment banks’ primary function is not to ( )
A、underwrite the securities they distribute
B、help business or governments raise funds to finance their activities by issuing securities
C、facilitate and sometimes initiate mergers of firms or acquisitions of one firm by another
D、take deposits and make loans

7、Which of the following statements is not true? ( )
A、Financial institutions exist in order to facilitate the satisfaction of people’s consumption preferences
B、Finance is the study of how people allocate scarce resources over time and under conditions of uncertainty
C、Usually, we can know the costs and benefits of financial decisions with certainty in advance
D、Financial system involves the regulatory bodies that govern financial markets, financial intermediaries and financial service firm

8、In the corporate form, the separated structure creates the potential for ( ) between owners and managers.
A、increased transactional costs
B、a conflict of interest
C、stability in relations
D、none of the above

9、The roles of time and conditions of uncertainty are the two distinguishing characteristics of financial decisions

10、Stock is one of the financial instruments traded on the money market.

11、The fact that banks are less likely to make loans to applicants who cannot provide the collaterals is an example of moral hazard.

12、The fact that banks that do checks of the credit history of potential borrowers are more likely to attract higher quality borrowers than banks that do not check the credit history is an example of moral hazard.

13、The fact that you are less likely to take care of yourself when you have bought a health insurance than when you have not been insured is an example of adverse selection.

14、In the financial system, the flow of funds must be bundled with the flow of risks.

15、Because of the moral hazard caused by asymmetric information about the true types of borrowers, a bank without checking borrowers’ credit history were more likely to attract borrowers with poor quality compared to banks that did checks of credit history.

16、The goal of corporate management is to maximize the firm’s profits.

17、Generally, high-quality old cars do not tend to enter the “second-hand car” market just because of the moral hazard problem.

《模块一：金融和金融系统》单元作业1

1、Assume there are only two stocks traded in the stock market, and you are trying to construct an index to show what has happened to stock prices. Let us say that in the base year the prices were $20 per share for stock 1 with 100 million shares outstanding and $10 for stock 2 with 50 million shares outstanding. A year later, the prices are $30 per share for stock 1 and $2 per share for stock 2. Using the approaches of market-weighted and simple-averaged to construct two types of stock indexes showing what has happened to the overall stock market, respectively. Which of the two methods do you prefer and why? (Referred to APPENDIX of Chapter 2 in textbook).

《模块一：金融和金融系统》单元作业2

1、Some say the only criterion to use in predicting what will serve as money in the future is the real resource cost of producing it, including the transaction costs of verifying its authenticity. According to this criterion what do you think will be the money of the future?

《模块一：金融和金融系统》单元作业3

1、指定教材P21: 3. How are the financial decisions faced by a single person living alone different from those faced by the head of a household with responsibility for several children of school age? Are the tradeoffs they have to make different, or will they evaluate the tradeoffs differently?

2、指定教材P21： 4. Family A and Family B both consist of a father, mother, and two children of school age. In Family A both spouses have jobs outside the home and earn a combined income of $100,000 per year. In Family B, only one spouse works outside the home and earns $100,000 pear year. How do the financial circumstances and decisions faced by the two families differ?

3、指定教材P67-70: 6. Give an example of how the problem of moral hazard might prevent you from getting financing for something you want to do. Can you think of a way of overcoming this problem?

4、指定教材P67-70: 7. Give an example of how the problem of adverse selection might prevent you from getting financing for something you want to do. Can you think of a way of overcoming this problem?

5、指定教材P67-70: 8. Give an example of how the principal-agent problem might prevent you from getting financing for something you want to do. Can you think of a way of overcoming this problem?

模块二：资金的时间价值和跨时期优化

2.1 资金时间价值、复利等基本概念与含义随堂测验

1、Suppose you put $1,000 into an account earning an interest rate of 5% per year for 5 years, and assuming you take nothing out of the account before then. What is the future value? What are the simple interest and the compound interest?
A、FV=$1,376.28; simple interest=$350; compound interest=$26.28
B、FV=$1,226.28; simple interest=$200; compound interest=$26.28
C、FV=$1,276.28; simple interest=$250; compound interest=$26.28
D、FV=$1,279.28; simple interest=$250; compound interest=$29.28

2.2 复利、计息频率与有效年利率随堂测验

1、You take out a loan at an APR (annual percentage rate) of 12% with monthly compounding. What is the effective annual rate on your loan?
A、13.68%
B、12.98%
C、13.98%
D、12.68%

2、Suppose a $10,000 T-bill that will mature in 3 months is currently selling for $9,800. If you purchase and hold the T-bill to maturity, what the rate of return would you earn on this investment computed as a continuously compounding annual rate (over the 3-month period)?
A、8.181%
B、8.081%
C、9.011%
D、8.053%

2.3 现值、终值、利率、期限等相关换算随堂测验

1、What is the present value of $100 to be received in four years at an interest rate of 6% per year?
A、$79.21
B、$78.31
C、$80.51
D、$79.91

2.4 年金与分期摊还随堂测验

1、As CEO of ToysRFun, you are offered the chance to participate, without initial charge, in a project that produces cash flows of $5,000 at the end of the first period, $4,000 at the end of the next period and a loss of $11,000 at the end of the third and final year. (a)What is the net present value if the relevant discount rate (the company’s cost of capital) is 10%? (b)What is the internal rate of return?
A、(a) -$423.22; (b) 13.6%
B、(a) -$413.22; (b) 12.6%
C、(a) -$413.22; (b) 13.6%
D、(a) -$403.22; (b) 13.9%

2.5 个人生命周期财务规划随堂测验

1、Georgette is currently 30 years old, plans to retire at age 65 and to live to age 85. Her labor income is $25,000 per year, and she intends to maintain a constant level of real consumption spending over the next 55 years. Assume no taxes, no growth in real salary, and a real interest rate of 3% per year. What is the value of Georgette’s human capital? And what is her permanent income?
A、$547,180.50; $20,063.19
B、$537,180.50; $20,063.19
C、$537,180.50; $20,763.19
D、$537,190.50; $20,163.19

2.6 资本预算决策与净现值法则随堂测验

1、You are taking out a $100,000 mortgage loan to be repaid over 25 years in 300 monthly payments. (a) If the interest rate is 16% per year what is the amount of the monthly payment? (b) If you can only afford to pay $1000 per month, how large a loan could you take? (c) If you can afford to pay $1500 per month and need to borrow $100,000, how many months would it take to pay off the mortgage? (d) If you can pay $1500 per month, need to borrow $100,000, and want a 25 year mortgage, what is the highest interest rate you can pay?
A、(a) $1358.89; (b) $73,590; (c) 166; (d) 1.582% per month
B、(a) $1368.89; (b) $73,590; (c) 176; (d) 1.482% per month
C、(a) $1358.89; (b) $75,590; (c) 166; (d) 1.482% per month
D、(a) $1358.89; (b) $73,590; (c) 166; (d) 1.482% per month

2.7 资本预算综合举例随堂测验

1、Suppose you are a manager in the personal computer division of Compusell Corporation, a large firm that manufactures many different types of computers. You come up with an idea for a new type of personal computer, which you call the PC1000. Your estimates assume that sales will be 4,000 units per year at a price of $5,000 per unit. The total fixed costs are $3,500,000 per year, in which the depreciation is $400,000. The variable costs are $4,000 per unit for the PC1000. The corporate income tax rate is 40% per year. The initial outlay for PC1000 is $5,000,000 and an additional $2,200,000 you will get back at the end of the project’s life in year 7. The rate used to discount the cash flows is 15%. What would be the NPV of the PC1000 project?
A、-$1,260,845
B、-$1,360,645
C、-$1,270,645
D、-$1,260,645

2、Suppose you are a manager in the personal computer division of Compusell Corporation, a large firm that manufactures many different types of computers. You come up with an idea for a new type of personal computer, which you call the PC1000. The initial outlay for PC1000 is $5,000,000. The total fixed costs are $3,500,000 per year, in which the depreciation is $400,000. The variable costs are $3,750 per unit for the PC1000. Your estimates assume that the price of the personal computer is $5,000 per unit. The corporate income tax rate is 40% per year. And an additional $2,200,000 you will get back at the end of the project’s life in year 7.What would be the break-even volume for the PC1000 project if the cost of capital is 25% per year?
A、4,281
B、4,181
C、4,151
D、4,256

《模块二：资金的时间价值和跨时期优化》单元测验

1、Suppose you put $1,000 into an account earning an interest rate of 5% per year for 5 years, and assuming you take nothing out of the account before then. What are the simple interest and compound interest?
A、$1276.28, $250
B、$1276.28, $26.28
C、$250, $26.28
D、$26.28, $250

2、Suppose you saving account earns an annual percentage rate (APR) 6% which is compounded semiannually, then the effective annual rate (EFF) should be ( )
A、6%
B、6.09%
C、6.17%
D、6.18%

3、What is the present value of $100 to be received in 4 years at an interest rate of 6% per year?
A、$126.25
B、$100
C、$79.21
D、$61.8

4、Suppose you deposit $1000 now and then $2000 a year from now. How much will you have two years from now, if the interest rate is 10% per year?
A、$3000
B、$3210
C、$3200
D、$3410

5、You take a one-year installment loan of $1000 at an interest rate of 12% per year (1% per month) to be repaid in 12 equal monthly payments. What is the monthly payment?
A、$88.85
B、$90.25
C、$86.25
D、$87.25

6、You win a $1 million lottery which pays you $50,000 per year for 20 years, beginning one year from now. How much is your prize really worth assuming an interest rate of 8% per year?
A、$1,000,000
B、$490,907
C、$600,000
D、$591，250

7、Larry’s bank account has a “floating” interest rate on certain deposits. Every year the interest rate is adjusted. Larry deposited $20,000 three years ago, when interest rates were 7% (annual compounding). Last year the rate was only 6%, and this year the rate fell again to 5%. How much will be in his account at the end of this year?
A、$23,818
B、$25,826
C、$22,795
D、$30,127

8、Assume that you are 40 years old and wish to retire at age 65. You expect to be able to average a 6% annual rate of interest on your savings over your lifetime (both prior to retirement and after retirement). You would like to save enough money to provide $8,000 per year beginning at age 66 in retirement income to supplement other sources (social security, pension plans, etc.). Suppose you decide that the extra income needs to be provided for only 15 years (up to age 80). Assume that your first contribution to the savings plan will take place one year from NOW. How much must you save each year between now and retirement to achieve your goal?
A、$1816.18
B、$1716.18
C、$1516.18
D、$1416.18

9、A firm is considering investing $10 million in equipment which is expected to have a useful life of four years and is expected to reduce the firm’s labor costs by $4 million per year. Assume the firm pays a 40% tax rate on accounting profits and uses the straight line depreciation method. If the firm’s hurdle rate for this investment is 15% per year, what is the investment’s IRR?
A、15.21%
B、14.55%
C、13.54%
D、12.87%

10、Tax-Less Software Corporation is considering an investment of $400,000 in equipment for producing a new tax preparation software package. The equipment has an expected life of 4 years. Sales are expected to be 60,000 units per year at a price of $20 per unit. Fixed costs excluding depreciation of the equipment are $200,000 per year, and variable costs are $12 per unit. The equipment will be depreciated over 4 years using the straight line method with a zero salvage value. Working capital requirements are assumed to be 1/12 of annual sales. The market capitalization rate for the project is 15% per year, and the corporation pays income tax at the rate of 34%. What is the project’s NPV? What is the breakeven volume?
A、$181,845 & 47,337
B、$191,845 & 38,500
C、$191,845 & 40,500
D、$181,845 & 37,500

11、The compound interest is the interest on interest.

12、If compounding is done once per year, then the effective annual rate (EFF) is the same as the annual percentage rate (APR).

13、A mortgage is an example of immediate annuity.

14、If you lease a car for a year and the monthly lease fee is $200, then the total lease payments should be $2,400.

15、The opportunity cost of a project under evaluation is measured by the average rate of returns on all alternative investment opportunities.

16、The opportunity cost of capital is the possible maximum return rate that you could earn somewhere else if you did not invest in the project under evaluation.

17、When calculating the NPV of an investment project, a 10% increase in the cost of capital will lead to a 10% reduction in the NPV.

18、When you use the money from selling your house to invest in a Treasure bond, the return rate on holding the house is the appropriate discount rate to evaluate if the investment in Treasure bond is worthwhile.

19、The IRR is the discount rate that the NPV is equal to zero.

20、Economics call the present value of one’s future labor income permanent income.

《模块二：资金的时间价值和跨时期优化》单元作业1

1、Sammy Jo charged $1,000 worth of merchandise one year ago on her MasterCard which has a stated interest rate of 18% APR compounded monthly. She made 12 regular monthly payments of $50, at the end of each month, and refrained from using the card for the past year. How much does she still owe?

2、A firm is considering investing $10 million in equipment which is expected to have a useful life of four years and is expected to reduce the firm’s labor costs by $4 million per year. Assume the firm pays a 40% tax rate on accounting profits and uses the straight line depreciation method. What is the after-tax cash flow from the investment in years 1 through 4? If the firm’s hurdle rate for this investment is 15% per year, is it worthwhile? What are the investment’s IRR and NPV?

《模块二：资金的时间价值和跨时期优化》单元作业2

1、Analyze the following newspaper column: “What’s the best age for a person to start collecting Social Security benefits? According to conventional wisdom, retirement starts at age 65. It’s true that full benefits don’t start until age 65, but 62 year olds can retire and collect 80% of their benefits. Take the hypothetical cases of John and Mary, who have the same birthday and who are both slated to start drawing $1,000 a month in Social Security benefits at age 65. On his 62nd birthday, John decides to go ahead and start claiming his benefits of $800 a month (80% of $1000). Mary decides to wait until she’s 65, when she can claim the full $1000. Three years later, Mary turns 65 and begins receiving $1,000 a month from the Social Security Administration. John continues to receive $800 a month. But he has already been paid $28,800 while Mary received nothing. Five years go by, with Mary drawing $1,000 a month and John $800 a month. At 70, John has received $76,800, compared to Mary’s $60,000. When they reach 77, Mary will pull ahead. So, it seems if a person doesn’t live past 76, it would better to start collecting Social Security benefits at 62. For those who reach their upper 70’s, it pays to wait until they are 65 to collect Social Security. (adapted from ó 1998, Atlanta Business Chronicle, Gary Summer Contributing writer, June 29, 1998.)

《模块二：资金的时间价值和跨时期优化》单元作业3

1、指定教材P144: 20. As manager of short-term projects, you are trying to decide whether or not to invest in a short-term project that pays one cash flow of $1,000 one year from today. The total cost of the project is $950. Your alternative investment is to deposit the money in a one-year bank certificate of deposit, which will pay 4% compounded annually. a. Assuming the cash flow of $1,000 is guaranteed (there is no risk you will not receive it), what would be a logical discount rate to use to determine the present value of the cash flows of the project? b. What is the present value of the project if you discount the cash flow at 4% per year? What is the net present value of that investment? Should you invest in the project? c. What would you do if the bank increases its quoted rate on one-year CDs to 5.5%? d. At what bank one-year CD rate would you be indifferent between the two investments?

2、指定教材P146: 39. The exchange rate between the pound sterling and the dollar is currently $I.50 per pound, the dollar interest rate is 7% per year, and the pound interest rate is 9% per year. You have $100,000 in a one-year account that allows you to choose between either currency, and it pays the corresponding interest rate. a. If you expect the dollar/pound exchange rate to be $1.40 per pound a year from now and are indifferent to risk, which currency should you choose? b. What is the break-even value of the dollar/pound exchange rate one year from now?

3、指定教材P146: 40. The interest rate on conventional 10-year Treasury bonds is 7% per year and the interest rate on 10-year TIPS (Treasury inflation-protected securities) is 3.5% per year. You have $ 10,000 to invest in one of them. a. If you expect the average inflation rate to be 4% per year, which bond offers the higher expected rate of return? b. Which would you prefer to invest in?

4、指定教材P168: 10. Challenge Question: George Thriftless is 45 years old, earns $50,000 per year, and expects that his future earnings will keep pace with inflation, but will not exceed inflation. He has not yet saved anything toward his retirement. His company does not offer any pension plan. George pays Social Security taxes equal to 7.5% of his salary, and he assumes that when he retires at age 65, he will receive $12,000 per year in inflation-adjusted Social Security benefits for the rest of his life. His life expectancy is age 85. George buys a book on retirement planning that recommends saving enough so that when private savings and Social Security are combined, he can replace 80% of his preretirement salary. George buys a financial calculator and goes through the following calculations: First, he computes the amount he will need to receive in each year of retirement to replace 80% of his salary: 0.8 x $50,000 = $40,000. Since he expects to receive $12,00 per year in Social Security benefits, he calculates that he will have to provide the other $28,000 per year from his own retirement fund. Using the 8% interest rate on long-term default-free bonds, George computes the amount he will need to have at age 65 as $274,908 (the present value of $28,000 for 20 years at 8% per year), Then he computes the amount he will have to save in each of the next 20 years to reach that future accumulation as $6,007 (the annual payment that will produce a future value of $274,908 at an interest rate of 8% per year). George feels pretty confident that he can save 12% of his salary (i.e., $6,007/$50,000) in order to ensure a comfortable retirement. a. If the expected long-term real interest rate is 3% per year, approximately what is the long-term expected rate of inflation? b. Has George correctly taken account of inflation in his calculations? If not, how would you correct him? c. How much should George save in each of the next 20 years (until age 65) if he wants to maintain a constant level of consumption over the remaining 40 years of his life (from age 45 to age 85)? Ignore income taxes.

5、指定教材P190: 6. Hu's Software Design, Inc. is considering the purchase of a computer that has an economic life of 4 years and it is expected to have no salvage value. It will cost $80,000 and it will be depreciated using the straight-line depreciation method. It will save the company $35,000 the first year and it is assumed that the savings after that will have a growth rate of 5%. It will also reduce net working capital requirements by $7,000. The corporate tax rate is 35% and the appropriate discount rate is 14%. What is the value that the purchase will add to the firm?

6、指定教材P194: 22. Kitchen Supplies, Inc. must replace a machine in its manufacturing plant that will have no salvage value. It has a choice between two models. The first machine will last 5 years and will cost $300,000. It will generate an annual cost savings of $50,000. Annual maintenance costs will be $20,000. The machine will be fully depreciated using the straight-line depreciation method and will have no salvage value. The second machine will last 7 years and will cost $600,000. It will generate an annual cost savings of $70,000. This machine will also be fully depreciated using the straight-line depreciation method, but is expected to have a salvage value of $60,000 at the end of the seventh year. The annual maintenance cost is $15,000. Revenues in each case are expected to be the same. The annual tax rate is 35% and the cost of capital is 10%. Which machine should the company purchase?

模块五：组合选择理论与资本资产定价模型

5.1 投资组合的概念随堂测验

1、Suppose there are two risky assets: Security 1 has expected return of 15% and standard deviation of 20%, security 2 has expected return of 10% and standard deviation of 25%, and the correlation of security 1 with security 2 is 0.90. What are the expected return and standard deviation of portfolio with security 1 and security 2 when the weight of security 1 is -0.5?
A、The expected return is 0.09 and standard deviation is 0.265
B、The expected return is 0.075 and standard deviation is 0.288
C、The expected return is 0.12 and standard deviation is 0.225
D、The expected return is 0.12 and standard deviation is 0.265

5.2 风险资产与风险资产的组合过程随堂测验

1、Suppose there are two risky assets: Security 1 has expected return of 15% and standard deviation of 20%, security 2 has expected return of 10% and standard deviation of 25%, and the correlation of security 1 with security 2 is 0.90. What are the expected return and standard deviation of portfolio with security 1 and security 2 when the weight of security 1 is -0.2?
A、The expected return is 0.09 and standard deviation is 0.265
B、The expected return is 0.075 and standard deviation is 0.288
C、The expected return is 0.12 and standard deviation is 0.225
D、The expected return is 0.09 and standard deviation is 0.275

5.3 无风险资产与风险资产的组合过程随堂测验

1、According to the portfolio selection theory, when there exists a riskless asset and many risky assets in the market, which of the following statements are not correct?
A、The best portfolio selection strategy depends on the investors’ preferences.
B、A risk-tolerant, aggressive investor would be most likely to short sell the riskless asset and then invest in the tangency portfolio.
C、The optimal combination of risky assets depends on the investors’ preferences.
D、All investors who agree on the forecast of return rate will hold the same tangency portfolio in combination with the riskless asset.

5.4 资本市场均衡与资本市场线（CML）随堂测验

1、Suppose that there are only three securities in the market: GM stock ($66 billion), Toyota stock ($22 billion) and the risk-free government bond ($12 billion). Now, there are two rational investors planning to allocate $100,000 to the above securities. Given that Investor 1 has higher risk averse than Investor 2, and that Investor 1 invests $24,000, $57,000 and $19,000 in GM stock, Toyota stock and riskless bond, respectively, then which of the following situations is a possible investment of Investor 2 if the CAPM valid?
A、$12,000 in riskless bond, $66,000 in GM stock and $22,000 in Toyota stock
B、$12,000 in riskless bond, $78,000 in GM stock and $10,000 in Toyota stock
C、$48,000 in riskless bond, $39,000 in GM stock and $13,000 in Toyota stock
D、$48,000 in riskless bond, $42,000 in GM stock and $10,000 in Toyota stock

5.5 证券市场线（SML）与CAPM的应用随堂测验

1、The risk-free rate is 5%, risk premium on the market portfolio is 10%, and the beta of Betaful’s stock is 1.2. According to CAPM, the equilibrium expected rate of return on its stock should be ( ).
A、11%
B、6%
C、12%
D、17%

《模块五：组合选择理论与资本资产定价模型》单元测验

1、Suppose there are two risky assets: Security 1 has expected return of 15% and standard deviation of 20%, security 2 has expected return of 10% and standard deviation of 25%, and the correlation of security 1 with security 2 is 0.90. Calculating the expected return and standard deviation of portfolio with security 1 and security 2 when the weight of security 1 is 0.4.
A、The expected return is 0.09 and standard deviation is 0.265
B、The expected return is 0.075 and standard deviation is 0.288
C、The expected return is 0.12 and standard deviation is 0.225
D、The expected return is 0.12 and standard deviation is 0.265

2、Suppose there are two risky assets: Security 1 has expected return of 15% and standard deviation of 20%, security 2 has expected return of 10% and standard deviation of 25%, and the correlation of security 1 with security 2 is 0.90. Calculating the expected return and standard deviation of portfolio with security 1 and security 2 when the weight of security 1 is 0.8.
A、The expected return is 0.14 and standard deviation is 0.265
B、The expected return is 0.14 and standard deviation is 0.206
C、The expected return is 0.12 and standard deviation is 0.225
D、The expected return is 0.12 and standard deviation is 0.265

3、Suppose there are two risky assets: Security 1 has expected return of 15% and standard deviation of 20%, security 2 has expected return of 10% and standard deviation of 25%, and the correlation of security 1 with security 2 is 0.90. Calculating the expected return and standard deviation of portfolio with security 1 and security 2 when the weight of security 1 is 1.8.
A、The expected return is 0.09 and standard deviation is 0.265
B、The expected return is 0.19 and standard deviation is 0.288
C、The expected return is 0.2 and standard deviation is 0.23
D、The expected return is 0.19 and standard deviation is 0.2

4、Suppose there are two risky assets: Security 1 has expected return of 15% and standard deviation of 20%, security 2 has expected return of 10% and standard deviation of 25%, and the correlation of security 1 with security 2 is 0.90. Calculating the expected return and standard deviation of portfolio with security 1 and security 2 when the weight of security 1 is 2.5.
A、The expected return is 0.15 and standard deviation is 0.265
B、The expected return is 0.2 and standard deviation is 0.023
C、The expected return is 0.225 and standard deviation is 0.25
D、The expected return is 0.225 and standard deviation is 0.23

5、According to the portfolio theory, a financial intermediary offering mutual funds to the investors can create the portfolios for the different customers because
A、The investors with the same information about the probability distributions for rates of return have the same optimal combination of risky assets
B、The market is efficient
C、The financial intermediary knows comprehensively about preferences of each customer
D、The financial intermediary specializes in combining the risky assets for each customer

6、CAPM is an equilibrium theory based on the theory of portfolio selection. The following figure depicts the relation between risk and return in equilibrium, where M represents the market portfolio constructed by risky stocks. Denote that the risk-free return is rf and the expected return and risk of M are E(rM) and σM, respectively. Which of the following statements is correct?
A、The portfolio hold by Investor 2 is more efficient than the portfolio hold by Investor 1
B、Both investor 1 and investor 2 would invest the same amount of money into risky stocks
C、Investor 2 puts more money into risky stocks
D、Investor 2 is not a risk-seeking investor

7、At present, the riskless rate of return is 5% and the expected rate of return on the market portfolio is 11%. The expected return for a common stock is 20% and the stock's beta is 1.2. This particular common stock is
A、fairly valued
B、undervalued
C、overvalued
D、cannot tell

8、Consider an economy in which the expected return on the market portfolio over a particular period is 0.25, the standard deviation of the return to the market portfolio over this same period is 0.25, and the average degree of risk aversion among traders is 3. If the government wishes to issue risk-free zero-coupon bonds with a term to maturity of one period and a face value per bond of $100,000, how much can the government expect to receive per bond?
A、$94,117.65
B、$95,117.65
C、$93,117.65
D、$91,117.65

9、Consider a portfolio exhibiting an expected return of 20% in an economy in which the riskless interest rate is 8%, the expected return to the market portfolio is 0.13, and the standard deviation of the return to the market portfolio is 0.25. Assuming this portfolio is efficient, what is its beta?
A、1.8
B、2.1
C、2.0
D、2.4

10、Consider a portfolio exhibiting an expected return of 20% in an economy in which the riskless interest rate is 8%, the expected return to the market portfolio is 0.13, and the standard deviation of the return to the market portfolio is 0.25. Assuming this portfolio is efficient, what is the standard deviation of its return?
A、0.12
B、0.4
C、0.6
D、0.8

11、A person’s wealth portfolio doesn’t include his or her liabilities.

12、There is no single strategy that is best for all people.

13、A 10-year, dollar-denominated, zero coupon bond that offers a default-free yield-to-maturity of 6% per year is riskless only in terms of dollars and only if held to maturity.

14、An efficient portfolio offers the investor the highest possible expected rate of return at a specified level of risk.

15、The composition of the optimal combination of risky assets depends on investor’s preferences.

16、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.

17、The CAPM means in equilibrium, everyone’s relative holdings of risky assets are the same as in the market portfolio.

18、When arbitrage is absent from financial markets, and investors are each concerned with only the risk and return to their portfolios, then each investor can eliminate all the riskiness of his investments through diversification, and as a consequence the expected yield on each available asset will depend only on the covariance of its yield with the covariance of the yield on the diversified portfolio of risky assets each investor holds.

19、We can use CAPM to determine the appropriate risk-adjusted discount rate in valuation models of the firm.

20、The fact that over 85% of active fund managers have performed better than the S&P 500 over the last 20 years is the evidence supporting the validity of CAPM.

《模块五：组合选择理论与资本资产定价模型》单元作业

1、Consider an economy in which the expected return on the market portfolio over a particular period is .25, the standard deviation of the return to the market portfolio over this same period is .25, and the average degree of risk aversion among traders is 3. If the government wishes to issue risk-free zero-coupon bonds with a term to maturity of one period and a face value per bond of $100,000, how much can the government expect to receive per bond?

2、A mutual fund company offers a safe money market fund whose current rate is 4.50% (0.045).The same company also offers an equity fund with an aggressive growth objective which historically has exhibited an expected return of 20% (0.20) and a standard deviation of 0.25. a.Derive the equation for the risk-reward trade-off line. b.How much extra expected return would be available to an investor for each unit of extral risk that she bears? c.What allocation should be placed in the money market fund if an investor desiers an expected return of 15%?

《模块五：组合选择理论与资本资产定价模型》单元作业3

1、P288-289 (P356-357 ) 15. Suppose that you have the opportunity to buy stock in AT&T and Microsoft. AT&T Microsoft Expected Return 0.10 0.21 Standard Deviation 0.15 0.25 What is the minimum risk (standard deviation) portfolio of AT&T and Microsoft if the correlation between the two stocks is 0? .5? 1? -1? What do you notice about the change in the allocations between AT&T and Microsoft as their correlation moves from -1 to 0? to 0.5? to +1? Why might this be? What is the standard deviation of these minimum-risk portfolios?

2、19.Again using the optimal portfolio of AT&T and Microsoft stock when the correlation of their price movements is 0.6, take $10,000 and determine the allocations among the riskless asset, AT&T stock, and Microsoft stock for: a. a portfolio which invests 75% in a money market fund and 25% in the portfolio of AT&T and Microsoft stock. What is this portfolio’s expected return? b. a portfolio which invests 25% in a money market fund and 75% in the portfolio of AT&T and Microsoft stock. What is this portfolio’s expected return? c. a portfolio which invests nothing in a money market fund and 100% in the portfolio of AT&T and Microsoft stock. What is this portfolio’s expected return?

3、20.A mutual fund company offers a safe money market fund whose current rate is 0.05. The same company also offers an equity fund with an aggressive growth objective which historically has exhibited an expected return of 0.15 and a standard deviation of 0.20. a. Derive the equation for the risk-reward trade-off line. b. How much extra expected return would be available to an investor for each unit of extra risk that she bears? c. What allocation should be placed in the money market fund if an investor desires an expected return of 15%? What risk will be bear with this investment?

4、23.Suppose the most efficient risky portfolio to combine with a risk-free asset paying 0.05 is a portfolio with an expected return of 0.10 and a standard deviation of 0.10. What is the expected return and risk of a leveraged investment where for each $100 of your own funds you borrow $50 at the risk-free rate and invest the entire $150 in the optimal risky portfolio? Here the market price of risk, the increase in expected return per unit of risk born, takes on what value?

5、P305-307 (P373-375 ) 5.The riskless rate of interest is 0.05 per year, and the expected rate of return on the market portfolio is 0.15 per year. a. According to the CAPM, what is the efficient way for an investor to achieve an expected rate of return of 10% per year? b. If the standard deviation of the rate of return on the market portfolio is 0.20, what is the standard deviation on the above portfolio? c. Plot the CML and locate the foregoing portfolio on the same graph. d. Plot the SML and locate the foregoing portfolio on the same graph.

6、10.Consider a portfolio exhibiting an expected return of 0.20 in an economy in which the riskless interest rate is 0.06, the expected return to the market portfolio is 0.13, and the standard deviation of the return to the market portfolio is 0.25. Assuming this portfolio is efficient, determine: a. its beta. b. the standard deviation of its return. c. its correlation with the market return.

7、14.The Suzuki Motor Company is contemplating issuing stock to finance investment in producing a new sports-utility vehicle, the Origami. Financial analysts within Suzuki forecast that this investment will have precisely the same risk as the market portfolio, where the annual return to the market portfolio is expected to be 0.15 and the current risk-free interest rate is 0.05. The analysts further believe that the expected return to the Origami project will be 0.25 annually. Derive the maximal beta value that would induce Suzuki to issue the stock.

8、18.Suppose that you believe that the price of a share of IBM stock a year from today will be equal to the sum of the price of a share of General Motors stock plus the price of a share of Exxon-Mobil, and further you believe that the price of a share of IBM stock in one year will be $90 whereas the price of a share of General Motors today is $30. If the annualized yield on 91-day T-bills (the riskless rate you use) is 0.05, the expected yield on the market is 0.15, the variance of the market portfolio is 1, and the beta of IBM is 2, what price would you be willing to pay for one share of Exxon-Mobil stock today?

模块七：公司金融基础

7.1 实物期权的概念与举例随堂测验

1、From the film’s decision about making movie in the video, we can further infer that an increase in the uncertainty about future payoffs would increase the value of the project.

7.2 实物期权与金融期权的联系与区别随堂测验

1、The traditional NPV rule neglecting managers’ flexibility to delay investment may usually underestimate the valuation of projects.

7.3 资本结构的概念与资本结构无关性定理随堂测验

1、There are two firms with identical assets and thus the same EBIT, differing only in their capital structure: Nodett Corp. issuing only stocks, and Somedett Corp. issuing bonds and stocks. Assume that Somedett’s bonds are default free. In a frictionless environment, if Nodett’s market value is lower than that of Somedett, what an arbitrage strategy can you adopt to make money? ( )
A、Sell the shares of Nodett and buy the shares of Somedett.
B、Short Sell the shares of Nodett and buy the bonds of Somedett.
C、Buy 1% of the shares of Nodett, buy 1% of the shares of Somedett and sell short 1% of the bonds of Somedett at their market prices respectively.
D、Buy 1% of the shares of Nodett, short sell 1% of the shares of Somedett and 1% of the bonds of Somedett at their market prices simultaneously.

7.4 最优资本结构理论随堂测验

1、The theories of capital structure indicates that an increase of leverage will result in an decrease of ( )
A、the interest tax shield
B、the agency cost induced by the conflicts between shareholders and managers
C、the agency cost induced by the conflicts between shareholders and creditors
D、the cost of financial distress

7.5 企业股利政策随堂测验

1、In a frictionless financial environment, the share price remains unchanged through which of the following dividend policies? ( )
A、Cash dividends
B、Stock repurchases
C、Stock splits
D、Stock dividends

《模块七：公司金融基础》单元测验

1、The stock price of Foxtrot Corp. is $20 per share, now the firm deciding to issue additional $50 million of debt to be used to repurchase and retire some stocks. Assume that the corporate tax rate is 33%, the firm is default free and there is no agency problem among stakeholders of the firm, then the stock price would ( )
A、be higher than $20
B、keep at $20
C、be lower than $20
D、depend on the amount of shares be repurchased

2、Which of the following sources of funds is not a way of internal financing?
A、Retained earnings
B、Accounts payable
C、Accrued wages
D、Issuing bonds

3、Which of the following statements about preferred stock is wrong?
A、Preferred stock is like debt in that there is a contractually specified fixed payment
B、The Preferred dividends must be made before the holders of common stock can be paid anything
C、Failure to pay preferred dividends will trigger a default
D、The holders of preferred stock usually do not get to share the residual value of the firm’s assets with the holders of the common stock

4、For firms with significantly large amounts of outstanding debt, the manager acting in the best interests of shareholders might have an incentive to ( )
A、invest in riskless T-bills
B、invest in more volatile projects
C、file for bankruptcy
D、do nothing and quietly wait for the expiration of debt

5、Firms that are in imminent danger of defaulting on their debt obligations usually incur significant costs including ( )
A、the time and effort of the firm’s managers in avoiding bankruptcy
B、fees paid to lawyers specialized in bankruptcy proceedings
C、the loss of customers, suppliers and employees
D、all of the above

6、There are two firms with identical assets and thus the same EBIT equal to $10 million per year, differing only in their capital structure: Nodett Corp. issuing only 1 million shares of stocks, and Somedett Corp. issuing bonds with face value of $40 million at an interest rate of 8% per year and 0.6 million shares of stocks. Assume that Somedett’s bonds are in perpetuity and default free. In a frictionless environment, if Nodett’s stock price is $90 and Somedett’s stock price is $100, then you can ( ) to make riskless arbitrage profit.
A、buy 1,000 shares of Nodett and sell short 600 shares of Somedett
B、sell short 1,000 shares of Nodett and buy 600 shares of Somedett
C、sell short 600 shares of Somedett, borrowing $40,000 in perpetuity and buy 1,000 shares of Nodett
D、sell short 1,000 shares of Nodett, buy 600 shares of Somedett and bonds of Somedett with total face value of $40,000

7、Foxtrot corp. is deciding to borrow money to pay dividend to stockholders. Assume that the corporate tax rate is 33%, the firm is default free and there is no agency problem among stakeholders of the firm. Which of the following financial decisions would make the wealth of firm’s stockholders increase?
A、Share repurchase
B、Cash dividend
C、Decrease leverage
D、Increase leverage

8、In a frictionless financial environment, the share price remains unchanged through which of the following dividend policies?
A、cash dividends
B、stock repurchases
C、stock splits
D、stock dividends

9、The optimal capital structure ( )
A、will be the same for all firms in the same industry.
B、will remain constant over time unless the firm changes its primary operations.
C、will vary over time as taxes and market conditions change.
D、places more emphasis on operations than on financing.

10、The traditional NPV rule neglecting managers’ flexibility to delay investment may usually overestimate the valuation of projects.

11、An investment opportunity has the similar characteristics with a stock call option, granting the owner the right to exchange the investment expenditure for a project with uncertain cash flows.

12、For an investment project embedded with deferral option, the traditional NPV of the project corresponds to the exercise value of a call option.

13、According to the M&M capital structure irrelevance proposition, the market value of firms with the same future cash flows and the different levels of debt should be different.

14、In a frictionless environment, the share price would increase when the firm distributes cash to shareholders by repurchasing some outstanding shares.

15、For a project with uncertain future cash flows, the more the uncertainty is, the more the value of decision flexibility is.

16、The equity and debt of a firm can be considered as a call option and put option, respectively. For both of options, the underlying asset is the firm itself and the exercise price is the total face value of its debt.

17、In an idealized world of frictionless markets the total market value of all the securities issued by a firm would be determined by the earning power and risk of its underlying real assets and would independent of the capital structure.

18、An option to abandon a project corresponds to American option.

19、An increase of debt can mitigate the conflicts between and by reducing the amount of free cash flow available to managers.

20、The tax saving created by the interest payments on the debt are usually called , which is helpful to increase the value of leveraged firms.

《模块七：公司金融基础》单元作业

1、Divido Corporation is an all-equity financed firm with a total market value of $100 million. The company holds $10 million in cash-equivalents and has $90 million in other assets. There are 1,000,000 shares of Divido common stock outstanding, each with a market price of $100. What would be the impact on Divido’s stock price and on the wealth of its shareholders of the following financial decisions? Pay a cash dividend of $10 per share. Repurchases 100,000 shares. Pay a 10% stock dividend. Make a 2-for-1 stock split. Issue $20 million of bonds and to repurchase $20 million worth of its stock.

2、A film studio, Nadir Productions, has to decide whether to make a movie out of the book “Planetary Wars”, which it has acquired the rights to. The studio’s experts estimate that the production costs for the film will be $30 million and the subsequent cash flows net of distribution costs and taxes to be received a year later are expected to be $60 million with a probability of 50% and $10 million with a probability of 50%. The studio uses a discount rate of 18% in deciding whether to accept such projects. What is the NPV of the project? Should the project be accepted? At this point a new MBA on the CFO’s staff suggests that they have not taken account of the option to produce a sequel to the movie. If the movie succeeds at the box office, then surely they will want to make “Planetary Wars II” the following year. Draw a decision tree for the project. Assuming that the cost estimates and the distribution of future cash flows for the sequel are the same as for the original movie, how does taking account of the option to make a sequel affect the desirability of the project? Suppose that Nadir’s executives believe that a successful film of this genre can have as many as three sequels. What is the NPV of the project taking account of this?

《模块七：公司金融基础》单元作业3

1、P398-399(P478-479) 6.A film studio, Nadir Productions, has to decide whether to make a movie out of the book "Planetary Wars," which it has acquired the rights to. The studio's experts estimate that the production costs for the film will be $30 million and the subsequent cash flows net of distribution costs and taxes to be received a year later are expected to be $60 million with a probability of .5 and $10 million with a probability of .5. The studio uses a discount rate of 15% in deciding whether to accept such projects. a. What is the NPV of the project? Should the project be accepted? At this point a new MBA on the CFO's staff suggests that they have not taken account of the option to produce a sequel to the movie. If the movie succeeds at the box office, then surely they will want to make "Planetary Wars II" the following year. b. Draw a decision tree for the project. c. Assuming that the cost estimates and the distribution of future cash flows for the sequel are the same as for the original movie, how does taking account of the option to make a sequel affect the desirability of the project? d. Suppose that Nadir's executives believe that a successful film of this genre can have as many as three sequels. What is the NPV of the project taking account of this?

2、9. Suppose Microstuff Corporation has the opportunity to invest in a new computer technology that would use television sets to connect to the Internet. In the first phase an initial outlay of $100 million is required for a pilot project to determine the feasibility of the technology. In the second phase, one year from now, an additional investment of $1 billion would be required. Suppose that viewed from today's perspective the value of the project a year from now is a random variable with a mean of $1.1 billion. The required rate of return on the project is 8% per year. The standard deviation of the continuously compounded rate of return on this project is 0.2. The continuously compounded riskless interest rate is 5%. Use the Black-Scholes options pricing model to help determine if this is a worthwhile investment.

3、P380(P458) 5. Divido Corporation is an all-equity financed firm with a total market value of $100 million. The company holds $10 million in cash-equivalents and has $90 million in other assets. There are 1,000,000 shares of Divido common stock outstanding, each with a market price of $100. Divido Corporation has decided to issue $20 million of bonds and to repurchase $20 million worth of its stock. a. What will be the impact on the price of its shares and on the wealth of its shareholders? Why? b. Assume that Divido's EBIT has an equal probability of being $20 million, or $12 million, or $4 million. Show the impact of the financial restructuring on the probability distribution of earnings per share in the absence of taxes. Why does the fact that the equity becomes riskier not necessarily affect shareholder wealth?

4、8. Comfort Shoe Company of England has decided to spin off its Tango Dance Shoe Division as a separate corporation in the United States. The assets of the Tango Dance Shoe Division have the same operating risk characteristics as those of Comfort. The capital structure of Comfort has been 40% debt and 60% equity in terms of marketing values, and is considered by management to be optimal. The required return on Comfort's assets (if unlevered) is 16% per year, and the interest rate that the firm (and the division) must currently pay on their debt is 10% per year. Sales revenue for the Tango Shoe Division is expected to remain indefinitely at last year's level of $10 million. Variable costs are 55% of sales. Annual depreciation is $1 million, which is exactly matched each year by new investments. The corporate tax rate is 30%. a. How much is the Tango Shoe Division worth in unlevered form? b. If the Tango Shoe Division is spun off with $5 million in debt, how much would it be worth? c. What rate of return will the shareholders of the Tango Shoe Division require? d. Show that the market value of the equity of the new firm would be justified by the earnings to the shareholders.

5、P205(P264-265) 23. Divido Corporation is an all-equity financed firm with a total market value of $100 million. The company holds $10 million in cash-equivalents and has $90 million in other assets. There are 1,000,000 shares of Divido common stock outstanding, each with a market price of $100. What would be the impact on Divido's stock price and on the wealth of its shareholders of the payment of a cash dividend of $10 per share? The company's repurchases 100,000 shares.

6、24. Continuing the previous problem analyze the impact on Divido's stock price and on the wealth of its shareholders of the company paying a 10% stock dividend. The company making a 2-for-1 stock split. The company investing $10 million in an expansion that has an expected rate of return on investment equal to the firm's rate of market capitalization.

模块三：资产估值原理与债券、股票估值

3.1 账面价值与市场价值随堂测验

1、The book value of an asset as reported on a balance sheet often differs from the asset’s market value, and for financial decision-making purposes, the correct value to use is the book value whenever available. True or False?

3.2 信息、价格与有效市场假说(EMH)随堂测验

1、When someone asserts he can make profit by analyzing public information of stocks, he is a supporter of the semi-strong form of EMH. True or False?

3.3 债券的基本概念、一价定律与债券定价随堂测验

1、Assume a 2-year bond with a face value of $1,000 that makes annual coupon payments at a coupon rate 5%. What would be the price for the bond given the information that a 1-year zero coupon bond with $100 face value is priced at $90, while 2-year zero coupon bond with $200 face value is priced at $160?
A、$880
B、$885
C、$888
D、$890

3.4 票面利率、当前收益率与到期收益率随堂测验

1、What are the current yield and yield to maturity on a three-year bond with a face value of $1,000 and a coupon rate of 6% per year and a price of $900?
A、6.67% & 10.02%
B、6.85% & 10.02%
C、6.67% & 10.08%
D、6.65% & 10.06%

3.5 股利折现模型（DDM）随堂测验

1、XYZ stock is expected to pay a dividend of $2 per share a year from now, and its dividends are expected to grow by 6% per year thereafter. If its price is now $20 per share, what must be the market capitalization rate?
A、16.3%
B、16.8%
C、16.0%
D、15.6%

3.6 基于盈利与投资机会的股票估值模型随堂测验

1、An analyst uses the constant growth DDM to evaluate QRS stock. She assumes expected earnings of $10 per share, an earnings retention rate of 75%, an expected rate of return on future investments of 18% per year, and a market capitalization rate of 15% per year. What is her estimate of QRS’s price? What is the implied net present value of future investments?
A、$167.67 & $110
B、$166.67 & $120
C、$166.87 & $100
D、$166.67 & $100

《模块三：资产估值原理与债券、股票估值》单元测验

1、Suppose you purchase a Treasury bill that matures in three months. The bill is a pure discount instrument paying its face value of $100,000 at maturity. If the bill is priced to yield 1% over the three months, or an APR of 4% with quarterly compounding, what is the current selling price?
A、$99009.90
B、$96153.85
C、$98039.22
D、$100000.00

2、What is the current yield on a five-year 5% coupon bond with $100 face value? Suppose the bond’s yield to maturity is 7%. Assume annual compounding.
A、5.26%
B、5.36%
C、5.46%
D、5.56%

3、Assume a fifty-year zero-coupon bond with $1,000 face value is priced to yield 10 percent, measured as an annual rate with annual compounding. If the yield were to instantly drop to 5 percent, what would be the new price for the bond?
A、$85.19
B、$87.20
C、$8.52
D、$8.72

4、Suppose you want to know the price of a 10-year 7% coupon Treasury bond that pays interest annually. You have been told that the yield to maturity is 8%. What is the price (per $100 of face value)? What is the price if coupons are paid semiannually, and the yield to maturity is 8% per year?
A、$93.29 , $93.20
B、$93.20 , $93.29
C、$90.32 , $90.29
D、$92.32 , $90.29

5、Assume a year ago the US Treasury yield curve was flat at a rate of 4% per year (with annual compounding) and you bought a 30-year US Treasury bond. Today it is flat at a rate of 5% per year (with annual compounding). What rate of return did you earn on your initial investment, if the bond was a 4% coupon bond with $100 face value?
A、-11.14%
B、-12.14%
C、-13.14%
D、-14.14%

6、The DDM Corporation has just paid a cash dividend (D0) of $2 per share. It has consistently increased its cash dividends in the past by 5% per year, and you expect it to continue to do so. You estimate that the market capitalization rate for this stock should be 13% per year. What is your estimate of the intrinsic value of a share (derived using the DDM model)?
A、$26.30
B、$26.25
C、$25.25
D、$27.35

7、The Constant Growth Corporation (CGC) has expected earnings per share of $5. It has a history of paying cash dividends equal to 20% of earnings. The market capitalization rate for CGC’s stock is 15% per year, and the expected ROE on the firm’s future investments is 17% per year. Using the constant growth rate discounted dividend model, what is the model’s estimate of the present value of the stock?
A、$91.429
B、$81.429
C、$71.429
D、$61.429

8、Under the discounted dividend model, what is the value per share of a company expected to pay a $3.75 end-of-year dividend and have an ex-dividend price of $27.50 if the market capitalization rate is 7.5%? Suppose a bad news report about the company drops the expected end-of-year ex-dividend price by 10%. Will the current stock price decrease by more or less than 10%?
A、$29.07 , less than 10%
B、$30.07 , more than 10%
C、$31.07 , less than 10%
D、$32.07 , more than 10%

9、Maastricht Barge Builders (MBB) has expected next period earnings of €5.00 per share, retains 50% of its earnings, has a market capitalization rate of 8%, and expects to earn 12% on its new investments. What is your estimate of the current share price of MBB? What is the estimated net present value of MBB’s future investments?
A、€95 , €32.50
B、€115 , €52.50
C、€105 , €42.50
D、€125 , €62.50

10、Tabled below are the relevant statistics for three competing firms. Under the constant-growth-rate discounted dividend model, which firm in th

学习通2018春金融学基础_1

金融学是研究财富价值的产生、流转、增长和分配规律的一门学科。金融学基础是金融学专业的重要基础课程之一，其主要目的是帮助学生掌握金融学的基本概念、理论和方法，为以后进一步深入学习金融学打下坚实的基础。

一、金融学的定义

金融学是研究资本市场、证券市场、货币市场及其它金融市场，以及银行、保险等金融机构和个人在这些市场上的行为和交易的一门综合性社会科学。

二、金融学的分类

金融学可以按照其研究范围和内容，分为宏观金融学和微观金融学两个方向。

1.宏观金融学

宏观金融学主要研究的是国家、地区和全球范围内的金融体系、金融政策和金融市场，以及宏观经济环境对金融市场和金融机构的影响。

2.微观金融学

微观金融学主要研究的是金融机构、金融市场中个体和企业的行为和交易，以及个体和企业在金融市场上的风险管理和投资决策。

三、金融学的研究方法

金融学的研究方法主要包括理论分析、实证研究和案例分析。

1.理论分析

理论分析是金融学研究的重要方法之一，主要是通过建立金融学理论模型，分析金融市场和金融机构中各种金融工具、金融机制和交易行为的本质特征和规律。

2.实证研究

实证研究是通过对大量实际数据和市场现象进行统计、分析和比较，验证和进一步发展金融学理论的一种方法。

3.案例分析

案例分析是通过对金融市场和金融机构中典型事件和案例的分析，深入了解金融市场和金融机构中的各种问题、规律和现象。

四、金融市场的分类

金融市场可以按照其交易对象、交易方式、交易场所等不同特征，分为股票市场、债券市场、货币市场和衍生品市场等不同类型。

1.股票市场

股票市场是指股票的发行和交易场所，其交易对象是公司股票。股票市场是股票发行和股票交易的重要平台，也是投资者获取股权收益的主要方式之一。

2.债券市场

债券市场是指债券的发行和交易场所，其交易对象是公司、和其他机构的债券。债券市场是公司和融资的主要手段之一，也是投资者获取固定收益的主要途径。

3.货币市场

货币市场是指短期借款和短期投资的交易场所，其交易对象是短期债券、银行存款和其他货币市场工具。货币市场是金融市场中最活跃的市场之一，也是银行和公司短期融资和投资的主要手段之一。

4.衍生品市场

衍生品市场是指衍生金融产品的发行和交易场所，其交易对象包括期权、期货、掉期和互换等金融衍生品。衍生品市场是金融市场的重要组成部分，其交易量巨大，交易方式灵活，成为投资者套期保值和投机交易的重要场所。

五、金融机构的分类

金融机构可以按照其业务范围和性质，分为银行、证券公司、保险公司和基金公司等不同类型。

1.银行

银行是一种以吸收存款、发放贷款和提供其他金融服务为主要业务的金融机构。银行是金融市场中最重要的机构之一，同时也是经济发展的重要支柱。

2.证券公司

证券公司是一种以证券经纪、证券承销和证券交易为主要业务的金融机构。证券公司主要服务于投资者和企业，为其提供证券交易和融资等服务。

3.保险公司

保险公司是一种以承担保险风险为主要业务的金融机构。保险公司主要服务于个人和企业，为其提供保险产品和服务，保障其在意外和风险中的利益。

4.基金公司

基金公司是一种以募集资金、投资管理和资产运营为主要业务的金融机构。基金公司主要服务于投资者，为其提供投资管理和资产配置等服务。

六、金融市场的风险和监管

金融市场的风险和监管是金融学研究的重要内容之一。金融市场中存在着各种风险，包括市场风险、信用风险、流动性风险和操作风险等。为了保障金融市场的正常运转和保障投资者的利益，各国都建立了严格的金融监管体系，对金融机构和金融市场进行监管和管理。

以上就是学习通2018春金融学基础_1的相关内容介绍，希望对大家有所帮助。

学习通2018春金融学基础_1

金融学是研究财富价值的产生、流转、增长和分配规律的一门学科。金融学基础是金融学专业的重要基础课程之一，其主要目的是帮助学生掌握金融学的基本概念、理论和方法，为以后进一步深入学习金融学打下坚实的基础。

一、金融学的定义

金融学是研究资本市场、证券市场、货币市场及其它金融市场，以及银行、保险等金融机构和个人在这些市场上的行为和交易的一门综合性社会科学。

二、金融学的分类

金融学可以按照其研究范围和内容，分为宏观金融学和微观金融学两个方向。

1.宏观金融学

宏观金融学主要研究的是国家、地区和全球范围内的金融体系、金融政策和金融市场，以及宏观经济环境对金融市场和金融机构的影响。

2.微观金融学

微观金融学主要研究的是金融机构、金融市场中个体和企业的行为和交易，以及个体和企业在金融市场上的风险管理和投资决策。

三、金融学的研究方法

金融学的研究方法主要包括理论分析、实证研究和案例分析。

1.理论分析

理论分析是金融学研究的重要方法之一，主要是通过建立金融学理论模型，分析金融市场和金融机构中各种金融工具、金融机制和交易行为的本质特征和规律。

2.实证研究

实证研究是通过对大量实际数据和市场现象进行统计、分析和比较，验证和进一步发展金融学理论的一种方法。

3.案例分析

案例分析是通过对金融市场和金融机构中典型事件和案例的分析，深入了解金融市场和金融机构中的各种问题、规律和现象。

四、金融市场的分类

金融市场可以按照其交易对象、交易方式、交易场所等不同特征，分为股票市场、债券市场、货币市场和衍生品市场等不同类型。

1.股票市场

股票市场是指股票的发行和交易场所，其交易对象是公司股票。股票市场是股票发行和股票交易的重要平台，也是投资者获取股权收益的主要方式之一。

2.债券市场

债券市场是指债券的发行和交易场所，其交易对象是公司、和其他机构的债券。债券市场是公司和融资的主要手段之一，也是投资者获取固定收益的主要途径。

3.货币市场

货币市场是指短期借款和短期投资的交易场所，其交易对象是短期债券、银行存款和其他货币市场工具。货币市场是金融市场中最活跃的市场之一，也是银行和公司短期融资和投资的主要手段之一。

4.衍生品市场

衍生品市场是指衍生金融产品的发行和交易场所，其交易对象包括期权、期货、掉期和互换等金融衍生品。衍生品市场是金融市场的重要组成部分，其交易量巨大，交易方式灵活，成为投资者套期保值和投机交易的重要场所。

五、金融机构的分类

金融机构可以按照其业务范围和性质，分为银行、证券公司、保险公司和基金公司等不同类型。

1.银行

银行是一种以吸收存款、发放贷款和提供其他金融服务为主要业务的金融机构。银行是金融市场中最重要的机构之一，同时也是经济发展的重要支柱。

2.证券公司

证券公司是一种以证券经纪、证券承销和证券交易为主要业务的金融机构。证券公司主要服务于投资者和企业，为其提供证券交易和融资等服务。

3.保险公司

保险公司是一种以承担保险风险为主要业务的金融机构。保险公司主要服务于个人和企业，为其提供保险产品和服务，保障其在意外和风险中的利益。

4.基金公司

基金公司是一种以募集资金、投资管理和资产运营为主要业务的金融机构。基金公司主要服务于投资者，为其提供投资管理和资产配置等服务。

六、金融市场的风险和监管

金融市场的风险和监管是金融学研究的重要内容之一。金融市场中存在着各种风险，包括市场风险、信用风险、流动性风险和操作风险等。为了保障金融市场的正常运转和保障投资者的利益，各国都建立了严格的金融监管体系，对金融机构和金融市场进行监管和管理。

以上就是学习通2018春金融学基础_1的相关内容介绍，希望对大家有所帮助。