金融市场与机构11Word格式.docx
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金融市场与机构11Word格式.docx
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(d)bondholders,butafterthatofcommonstockholders.
3.(I)Preferredstockholdersholdaclaimonassetsthathaspriorityovertheclaimsofcommonstockholders,butafterthatofbondholders.(II)Firmsissuepreferredstockinfargreateramountsthancommonstock.
A
4.(I)Preferredstockholdersholdaclaimonassetsthathaspriorityovertheclaimsofcommonstockholders.(II)Bondholdersholdaclaimonassetsthathaspriorityovertheclaimsofpreferredstockholders.
5.(I)Firmsissuecommonstockinfargreateramountsthanpreferredstock.(II)Thetotalvolumeofstockissuedismuchlessthanthevolumeofbondsissued.
6.Theriskiestcapitalmarketsecurityis
(a)preferredstock.
(b)commonstock.
(c)corporatebonds.
(d)Treasurybonds.
B
7.Organizedexchangesaccountforabout_________percentofthetotaldollarvolumeofdomesticstocksharestraded.
(a)30
(b)45
(c)60
(d)70
D
8.Organizedexchangesaccountforabout_________percentofthetotaldollarvolumeofdomesticstockstraded.
(a)60
(b)70
(c)80
(d)90
9.(I)ThelargestoftheorganizedstockexchangesintheUnitedStatesistheNewYorkStockExchange.(II)TobelistedontheNYSE,afirmmusthaveaminimumof$100milliondollarsinmarketvalueor$10millioninrevenues.
10.TolistontheNYSE,afirmmust
(a)haveearningsofatleast$100millionforeachofthelastthreeyears.
(b)haveatleast$500millionofmarketvalueand$100millionofrevenue.
(c)haveatotalof$100millioninmarketvalueofpubliclytradedshares.
(d)meetalloftheaboverequirements.
(e)meet(a)and(b)oftheaboverequirements.
E
11.Securitiesnotlistedononeoftheexchangestradeintheover-the-countermarket.Inthisexchange,dealers“makeamarket”by
(a)buyingstocksforinventorywheninvestorswanttosell.
(b)sellingstocksfrominventorywheninvestorswanttobuy.
(c)doingbothoftheabove.
(d)doingneitheroftheabove.
12.Themostactivestockexchangeintheworldisthe
(a)NikkeiStockExchange.
(b)LondonStockExchange.
(c)ShanghaiStockExchange.
(d)NewYorkStockExchange.
13.Whichofthefollowingstatementsabouttradingoperationsinanorganizedexchangearecorrect
(a)Floortradersalldealinawidevarietyofstocks.
(b)Inmosttrades,specialistsmatchbuyandsellorders.
(c)Inmosttrades,specialistsbuyfororsellfromtheirowninventories.
(d)TheSuperDOTsystemisusedtoexpeditelargetradesofover100,000shares.
14.WhichofthefollowingisnotanadvantageofElectronicCommunicationsNetworks(ECNs)
(a)AllunfilledordersareavailableforreviewbyECNtraders.
(b)TransactionscostsarelowerforECNtrades.
(c)Tradesaremadeandconfirmedfaster.
(d)ECNsworkwellforthinlytradedstocks.
15.WhichofthefollowingstatementsisfalseregardingElectronicCommunicationsNetworks(ECNs)
(a)ArchipelagoandInstinetaretwoexamplesofECNs.
(b)CompetitionfromECNshasforcedNASDAQtocutitsfees.
(c)Tradersbenefitfromlowertradingcostsandfasterservice.
(d)ECNsallowinstitutionalinvestors,butnotindividuals,totradeafterhours.
16.Abasicprincipleoffinanceisthatthevalueofanyinvestmentis
(a)thepresentvalueofallfuturenetcashflowsgeneratedbytheinvestment.
(b)theundiscountedsumofallfuturenetcashflowsgeneratedbytheinvestment.
(c)unrelatedtothefuturenetcashflowsgeneratedbytheinvestment.
(d)unrelatedtothedegreeofriskassociatedwiththefuturenetcashflowsgeneratedbytheinvestment.
17.Astockcurrentlysellsfor$25pershareandpays$peryearindividends.Whatisaninvestor’svaluationofthisstockifsheexpectsittobesellingfor$30inoneyearandrequires15percentreturnonequityinvestments
(a)$
(b)$
(c)$
(d)$
18.Astockcurrentlysellsfor$30pershareandpays$peryearindividends.Whatisaninvestor’svaluationofthisstockifheexpectsittobesellingfor$37inoneyearandrequires12percentreturnonequityinvestments
(a)$38
19.Intheone-periodvaluationmodel,astock’svaluewillbehigher
(a)thehigherisitsexpectedfutureprice.
(b)thelowerisitsdividend.
(c)thehigheristherequiredreturnoninvestmentsinequity.
(d)alloftheabove.
20.Intheone-periodvaluationmodel,astock’svaluefallsifthe_________rises.
(a)dividend
(b)expectedfutureprice
(c)requiredreturnonequity
(d)currentprice
21.Inthegeneralizeddividendvaluationmodelastock’svaluedependonlyon
(a)itsfuturedividendpaymentsanditsfutureprice.
(b)itsfuturedividendpaymentsandtherequiredreturnonequity.
(c)itsfuturepriceandtherequiredreturnoninvestmentsonequity.
(d)itsfuturedividendpayments.
22.WhichofthefollowingisnotanelementoftheGordongrowthmodelofstockvaluation
(a)thestock’smostrecentdividendpaid.
(b)theexpectedconstantgrowthrateofdividends.
(c)therequiredreturnoninvestmentsinequity.
(d)thestock’sexpectedfutureprice.
23.AccordingtotheGordongrowthmodel,whatisaninvestor’svaluationofastockwhosecurrentdividendis$peryearifdividendsareexpectedtogrowataconstantrateof10percentoveralongperiodoftimeandtheinvestor’srequiredreturnis11percent
(a)$110
(b)$100
(c)$11
(d)$10
(e)$
24.AccordingtotheGordongrowthmodel,whatisaninvestor’svaluationofastockwhosecurrentdividendis$peryearifdividendsareexpectedtogrowataconstantrateof10percentoveralongperiodoftimeandtheinvestor’srequiredreturnis15percent
(a)$20
(b)$11
(c)$22
25.Holdingotherthingsconstant,astock’svaluewillbehighestifitsdividendgrowthrateis
(a)15percent
(b)10percent
(c)5percent
(d)2percent
26.Holdingotherthingsconstant,astock’svaluewillbehighestifitsmostrecentdividendis
27.Holdingotherthingsconstant,astock’svaluewillbehighestiftheinvestor’srequiredreturnoninvestmentsinequityis
(a)20percent
(b)15percent
(c)10percent
(d)5percent
28.SupposetheaverageindustryPEratioforautopartsretailersis20.WhatisthecurrentpriceofAutoZonestockiftheretailer’searningspershareareprojectedtobe$
(b)$37
29.WhichofthefollowingistrueregardingtheGordongrowthmodel
(a)Dividendsareassumedtogrowataconstantrateforever.
(b)Thedividendgrowthrateisassumedtobegreaterthantherequiredreturnonequity.
(c)Both(a)and(b).
(d)Neither(a)nor(b).
30.ThePEratioapproachtovaluingstockisespeciallyusefulforvaluing
(a)privatelyheldfirms.
(b)firmsthatdon’tpaydividends.
(c)both(a)and(b).
(d)neither(a)nor(b).
31.ThePEratioapproachtovaluingstockisespeciallyusefulforvaluing
(a)publiclyheldcorporations.
(b)firmsthatregularlypaydividends.
32.AweaknessofthePEapproachtovaluingstockisthatitis
(a)difficulttoestimatetheconstantgrowthrateofafirm’sdividends.
(b)difficulttoestimatetherequiredreturnonequity.
(c)difficulttopredicthowmuchafirmwillpayindividends.
(d)basedonindustryaveragesratherthanfirm-specificfactors.
33.Afirmisexpectedtopayadividendof$nextyearandthedividendisexpectedtogrowataconstantrateof4percentovertime.Someinvestorshaverequiredreturnsoninvestmentsinequityof12percent,some10percent,andsome8percent.Themarketpriceofthisfirm’sstockwillbeslightlyabove
(a)$25
(b)$18
34.(I)Themarketpriceofasecurityatagiventimeisthehighestvalueanyinvestorputsonthesecurity.(II)Superiorinformationaboutasecurityincreasesitsvaluebyreducingitsrisk.
(a)(I)istrue,(II)isfalse.
(b)(I)isfalse,(II)istrue.
35.Themaincauseoffluctuationsinstockpricesischangesin
(a)taxlaws.
(b)errorsintechnicalstockanalysis.
(c)dailytradingvolumeinstockmarkets.
(d)informationavailabletoinvestors.
(e)totalhouseholdwealthintheeconomy.
36.Stockvaluescomputedbyvaluationmodelsmaydifferfromactualmarketpricesbecauseitisdifficultto
(a)estimatefuturedividendgrowthrates.
(b)estimatetheriskofastock.
(c)forecastastock’sfuturedividends.
(d)alloftheabovearetru
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