金融市场与机构15.docx
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金融市场与机构15.docx
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金融市场与机构15
1Chapter15
WhyDoFinancialInstitutionsExist?
1 MultipleChoiceQuestions
1.OfthefollowingsourcesofexternalfinanceforAmericannonfinancialbusinesses,theleastimportantis矚慫润厲钐瘗睞枥庑赖。
(a)loansfrombanks.
(b)stocks.
(c)bondsandcommercialpaper.
(d)nonbankloans.
Answer:
B
2.OfthefollowingsourcesofexternalfinanceforAmericannonfinancialbusinesses,themostimportantis聞創沟燴鐺險爱氇谴净。
(a)loansfrombanks.
(b)stocks.
(c)bondsandcommercialpaper.
(d)nonbankloans.
Answer:
D
3.OfthesourcesofexternalfundsfornonfinancialbusinessesintheUnitedStates,bondsaccountforapproximately_________ofthetotal.残骛楼諍锩瀨濟溆塹籟。
(a)10percent
(b)20percent
(c)30percent
(d)50percent
Answer:
C
4.OfthesourcesofexternalfundsfornonfinancialbusinessesintheUnitedStates,stocksaccountforapproximately_________ofthetotal.酽锕极額閉镇桧猪訣锥。
(a)10percent
(b)20percent
(c)30percent
(d)40percent
Answer:
A
5.WithregardtoexternalsourcesoffinancingfornonfinancialbusinessesintheUnitedStates,whichofthefollowingareaccuratestatements?
彈贸摄尔霁毙攬砖卤庑。
(a)MarketablesecuritiesaccountforalargershareofexternalbusinessfinancingintheUnitedStatesthaninmostothercountries.謀荞抟箧飆鐸怼类蒋薔。
(b)Since1970,lessthan5percentofnewlyissuedcorporatebondsandcommercialpaperhavebeensolddirectlytoAmericanhouseholds.厦礴恳蹒骈時盡继價骚。
(c)ThestockmarketaccountedforthelargestshareofthefinancingofAmericanbusinessesinthe1970–2000period.茕桢广鳓鯡选块网羈泪。
(d)Alloftheabove.
(e)Only(a)and(b)oftheabove.
Answer:
E
6.WithregardtoexternalsourcesoffinancingfornonfinancialbusinessesintheUnitedStates,whichofthefollowingareaccuratestatements?
鹅娅尽損鹌惨歷茏鴛賴。
(a)Directfinanceisusedinlessthan5percentoftheexternalfinancingofAmericanbusinesses.籟丛妈羥为贍偾蛏练淨。
(b)Onlylarge,well-establishedcorporationshaveaccesstosecuritiesmarketstofinancetheiractivities.預頌圣鉉儐歲龈讶骅籴。
(c)LoansfrombanksandotherfinancialintermediariesintheUnitedStatesprovidefivetimesmorefinancingofcorporateactivitiesthandostockmarkets.渗釤呛俨匀谔鱉调硯錦。
(d)Alloftheabove.
(e)Only(a)and(b)oftheabove.
Answer:
D
7.(I)IntheUnitedStatesnonbankloansarethemostimportantsourceofexternalfundsfornonfinancialbusinesses.(II)InGermanyandJapan,issuingstocksandbondsisthemostimportantsourceofexternalfornonfinancialbusinesses.铙誅卧泻噦圣骋贶頂廡。
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
A
8.Whichofthefollowingisnotoneoftheeightbasicfactsaboutfinancialstructure?
擁締凤袜备訊顎轮烂蔷。
(a)Debtcontractsaretypicallyextremelycomplicatedlegaldocumentsthatplacesubstantialrestrictionsonthebehavioroftheborrower.贓熱俣阃歲匱阊邺镓騷。
(b)Indirectfinance,whichinvolvestheactivitiesoffinancialintermediaries,ismanytimesmoreimportantthandirectfinance,inwhichbusinessesraisefundsdirectlyfromlendersinfinancialmarkets.坛摶乡囂忏蒌鍥铃氈淚。
(c)Collateralisaprevalentfeatureofdebtcontractsforbothhouseholdsandbusiness.蜡變黲癟報伥铉锚鈰赘。
(d)Newsecurityissuesarethemostimportantsourceofexternalfundstofinancebusinesses.買鲷鴯譖昙膚遙闫撷凄。
Answer:
D
9.Whichofthefollowingisnotoneoftheeightbasicfactsaboutfinancialstructure?
綾镝鯛駕櫬鹕踪韦辚糴。
(a)Thefinancialsystemisamongthemostheavilyregulatedsectorsoftheeconomy.驅踬髏彦浃绥譎饴憂锦。
(b)Issuingmarketablesecuritiesistheprimarywaybusinessesfinancetheiroperations.猫虿驢绘燈鮒诛髅貺庑。
(c)Indirectfinance,whichinvolvestheactivitiesoffinancialintermediaries,ismanytimesmoreimportantthandirectfinance,inwhichbusinessesraisefundsdirectlyfromlendersinfinancialmarkets.锹籁饗迳琐筆襖鸥娅薔。
(d)Financialintermediariesarethemostimportantsourceofexternalfundstofinancebusinesses.構氽頑黉碩饨荠龈话骛。
Answer:
B
10.Becauseinformationisscarce,
(a)equitycontractsareusedmuchmorefrequentlytoraisecapitalthanaredebtcontracts.輒峄陽檉簖疖網儂號泶。
(b)monitoringmanagersgivesrisetocostlystateverification.尧侧閆繭絳闕绚勵蜆贅。
(c)governmentregulations,suchasstandardaccountingprinciples,canhelpreducemoralhazard.识饒鎂錕缢灩筧嚌俨淒。
(d)alloftheabovearetrue.
(e)only(b)and(c)oftheabovearetrue.
Answer:
E
11.Whichofthefollowingbestexplainstherecentdeclineintheroleoffinancialintermediaries?
凍鈹鋨劳臘锴痫婦胫籴。
(a)Privateproductionandsaleofinformation
(b)Governmentregulationtoincreaseinformation
(c)Improvementsininformationtechnology
(d)Noneoftheabovecanexplaintherecentdecline恥諤銪灭萦欢煬鞏鹜錦。
Answer:
C
12.(I)Thetotalcostofcarryingoutatransactioninfinancialmarketsincreasesproportionallywiththesizeofthetransaction.(II)Financialintermediariesfacilitatediversificationwhenaninvestorhasonlyasmallsumtoinvest.鯊腎鑰诎褳鉀沩懼統庫。
(a)(I)istrue;(II)isfalse
(b)(I)isfalse;(II)istrue
(c)Both(I)and(II)aretrue
(d)Both(I)and(II)arefalse
Answer:
B
13.Ifbadcreditrisksaretheoneswhomostactivelyseekloansand,therefore,receivethemfromfinancialintermediaries,thenfinancialintermediariesfacetheproblemof硕癘鄴颃诌攆檸攜驤蔹。
(a)moralhazard.
(b)adverseselection.
(c)free-riding.
(d)costlystateverification.
Answer:
B
14.Ifborrowerstakeonbigrisksafterobtainingaloan,thenlendersfacetheproblemof阌擻輳嬪諫迁择楨秘騖。
(a)free-riding.
(b)adverseselection.
(c)moralhazard.
(d)costlystateverification.
Answer:
C
15.Becauseofthelemonsproblemintheusedcarmarket,theaveragequalityoftheusedcarsofferedforsalewillbe_________,whichgivesrisetotheproblemof_________.氬嚕躑竄贸恳彈瀘颔澩。
(a)low;moralhazard
(b)low;adverseselection
(c)high;moralhazard
(d)high;adverseselection
Answer:
B
16.Intheusedcarmarket,asymmetricinformationleadstothelemonsproblembecausethepricethatbuyersarewillingtopaywill釷鹆資贏車贖孙滅獅赘。
(a)reflectthehighestqualityofusedcarsinthemarket.怂阐譜鯪迳導嘯畫長凉。
(b)reflectthelowestqualityofusedcarsinthemarket.谚辞調担鈧谄动禪泻類。
(c)reflecttheaveragequalityofusedcarsinthemarket.嘰觐詿缧铴嗫偽純铪锩。
(d)noneoftheabove.
Answer:
C
17.Theproblemcreatedbyasymmetricinformationbeforethetransactionoccursiscalled_________,whiletheproblemcreatedafterthetransactionoccursiscalled_________熒绐譏钲鏌觶鷹緇機库。
(a)adverseselection;moralhazard.
(b)moralhazard;adverseselection.
(c)costlystateverification;free-riding.
(d)free-riding;costlystateverification.
Answer:
A
18.Aborrowerwhotakesoutaloanusuallyhasbetterinformationaboutthepotentialreturnsandriskoftheinvestmentprojectsheplanstoundertakethandoesthelender.Thisinequalityofinformationiscalled鶼渍螻偉阅劍鲰腎邏蘞。
(a)moralhazard.
(b)asymmetricinformation.
(c)noncollateralizedrisk.
(d)adverseselection.
Answer:
B
19.Adverseselectionisaproblemassociatedwithequityanddebtcontractsarisingfrom纣忧蔣氳頑莶驅藥悯骛。
(a)thelender’srelativelackofinformationabouttheborrower’spotentialreturnsandrisksofhisinvestmentactivities.颖刍莖蛺饽亿顿裊赔泷。
(b)thelender’sinabilitytolegallyrequiresufficientcollateraltocovera100percentlossiftheborrowerdefaults.濫驂膽閉驟羥闈詔寢賻。
(c)theborrower’slackofincentivetoseekaloanforhighlyriskyinvestments.銚銻縵哜鳗鸿锓謎諏涼。
(d)noneoftheabove.
Answer:
A
20.Moralhazardisaproblemassociatedwithdebtandequitycontractsarisingfrom挤貼綬电麥结鈺贖哓类。
(a)theborrower’sincentivetoundertakehighlyriskyinvestments.赔荊紳谘侖驟辽輩袜錈。
(b)theowners’inabilitytoensurethatmanagerswillactintheowners’interest.塤礙籟馐决穩賽釙冊庫。
(c)thedifficultylendershaveinsortingoutgoodcreditrisksfrombadcreditrisks.裊樣祕廬廂颤谚鍘羋蔺。
(d)alloftheabove.
(e)only(a)and(b)oftheabove.
Answer:
E
21.Becauseoftheadverseselectionproblem,
(a)lendersmaymakeadisproportionateamountofloanstobadcreditrisks.仓嫗盤紲嘱珑詁鍬齊驁。
(b)lendersmayrefuseloanstoindividualswithlownetworth.绽萬璉轆娛閬蛏鬮绾瀧。
(c)lendersarereluctanttomakeloansthatarenotsecuredbycollateral.骁顾燁鶚巯瀆蕪領鲡赙。
(d)alloftheabove.
Answer:
D
22.Becauseoftheadverseselectionproblem,
(a)goodcreditrisksaremorelikelytoseekloans,causinglenderstomakeadisproportionateamountofloanstogoodcreditrisks.瑣钋濺暧惲锟缟馭篩凉。
(b)lendersmayrefuseloanstoindividualswithhighnetworth,becauseoftheirgreaterproclivityto“skiptown.”鎦诗涇艳损楼紲鯗餳類。
(c)lendersarereluctanttomakeloansthatarenotsecuredbycollateral.栉缏歐锄棗鈕种鵑瑶锬。
(d)alloftheabove.
Answer:
C
23.Theproblemofadverseselectionhelpstoexplain辔烨棟剛殓攬瑤丽阄应。
(a)whybanksprefertomakeloanssecuredbycollateral.峴扬斕滾澗辐滠兴渙藺。
(b)whybankshaveacomparativeadvantageinraisingfundsforAmericanbusinesses.詩叁撻訥烬忧毀厉鋨骜。
(c)whyborrowersarewillingtooffercollateraltosecuretheirpromisestorepayloans.则鯤愜韋瘓賈晖园栋泷。
(d)alloftheabove.
(e)only(a)and(b)oftheabove.
Answer:
D
24.Theproblemofadverseselectionhelpstoexplain胀鏝彈奥秘孫戶孪钇賻。
(a)whichfirmsaremorelikelytoobtainfundsfrombanksandotherfinancialintermediaries,ratherthanfromsecuritiesmarkets.鳃躋峽祷紉诵帮废掃減。
(b)whycollateralisanimportantfeatureofconsumer,butnotbusiness,debtcontracts.稟虛嬪赈维哜妝扩踴粜。
(c)whydirectfinanceismoreimportantthanindirectfinanceasasourceofbusinessfinance.陽簍埡鲑罷規呜旧岿錟。
(d)only(a)and(b)oftheabove.
Answer:
A
25.Theconceptofadverseselectionhelpstoexplain沩氣嘮戇苌鑿鑿槠谔應。
(a)whycollateralisnotacommonfeatureofmanydebtcontracts.钡嵐縣緱虜荣产涛團蔺。
(b)whylarge,well-establishedcorporationsfinditsodifficulttoborrowfundsinsecuritiesmarkets.懨俠劑鈍触乐鹇烬觶騮。
(c)whyfinancialmarketsareamongthemostheavilyregulatedsectorsoftheeconomy.謾饱兗争詣繚鮐癞别瀘。
(d)alloftheab
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