1、=精选公文范文，管理类，工作总结类，工作计划类文档，欢迎阅读下载=-精选公文范文，管理类，工作总结类，工作计划类文档，感谢阅读下载- 1 投资学期末题库答案和分析(一)TUTORIAL SESSION 01 CHAPTER 01 1. Discuss the agency problem. 2. Discuss the similarities and differences between real and financial assets. 3. Discuss the following ongoing trends as they relate to the field of inve
2、stments: globalization, financial engineering, securitization, and computer networks. CHAPTER 02 Use the following to answer questions 1 to 3: Consider the following three stocks: 1. The price-weighted index constructed with the three stocks is A) 30 B) 40 C) 50 D) 60 E) 70 Answer: B Difficulty: Eas
3、y Rationale: ($40 + $70 + $10)/3 = $40. 2. The value-weighted index constructed with the three stocks using a divisor of 100 is A) =精选公文范文，管理类，工作总结类，工作计划类文档，欢迎阅读下载=-精选公文范文，管理类，工作总结类，工作计划类文档，感谢阅读下载- 2 B) 1200 C) 490 D) 4900 E) 49 Answer: C Difficulty: Moderate Rationale: The sum of the value of the t
4、hree stocks divided by 100 is 490: ($40 x 200) + ($7 0 x 500) + ($10 x 600) /100 = 490 3. Assume at these prices the value-weighted index constructed with the three stocks is 490. What would the index be if stock B is split 2 for 1 and stock C 4 for 1? A) 265 B) 430 C) 355 1 D) 490 E) 1000 Answer: D
5、 Difficulty: Moderate Rationale: Value-weighted indexes are not affected by stock splits. 4. An investor purchases one municipal and one corporate bond that pay rates of return of 8% and 10%, respectively. If the investor is in the 20% marginal tax bracket, his or her after tax rates of return on th
6、e municipal and corporate bonds would be _ and _, respectively. A) 8% and =精选公文范文，管理类，工作总结类，工作计划类文档，欢迎阅读下载=-精选公文范文，管理类，工作总结类，工作计划类文档，感谢阅读下载- 3 10% B) 8% and 8% C) % and 8% D) % and 10% E) 10% and 10% Answer: B Difficulty: Moderate Rationale: rc = (1 - ) = , or 8%; rm = (1 - 0) = 8%. 5. A % 20-year m
7、unicipal bond is currently priced to yield %. For a taxpayer in the 33% marginal tax bracket, this bond would offer an equivalent taxable yield of: A) %. B) %. C) %. D) %. E) none of the above. Answer: B Difficulty: Moderate Rationale: = rm (1-t); = rm / (); rm = = % 6. In order for you to be indiff
8、erent between the after tax returns on a corporate bond paying % and a tax-exempt municipal bond paying %, what would your tax bracket need to be? A) 33% B) 72% C) 15% D) 28% E) Cannot tell from the information given .0612 = .085(1-t); (1-t) = ; t = .28 7. Suppose an investor is considering a corpor
9、ate bond with a % before-tax yield =精选公文范文，管理类，工作总结类，工作计划类文档，欢迎阅读下载=-精选公文范文，管理类，工作总结类，工作计划类文档，感谢阅读下载- 4 and a municipal bond with a % before-tax yield. At what marginal tax rate would the investor be indifferent between investing in the corporate and investing in the muni? A) % B) % C) % D) % E) % t
10、m = 1 - (%/%) = % Use the following to answer questions 8 to 9: 2 8. Based on the information given, for a price-weighted index of the three stocks calculate: A) the rate of return for the first period (t=0 to t=1). B) the value of the divisor in the second period (t=2). Assume that Stock A had a 2-
11、1 split during this period. C) the rate of return for the second period (t=1 to t=2). A. The price-weighted index at time 0 is (70 + 85 + 105)/3 = The price-weighted index at time 1 is (72 + 81 + 98)/3 = The return on the index is / - 1 = -%. B. The divisor must change to reflect the stock split. Be
12、cause nothing else =精选公文范文，管理类，工作总结类，工作计划类文档，欢迎阅读下载=-精选公文范文，管理类，工作总结类，工作计划类文档，感谢阅读下载- 5 fundamentally changed, the value of the index should remain So the new divisor is (36 + 81 + 98)/ = The index value is (36 + 81 + 98)/ = C. The rate of return for the second period is / - 1 = % 9. Based on the in
13、formation given for the three stocks, calculate the first-period rates of return (from t=0 to t=1) on A) a market-value-weighted index. B) an equally-weighted index. C) a geometric index. A. The total market value at time 0 is $70 * 200 + $85 * 500 + $105 * 300 = $88,000. The total market value at t
14、ime 1 is $72 * 200 + $81 * 500 + $98 * 300 = $84,300. The return is $84,300/$88,000 - 1 = -%. B. The return on Stock A for the first period is $72/$70 - 1 = %. The return on Stock B for the first period is $81/$85 - 1 = -%. The return on Stock C for the first period is $98/$105 - 1 = -%. The return
15、on an equally weighted index of the =精选公文范文，管理类，工作总结类，工作计划类文档，欢迎阅读下载=-精选公文范文，管理类，工作总结类，工作计划类文档，感谢阅读下载- 6 three stocks is (% - % - %)/3 = -% C. The geometric average return is (1+.0286)()()(1/3)-1 = ()()() -1 = -% 10. Discuss the advantages and disadvantages of common stock ownership, relative to oth
16、er investment alternatives. CHAPTER 03 1. Assume you purchased 200 shares of XYZ common stock on margin at $70 per share from your broker. If the initial margin is 55%, how much did you borrow from the broker? A) $6,000 B) $4,000 C) $7,700 D) $7,000 E) $6,300 Answer: E Difficulty: Moderate Rationale
17、: 200 shares * $70/share * () = $14,000 * () = $6,300. 3 2. You sold short 200 shares of common stock at $60 per share. The initial margin is 60%. Your initial investment was A) $4,800. B) $12,000. C) $5,600. D) $7,200. E) none of the above. Answer: D Difficulty: Moderate Rationale: =精选公文范文，管理类，工作总结
18、类，工作计划类文档，欢迎阅读下载=-精选公文范文，管理类，工作总结类，工作计划类文档，感谢阅读下载- 7 200 shares * $60/share * = $12,000 * = $7,200 3. You purchased 100 shares of ABC common stock on margin at $70 per share. Assume the initial margin is 50% and the maintenance margin is 30%. Below what stock price level would you get a margin call?
19、 Assume the stock pays no dividend; ignore interest on margin. A) $21 B) $50 C) $49 D) $80 E) none of the above Answer: B Difficulty: Difficult Rationale: 100 shares * $70 * .5 = $7,000 * = $3,500 (loan amount); = (100P - $3,500)/100P; 30P = 100P - $3,500; -70P = -$3,500; P = $50. 4. You purchased 1
20、00 shares of common stock on margin at $45 per share. Assume the initial margin is 50% and the stock pays no dividend. What would the maintenance margin be if a margin call is made at a stock price of $30? Ignore interest on margin. A) B) C) D) E) =精选公文范文，管理类，工作总结类，工作计划类文档，欢迎阅读下载=-精选公文范文，管理类，工作总结类，工
21、作计划类文档，感谢阅读下载- 8 Answer: E Difficulty: Difficult Rationale: 100 shares * $45/share * = $4,500 * = $2,250 (loan amount); X = 100($30) - $2,250/100($30); X = 5. You purchased 300 shares of common stock on margin for $60 per share. The initial margin is 60% and the stock pays no dividend. What would yo
22、ur rate of return be if you sell the stock at $45 per share? Ignore interest on margin. A) 25% B) -33% C) 44% D) -42% E) 54% Answer: D Difficulty: Difficult Rationale: 300($60)() = $10,800 investment; 300($60) = $18,000 *() = $7,200 loan; Proceeds after selling stock and repaying loan: $13,500 - $7,
23、200 = $6,300; Return = ($6,300 - $10,800)/$10,800 = - %. 6. Assume you sell short 100 shares of common stock at $45 per share, with initial margin at 50%. What would be your rate of return if you repurchase the =精选公文范文，管理类，工作总结类，工作计划类文档，欢迎阅读下载=-精选公文范文，管理类，工作总结类，工作计划类文档，感谢阅读下载- 9 stock at 4 $40/share
24、? The stock paid no dividends during the period, and you did not remove any money from the account before making the offsetting transaction. A) 20% B) 25% C) 22% D) 77% E) none of the above Answer: C Difficulty: Moderate Rationale: Profit on stock = ($45 - $40) * 100 = $500, $500/$2,250 (initial inv
25、estment) = % 7. You want to purchase XYZ stock at $60 from your broker using as little of your own money as possible. If initial margin is 50% and you have $3000 to invest, how many shares can you buy? A) 100 shares B) 200 shares C) 50 shares D) 500 shares E) 25 shares Answer: A Difficulty: Moderate
26、 Rationale: .5 = (Q * $60)-$3,000 / (Q * $60); $30Q = $60Q-$3,000; $30Q = $3,000; Q=100. 8. You buy 300 shares of Qualitycorp for $30 per share and deposit initial margin of =精选公文范文，管理类，工作总结类，工作计划类文档，欢迎阅读下载=-精选公文范文，管理类，工作总结类，工作计划类文档，感谢阅读下载- 10 50%. The next day Qualitycorps price drops to $25 per sh
27、are. What is your actual margin? A) 50% B) 40% C) 33% D) 60% E) 25% Answer: B Difficulty: Moderate Rationale: AM = 300 ($25) - .5 (300) ($30) / 300 ($25) = .40 9. You sold short 100 shares of common stock at $45 per share. The initial margin is 50%. Your initial investment was A) $4,800. B) $12,000.
28、 C) $2,250. D) $7,200. E) none of the above. Answer: C Difficulty: Moderate Rationale: 100 shares * $45/share * = $4,500 * = $2,250 10. List three factors that are listing requirements for the New York Stock Exchange. Why does the exchange have such requirements? CHAPTER 04 1. Multiple Mutual Funds had year-end assets of $457,000,000 and liabilities of $17,000,000. There were 24,300,000 shares in the fund
