投资学期末题库答案和分析(一)

1TUTORIAL–SESSION01CHAPTER011.Discusstheagencyproblem.2.Discussthesimilaritiesanddifferencesbetweenrealandfinancialassets.3.Discussthefollowingongoingtrendsastheyrelatetothefieldofinvestments:globalization,financialengineering,securitization,andcomputernetworks.CHAPTER02Usethefollowingtoanswerquestions1to3:Considerthefollowingthreestocks:1.Theprice-weightedindexconstructedwiththethreestocksisA)30B)40C)50D)60E)70Answer:BDifficulty:EasyRationale:($40+$70+$10)/3=$40.2.Thevalue-weightedindexconstructedwiththethreestocksusingadivisorof100isA)1.2B)1200C)490D)4900E)49Answer:CDifficulty:ModerateRationale:Thesumofthevalueofthethreestocksdividedby100is490:[($40x200)+($70x500)+($10x600)]/100=4903.Assumeatthesepricesthevalue-weightedindexconstructedwiththethreestocksis490.WhatwouldtheindexbeifstockBissplit2for1andstockC4for1?A)265B)430C)3552D)490E)1000Answer:DDifficulty:ModerateRationale:Value-weightedindexesarenotaffectedbystocksplits.4.Aninvestorpurchasesonemunicipalandonecorporatebondthatpayratesofreturnof8%and10%,respectively.Iftheinvestorisinthe20%marginaltaxbracket,hisorheraftertaxratesofreturnonthemunicipalandcorporatebondswouldbe________and______,respectively.A)8%and10%B)8%and8%C)6.4%and8%D)6.4%and10%E)10%and10%Answer:BDifficulty:ModerateRationale:rc=0.10(1-0.20)=0.08,or8%;rm=0.08(1-0)=8%.5.A5.5%20-yearmunicipalbondiscurrentlypricedtoyield7.2%.Forataxpayerinthe33%marginaltaxbracket,thisbondwouldofferanequivalenttaxableyieldof:A)8.20%.B)10.75%.C)11.40%.D)4.82%.E)noneoftheabove.Answer:BDifficulty:ModerateRationale:0.072=rm(1-t);0.072=rm/(0.67);rm=0.1075=10.75%6.Inorderforyoutobeindifferentbetweentheaftertaxreturnsonacorporatebondpaying8.5%andatax-exemptmunicipalbondpaying6.12%,whatwouldyourtaxbracketneedtobe?A)33%B)72%C)15%D)28%E)Cannottellfromtheinformationgiven.0612=.085(1-t);(1-t)=0.72;t=.287.Supposeaninvestorisconsideringacorporatebondwitha7.17%before-taxyieldandamunicipalbondwitha5.93%before-taxyield.Atwhatmarginaltaxratewouldtheinvestorbeindifferentbetweeninvestinginthecorporateandinvestinginthemuni?A)15.4%B)23.7%C)39.5%D)17.3%E)12.4%tm=1-(5.93%/7.17%)=17.29%Usethefollowingtoanswerquestions8to9:38.Basedontheinformationgiven,foraprice-weightedindexofthethreestockscalculate:A)therateofreturnforthefirstperiod(t=0tot=1).B)thevalueofthedivisorinthesecondperiod(t=2).AssumethatStockAhada2-1splitduringthisperiod.C)therateofreturnforthesecondperiod(t=1tot=2).A.Theprice-weightedindexattime0is(70+85+105)/3=86.67.Theprice-weightedindexattime1is(72+81+98)/3=83.67.Thereturnontheindexis83.67/86.67-1=-3.46%.B.Thedivisormustchangetoreflectthestocksplit.Becausenothingelsefundamentallychanged,thevalueoftheindexshouldremain83.67.Sothenewdivisoris(36+81+98)/83.67=2.57.Theindexvalueis(36+81+98)/2.57=83.67.C.Therateofreturnforthesecondperiodis83.67/83.67-1=0.00%9.Basedontheinformationgivenforthethreestocks,calculatethefirst-periodratesofreturn(fromt=0tot=1)onA)amarket-value-weightedindex.B)anequally-weightedindex.C)ageometricindex.A.Thetotalmarketvalueattime0is$70*200+$85*500+$105*300=$88,000.Thetotalmarketvalueattime1is$72*200+$81*500+$98*300=$84,300.Thereturnis$84,300/$88,000-1=-4.20%.B.ThereturnonStockAforthefirstperiodis$72/$70-1=2.86%.ThereturnonStockBforthefirstperiodis$81/$85-1=-4.71%.ThereturnonStockCforthefirstperiodis$98/$105-1=-6.67%.Thereturnonanequallyweightedindexofthethreestocksis(2.86%-4.71%-6.67%)/3=-2.84%C.Thegeometricaveragereturnis[(1+.0286)(1-.0471)(1-.0667)](1/3)-1=[(1.0286)(0.9529)(0.9333)]0.3333-1=-2.92%10.Discusstheadvantagesanddisadvantagesofcommonstockownership,relativetootherinvestmentalternatives.CHAPTER031.Assumeyoupurchased200sharesofXYZcommonstockonmarginat$70persharefromyourbroker.Iftheinitialmarginis55%,howmuchdidyouborrowfromthebroker?A)$6,000B)$4,000C)$7,700D)$7,000E)$6,300Answer:EDifficulty:ModerateRationale:200shares*$70/share*(1-0.55)=$14,000*(0.45)=$6,300.42.Yousoldshort200sharesofcommonstockat$60pershare.Theinitialmarginis60%.YourinitialinvestmentwasA)$4,800.B)$12,000.C)$5,600.D)$7,200.E)noneoftheabove.Answer:DDifficulty:ModerateRationale:200shares*$60/share*0.60=$12,000*0.60=$7,2003.Youpurchased100sharesofABCcommonstockonmarginat$70pershare.Assumetheinitialmarginis50%andthemaintenancemarginis30%.Belowwhatstockpricelevelwouldyougetamargincall?Assumethestockpaysnodividend;ignoreinterestonmargin.A)$21B)$50C)$49D)$80E)noneoftheaboveAnswer:BDifficulty:DifficultRationale:100shares*$70*.5=$7,000*0.5=$3,500(loanamount);0.30=(100P-$3,500)/100P;30P=100P-$3,500;-70P=-$3,500;P=$50.4.Youpurchased100sharesofcommonstockonmarginat$45pershare.Assumetheinitialmarginis50%andthestockpaysnodividend.Whatwouldthemaintenancemarginbeifamargincallismadeatastockpriceof$30?Ignoreinterestonmargin.A)0.33B)0.55C)0.43D)0.23E)0.25Answer:EDifficulty:DifficultRationale:100shares*$45/share*0.5=$4,500*0.5=$2,250(loanamount);X=[100($30)-$2,250]/100($30);X=0.25.5.Youpurchased300sharesofcommonstockonmarginfor$60pershare.Theinitialmarginis60%andthestockpaysnodividend.Whatwouldyourrateofreturnbeifyousellthestockat$45pershare?Igno