博迪_投资学第九版_英文答案

1-1CHAPTER1:THEINVESTMENTENVIRONMENTPROBLEMSETS1.Ultimately,itistruethatrealassetsdeterminethematerialwellbeingofaneconomy.Nevertheless,individualscanbenefitwhenfinancialengineeringcreatesnewproductsthatallowthemtomanagetheirportfoliosoffinancialassetsmoreefficiently.Becausebundlingandunbundlingcreatesfinancialproductswithnewpropertiesandsensitivitiestovarioussourcesofrisk,itallowsinvestorstohedgeparticularsourcesofriskmoreefficiently.2.Securitizationrequiresaccesstoalargenumberofpotentialinvestors.Toattracttheseinvestors,thecapitalmarketneeds:1.asafesystemofbusinesslawsandlowprobabilityofconfiscatorytaxation/regulation;2.awell-developedinvestmentbankingindustry;3.awell-developedsystemofbrokerageandfinancialtransactions,and;4.well-developedmedia,particularlyfinancialreporting.Thesecharacteristicsarefoundin(indeedmakefor)awell-developedfinancialmarket.3.Securitizationleadstodisintermediation;thatis,securitizationprovidesameansformarketparticipantstobypassintermediaries.Forexample,mortgage-backedsecuritieschannelfundstothehousingmarketwithoutrequiringthatbanksorthriftinstitutionsmakeloansfromtheirownportfolios.Assecuritizationprogresses,financialintermediariesmustincreaseotheractivitiessuchasprovidingshort-termliquiditytoconsumersandsmallbusiness,andfinancialservices.4.Financialassetsmakeiteasyforlargefirmstoraisethecapitalneededtofinancetheirinvestmentsinrealassets.IfFord,forexample,couldnotissuestocksorbondstothegeneralpublic,itwouldhaveafarmoredifficulttimeraisingcapital.Contractionofthesupplyoffinancialassetswouldmakefinancingmoredifficult,therebyincreasingthecostofcapital.Ahighercostofcapitalresultsinlessinvestmentandlowerrealgrowth.1-25.Evenifthefirmdoesnotneedtoissuestockinanyparticularyear,thestockmarketisstillimportanttothefinancialmanager.Thestockpriceprovidesimportantinformationabouthowthemarketvaluesthefirm'sinvestmentprojects.Forexample,ifthestockpricerisesconsiderably,managersmightconcludethatthemarketbelievesthefirm'sfutureprospectsarebright.Thismightbeausefulsignaltothefirmtoproceedwithaninvestmentsuchasanexpansionofthefirm'sbusiness.Inaddition,sharesthatcanbetradedinthesecondarymarketaremoreattractivetoinitialinvestorssincetheyknowthattheywillbeabletoselltheirshares.Thisinturnmakesinvestorsmorewillingtobuysharesinaprimaryoffering,andthusimprovesthetermsonwhichfirmscanraisemoneyintheequitymarket.6.a.No.Theincreaseinpricedidnotaddtotheproductivecapacityoftheeconomy.b.Yes,thevalueoftheequityheldintheseassetshasincreased.c.Futurehomeownersasawholeareworseoff,sincemortgageliabilitieshavealsoincreased.Inaddition,thishousingpricebubblewilleventuallyburstandsocietyasawhole(andmostlikelytaxpayers)willendurethedamage.7.a.ThebankloanisafinancialliabilityforLanni.(Lanni'sIOUisthebank'sfinancialasset.)ThecashLannireceivesisafinancialasset.ThenewfinancialassetcreatedisLanni'spromissorynote(thatis,Lanni’sIOUtothebank).b.Lannitransfersfinancialassets(cash)tothesoftwaredevelopers.Inreturn,Lannigetsarealasset,thecompletedsoftware.Nofinancialassetsarecreatedordestroyed;cashissimplytransferredfromonepartytoanother.c.Lannigivestherealasset(thesoftware)toMicrosoftinexchangeforafinancialasset,1,500sharesofMicrosoftstock.IfMicrosoftissuesnewsharesinordertopayLanni,thenthiswouldrepresentthecreationofnewfinancialassets.d.Lanniexchangesonefinancialasset(1,500sharesofstock)foranother($120,000).Lannigivesafinancialasset($50,000cash)tothebankandgetsbackanotherfinancialasset(itsIOU).Theloanisdestroyedinthetransaction,sinceitisretiredwhenpaidoffandnolongerexists.1-38.a.AssetsLiabilities&Shareholders’equityCash$70,000Bankloan$50,000Computers30,000Shareholders’equityTotal50,000$100,000Total$100,000Ratioofrealassetstototalassets=$30,000/$100,000=0.30b.AssetsLiabilities&Shareholders’equitySoftwareproduct*$70,000Bankloan$50,000Computers30,000Shareholders’equityTotal50,000$100,000Total$100,000*ValuedatcostRatioofrealassetstototalassets=$100,000/$100,000=1.0c.AssetsLiabilities&Shareholders’equityMicrosoftshares$120,000Bankloan$50,000Computers30,000Shareholders’equityTotal100,000$150,000Total$150,000Ratioofrealassetstototalassets=$30,000/$150,000=0.20Conclusion:whenthefirmstartsupandraisesworkingcapital,itischaracterizedbyalowratioofrealassetstototalassets.Whenitisinfullproduction,ithasahighratioofrealassetstototalassets.Whentheprojectshutsdownandthefirmsellsitoffforcash,financialassetsonceagainreplacerealassets.9.Forcommercialbanks,theratiois:$140.1/$11,895.1=0.0118Fornon-financialfirms,theratiois:$12,538/$26,572=0.4719Thedifferenceshouldbeexpectedprimarilybecausethebulkofthebusinessoffinancialinstitutionsistomakeloans;whicharefinancialassetsforfinancialinstitutions.10.a.Primary-markettransactionb.Derivativeassetsc.Investorswhowishtoholdgoldwithoutthecomplicationandcostofphysicalstorage.1-411.a.Afixedsalarymeansthatcompensationis(atleastintheshortrun)independentofthefirm'ssuccess.Thissalarystructuredoesnottiethemanager’simmediatecompensationtothesuccessofthefirm.However,themanagermightviewthisasthesafestcompensationstructureandthe