兹维博迪金融学第二版试题库.docx

兹维博迪金融学第二版试题库.docx

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兹维博迪金融学第二版试题库

兹维博迪金融学第二版试题库10TB

（1）（总15页）

ChapterTen

PrinciplesofRiskManagement

Thischaptercontains30multiplechoicequestions,10shortproblems,and5longerproblems.

MultipleChoice

1.________that“matters”becauseifaffectspeople'swelfare.________existswheneveronedoesnotknowforsurewhatwilloccurinthefuture.

（a）Uncertaintyisrisk;Uncertainty

（b）Riskisuncertainty;Uncertainty

（c）Riskisuncertainty;Risk

（d）Uncertaintyisrisk;Risk

Answer:

（b）

2.________isameasureofwillingnesstopaytoreduceone'sexposuretorisk.

（a）Riskaversion

（b）Riskavariciousness

（c）Riskpredilection

（d）Riskinflation

Answer:

（a）

3.Whenchoosingamonginvestmentalternativeswiththesameexpectedrateofreturn,ariskaverseindividualchoosestheonewiththe________risk.

（a）surest

（b）mostuncertain

（c）lowest

（d）highest

Answer:

（c）

4.________isaparticulartypeofriskpeoplefacebecauseofthenatureoftheirbusinessorpatternofconsumption.

（a）Operationalefficiencyexposure

（b）Opportunityexposure

（c）Riskexposure

（d）Riskreduction

Answer:

（c）

5.________areinvestorswhotakepositionsthatincreasetheirexposuretocertainrisksinthehopeofincreasingtheirwealth.

（a）Operationsinsurers

（b）Foreignexporters

（c）Hedgers

（d）Speculators

Answer:

（d）

6.Theriskinessofanassetoratransaction________beassessedinisolationorintheabstract.

（a）can

（b）cannot

（c）must

（d）itvariesaccordingtothesituation

Answer:

（b）

7.Bydefinition,________areinvestorswhotakepositionstoreducetheirexposures.

（a）operationsinsurers

（b）foreignexporters

（c）hedgers

（d）speculators

Answer:

（c）

8.Theriskoflossarisingfromobsolescenceduetotechnologicalchangeorchangesinconsumertasteisanexampleof________.

（a）unemploymentrisk

（b）liabilityrisk

（c）financial-assetrisk

（d）dconsumer-durableassetrisk

Answer:

（d）

9.Theriskarisingfromholdingdifferentkindsoffinancialassetssuchasequitiesorfixedincomesecuritiesdenominatedinoneormorecurrenciesisanexampleof________.

（a）unemploymentrisk

（b）liabilityrisk

（c）financial-assetrisk

（d）consumer-durableassetrisk

Answer:

（c）

10.Businessrisksofthefirmarebornebyits________.

（a）shareholders

（b）creditors

（c）employees

（d）alloftheabove

Answer:

（d）

11.________consistsoffiguringoutwhatthemostimportantriskexposuresarefortheunitofanalysis.

（a）Riskassessment

（b）Selectionofriskmanagementtechniques

（c）Implementation

（d）Riskidentification

Answer:

（d）

12.Whichofthefollowingismostlikelytoneedalotoflifeinsurance?

（a）asinglepersonwithnodependents

（b）adivorcedpersonwithnodependents

（c）adouble-incomecouplewithnokids

（d）marriedpersonwithchildren

Answer:

（d）

13.________isthequantificationofthecostsassociatedwiththerisksthathavebeenidentifiedinthefirststepofriskmanagement.

（a）Riskassessment

（b）Selectionofriskmanagementtechniques

（c）Implementation

（d）Review

Answer:

（a）

14.Sellingariskyassettosomeoneelseandbuyinginsuranceareexamplesof________.

（a）riskavoidance

（b）losspreventionandcontrol

（c）risktransfer

（d）riskretention

Answer:

（c）

15.Oneissaidto________ariskwhentheactiontakentoreduceone’sexposuretoalossalsocausesonetogiveupthepossibilityofagain.

（a）insure

（b）diversify

（c）hedge

（d）payapremiumwith

Answer:

（c）

16.Whenyou________youpayapremiumtoeliminatetheriskoflossandretainthepotentialforgain.

（a）insure

（b）diversify

（c）hedge

（d）speculate

Answer:

（a）

17.Inorderfordiversificationtoreduceyourriskexposure,therisksmustbe________

（a）lessthanperfectlycorrelatedwitheachother

（b）morethanperfectlycorrelatedwitheachother

（c）uncorrelated

（d）noneoftheabove

Answer:

（a）

18.Thedemandforwaystomanageriskhasbeenincreasedby________.

（a）increasedvolatilityofexchangerates

（b）increasedvolatilityofinterestrates

（c）increasedvolatilityofcommodityprices

（d）alloftheabove

Answer:

（d）

19.Moralhazardandadverseselectionareexamplesof________.

（a）transactionscosts

（b）incentiveproblems

（c）transferencecosts

（d）bothaandb

Answer:

（b）

20.

________isdefinedasquantitativeanalysisforoptimalriskmanagement.

（a）Portfoliotheory

（b）Corporatetheory

（c）Diversificationtheory

（d）Probabilitytheory

Answer:

（a）

21.Anassetportfolio'sexpectedreturnisidentifiedwiththe________ofthedistribution,anditsriskwiththe________.

（a）variance;average

（b）mean;standarddeviation

（c）standarddeviation;average

（d）median;normaldistribution

Answer:

（b）

22.SupposeyoubuysharesofRayFranstockatapriceof$110pershareandintendtoholdthemforayear.SupposeRayFranpaysadividendof$pershareoverthatyear.ComputethetotalrateofreturnonashareofRayFranstockifattheendoftheyearyousellitfor$pershare.

（a）%

（b）%

（c）%

（d）%

Answer:

（d）

23.The________astock'svolatility,the________therangeofpossibleoutcomesandthe________theprobabilitiesofthosereturnsattheextremesoftherange.

（a）larger;narrower;larger

（b）larger;narrower;smaller

（c）larger;wider;larger

（d）larger;wider;smaller

Answer:

（c）

24.

ConsidertheprobabilitydistributionofrateofreturnonRayFranstock:

RateofReturnProbability

40%

15%

–8%

ComputetheexpectedrateofreturnonRayFranstock.

（a）%

（b）%

（c）%

（d）%

Answer:

（c）

25.Refertoquestion24.NowcomputethestandarddeviationofRayFranstock.

（a）%

（b）%

（c）%

（d）%

Answer:

（c）

26.Considerastockwithanexpectedreturnof15%andastandarddeviationof8%thatisnormallydistributed.Whatistheconfidenceintervalforthisstock'srateofreturn?

27.

（a）（7%,23%）

（b）（–9%,39%）

（c）（–1%,39%）

（d）（–1%,31%）

Answer:

（d）

Forquestions27through30,usethefollowingtable:

HistoricalReturns

Year

Toys’R’Me

Rouge

1

2

3

4

5

15%

20%

-5%

12%

10%

13%

17%

-7%

8%

6%

28.WhatarethemeanreturnsforToys’R’MeandRouge,respectively?

29.

（a）ToysRMe:

%;Rouge:

%

（b）ToysRMe:

%;Rouge:

%

（c）ToysRMe:

%;Rouge:

%

（d）ToysRMe:

%;Rouge:

%

Answer:

（b）

30.WhatisthestandarddeviationofreturnsforToysRMeForRouge

（a）ToysRMe:

%;Rouge:

%

（b）ToysRMe:

%;Rouge:

%

（c）ToysRMe:

%;Rouge:

%

（d）ToysRMe:

%;Rouge:

%

Answer:

（b）

31.SupposethereturnsforToysRMeandRougearenormallydistributed.DeterminetheconfidenceintervalforToysR.Me.

（a）%,%）

（b）（–%,%）

（c）（–%,%）

（d）%;%）

Answer:

（d）

32.

DeterminetheconfidenceintervalforRouge.

（a）%,%）

（b）（–,%）

（c）,%）

（d）（–,%）

Answer:

（c）

ShortProblems

1.Brieflydistinguishbetweenthethreemethodsavailabletotransferrisk:

hedging,insuringanddiversifying.

Answer:

Hedging:

Oneissaidtohedgeariskwhentheactiontakentoreduceone’sexposuretoalossalsocausesonetogiveupthepossibilityofagain.

Insuring:

Insuringmeanspayingapremiumtoeliminatetheriskoflossandretainthepotentialforgain.

Diversifying:

Diversifyingmeansholdingsimilaramountsofmanyriskyassetsinsteadofconcentratingallofyourinvestmentinonlyone.Diversificationtherebylimitsyourexposuretotheriskofanysingleasset.

2.Outlinethestepsintherisk-managementprocess.

Answer:

Theriskmanagementprocesscanbebrokendownintofivesteps:

1.Riskidentification

2.Riskassessment

3.Selectionofriskmanagementtechniques

4.Implementation

5.Review

3.

Thinkofabookstore.Whatrisksissuchabusinessexposedto,andwhobearsthem?

4.

5.

Answer:

Majorrisks:

Riskthatinventorywillnotarriveontime

Riskthatemployeeswillbelateorabsent

Riskthatcomputers/registerswillbreakdown

Riskofnewcompetitioninthearea（especially-the“superstores”）

Riskthatdistributors'priceswillincreasedramatically

Theserisksarebornebyshareholders,owners,employees,creditors,customers,suppliers.

6.Explainwhythesale/purchaseofahouseissimilartoaforwardcontractinnature.

Answer:

Bothpartieseliminatetheuncertaintyassociatedwithpricevolatilityinthehousingmarketduringthemonthsofsettlingthecontractbetweenthem.Eventhoughthetransferofownershipforthehousewon'thappenformanymonths,thebuyerandsellerofahousecancontractuallysettleonatransactionpriceforthehouse.

7.Explainthedifferencebetweeninsuringandhedging.

Answer:

Whenyouhedge,youeliminatetheriskoflossbygivingupthepotentialforgain.However,whenyouinsure,youpayapremiumtoeliminatetheriskoflossandretainthepotentialforgain.

8.Discussthetwofactorslimitingtheefficientallocationofrisks.

Answer:

Transactionscostsandincentiveproblemsarethetwokeyfactorslimitingtheefficientallocationofrisks.Transactionscostsincludethecostsofestablishingandrunninginstitutionssuchasinsurancecompaniesorsecuritiesexchangesandthecostsofwritingandenforcingcontracts.

Moralhazardandadverseselectionareexamplesofincentiveproblems,whichstandinthewayofthedevelopmentofinstitutionsforefficientrisksharing.Moralhazardexistswhenhavinginsuranceagainstsomeriskcausestheinsuredpartytotakegreaterriskortotakelesscareinpreventingtheeventthatgivesrisetotheloss.

Theproblemwithadverseselectionrelatestothefactthatthosewhopurchaseinsuranceagainstriskaremorelikelythanthegeneralpopulationtobeatrisk.

9.Inthecaseofinsuringaship,explainhowthemoralhazardproblemcanlead