金融市场与机构 11.docx
《金融市场与机构 11.docx》由会员分享，可在线阅读，更多相关《金融市场与机构 11.docx（16页珍藏版）》请在冰点文库上搜索。
金融市场与机构11
1Chapter11
TheStockMarket
1n MultipleChoiceQuestions
1.（I）Ashareofcommonstockinafirmrepresentsanownershipinterestinthatfirm.（II）Ashareofpreferredstockisasmuchlikeabondasitislikecommonstock.
（a）（I）istrue,（II）false.
（b）（I）isfalse,（II）true.
（c）Botharetrue.
（d）Botharefalse.
Answer:
C
2.Preferredstockholdersholdaclaimonassetsthathaspriorityovertheclaimsof
（a）bothcommonstockholdersandbondholders.
（b）neithercommonstockholdersnorbondholders.
（c）commonstockholders,butafterthatofbondholders.
（d）bondholders,butafterthatofcommonstockholders.
Answer:
C
3.（I）Preferredstockholdersholdaclaimonassetsthathaspriorityovertheclaimsofcommonstockholders,butafterthatofbondholders.（II）Firmsissuepreferredstockinfargreateramountsthancommonstock.
（a）（I）istrue,（II）false.
（b）（I）isfalse,（II）true.
（c）Botharetrue.
（d）Botharefalse.
Answer:
A
4.（I）Preferredstockholdersholdaclaimonassetsthathaspriorityovertheclaimsofcommonstockholders.（II）Bondholdersholdaclaimonassetsthathaspriorityovertheclaimsofpreferredstockholders.
（a）（I）istrue,（II）false.
（b）（I）isfalse,（II）true.
（c）Botharetrue.
（d）Botharefalse.
Answer:
C
5.（I）Firmsissuecommonstockinfargreateramountsthanpreferredstock.（II）Thetotalvolumeofstockissuedismuchlessthanthevolumeofbondsissued.
（a）（I）istrue,（II）false.
（b）（I）isfalse,（II）true.
（c）Botharetrue.
（d）Botharefalse.
Answer:
C
6.Theriskiestcapitalmarketsecurityis
（a）preferredstock.
（b）commonstock.
（c）corporatebonds.
（d）Treasurybonds.
Answer:
B
7.Organizedexchangesaccountforabout_________percentofthetotaldollarvolumeofdomesticstocksharestraded.
（a）30
（b）45
（c）60
（d）70
Answer:
D
8.Organizedexchangesaccountforabout_________percentofthetotaldollarvolumeofdomesticstockstraded.
（a）60
（b）70
（c）80
（d）90
Answer:
B
9.（I）ThelargestoftheorganizedstockexchangesintheUnitedStatesistheNewYorkStockExchange.（II）TobelistedontheNYSE,afirmmusthaveaminimumof$100milliondollarsinmarketvalueor$10millioninrevenues.
（a）（I）istrue,（II）false.
（b）（I）isfalse,（II）true.
（c）Botharetrue.
（d）Botharefalse.
Answer:
A
10.TolistontheNYSE,afirmmust
（a）haveearningsofatleast$100millionforeachofthelastthreeyears.
（b）haveatleast$500millionofmarketvalueand$100millionofrevenue.
（c）haveatotalof$100millioninmarketvalueofpubliclytradedshares.
（d）meetalloftheaboverequirements.
（e）meet（a）and（b）oftheaboverequirements.
Answer:
E
11.Securitiesnotlistedononeoftheexchangestradeintheover-the-countermarket.Inthisexchange,dealers“makeamarket”by
（a）buyingstocksforinventorywheninvestorswanttosell.
（b）sellingstocksfrominventorywheninvestorswanttobuy.
（c）doingbothoftheabove.
（d）doingneitheroftheabove.
Answer:
C
12.Themostactivestockexchangeintheworldisthe
（a）NikkeiStockExchange.
（b）LondonStockExchange.
（c）ShanghaiStockExchange.
（d）NewYorkStockExchange.
Answer:
A
13.Whichofthefollowingstatementsabouttradingoperationsinanorganizedexchangearecorrect?
（a）Floortradersalldealinawidevarietyofstocks.
（b）Inmosttrades,specialistsmatchbuyandsellorders.
（c）Inmosttrades,specialistsbuyfororsellfromtheirowninventories.
（d）TheSuperDOTsystemisusedtoexpeditelargetradesofover100,000shares.
Answer:
B
14.WhichofthefollowingisnotanadvantageofElectronicCommunicationsNetworks（ECNs）?
（a）AllunfilledordersareavailableforreviewbyECNtraders.
（b）TransactionscostsarelowerforECNtrades.
（c）Tradesaremadeandconfirmedfaster.
（d）ECNsworkwellforthinlytradedstocks.
Answer:
D
15.WhichofthefollowingstatementsisfalseregardingElectronicCommunicationsNetworks（ECNs）?
（a）ArchipelagoandInstinetaretwoexamplesofECNs.
（b）CompetitionfromECNshasforcedNASDAQtocutitsfees.
（c）Tradersbenefitfromlowertradingcostsandfasterservice.
（d）ECNsallowinstitutionalinvestors,butnotindividuals,totradeafterhours.
Answer:
D
16.Abasicprincipleoffinanceisthatthevalueofanyinvestmentis
（a）thepresentvalueofallfuturenetcashflowsgeneratedbytheinvestment.
（b）theundiscountedsumofallfuturenetcashflowsgeneratedbytheinvestment.
（c）unrelatedtothefuturenetcashflowsgeneratedbytheinvestment.
（d）unrelatedtothedegreeofriskassociatedwiththefuturenetcashflowsgeneratedbytheinvestment.
Answer:
A
17.Astockcurrentlysellsfor$25pershareandpays$0.24peryearindividends.Whatisaninvestor’svaluationofthisstockifsheexpectsittobesellingfor$30inoneyearandrequires15percentreturnonequityinvestments?
（a）$30.24
（b）$26.30
（c）$26.09
（d）$27.74
Answer:
B
18.Astockcurrentlysellsfor$30pershareandpays$1.00peryearindividends.Whatisaninvestor’svaluationofthisstockifheexpectsittobesellingfor$37inoneyearandrequires12percentreturnonequityinvestments?
（a）$38
（b）$33.50
（c）$34.50
（d）$33.93
Answer:
D
19.Intheone-periodvaluationmodel,astock’svaluewillbehigher
（a）thehigherisitsexpectedfutureprice.
（b）thelowerisitsdividend.
（c）thehigheristherequiredreturnoninvestmentsinequity.
（d）alloftheabove.
Answer:
A
20.Intheone-periodvaluationmodel,astock’svaluefallsifthe_________rises.
（a）dividend
（b）expectedfutureprice
（c）requiredreturnonequity
（d）currentprice
Answer:
C
21.Inthegeneralizeddividendvaluationmodelastock’svaluedependonlyon
（a）itsfuturedividendpaymentsanditsfutureprice.
（b）itsfuturedividendpaymentsandtherequiredreturnonequity.
（c）itsfuturepriceandtherequiredreturnoninvestmentsonequity.
（d）itsfuturedividendpayments.
Answer:
B
22.WhichofthefollowingisnotanelementoftheGordongrowthmodelofstockvaluation?
（a）thestock’smostrecentdividendpaid.
（b）theexpectedconstantgrowthrateofdividends.
（c）therequiredreturnoninvestmentsinequity.
（d）thestock’sexpectedfutureprice.
Answer:
D
23.AccordingtotheGordongrowthmodel,whatisaninvestor’svaluationofastockwhosecurrentdividendis$1.00peryearifdividendsareexpectedtogrowataconstantrateof10percentoveralongperiodoftimeandtheinvestor’srequiredreturnis11percent?
（a）$110
（b）$100
（c）$11
（d）$10
（e）$5.24
Answer:
A
24.AccordingtotheGordongrowthmodel,whatisaninvestor’svaluationofastockwhosecurrentdividendis$1.00peryearifdividendsareexpectedtogrowataconstantrateof10percentoveralongperiodoftimeandtheinvestor’srequiredreturnis15percent?
（a）$20
（b）$11
（c）$22
（d）$7.33
（e）$4.40
Answer:
C
25.Holdingotherthingsconstant,astock’svaluewillbehighestifitsdividendgrowthrateis
（a）15percent
（b）10percent
（c）5percent
（d）2percent
Answer:
A
26.Holdingotherthingsconstant,astock’svaluewillbehighestifitsmostrecentdividendis
（a）$2.00
（b）$5.00
（c）$0.50
（d）$1.00
Answer:
B
27.Holdingotherthingsconstant,astock’svaluewillbehighestiftheinvestor’srequiredreturnoninvestmentsinequityis
（a）20percent
（b）15percent
（c）10percent
（d）5percent
Answer:
D
28.SupposetheaverageindustryPEratioforautopartsretailersis20.WhatisthecurrentpriceofAutoZonestockiftheretailer’searningspershareareprojectedtobe$1.85?
（a）$21.85
（b）$37
（c）$10.81
（d）$9.25
Answer:
B
29.WhichofthefollowingistrueregardingtheGordongrowthmodel?
（a）Dividendsareassumedtogrowataconstantrateforever.
（b）Thedividendgrowthrateisassumedtobegreaterthantherequiredreturnonequity.
（c）Both（a）and（b）.
（d）Neither（a）nor（b）.
Answer:
A
30.ThePEratioapproachtovaluingstockisespeciallyusefulforvaluing
（a）privatelyheldfirms.
（b）firmsthatdon’tpaydividends.
（c）both（a）and（b）.
（d）neither（a）nor（b）.
Answer:
C
31.ThePEratioapproachtovaluingstockisespeciallyusefulforvaluing
（a）publiclyheldcorporations.
（b）firmsthatregularlypaydividends.
（c）both（a）and（b）.
（d）neither（a）nor（b）.
Answer:
D
32.AweaknessofthePEapproachtovaluingstockisthatitis
（a）difficulttoestimatetheconstantgrowthrateofafirm’sdividends.
（b）difficulttoestimatetherequiredreturnonequity.
（c）difficulttopredicthowmuchafirmwillpayindividends.
（d）basedonindustryaveragesratherthanfirm-specificfactors.
Answer:
D
33.Afirmisexpectedtopayadividendof$1.00nextyearandthedividendisexpectedtogrowataconstantrateof4percentovertime.Someinvestorshaverequiredreturnsoninvestmentsinequityof12percent,some10percent,andsome8percent.Themarketpriceofthisfirm’sstockwillbeslightlyabove
（a）$25
（b）$18
（c）$16.67
（d）$12.50
Answer:
C
34.（I）Themarketpriceofasecurityatagiventimeisthehighestvalueanyinvestorputsonthesecurity.（II）Superiorinformationaboutasecurityincreasesitsvaluebyreducingitsrisk.
（a）（I）istrue,（II）isfalse.
（b）（I）isfalse,（II）istrue.
（c）Botharetrue.
（d）Botharefalse.
Answer:
B
35.Themaincauseoffluctuationsinstockpricesischangesin
（a）taxlaws.
（b）errorsintechnicalstockanalysis.
（c）dailytradingvolumeinstockmarkets.
（d）informationavailabletoinvestors.
（e）totalhouseholdwealthintheeconomy.
Answer:
D
36.Stockvaluescomputedbyvaluationmodelsmaydifferfromactualmarketpricesbecauseitisdifficultto
（a）estimatefuturedividend
升级会员 