兹维博迪金融学第二版试题库Word格式文档下载.docx

兹维博迪金融学第二版试题库Word格式文档下载.docx

《兹维博迪金融学第二版试题库Word格式文档下载.docx》由会员分享，可在线阅读，更多相关《兹维博迪金融学第二版试题库Word格式文档下载.docx（19页珍藏版）》请在冰点文库上搜索。

（d）Riskinflation

（a）

3.Whenchoosingamonginvestmentalternativeswiththesameexpectedrateofreturn,ariskaverseindividualchoosestheonewiththe________risk.

（a）surest

（b）mostuncertain

（c）lowest

（d）highest

（c）

4.________isaparticulartypeofriskpeoplefacebecauseofthenatureoftheirbusinessorpatternofconsumption.

（a）Operationalefficiencyexposure

（b）Opportunityexposure

（c）Riskexposure

（d）Riskreduction

5.________areinvestorswhotakepositionsthatincreasetheirexposuretocertainrisksinthehopeofincreasingtheirwealth.

（a）Operationsinsurers

（b）Foreignexporters

（c）Hedgers

（d）Speculators

（d）

6.Theriskinessofanassetoratransaction________beassessedinisolationorintheabstract.

（a）can

（b）cannot

（c）must

（d）itvariesaccordingtothesituation

7.Bydefinition,________areinvestorswhotakepositionstoreducetheirexposures.

（a）operationsinsurers

（b）foreignexporters

（c）hedgers

（d）speculators

8.Theriskoflossarisingfromobsolescenceduetotechnologicalchangeorchangesinconsumertasteisanexampleof________.

（a）unemploymentrisk

（b）liabilityrisk

（c）financial-assetrisk

（d）dconsumer-durableassetrisk

9.Theriskarisingfromholdingdifferentkindsoffinancialassetssuchasequitiesorfixedincomesecuritiesdenominatedinoneormorecurrenciesisanexampleof________.

（d）consumer-durableassetrisk

10.Businessrisksofthefirmarebornebyits________.

（a）shareholders

（b）creditors

（c）employees

（d）alloftheabove

11.________consistsoffiguringoutwhatthemostimportantriskexposuresarefortheunitofanalysis.

（a）Riskassessment

（b）Selectionofriskmanagementtechniques

（c）Implementation

（d）Riskidentification

12.Whichofthefollowingismostlikelytoneedalotoflifeinsurance?

（a）asinglepersonwithnodependents

（b）adivorcedpersonwithnodependents

（c）adouble-incomecouplewithnokids

（d）marriedpersonwithchildren

13.________isthequantificationofthecostsassociatedwiththerisksthathavebeenidentifiedinthefirststepofriskmanagement.

（d）Review

14.Sellingariskyassettosomeoneelseandbuyinginsuranceareexamplesof________.

（a）riskavoidance

（b）losspreventionandcontrol

（c）risktransfer

（d）riskretention

15.Oneissaidto________ariskwhentheactiontakentoreduceone’sexposuretoalossalsocausesonetogiveupthepossibilityofagain.

（a）insure

（b）diversify

（c）hedge

（d）payapremiumwith

16.Whenyou________youpayapremiumtoeliminatetheriskoflossandretainthepotentialforgain.

（d）speculate

17.Inorderfordiversificationtoreduceyourriskexposure,therisksmustbe________

（a）lessthanperfectlycorrelatedwitheachother

（b）morethanperfectlycorrelatedwitheachother

（c）uncorrelated

（d）noneoftheabove

18.Thedemandforwaystomanageriskhasbeenincreasedby________.

（a）increasedvolatilityofexchangerates

（b）increasedvolatilityofinterestrates

（c）increasedvolatilityofcommodityprices

19.Moralhazardandadverseselectionareexamplesof________.

（a）transactionscosts

（b）incentiveproblems

（c）transferencecosts

（d）bothaandb

20.

________isdefinedasquantitativeanalysisforoptimalriskmanagement.

（a）Portfoliotheory

（b）Corporatetheory

（c）Diversificationtheory

（d）Probabilitytheory

21.Anassetportfolio'

sexpectedreturnisidentifiedwiththe________ofthedistribution,anditsriskwiththe________.

（a）variance;

average

（b）mean;

standarddeviation

（c）standarddeviation;

（d）median;

normaldistribution

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

（a）%

（b）%

（c）%

（d）%

23.The________astock'

svolatility,the________therangeofpossibleoutcomesandthe________theprobabilitiesofthosereturnsattheextremesoftherange.

（a）larger;

narrower;

larger

（b）larger;

smaller

（c）larger;

wider;

（d）larger;

24.

ConsidertheprobabilitydistributionofrateofreturnonRayFranstock:

RateofReturnProbability

40%

15%

–8%

ComputetheexpectedrateofreturnonRayFranstock.

25.Refertoquestion24.NowcomputethestandarddeviationofRayFranstock.

26.Considerastockwithanexpectedreturnof15%andastandarddeviationof8%thatisnormallydistributed.Whatistheconfidenceintervalforthisstock'

srateofreturn?

27.

（a）（7%,23%）

（b）（–9%,39%）

（c）（–1%,39%）

（d）（–1%,31%）

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:

（c）ToysRMe:

（d）ToysRMe:

30.WhatisthestandarddeviationofreturnsforToysRMeForRouge

31.SupposethereturnsforToysRMeandRougearenormallydistributed.DeterminetheconfidenceintervalforToysR.Me.

（a）%,%）

（b）（–%,%）

（c）（–%,%）

（d）%;

%）

32.

DeterminetheconfidenceintervalforRouge.

（b）（–,%）

（c）,%）

（d）（–,%）

ShortProblems

1.Brieflydistinguishbetweenthethreemethodsavailabletotransferrisk:

hedging,insuringanddiversifying.

Hedging:

Oneissaidtohedgeariskwhentheactiontakentoreduceone’sexposuretoalossalsocausesonetogiveupthepossibilityofagain.

Insuring:

Insuringmeanspayingapremiumtoeliminatetheriskoflossandretainthepotentialforgain.

Diversifying:

Diversifyingmeansholdingsimilaramountsofmanyriskyassetsinsteadofconcentratingallofyourinvestmentinonlyone.Diversificationtherebylimitsyourexposuretotheriskofanysingleasset.

2.Outlinethestepsintherisk-managementprocess.

Theriskmanagementprocesscanbebrokendownintofivesteps:

1.Riskidentification

2.Riskassessment

3.Selectionofriskmanagementtechniques

4.Implementation

5.Review

3.

Thinkofabookstore.Whatrisksissuchabusinessexposedto,andwhobearsthem?

4.

5.

Majorrisks:

Riskthatinventorywillnotarriveontime

Riskthatemployeeswillbelateorabsent

Riskthatcomputers/registerswillbreakdown

Riskofnewcompetitioninthearea（especially-the“superstores”）

Riskthatdistributors'

priceswillincreasedramatically

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

6.Explainwhythesale/purchaseofahouseissimilartoaforwardcontractinnature.

Bothpartieseliminatetheuncertaintyassociatedwithpricevolatilityinthehousingmarketduringthemonthsofsettlingthecontractbetweenthem.Eventhoughthetransferofownershipforthehousewon'

thappenformanymonths,thebuyerandsellerofahousecancontractuallysettleonatransactionpriceforthehouse.

7.Explainthedifferencebetweeninsuringandhedging.

Whenyouhedge,youeliminatetheriskoflossbygivingupthepotentialforgain.However,whenyouinsure,youpayapremiumtoeliminatetheriskoflossandretainthepotentialforgain.

8.Discussthetwofactorslimitingtheefficientallocationofrisks.

Transactionscostsandincentiveproblemsarethetwokeyfactorslimitingtheefficientallocationofrisks.Transactionscostsincludethecostsofestablishingandrunninginstitutionssuchasinsurancecompaniesorsecuritiesexchangesandthecostsofwritingandenforcingcontracts.

Moralhazardandadverseselectionareexamplesofincentiveproblems,whichstandinthewayofthedevelopmentofinstitutionsforefficientrisksharing.Moralhazardexistswhenhavinginsuranceagainstsomeriskcausestheinsuredpartytotakegreaterriskortotakelesscareinpreventingtheeventthatgivesrisetotheloss.

Theproblemwithadverseselectionrelatestothefactthatthosewhopurchaseinsuranceagainstriskaremorelikelythanthegeneralpopulationtobeatrisk.

9.Inthecaseofinsuringaship,explainhowthemoralhazardproblemcanlead