05 投资学 第七版Word文档格式.docx

05 投资学 第七版Word文档格式.docx

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D）3%.

E）noneoftheabove.

7%-3%=4%.

B3.Iftheannualrealrateofinterestis5%andtheexpectedinflationrateis4%,thenominalrateofinterestwouldbeapproximately

A）1%.

B）9%.

C）20%.

D）15%.

5%+4%=9%.

B4.Youpurchasedashareofstockfor$20.Oneyearlateryoureceived$1asdividendandsoldthesharefor$29.Whatwasyourholdingperiodreturn?

A）45%

B）50%

C）5%

D）40%

E）noneoftheabove

（$1+$29-$20）/$20=0.5000,or50%.

D5.Whichofthefollowingdetermine（s）thelevelofrealinterestrates?

I）thesupplyofsavingsbyhouseholdsandbusinessfirms

II）thedemandforinvestmentfunds

III）thegovernment'

snetsupplyand/ordemandforfunds

A）Ionly

B）IIonly

C）IandIIonly

D）I,II,andIII

Thevalueofsavingsbyhouseholdsisthemajorsupplyoffunds;

thedemandforinvestmentfundsisaportionofthetotaldemandforfunds;

thegovernment'

spositioncanbeoneofeithernetsupplier,ornetdemanderoffunds.Theabovefactorsconstitutethetotalsupplyanddemandforfunds,whichdeterminerealinterestrates.

B6.Whichofthefollowingstatement（s）is（are）true?

I）Therealrateofinterestisdeterminedbythesupplyanddemandforfunds.

II）Therealrateofinterestisdeterminedbytheexpectedrateofinflation.

III）TherealrateofinterestcanbeaffectedbyactionsoftheFed.

IV）Therealrateofinterestisequaltothenominalinterestrateplustheexpectedrateofinflation.

A）IandIIonly.

B）IandIIIonly.

C）IIIandIVonly.

D）IIandIIIonly.

E）I,II,III,andIVonly

Theexpectedrateofinflationisadeterminantofnominal,notreal,interestrates.Realratesaredeterminedbythesupplyanddemandforfunds,whichcanbeaffectedbytheFed.

D7.Whichofthefollowingstatementsistrue?

A）Inflationhasnoeffectonthenominalrateofinterest.

B）Therealizednominalrateofinterestisalwaysgreaterthantherealrateofinterest.

C）Certificatesofdepositofferaguaranteedrealrateofinterest.

D）Noneoftheaboveistrue.

E）A,BandC

Expectedinflationratesareadeterminantofnominalinterestrates.Therealizednominalrateofinterestwouldbenegativeifthedifferencebetweenactualandanticipatedinflationratesexceededtherealrate.Therealizednominalrateofinterestwouldbelessthantherealrateiftheunexpectedinflationweregreaterthantherealrateofinterest.Certificatesofdepositcontainarealratebasedonanestimateofinflationthatisnotguaranteed.

B8.Otherthingsequal,anincreaseinthegovernmentbudgetdeficit

A）drivestheinterestratedown.

B）drivestheinterestrateup.

C）mightnothaveanyeffectoninterestrates.

D）increasesbusinessprospects.

Anincreaseinthegovernmentbudgetdeficit,otherthingsequal,causesthegovernmenttoincreaseitsborrowing,whichincreasesthedemandforfundsanddrivesinterestratesup.

A9.Ceterisparibus,adecreaseinthedemandforloanablefunds

C）mightnothaveanyeffectoninterestrate.

D）resultsfromanincreaseinbusinessprospectsandadecreaseinthelevelofsavings.

Adecreaseindemand,ceterisparibus,alwaysdrivesinterestratesdown.Anincreaseinbusinessprospectswouldincreasethedemandforfunds.Thesavingslevelaffectsthesupplyof,notthedemandfor,funds.

B10.Theholdingperiodreturn（HPR）onashareofstockisequalto

A）thecapitalgainyieldduringtheperiod,plustheinflationrate.

B）thecapitalgainyieldduringtheperiod,plusthedividendyield.

C）thecurrentyield,plusthedividendyield.

D）thedividendyield,plustheriskpremium.

E）thechangeinstockprice.

TheHPRofanyinvestmentisthesumofthecapitalgainandthecashflowovertheperiod,whichforcommonstockisB.

A11.Historicalrecordsregardingreturnonstocks,Treasurybonds,andTreasurybillsbetween1926and2005showthat

A）stocksofferedinvestorsgreaterratesofreturnthanbondsandbills.

B）stockreturnswerelessvolatilethanthoseofbondsandbills.

C）bondsofferedinvestorsgreaterratesofreturnthanstocksandbills.

D）billsoutperformedstocksandbonds.

E）treasurybillsalwaysofferedarateofreturngreaterthaninflation.

Thehistoricaldatashowthat,asexpected,stocksofferagreaterreturnandgreatervolatilitythantheotherinvestmentalternatives.InflationsometimesexceededtheT-billreturn.

D12.Iftheinterestratepaidbyborrowersandtheinterestratereceivedbysaversaccuratelyreflectstherealizedrateofinflation:

A）borrowersgainandsaverslose.

B）saversgainandborrowerslose.

C）bothborrowersandsaverslose.

D）neitherborrowersnorsaversgainorlose.

E）bothborrowersandsaversgain.

Ifthedescribedinterestrateaccuratelyreflectstherateofinflation,bothborrowersandlendersarepayingandreceiving,respectively,therealrateofinterest;

thus,neithergroupgains.

Usethefollowingtoanswerquestions13-15:

YouhavebeengiventhisprobabilitydistributionfortheholdingperiodreturnforKMPstock:

A13.WhatistheexpectedholdingperiodreturnforKMPstock?

A）10.40%

B）9.32%

C）11.63%

D）11.54%

E）10.88%

HPR=.30（18%）+.50（12%）+.20（-5%）=10.4%

B14.WhatistheexpectedstandarddeviationforKMPstock?

A）6.91%

B）8.13%

C）7.79%

D）7.25%

E）8.85%

s=[.30（18-10.4）2+.50（12-10.4）2+.20（-5-10.4）2]1/2=8.13%

A15.WhatistheexpectedvarianceforKMPstock?

A）66.04%

B）69.96%

C）77.04%

D）63.72%

E）78.45%

s=[.30（18-10.4）2+.50（12-10.4）2+.20（-5-10.4）2]=66.04%

E16.Ifthenominalreturnisconstant,theafter-taxrealrateofreturn

A）declinesastheinflationrateincreases.

B）increasesastheinflationrateincreases.

C）declinesastheinflationratedeclines.

D）increasesastheinflationratedecreases.

E）AandD.

Inflationrateshaveaninverseeffectonafter-taxrealratesofreturn.

D17.Theriskpremiumforcommonstocks

A）cannotbezero,forinvestorswouldbeunwillingtoinvestincommonstocks.

B）mustalwaysbepositive,intheory.

C）isnegative,ascommonstocksarerisky.

D）AandB.

E）AandC.

Iftheriskpremiumforcommonstockswerezeroornegative,investorswouldbeunwillingtoacceptthelowerreturnsfortheincreasedrisk.

B18.Arisk-freeintermediateorlong-terminvestment

A）isfreeofalltypesofrisk.

B）doesnotguaranteethefuturepurchasingpowerofitscashflows.

C）doesguaranteethefuturepurchasingpowerofitscashflowsasitisinsuredbytheU.S.Treasury.

E）BandC.

Arisk-freeU.S.Treasurybondisafixedincomeinstrument,andthusdoesnotguaranteethefuturepurchasingpowerofitscashflows.Asaresult,purchasingpowerriskispresent.

D19.YoupurchaseashareofBoeingstockfor$90.Oneyearlater,afterreceivingadividendof$3,yousellthestockfor$92.Whatwasyourholdingperiodreturn?

A）4.44%

B）2.22%

C）3.33%

D）5.56%

HPR=（92-90+3）/90=5.56%

D20.Toyotastockhasthefollowingprobabilitydistributionofexpectedpricesoneyearfromnow:

IfyoubuyToyotatodayfor$55anditwillpayadividendduringtheyearof$4pershare,whatisyourexpectedholdingperiodreturnonToyota?

A）17.72%

B）18.89%

C）17.91%

D）18.18%

E）Noneoftheabove

E（P1）=.25（54/55-1）+.40（64/55-1）+.35（74/55-1）=18.18%.

C21.Whichofthefollowingfactorswouldnotbeexpectedtoaffectthenominalinterestrate?

A）thesupplyofloanablefunds

B）thedemandforloanablefunds

C）thecouponrateonpreviouslyissuedgovernmentbonds

D）theexpectedrateofinflation

E）governmentspendingandborrowing

Thenominalinterestrateisaffectedbysupply,demand,governmentactionsandinflation.Couponratesonpreviouslyissuedgovernmentbondsreflecthistoricalinterestratesbutshouldnotaffectthecurrentlevelofinterestrates.

D22.YourCertificateofDepositwillmatureinoneweekandyouareconsideringhowtoinvesttheproceeds.Ifyouinvestina30-dayCDthebankwillpayyou4%.Ifyouinvestina2-yearCDthebankwillpayyou6%interest.Whichoptionwouldyouchoose?

A）the30-dayCD,nomatterwhatyouexpectinterestratestodointhefuture

B）the2-yearCD,nomatterwhatyouexpectinterestratestodointhefuture

C）the30-dayCDifyouexpectthatinterestrateswillfallinthefuture

D）the2-yearCDifyouexpectthatinterestrateswillfallinthefuture

E）Youwouldbeindifferentbetweenthe30-dayandthe2-yearCDs.

Youwoul