兹维博迪金融学第二版试的题目库7TB1.docx
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兹维博迪金融学第二版试的题目库7TB1.docx
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兹维博迪金融学第二版试的题目库7TB1
ChapterSeven
PrinciplesofMarketValuation
Thischaptercontains30multiplechoicequestions,10shortproblemsand5longerproblems.
MultipleChoice
1.Inregardtoanasset,the________isdefinedastheprocesswell-informedinvestorsmustpayforitinafreeandcompetitivemarket.
(a)analystvalue
(b)technicalvalue
(c)competitivevalue
(d)fundamentalvalue
Answer:
(d)
2.Incorporatefinancedecisionmaking,anextremelyimportantruleistochoosetheinvestmentthat________currentshareholders’wealth.
(a)minimizes
(b)maximizes
(c)provideszerochangein
(d)jeopardizes
Answer:
(b)
3.Inassetvaluation,themethodusedtoaccomplishtheestimationdependsonthe________.
(a)numberofparticipants
(b)qualityofcalculatinginstruments
(c)richnessoftheinformationsetavailable
(d)geographiclocation
Answer:
(c)
4.The________statesthatinacompetitivemarket,iftwoassetsareequivalent,theywilltendtohavethesamemarketprice.
(a)LawofRealInterestRates
(b)LawofOnePrice
(c)LawofPriceEquivalency
(d)LawofFutures
Answer:
(b)
5.TheLawofOnePriceisenforcedbyaprocesscalled________,thepurchaseandimmediatesaleofequivalentassetsinordertoearnasureprofitfromadifferenceintheirprices.
(a)swapping
(b)maximization
(c)arbitrage
(d)speculation
Answer:
(c)
6.________referstothetotalityofcostssuchasshipping,handling,insuring,andbrokerfees.
(a)Shippingcosts
(b)Transactioncosts
(c)Installationcosts
(d)Insurancecosts
Answer:
(b)
7.TheLawofOnepriceisastatementaboutthepriceofoneasset________thepriceofanother.
(a)absoluteto
(b)relativeto
(c)multipliedby
(d)independentof
Answer:
(b)
8.Ifanentityborrowsatalowerrateandlendsatahigherrate,thisisanexampleof________.
(a)opportunityarbitrage
(b)interest-ratearbitrage
(c)exchangearbitrage
(d)nominalarbitrage
Answer:
(b)
9.Ifarbitrageensuresthatanythreecurrenciesarefreelyconvertibleincompetitivemarkets,then:
(a)itisenoughtoknowonlyoneexchangeratetodeterminethethird
(b)wecanestimatetwoexchangeratesbasedononeexchangerateonly
(c)itisenoughtoknowtheexchangeratesbetweenanytwoinordertodeterminethethird
(d)itisnecessarytoknowallthreerates
Answer:
(c)
10.Supposeyouhave$15,000inabankaccountearninganinterestrateof4%peryear.Atthesametimeyouhaveanunpaidbalanceonyourcreditcardof$6,000onwhichyouarepayinganinterestrateof17%peryear.Whatarbitrageopportunitydoyouface?
(a)$240peryear
(b)$600peryear
(c)$780peryear
(d)$1,020peryear
Answer:
(c)
11.IfthedollarpriceofJapaneseYenis$0.009594perJapaneseYenandthedollarpriceofChineseYuanis$0.1433perChineseYuan,whatistheJapaneseYenpriceofaChineseYuan?
(i.e.,JPY/CNY)
(a)0.001375JPY/CNY
(b)0.066950JPY/CNY
(c)9.594JPY/CNY
(d)14.936419JPY/CNY
Answer:
(d)
12.Ifthedollarpriceofguildersis$0.5634perGuilderandthedollarpriceofEurosis$1.5576perEuro,whatistheEuropriceoftheGuilder?
(i.e.,EUR/ANG)
(a)0.361700EUR/ANG
(b)0.877552EUR/ANG
(c)2.764643EUR/ANG
(d)5.634EUR/ANG
Answer:
(d)
13.Supposethepriceofgoldis51.09Britishpoundsperounce.Ifthedollarpriceofgoldis$100perounce,whatwouldyouexpectthedollarpriceofaBritishpoundtobe?
(a)$1.95733perGBP
(b)$1.5109perGBP
(c)$0.5109perGBP
(d)$0.4891perGBP
Answer:
(a)
Questions14-18refertothefollowingexchangeratetable.Toanswer14-18youwillhavetofillinthemissingexchangerates.
U.S.Dollar
(USD)
Peso(MXN)
Euro(EUR)
CdnDlr(CAD)
U.S.Dollar
$1
Peso
10.398
Euro
0.6420
CdnDlr
1.0003
14.WhatistheEuro/Pesoexchangerate?
(i.e.,EUR/MXN)
(a)0.617426EUR/MXN
(b)0.641807EUR/MXN
(c)6.675516EUR/MXN
(d)16.196262EUR/MXN
Answer:
(a)
15.WhatistheCdnDlr/Euroexchangerate?
(i.e.,CAD/EUR)
(a)0.641807CAD/EUR
(b)1.558099CAD/EUR
(c)6.420CAD/EUR
(d)16.196262CAD/EUR
Answer:
(b)
16.WhatistheEuro/CdnDlrexchangerate?
(i.e.,EUR/CAD)
(a)0.3583EUR/CAD
(b)0.641807EUR/CAD
(c)1.558099EUR/CAD
(d)10.394EUR/CAD
Answer:
(b)
17.WhatisthePeso/CdnDlrexchangerate?
(i.e.,MXN/CAD)
(a)0.096201MXN/CAD
(b)0.641807MXN/CAD
(c)10.394882MXN/CAD
(d)16.196262MXN/CAD
Answer:
(c)
18.WhatisthePeso/Euroexchangerate?
(i.e.,MXN/EUR)
(a)0.617426MXN/EUR
(b)6.675516MXN/EUR
(c)15.581112MXN/EUR
(d)16.196262MXN/EUR
Answer:
(d)
19.YouaretravellinginFarOutwhereyoucanbuy130kranes(akranebeingtheunitofcurrencyofFarOut)withaU.S.dollaratofficialFarOutbanks.Yourtourguidehasarelativewhodabblesintheblackmarketandthisparticularrelativewillsellyoukranesforjust$0.00833eachontheblackmarket.Howmuchwillyouloseorgainbyexchanging$200ontheblackmarketinsteadofgoingtothebank?
(a)youwouldgainapproximately1,660kranes
(b)youwouldloseapproximately1,660kranes
(c)youwouldgainapproximately1,990kranes
(d)youwouldloseapproximately1,990kranes
Answer:
(d)
20.Inestimatingthevalueofashareofafirm’sstock,asimplemodelisto:
(a)divideEPSbyaP/Emultiple
(b)multiplyEPSbyaP/Emultiple
(c)multiplyEPSbyEAT
(d)divideEPSbymarketvalue
Answer:
(b)
21.Afirm’searningspershareare$6andtheindustryaverageP/Emultipleis9.Whatwouldbeanestimateofthevalueofashareofthefirm’sstock?
(a)$54.00
(b)$45.00
(c)$1.50
(d)$0.67
Answer:
(a)
22.Thevalueoftheassetasitappearsinthefinancialstatementiscalledtheasset’s________.
(a)marketvalue
(b)fixedvalue
(c)bookvalue
(d)expectedvalue
Answer:
(c)
23.Considerthefollowingstockmarketreactiontotheinformationcontainedinacompany’sannouncement.Acorporationhasjustannouncedthatitmustpursuetheissuanceofcompanyequity.Wecouldexpecttosee________inthepriceofcompanystock.
(a)arise
(b)adrop
(c)arapidrise
(d)zerochange
Answer:
(b)
24.Considerwhatthestockmarketreactiontothefollowingannouncementwouldbe.Acorporationhasjustannouncedthatitisengaginginastocksplitofthecompany’sshares.Wecouldexpecttoseea________intheoverallmarketcapitalizationrateanda________inthepriceofcompanystock.
(a)rise;drop
(b)drop;rise
(c)rise;drop
(d)rise;drop
Answer:
(a)
25.The________isthepropositionthatanasset’scurrentpricefullyreflectsallpubliclyavailableinformationaboutfutureeconomicfundamentalsaffectingtheasset’svalue.
(a)publicmarketshypothesis
(b)efficientmarketsexchangerates
(c)fundamentalvalueproposition
(d)efficientmarketshypothesis
Answer:
(d)
26.Themarketpriceofanassetreflectsthe________ofallanalysts’opinionswithheavierweightsonanalystswhocontrollargeamountsofmoneyandonthoseanalystswhohavebetterthanaverageinformation.
(a)bestestimate
(b)weightedaverage
(c)highestestimate
(d)lowestestimate
Answer:
(b)
27.
Assumethattheworldwiderisk-freerealrateofinterestis4%peryear.InflationinDenmarkis9%peryearandintheUnitedStatesitis7%peryear.Assumingthereisnouncertaintyaboutinflation,whataretheimpliednominalinterestratesdenominatedinDanishkroneandinU.S.dollars,respectively?
(a)16.63%(DKK);13.50%(USD)
(b)13.50%(DKK);16.63%(USD)
(c)13.36%(DKK);11.28%(USD)
(d)11.28%(DKK);13.36%(USD)
Answer:
(c)
28.The________theorystatesthattheexpectedrealinterestrateonrisk-freeloansisthesameallovertheworld.
(a)nominalinterest-rateparity
(b)realinterest-rateparity
(c)efficientinflationrateparity
(d)efficientmarketrate
Answer:
(b)
29.________statesthatexchangeratesadjustsoastomaintainthesame“real”priceofa“representative”basketofgoodsandservicesaroundtheworld.
(a)Purchasingpowerparity
(b)Efficientmarketshypothesis
(c)Marketvaluationmodel
(d)Exchangerateequity
Answer:
(a)
30.Assumethattheworldwiderisk-freerealrateofinterestis5%peryear.InflationinAustraliais9%peryearandinGreatBritainitis12%peryear.Assumingthereisnouncertaintyaboutinflation,whataretheimpliednominalinterestratesdenominatedinAustraliandollarsandGreatBritainpounds,respectively?
(a)22.08%(AUD),11.45%(GBP)
(b)11.45%(AUD),22.08%(GBP)
(c)17.60%(AUD),14.45%(GBP)
(d)14.45%(AUD),17.60%(GBP)
Answer:
(d)
ShortProblems
1.Supposeyouhave$20,000inabankaccountearninganinterestrateof4%peryear.Atthesametimeyouhaveanunpaidbalanceonyourcreditcardof$7,000onwhichyouarepayinganinterestrateof18%peryear.Whatisthearbitrageopportunityyouface?
Answer:
Youcouldtake$7,000outofyourbankaccountandpaydownyourcreditcardbalance.Youwouldgiveup4%peryearininterestearnings($280)butyouwouldsave18%peryearininterestexpenses($1,260).Sothearbitrageopportunityisworth$980peryear.
2.Fillinthemissingexchangeratesinthefollowingtable:
U.S.Dollar
Euro
DanishKrone
JapaneseYen
U.S.Dollar
$1
1.5576
0.2088
0.009594
Euro
0.6420
DanishKrone
4.7898
JapaneseYen
104.23
Answer:
U.S.Dollar
Euro
DanishKrone
JapaneseYen
U.S.Dollar
$1
1.5576
0.2088
0.009594
Euro
0.6420
1Euro
0.1340
0.006159
DanishKrone
4.7898
7.46074
1Krone
0.45954
JapaneseYen
104.23
162.35
21.761
Yen1
3.YouobservethatthedollarpriceoftheMexicanpesois$0.09618andthedollarpriceoftheCanadiandollaris$0.9997.WhatmusttheexchangeratebetweentheMexicanpesoandtheCanadiandollarbefortheretobenoarbitrageopportunity?
Answer
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