投资学练习题180463758.doc

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Ch 11.The value of a derivative security _. A)depends on the value of the related primitive security B)can only cause increased risk. C)is unrelated to the value of the related primitive security D)has been enhanced due the recent misuse and negative publicity regarding these instruments E)is worthless today Answer: A Difficulty: Easy Rationale: Of the factors cited above, only A affects the value of the derivative and/or is a true statement.2.Individual investors are most likely to trade securities in A)a direct search market. B)an auction market. C)the primary market. D)a super market. E)a block transaction. Answer: B Difficulty: Easy Rationale: Direct search markets are sporadic markets for specialized goods. Brokered markets, including block transactions and primary market transactions, are less accessible to individual traders. Most individual security trades take place in auction markets or dealer markets.Ch 2Use the following to answer questions 3-5:Consider the following three stocks:3.The price-weighted index constructed with the three stocks is A)30 B)40 C)50 D)60 E)70 Answer: B Difficulty: Easy Rationale: ($40 + $70 + $10)/3 = $40.4.The value-weighted index constructed with the three stocks using a divisor of 100 is A)1.2 B)1200 C)490 D)4900 E)49 Answer: C Difficulty: Moderate Rationale: The sum of the value of the three stocks divided by 100 is 490: ($40 x 200) + ($70 x 500) + ($10 x 600) /100 = 490.5.Assume at these prices the value-weighted index constructed with the three stocks is 490. What would the index be if stock B is split 2 for 1 and stock C 4 for 1? A)265 B)430 C)355 D)490 E)1000 Answer: D Difficulty: Moderate Rationale: Value-weighted indexes are not affected by stock splits.Ch 36.You sold short 300 shares of common stock at $55 per share. The initial margin is 60%. At what stock price would you receive a margin call if the maintenance margin is 35%? A)$51 B)$65 C)$35 D)$40 E)none of the above Answer: B Difficulty: Difficult Rationale: Equity = 300($55) * 1.6 = $26,400; 0.35 = ($26,400 - 300P)/300P; 105P = 26,400 - 300P; 405P = 26,400; P = $65.187.You want to purchase XYZ stock at $60 from your broker using as little of your own money as possible. If initial margin is 50% and you have $3000 to invest, how many shares can you buy? A)100 shares B)200 shares C)50 shares D)500 shares E)25 shares Answer: A Difficulty: Moderate Rationale: .5 = (Q * $60)-$3,000 / (Q * $60); $30Q = $60Q-$3,000; $30Q = $3,000; Q=100.8.Assume you sell short 100 shares of common stock at $30 per share, with initial margin at 50%. What would be your rate of return if you repurchase the stock at $35/share? The stock paid no dividends during the period, and you did not remove any money from the account before making the offsetting transaction. A)-33.33% B)-25.63% C)-57.14% D)-77.23% E)none of the above Answer: A Difficulty: Moderate Rationale: Profit on stock = ($30 - $35)(100) = -500; initial investment = ($30)(100)(.5) = $1,500; return =$-500/$1,500 = -33.33%.9.You want to purchase GM stock at $40 from your broker using as little of your own money as possible. If initial margin is 50% and you have $4000 to invest, how many shares can you buy? A)100 shares B)200 shares C)50 shares D)500 shares E)25 shares Answer: B Difficulty: Moderate Rationale: you can buy ($4000/$40) = 100 shares outright and you can borrow $4,000 to buy another 100 shares.Ch 410.Multiple Mutual Funds had year-end assets of $457,000,000 and liabilities of $17,000,000. There were 24,300,000 shares in the fund at year-end. What was Multiple Mutuals Net Asset Value? A)$18.11 B)$18.81 C)$69.96 D)$7.00 E)$181.07 Answer: A Difficulty: Moderate Rationale: (457,000,000 - 17,000,000) / 24,300,000 = $18.1110.Diversified Portfolios had year-end assets of $279,000,000 and liabilities of $43,000,000. If Diversifieds NAV was $42.13, how many shares must have been held in the fund? A)43,000,000 B)6,488,372 C)5,601,709 D)1,182,203 E)None of the above. Answer: C Difficulty: Moderate Rationale: ($279,000,000 43,000,000) / $42.13 = 5,601,708.996.11.The Profitability Fund had NAV per share of $17.50 on January 1, 2003. On December 31 of the same year the funds NAV was $19.47. Income distributions were $0.75 and the fund had capital gain distributions of $1.00. Without considering taxes and transactions costs, what rate of return did an investor receive on the Profitability fund last year? A)11.26% B)15.54% C)16.97% D)21.26% E)9.83% Answer: D Difficulty: Moderate Rationale: R = ($19.47 - 17.50 + .75 + 1.00) / $17.50 = 21.26%11.Investors Choice Fund had NAV per share of $37.25 on January 1, 2003. On December 31 of the same year the funds rate of return for the year was 17.3%. Income distributions were $1.14 and the fund had capital gain distributions of $1.35. Without considering taxes and transactions costs, what ending NAV would you calculate for Investors Choice? A)$41.20 B)$33.88 C)$43.69 D)$42.03 E)$46.62 Answer: A Difficulty: Moderate Rationale: .173 = (P - $37.25 + 1.14 + 1.35) / $37.25; P = $41.20Ch 512.Wine Cellars, Inc. has the following probability distribution of holding period returns on its stock.Assuming that the expected return on Wine Cellars stock is 14.35%, what is the standard deviation of these returns? A)4.27% B)5.74% C)12.83% D)20.42% E)32.93% Answer: B Difficulty: Moderate Rationale: Variance = .20*(24-14.35)2 + .45*(15-14.35)2 + .35*(8-14.35)2 = 32.9275. Standard deviation = 32.92751/2 = 5.74.13.Over the past year you earned a nominal rate of interest of 8 percent on your money. The inflation rate was 3.5 percent over the same period. The exact actual growth rate of your purchasing power was A)15.55%. B)4.35%. C)5.02%. D)4.81%. E)15.04% Answer: B Difficulty: Moderate Rationale: r = (1+R) / (1+I) - 1 ; 1.08 / 1.035 - 1 = 4.35%.14.A year ago, you invested $1,000 in a savings account that pays an annual interest rate of 4%. What is your approximate annual real rate of return if the rate of inflation was 2% over the year? A)4%. B)2%. C)6%. D)3%. E)none of the above. Answer: B Difficulty: Easy Rationale: 4% - 2% = 2%.Ch1215._ above which it is difficult for the market to rise. A)Book value is a value B)Resistance level is a value C)Support level is a value D)A and B E)A and C Answer: B Difficulty: Easy Rationale: When stock prices have remained stable for a long period, these prices are termed resistance levels; technicians believe it is difficult for the stock prices to penetrate these resistance levels.16._ was the grandfather of technical analysis. A)Harry Markowitz B)William Sharpe C)Charles Dow D)Benjamin Graham E)none of the above Answer: C Difficulty: Easy Rationale: Charles Dow, the originator of the Dow Theory, was the grandfather of technical analysis. Benjamin Graham might be considered the grandfather of fundamental analysis. Harry Markowitz and William Sharpe might be considered the grandfathers of modern portfolio theory.17.A common strategy for passive management is _. A)creating an index fund B)creating a small firm fund C)creating an investment club D)A and C E)B and C Answer: A Difficulty: Easy Rationale: The index fund is, by definition, passively managed. The other investment alternatives may or may not be managed passively.Ch 15Use the following to answer questions 18-21:Suppose that all investors expect that interest rates for the 4 years will be as follows:YearForward Interest Rate0(today)5%17%29%310%18.What is the price of 3-year zero coupon bond with a par value of $1,000? A)$863.83 B)$816.58 C)$772.18 D)$765.55 E)none of the above Answer: B Difficulty: Moderate Rationale: $1,000 / (1.05)(1.07)(1.09) = $816.5819.If you have just purchased a 4-year zero coupon bond, what would be the expected rate of return on your investment in the first year if the implied forward rates stay the same? (Par value of the bond = $1,000) A)5% B)7% C)9% D)10% E)none of the above Answer: A Difficulty: Moderate Rationale: The forward interest rate given for the first year of the investment is given as 5% (see table above).20.What is the price of a 2-year maturity bond with a 10% coupon rate paid annually? (Par value = $1,000) A)$1,092.97 B)$1,054.24 C)$1,000.00 D)$1,073.34 E)none of the above Answer: D Difficulty: Moderate Rationale: (1.05)(1.07)1/2 - 1 = 6%; FV = 1000, n = 2, PMT = 100, i = 6, PV = $1,073.3421.What is the yield to maturity of a 3-year zero coupon bond? A)7.00% B)9.00% C)6.99% D)7.49% E)none of the above Answer: C Difficulty: Moderate Rationale: (1.05)(1.07)(1.09)1/3 - 1 = 6.99.Ch2022.A European put option allows the holder to A)buy the underlying asset at the striking price on or before the expiration date. B)sell the underlying asset at the striking price on or before the expiration date. C)potentially benefit from a stock price decrease with less risk than short selling the stock. D)sell the underlying asset at the striking price on the expiration date. E)C and D. Answer: E Difficulty: Easy Rationale: A European put option allows the buyer to sell the underlying asset at the striking price on or before th