货币银行学习题 章节 (16).pdf

190 Chapter 16 Financial System Design D1 Factual 1 The two major types of financial systems are the oriented systems A federal and local B banking and markets C securities and equities D contributor and stockholder Answer B D1 Factual 2 The United States and are two major markets oriented systems A Germany B Japan C France D the United Kingdom Answer D D1 Factual 3 Germany and are two major banking oriented systems A the United Kingdom B Japan C France D the United States Answer B D1 Factual 4 The United States and the United Kingdom are two major oriented systems A securities B equities C banking D markets Answer D Chapter 16 Financial System Design 191 D1 Factual 5 Japan and Germany are two major oriented systems A securities B equities C banking D markets Answer C D2 Interpretive 6 Asymmetric information problems are worse the the borrowing firm since there is publicly available information about those firms A larger more B larger less C smaller more D smaller less Answer D D2 Interpretive 7 Asymmetric information problems are less severe the the borrowing firm since there is publicly available information about those firms A larger more B larger less C smaller more D smaller less Answer A D2 Interpretive 8 Because of their liability corporate stockholders are more concerned with A limited success than failure B limited failure than success C unlimited success than failure D unlimited failure than success Answer A D1 Factual 9 Chapter 16 on Financial System Design calls the asymmetric information problem discussed in earlier chapters the conflict A manager stockholder B stockholder lender C manager lender D profit risk Answer B 192 Ritter Silber Udell Money Banking and Financial Markets Eleventh Edition D1 Factual 10 occurs because firm owners have an incentive to understate their true riskiness to borrow on a more favorable basis A Moral hazard B Adverse selection C Manager stockholder conflict D Manager lender conflict Answer B D1 Factual 11 occurs because firms have an incentive to become riskier after their loans are funded A Moral hazard B Adverse selection C Manager stockholder conflict D Manager lender conflict Answer A D1 Interpretive 12 The stockholder lender conflict generally becomes is greater A the smaller the firm B the larger the firm C the more the firm borrows from banks D the less the firm borrows from banks Answer A D1 Interpretive 13 The manager stockholder conflict generally becomes worse A the smaller the firm B the larger the firm C the more the firm borrows from banks D the less the firm borrows from banks Answer B D1 Interpretive 14 In privately held firms the manager stockholder conflict is A worse than in the larger firm B the same as it is in the larger firm C less severe than in the larger firm D there is no manager stockholder conflict because the manager is the owner Answer B Chapter 16 Financial System Design 193 D1 Interpretive 15 In closely held firms the manager stockholder conflict is A worse than in the larger firm because there is no incentive for the individual stockholder to monitor managers B the same as in publicly held firms C less severe than in the larger firm because there is an incentive for the major stockholder to monitor managers D less pronounced than in large public companies because the manager is the owner Answer D D2 Interpretive 16 When the owners of a company hire full time executives to make the day to day decisions this the problem A alleviates stockholder lender B alleviates manager stockholder C exacerbates stockholder lender D exacerbates manager stockholder Answer D D2 Interpretive 17 When there are many thousands of small stockholders in a company for each the cost of monitoring manager performance is well the benefits of doing so which helps the manager stockholder problem A above alleviates B above brings on C below alleviates D below brings on Answer B D2 Interpretive 18 The fewer the stockholders in a corporation the likely they are to be motivated to monitor the corporation s management thus the the severity of the manager stockholder conflict A more greater B more fewer C less greater D less fewer Answer B D1 Factual 19 Of the two conflicts get s more severe the larger the firm A the stockholder lender conflict B manager stockholder conflict C both D neither Answer B 194 Ritter Silber Udell Money Banking and Financial Markets Eleventh Edition D1 Factual 20 Of the two conflicts more severe as the firm becomes smaller A the shareholder lender conflict gets B the manager shareholder conflict gets C both get D neither gets Answer A D2 Interpretive 21 Conflict resolution of the stockholder lender conflict in larger banking oriented firms is most effectively accomplished by A financial intermediation monitoring B financial intermediation ownership consolidation C corporate governance D None of the above Answer B D2 Interpretive 22 Conflict resolution of the stockholder lender conflict in smaller market oriented firms is most effectively accomplished by A financial intermediation monitoring B financial intermediation ownership consolidation C rating agencies D managerial compensation Answer A D2 Interpretive 23 Conflict resolution of the manager stockholder conflict in larger market oriented firms is most effectively accomplished by A financial intermediation monitoring B financial intermediation ownership consolidation C rating agencies D managerial compensation Answer D D2 Interpretive 24 The stockholder manager conflict in a large publicly held firm is manifested in all of the following ways except A the managers implement very low risk strategies that have very low returns B the managers implement strategies that maximize the value of the firm C managers pursue strategies that maximize firm size rather than the value of the firm D the managers attempt to maximize their salaries Answer B Chapter 16 Financial System Design 195 D1 Factual 25 firms are treated similarly in financial systems around the world in the handling of their conflict A Small stockholder lender B Small manager stockholder C Large stockholder lender D Large manager stockholder Answer A D1 Factual 26 The risk shifting problem tends to be for firms than for firms A greater small large B greater large small C the same large small D None of the above Answer A D1 Factual 27 Small firms borrow from monitoring intensive financial intermediaries in financial systems A banking oriented B markets oriented C banking and markets oriented D socialist Answer C D1 Interpretive 28 The two types of financial systems tend to treat A small firms alike B large firms alike C both small and large firms alike D neither small nor large firms alike Answer A D1 Interpretive 29 Bond rating agencies are important in the channeling of funds to firms in oriented systems A small banking B small markets C large banking D large markets Answer D 196 Ritter Silber Udell Money Banking and Financial Markets Eleventh Edition D2 Factual 30 In Germany banks shares in the large firms they lend to which lender stockholder conflict A are not allowed to own is their way of minimizing B are not allowed to own gives rise to C own a considerable bloc of is their way of minimizing D own a considerable bloc of gives rise to Answer C D1 Factual 31 In banking oriented systems handling of the manager stockholder conflict in large firms is through A rating agencies B the potential for takeovers C management ownership of the firm D bank ownership of the firm Answer D D1 Factual 32 In markets oriented systems handling of the manager stockholder conflict in large firms is through A rating agencies B the potential for takeovers C management ownership of the firm D bank ownership of the firm Answer B D1 Factual 33 In markets oriented systems an under performing entrenched management is often replaced by A SEC regulators B a hostile takeover C stockholders electing a new board of directors to fire the managers D the bank that owns the firm firing them Answer B D1 Factual 34 The corporate takeover market plays a part in handling the conflict between management and in oriented financial systems A bankers markets B bankers banking C stockholders markets D stockholders banking Answer C Chapter 16 Financial System Design 197 D1 Factual 35 Stock options for corporate managers plays a part in handling the conflict between management and in oriented financial systems A bankers markets B bankers banking C stockholders markets D stockholders banking Answer C D1 Factual 36 The Hausbank handles all the external financing for a firm A Japanese B German C Swedish D British Answer B D1 Factual 37 The dominance of banks in Germany comes at the expense of markets there A securities B government bond C consumer borrowing D foreign exchange Answer A D2 Factual 38 German banks are able to control a significant number of German firms by A making large syndicated loans B ownership of shares alone C ownership of shares and having proxy voting power over the shares in their custody D sheer size in the lending market Answer C D2 Factual 39 In Germany the three largest banks or Grossbanken are A commercial banks B savings banks C cooperative banks D specialized banks Answer A 198 Ritter Silber Udell Money Banking and Financial Markets Eleventh Edition D1 Factual 40 The German bond market A is very large by international standards B is very small by international standards C is about the same size as the U S bond market D shrunk considerably in the 1990s Answer B D1 Factual 41 The financial systems of have major firms working all their external financing through a single bank A Japan and the United Kingdom B the United States and the United Kingdom C Germany and the United Kingdom D Japan and Germany Answer D D2 Factual 42 Unlike Germany Japan has A a suppressed corporate debt market B laws against banks holding corporate stock C a large stock market D close ties between a firm and a single bank Answer C D1 Factual 43 The two nations that have gone furthest with universal banking are A the United States and the United Kingdom B the United Kingdom and Germany C Germany and Japan D the United States and Japan Answer B D1 Factual 44 Bank ownership of corporate stock is discouraged by regulators in A the United States B the United Kingdom C Germany D Japan Answer B Chapter 16 Financial System Design 199 D1 Factual 45 Commercial bank ownership of corporate stock is prohibited by regulators in A the United States B the United Kingdom C Germany D Japan Answer A D1 Factual 46 As of the end of 1994 the country in our survey with the smallest stock market in dollar terms was A the United States B the United Kingdom C Japan D Germany Answer D D1 Factual 47 As of the end of 1994 which of the countries in our survey had the closest match in size between its stock and banking markets A The United Kingdom B The United States C Japan D Germany Answer B D1 Factual 48 As of the end of 1994 which of the countries in our survey had the largest proportion of stock held by individuals A The United Kingdom B The United States C Japan D Germany Answer B D1 Factual 49 As of the end of 1994 which of the countries in our survey had the smallest proportion of stock held by foreigners A The United Kingdom B The United States C Japan D Germany Answer C 200 Ritter Silber Udell Money Banking and Financial Markets Eleventh Edition D1 Factual 50 As of the end of 1994 which of the countries in our survey had the largest proportion of stock held by the government A The United Kingdom B The United States C Japan D Germany Answer D D1 Factual 51 The country in which a form of industrial organization in which a group of companies own stock in each other and has a bank that owns stock in each firm is A the United Kingdom B the United States C Japan D Germany Answer C D1 Factual 52 The country in which banks are classified as city banks regional banks and special purpose financial institutions is A the United Kingdom B the United States C Japan D Germany Answer C D1 Factual 53 The country in which two of the categories of banks are clearing banks and merchant banks is A the United Kingdom B the United States C Japan D Germany Answer C D1 Factual 54 Which of the following banks is similar to a U S investment bank A City banks B Grossbanken C Merchant banks D Cooperative banks Answer C Chapter 16 Financial System Design 201 D2 Factual 55 Because of a regulatory environment that encourages foreign participation and competition in financial services the domestic markets in the are not really distinct from the foreign markets A the United Kingdom B the United States C Japan D Germany Answer C D2 Interpretive 56 Financial distress is more easily handled in a oriented financial system in which ownership of the firm tends to be spread among shareholders than in the other type of system A markets more B markets fewer C banking more D banking fewer Answer D D1 Factual 57 In 2002 had the largest dollar value of mergers and acquisitions A the United States B the United Kingdom C Germany D Japan Answer A D1 Factual 58 Firm ownership in the United Kingdom is largest for A individuals B financial institutions agents C financial institutions ownership control D nonfinancial corporations Answer B D2 Interpretive 59 It is not surprising to see a rather volume of mergers and acquisitions in Germany given how its conflicts are resolved A high shareholder lender B high manager stockholder C low shareholder lender D low manager stockholder Answer D 202 Ritter Silber Udell Money Banking and Financial Markets Eleventh Edition D2 Interpretive 60 It is not surprising to see a rather volume of mergers and acquisitions in Japan given its oriented financial system A high banking B high markets C low banking D low markets Answer C D1 Interpretive 61 It is not surprising to see a rather volume of mergers and acquisitions in the United States given its oriented financial system A high banking B high markets C low banking D low markets Answer B D2 Interpretive 62 Banks are better at solving the stockholder lender conflict than rating agencies when they A are allowed to hold a substantial ownership stake in the borrowing firm B steer clear of holding any ownership stake in the borrowing firm C operate in markets oriented financial systems D issue individually approved loans rather than lines of credit Answer A D1 Interpretive 63 Stocks and bonds