国际金融IFinanceTestBank5之欧阳地创编

1、chapter derivatives5currency时间：2021.03. 04创作：欧阳地1 ka ions, i nc. i s a u> s. -based mnc that frequent iy imports raw materials from canada. kaions i s typ i cai iy i nvo iced for these goods i n canad ian dollars and i s concerned that the canadian dollar wi i i appreciate in the near future whic

2、h of the fol lowing i s not an appropr iate hedging technique under these ci rcumstances?ans:cpts:12. gray ion,to a germa n 200,000 inrate of the forward rateinc., based in washington, exports products rece i ve payment of 1, the spot the1,bankfirm threeeurowasand wii i mon ths. on was $1.12, $1. 10

3、. onjuneandjune3-month gray i on tonegotiated a forward contract with a 200,000 forward in three months. the spot rate of the euro on september 1 i s $1.15. gray i on rece i ve $ for the euros.sei iwi久pixrckase caiadiai dollars forward.purchase caiadiaia dollar futures contractscpurchase cavadav dol

4、lar put options d.purchase caiadia dollar call options b-22oqoqc7.00,000d.230 qooans：bsolution:200 qqo$1.10 二李 22oqoopts：13. the one-year forward rate of the br i tish pound i s quoted at $160, and the spot rate of the br i tish pound i s quoted at $1.63 the forward i s percent.久discount； i.qb-disco

5、unt； x.8cprenafuka； 1.9d.premiuiw; 1.8ans:bsolution:(f/s)1 二x二 x.8 percentpts:14.the 90-day forward rate for the euro i s $1.07, while the cur re nt spo t rate of the euro i s $1.05 wha t i s the annua iized forward premium or di scount of the euro?久l.q percent discount.b.l.q percent pre/unac7.6 per

6、cent prenaiunad.7.6 percent discount.ans:csolution:(f/s)x 360/90 二 7.6percent pts:15.thornton, inc. needs to invest five million nepaiese rupees in its nepaiese subsidiary to support i oca i operat i ons. thornton wouid i ike its subs i d i ary to repay the rupees in one year. thornton wou id i i ke

7、 to engagein a swaptransact i on. thus, thornton wouid:久convert tme rupees to dollars m tke spot market today ad convert rupees to dollar in om year at todays forward “tob-convert 已2 dollars to rupees 航 tke spot market today ad convert dollars to 仏pees m om year at tme prevailing spot rat乙cconvert t

8、he dollars to rupees m tke spot market today aid convert rupees to dollars m om year at todays forwardd.convert tme dollar to rupees m tke spot market todaij ad convert rupees to dollar m om year at the prevailing spot rate.ans:cpts:16. in the u.s., the typi cal cur rency futures contracti s based o

9、n a cur rency vaiue in terms of:久euros-b-u.s. dollars-cbritish pounds.d.caiaadia dollarans：bpts：17. cur rency futures contracts sold on an exchange:久contain a comm比meat to owrven ad are standardizedb-coxtairv a comm比to ownen aid cav be tailored todesire of tme owiaerccontain a fight but mt a commitm

10、ent to tle owner avd can foe tailored to tke desire of tke owiaer.d.cotairi a right but mt a covvw<itwevt to tle owrver avd are standardizedans:apts:18. cur rency options so i d through an options exchange:久contain a comm比to tle owneig ad are standardizedb-contain a comm比mervt to ownen aid can fe

11、e tailored to te 比si" of tke owiaerccontain a figxt but mt a comm 比 kafrvt to the owmkj avd can foe tailored to tke 如si" of tme owner4.contain a figxt but mt a to tle owneig are standardizedans:dpts:19currency options are commonly traded through the system.久robotfe.eurocglobexd.scopeans:cp

12、ts:110.forward contracts:久contain a covvwitw<et to tle owrven ad are standardizedcontain a comm比meat to owrvencan be tailored totke desire of tle owiaerccontain a figxt but mt a comm 比皿£毗 to tke qwrvfig avd can fee tailored to the desire of tle owiaer4.contain a figxt but mt a to tle owneig

13、avd are standardizedans:bpts:111.which of the fol lowing i s the most likely strategy for a u. s. f i rm tha t wi i i be receiving swi ss francs in the future and desi res to avoid exchange rate r i sk (assume the f i rm has no offsetting position in francs)?久purchase a call option onb.sell a future

14、s contract on fumes.cobtain a forward contract to purchase francs forwardd.all of the above are appropriate strategies for the scenario describedans：bpts：112.which of the following is the most uni ikely strategy for a u.s. firm that wi i i be purchasing swi ss francs i n the future and des i res to

15、avoid exchange rate r i sk (assume the f i rm has no offsetting pos it i on in francs)?久purchase a call option ovb-obtain a forward contract to purchase francs forwardcsell a futures contract ov fumes.d.all of the above are appropriate strategies for 血 scenario describedans:cpts:113. if your f i rm

16、expects the euro to substant iallydeprec i a te, it cou i d specu la te by euro ca i ioptions or euros forward in the forwardexchange market.久selling; sellingb-selling; pclasiigcd.purclasiig; sellingans：apts：114. when you own , there i s no obligation on yourpart; however, when you own , there i s a

17、nobiigation on your part久call options； put optionb.futures contracts； call optionscforward contracts； futu res contractsd.put option; forward contractsans:dpts:115.the greater the var i ab ii ity of a cur rency, thewi i i be the premium of a ca i i option on t h i scur re ncy, and the wi i i be the

18、premi um of aput option on th i s currency, other th i ngs equai.久greaterb.greater greaterc(ower； great erd.lower; lowerans:bpts:116.when currency options are not standard i zed and traded over-the-counter, there i s iiqu id ityand a bid/ask spread.久fess； narrowerfe.naore; narrowerchack£； wider

19、d.(ess； widerans:dpts:117. the shorter the time to the expi ration date for acur re ncy, the wi i i be the premium of a ca i ioption, and the wii i be the premium of a putoption, other things equai.久greater greaterfe.greater lowerclower; lowerd.lower; great£/ans:cpts:118.assume that a specui at

20、or purchases a put option on br itish pounds (with a str i ke pr i ce of $1.50) for $ 05 per unit. a pound option represents 31,250 units. assume that at the time of the purchase, the spo t rate of the pound i s $1 51 and continually r i ses to $1.62 by the exp i ration date. theh i ghestnet profit

21、poss i bie for thespecui ator based on the information above i s:久杜 sq2.so.fe.$4se2.so.c$1'25oqo.d.$q2s8.ans:bsolution:tke preka/uha of tle option is $qs (342so emits)二$1q&2so since tle option will mt be exercised, tke mt profit is $1,se2sopts:119. which of the fol lowing is true?久tke futuws

22、 harket is used b(j speculatorswhile tle forward market is prymon used for hedgingb.tke futuws harket is pfiafily msed for kedgiiag while tke forward market is pfiianly used for speculatingctke futures market forward harket are primarily used for speculatingd.tke futures market ayd tle fo/wam harket re p