金融市场与金融机构-第四次作业参考答案

1、第四次作业（第四章）参考简要回答下列各题：Fabozzi, Fr, J., Franco P. Modigliani, FrJ. Jones, Foundations of finanl markets and institutionsChapter 13: Question 44. A corporation is iing a bond on a competitive bidding basis. The corporation has indicatedtit will ie $200 million of an ie. The following yield bids and the

2、 corresponding amounts weresubmitted:BidderAmount (illions)BidA B C D E F G H I J K L M$20 4010504020101020252820187.4%7.57.57.57.67.67.77.77.87.97.98.08.1a.b.c.Who are the winning bidders?How much of the security will be allocated to each winning bidder?If this auction is a single-price auction, at

3、 what yield will each winning bidder be awarded thesecurity?d.If this auction is a multiple-price auction, at what yield will each winning bidder be awarded the security?a.b.c.Bidders A through H are the winning bidders.Each winner will be allocated the full amount he bid on.In a Dh auction, each bi

4、dder will pay the highest winning yield bid (or lowest price).his case thehighest bid is 7.7%.d.In a multiple price auction, each winning bidder will pay a different price for the security.his case,bidder A will pay a highrice and therefore get the lowest yield of 7.4%.Chapter 13: Question 66. The m

5、arket price of the stock of the Bernstein Corporation is $50 per share and there are onemillion shares outstanding. Supoffering in connection with the iet the management of this corporation is considering a rightsance of 500,000 new shares. Each current shareholder wouldreceive one right for every o

6、ne share owned. The terms of the rights offering are as follows: For tworights and $30 (the subscription price), a new share can be acquired.a.b.c.What would the share price be after the rights offering? What is the value of one right?Demonstrate the effect on the economic wellbeing of the initial s

7、hareholders as a result of therights offering.a.Market price of Bernstein stock is $50. The capitalization before rights ie of this firm is $50 million.After iance, share price (ex-rights) is $50 million + 15 million = $65 million divided by 1.5 million = $43.33.Thus, the share price after the right

8、s offering is $43.33.b.Value of one right is $6.67 (50-43.33).c.The result of this offering on the economic wellbeing of initial shareholders is unchanged, as long as theshareholders exercise their right. This is because a dilution is exactly compensated by the increasevalue of the rights.heChapter

9、13: Question 1010. The following sements come from the December 24, 1990, ie of Corporate Financingk:Ashe public market, growthhe private placement market was slowed this year by a rise iners to the sidelines, by the Mideast crisis and by a flight toerest ratest pushed many iquality by investors.For

10、eign private placements saw a marked increase due to Rule 144A.a.b.c.What are the key distinctions betWhat is Rule 144A?n a private placement and a public offering?Why do you think Rule 144A has increased foreign private placements?a.A public offering has to be registered with the SEC; a private pla

11、cement does not. There are, however,restrictions on the types and numbers of investors to whom a private placement can be sold and the ability of investors to resell such securities.b.Rule 144A was designed to make it more attractive for qualified U.S. institutional investors to purchaseprivate plac

12、ements, since it exempts them from the standard 2-year waiting period to trade the security. Butt ie may only be traded to other qualified institutions overt period.c.Rule 144A has encouraged placements by foreign iers, who have been reluctant to make publicofferingshe U.S. because of disclosure and

13、 registration requirements. It will also attract new institutionalinvestors to buy privay placed securities, not requiring a two-year holding period.第四章1如果公司不愿意让公众看到其庐山私募方式。，它会更愿意选择私募方式还是公募方式？因为公募方式的信息披露标准更高。如果公司不愿意披露的信息，私募方式是更好的选择。2当你在券商营业部进行投资经纪人和客户之间存在利益时，你会100%相信你的经纪人吗？。对经纪人来说，投资者交易越多，佣金收入越高。对投资者来说，频繁的交易不一定能挣钱，反而要付出更高的交易成本。因此，经纪人的建议不一定对投资者有利。3如果价格是10元，你将给出一个买入停止委托，你的停止价格会高于10元还是低于10元，为什么？高于10元。停止委托就是在投资者可能不经常关注市场的情况下，为了在股价上涨到停止价格以上时，不失去以较低价格买入的机会。4如果投资者A以10元的价格卖空了1万股，并另存入了5万