双金前四次参考答案

1、第一次作业Fabozzi, , Franco P. Modigliani,J. Jones, Foundations of marketsand Chapter1:Question17.Whatistheeconomicrationaleforthewidespreaduseofdisclosure tdisclosure第一次作业Fabozzi, , Franco P. Modigliani,J. Jones, Foundations of marketsand Chapter1:Question17.Whatistheeconomicrationaleforthewidespreaduse

2、ofdisclosure tdisclosuremitigatesthepotentialforfraudbytheTypically, there information asymmetry n the er (management) and investors, and disclosure regulation mitigates the harm to investors fromthisinformationaldisadvantage.Asaresult,thereisconfidencethepricingmechanismofthet could hemarketChapter

3、2:Question2.TheInsightfulManagementCompanysellsladvicetoinvestors.Thisisonly service provided by the company. Is this company a ExplainyourStrictlyspeaking,theInsightfulManagementCompany isnotalbecauseitlacksthefunctionofittakingandcreatingChapter3:Question12. You and a friend are discussing the sav

4、ings and loan crisis. She t wholemessstarted killedtheirandlendinghe early 1980s.When short-term rates skyrocketed, S&Ls ewentitivetonegative.TheywereborrowingWhatdoesshemeanby“borrowingshortandlendingArehigherorlendserestratesltoantborrowsshortIn this context, borrowing short and lending long refer

5、s to the structure of S&Ls. Their of funds (liabilities) are short-term (mainly andtheiruses(assets)arelong-terminnature(e.g.residentialSincelong-termratestendtobewould be the best situation. However, nshort-termones,eresterest rates would increase the cost funds for S&Ls without fully compensating

6、higher returns on assets. Hence a erest rate spread or margin. Thus lower rates, having an ite effect, bemore失（capital loss的投不会支持商资erest rate spread or margin. Thus lower rates, having an ite effect, bemore失（capital loss的投不会支持商资14天，看14天内平均数是否准备金充足，这14数能力有限，商的一些小问题可能不被发现；倘若其Or:Becausethediscountwindo

7、wendedtobeasourceoffundsforstexperience ipated of reserves. Frequent borrowing to reservesshortagestthenaneed for funds and should therefore satisfy this need with a more there are 数能力有限，商的一些小问题可能不被发现；倘若其Or:Becausethediscountwindowendedtobeasourceoffundsforstexperience ipated of reserves. Frequent b

8、orrowing to reservesshortagestthenaneed for funds and should therefore satisfy this need with a more there are extenuating , such t the was l problems and could not emporary financing from other l第二次作业10亿元，央行和工行的资产负债表会1 个billion, 1 个1 个billion, 1 个的的国方的三大支柱包括：1求。2的资本金与其风险管理水平相匹配。3对的第三次作业Fabozzi, , F

9、ranco P. Modigliani,J. Jones, Foundations of lmarketsand Chapter7:国方的三大支柱包括：1求。2的资本金与其风险管理水平相匹配。3对的第三次作业Fabozzi, , Franco P. Modigliani,J. Jones, Foundations of lmarketsand Chapter7:Question2. “The NAV of an open-end fund is determined continuously throughout the day.”Explainwhyyouagreeordisagreewit

10、hthisNAVofopen-endedfundistheclosingpriceoftheChapter7:Question17. What are the advantages of an ETF relative to open-end and closed-investmentETF不单能像封闭式基金一样进行连续交易，其价格和其投资组合的资产净值也非ETFETF(3) ETF的交易并不是直接(4) ETFETF不是用现金来支付赎回的，不需要持有现金，而是全部投资于投资组合，收益 ETF不单能像封闭式基金一样进行连续交易，其价格和其投资组合的资产净值也非ETFETF(3) ETF的交易并

11、不是直接(4) ETFETF不是用现金来支付赎回的，不需要持有现金，而是全部投资于投资组合，收益 Chapter7:Questionmanaged Sincetheyaremostlyindexfunds,theyarepassively性等的第四次参Fabozzi, , J., Franco P. Modigliani, J. Jones, Foundations of lmarkets的第四次参Fabozzi, , J., Franco P. Modigliani, J. Jones, Foundations of lmarketsand Chapter13:Question 4.Acor

12、porationisingabondonacompetitivebiddingbasis.Thecorporationt it will e $200 million of an e. The following yield bids and correspondingamountswereAmount WhoarethewinningHowmuchofthesecuritywillbeallocatedtoeachwinningIf this auction is WhoarethewinningHowmuchofthesecuritywillbeallocatedtoeachwinning

13、If this auction is a single-price auction, at what yield will each winning bidder awardedtheIfthisauctionisamultiple-priceauction,atwhatyieldwilleachwinningbidderbe awarded the security?BiddersAthroughHarethewinningEachwinnerwillbeallocatedthefullamounthebidIn a h auction, each bidder will pay the h

14、ighest winning yield bid (or hiscasethehighestbidisIn a multiple price auction, each winning bidder will pay a different price for ofhiscase,bidderAwillpayariceandthereforegetthelowestChapter13:Question 6. The market price of the stock of the Bernstein Corporation is $50 per share there are one mill

15、ion shares outstanding. et the management of corporation isconsideringa rightsoffering in connection with the i ance of500,000 new shares. Each current shareholder would receive one right for every one share owned. The terms of the rights offering are as follows: For two rights and $30 (thesubscript

16、ionprice),anewsharecanbeWhatwouldthesharepricebeaftertherightsWhatisthevalueofoneDemonstratetheeffectontheeconomicwellbeingoftheinitialshareholdersasresultoftherightsMarketpriceofBernsteinstockis$50.Thecapitalizationbeforerightseoffirm is $50 million.After ance, share price (ex-rights) is $50 millio

17、n + 15 million $65milliondividedby1.5million=$43.33.Thus,thesharepriceaftertherightsoffering is $43.33.Valueofonerightis$6.67(50-The result of this offering on the economic well being of initial shareholders unchanged,aslongastheshareholdersexercisetheirright.Thisisbecauseaisexactlycompensatedbytheh

18、evalueoftheChapter13:Question 10. The following ements come from the December 24, 1990, e of hepublic market,he privateplacement market 10. The following ements come from the December 24, 1990, e of hepublic market,he privateplacement market wasslowed this by a rise erest t pushed many ers to the si

19、delines, by the crisis and by a flight to quality by investors. . . . Foreign private placements saw markedincreaseduetoRuleWhatarethekeydistinctionsWhatisRulenaprivateplacementandapublicWhydoyouthinkRule144AhasincreasedforeignprivateApublicofferinghastoberegisteredwiththeSEC;aprivateplacementdoesThere are, ho