投资学期末题库答案和分析(一)

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TUTORIAL–SESSION01

CHAPTER01

1.Discusstheagencyproblem.

2.Discussthesimilaritiesanddifferencesbetweenrealandfinancialassets.

3.Discussthefollowingongoingtrendsastheyrelatetothefieldofinvestments:

globalization,financialengineering,securitization,andcomputernetworks.

CHAPTER02

Usethefollowingtoanswerquestions1to3:

Considerthefollowingthreestocks:

1.Theprice-weightedindexconstructedwiththethreestocksisA)30B)40C)50D)60E)70

Answer:BDifficulty:EasyRationale:($40+$70+$10)/3=$40.

2.Thevalue-weightedindexconstructedwiththethreestocksusingadivisorof100isA)1.2B)1200C)490D)4900E)49

Answer:CDifficulty:Moderate

Rationale:Thesumofthevalueofthethreestocksdividedby100is490:[($40x200)+($7

0x500)+($10x600)]/100=490

3.Assumeatthesepricesthevalue-weightedindexconstructedwiththethreestocksis

490.WhatwouldtheindexbeifstockBissplit2for1andstockC4for1?A)265B)430C)355

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D)490E)1000

Answer:DDifficulty:Moderate

Rationale:Value-weightedindexesarenotaffectedbystocksplits.

4.Aninvestorpurchasesonemunicipalandonecorporatebondthatpayratesofreturn

of8%and10%,respectively.Iftheinvestorisinthe20%marginaltaxbracket,hisorheraftertaxratesofreturnonthemunicipalandcorporatebondswouldbe________and______,respectively.A)8%and10%B)8%and8%C)6.4%and8%D)6.4%and10%E)10%and10%Answer:BDifficulty:Moderate

Rationale:rc=0.10(1-0.20)=0.08,or8%;rm=0.08(1-0)=8%.

5.A5.5%20-yearmunicipalbondiscurrentlypricedtoyield7.2%.Forataxpayerin

the33%marginaltaxbracket,thisbondwouldofferanequivalenttaxableyieldof:A)8.20%.B)10.75%.C)11.40%.D)4.82%.E)noneoftheabove.Answer:BDifficulty:Moderate

Rationale:0.072=rm(1-t);0.072=rm/(0.67);rm=0.1075=10.75%6.Inorderforyoutobeindifferentbetweentheaftertaxreturnsonacorporatebond

paying8.5%andatax-exemptmunicipalbondpaying6.12%,whatwouldyourtaxbracketneedtobe?A)33%B)72%C)15%D)28%E)Cannottellfromtheinformationgiven.0612=.085(1-t);(1-t)=0.72;t=.28

7.Supposeaninvestorisconsideringacorporatebondwitha7.17%before-taxyieldand

amunicipalbondwitha5.93%before-taxyield.Atwhatmarginaltaxratewouldtheinvestorbeindifferentbetweeninvestinginthecorporateandinvestinginthemuni?A)15.4%B)23.7%C)39.5%D)17.3%E)12.4%

tm=1-(5.93%/7.17%)=17.29%

Usethefollowingtoanswerquestions8to9:

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8.Basedontheinformationgiven,foraprice-weightedindexofthethreestocks

calculate:A)therateofreturnforthefirstperiod(t=0tot=1).B)thevalueofthedivisorinthesecondperiod(t=2).AssumethatStockAhada2-1

splitduringthisperiod.

C)therateofreturnforthesecondperiod(t=1tot=2).

A.Theprice-weightedindexattime0is(70+85+105)/3=86.67.Theprice-weightedindex

attime1is(72+81+98)/3=83.67.Thereturnontheindexis83.67/86.67-1=-3.46%.

B.Thedivisormustchangetoreflectthestocksplit.Becausenothingelsefundamentally

changed,thevalueoftheindexshouldremain83.67.Sothenewdivisoris(36+81+98)/83.67=2.57.Theindexvalueis(36+81+98)/2.57=83.67.

C.Therateofreturnforthesecondperiodis83.67/83.67-1=0.00%

9.Basedontheinformationgivenforthethreestocks,calculatethefirst-periodratesof

return(fromt=0tot=1)onA)amarket-value-weightedindex.B)anequally-weightedindex.C)ageometricindex.

A.Thetotalmarketvalueattime0is$70*200+$85*500+$105*300=$88,000.The

totalmarketvalueattime1is$72*200+$81*500+$98*300=$84,300.Thereturnis$84,300/$88,000-1=-4.20%.

B.ThereturnonStockAforthefirstperiodis$72/$70-1=2.86%.ThereturnonStockB

forthefirstperiodis$81/$85-1=-4.71%.ThereturnonStockCforthefirstperiodis$98/$105-1=-6.67%.Thereturnonanequallyweightedindexofthethreestocksis(2.86%-4.71%-6.67%)/3=-2.84%

C.Thegeometricaveragereturnis[(1+.0286)(1-.0471)(1-.0667)](1/3)-1=

[(1.0286)(0.9529)(0.9333)]0.3333-1=-2.92%

10.Discusstheadvantagesanddisadvantagesofcommonstockownership,relativetootherinvestmentalternatives.

CHAPTER03

1.Assumeyoupurchased200sharesofXYZcommonstockonmarginat$70pershare

fromyourbroker.Iftheinitialmarginis55%,howmuchdidyouborrowfromthebroker?A)$6,000B)$4,000C)$7,700D)$7,000E)$6,300

Answer:EDifficulty:Moderate

Rationale:200shares*$70/share*(1-0.55)=$14,000*(0.45)=$6,300.

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2.Yousoldshort200sharesofcommonstockat$60pershare.Theinitialmarginis60%.YourinitialinvestmentwasA)$4,800.B)$12,000.C)$5,600.D)$7,200.E)noneoftheabove.

Answer:DDifficulty:Moderate

Rationale:200shares*$60/share*0.60=$12,000*0.60=$7,200

3.Youpurchased100sharesofABCcommonstockonmarginat$70pershare.

Assumetheinitialmarginis50%andthemaintenancemarginis30%.Belowwhatstockpricelevelwouldyougetamargincall?Assumethestockpaysnodividend;ignoreinterestonmargin.A)$21B)$50C)$49D)$80E)noneoftheabove

Answer:BDifficulty:Difficult

Rationale:100shares*$70*.5=$7,000*0.5=$3,500(loanamount);0.30=(100P-

$3,500)/100P;30P=100P-$3,500;-70P=-$3,500;P=$50.

4.Youpurchased100sharesofcommonstockonmarginat$45pershare.Assumethe

initialmarginis50%andthestockpaysnodividend.Whatwouldthemaintenancemarginbeifamargincallismadeatastockpriceof$30?Ignoreinterestonmargin.A)0.33B)0.55C)0.43D)0.23E)0.25

Answer:EDifficulty:Difficult

Rationale:100shares*$45/share*0.5=$4,500*0.5=$2,250(loanamount);X=[100($30)

-$2,250]/100($30);X=0.25.

5.Youpurchased300sharesofcommonstockonmarginfor$60pershare.Theinitial

marginis60%andthestockpaysnodividend.Whatwouldyourrateofreturnbeifyousellthestockat$45pershare?Ignoreinterestonmargin.A)25%B)-33%C)44%D)-42%E)–54%

Answer:DDifficulty:Difficult

Rationale:300($60)(0.60)=$10,800investment;300($60)=$18,000*(0.40)=$7,200loan;

Proceedsaftersellingstockandrepayingloan:$13,500-$7,200=$6,300;Return=($6,300-$10,800)/$10,800=-41.67%.

6.Assumeyousellshort100sharesofcommonstockat$45pershare,withinitial

marginat50%.Whatwouldbeyourrateofreturnifyourepurchasethestockat

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$40/share?Thestockpaidnodividendsduringtheperiod,andyoudidnotremoveanymoneyfromtheaccountbeforemakingtheoffsettingtransaction.A)20%B)25%C)22%D)77%E)noneoftheabove

Answer:CDifficulty:Moderate

Rationale:Profitonstock=($45-$40)*100=$500,$500/$2,250(initialinvestment)=

22.22%

7.YouwanttopurchaseXYZstockat$60fromyourbrokerusingaslittleofyourown

moneyaspossible.Ifinitialmarginis50%andyouhave$3000toinvest,howmanysharescanyoubuy?A)100sharesB)200sharesC)50sharesD)500sharesE)25shares

Answer:ADifficulty:Moderate

Rationale:.5=[(Q*$60)-$3,000]/(Q*$60);$30Q=$60Q-$3,000;$30Q=$3,000;Q=100.

8.Youbuy300sharesofQualitycorpfor$30pershareanddepositinitialmarginof

50%.Th