国际金融管理（英）智慧树知到期末考试答案2024年

国际金融管理（英）智慧树知到期末考试答案2024年国际金融管理（英）Comparing"forward"and"futures"exchangecontracts,wecansaythat

A:deliveryoftheunderlyingassetisseldommadeineithercontract—theyaretypicallycashsettledatmaturity.B:deliveryoftheunderlyingassetisusuallymadeinforwardcontracts.C:deliveryoftheunderlyingassetisseldommadeinfuturescontracts.D:bothaandb答案:bothaandbSincethebalanceofpaymentsispresentedasasystemofdouble-entrybookkeeping,

A:answersaandbareboth对B:everydebitintheaccountisbalancedbyamatchingcredit.C:everycreditintheaccountisbalancedbyamatchingdebit.D:noneoftheabove答案:answersaandbareboth对Translationexposure,alsofrequentlycalledaccountingexposure,referstotheeffectthatanunanticipatedchangeinexchangerateswillhaveonthe

A:choiceofaccountingmethodology.B:firmscompetitiveposition.C:consolidatedfinancialreportsofaMNC.D:cashflowsrealizedfromforeignoperations答案:consolidatedfinancialreportsofaMNC.A"primary"stockmarketis

A:abiginternationally-importantmarketliketheNYSE.B:amarketwherecorporationsissuenewsharestoinitialinvestors.C:noneoftheaboveD:wherebrokersandmarketmakerstrade.答案:amarketwherecorporationsissuenewsharestoinitialinvestors.A"foreignbond"issueis

A:forexample,aGermanMNCissuingdollar-denominatedbondstoU.S.investors.B:oneofferedbyaforeignborrowertoinvestorsinanationalmarketanddenominatedinthatnation'scurrency.C:bothbandcD:onedenominatedinaparticularcurrencybutsoldtoinvestorsinnationalcapitalmarketsotherthanthecountrythatissuedthedenominatingcurrency.答案:bothbandcThreedaysago,youenteredintoafuturescontracttosell€62,500at$1.50per€.Overthepastthreedaysthecontracthassettledat$1.50,$1.52,and$1.54.Howmuchhaveyoumadeorlost?

A:Lost$0.04per€or$2,500B:NoneoftheaboveC:Made$0.04per€or$2,500D:Lost$0.06per€or$3,750答案:Lost$0.04per€or$2,500Themanagementoftranslationexposureisbestdescribedas

A:selectingamechanicalmeansforhandlingtheconsolidationprocessforMNCsthatmakesthisquarter'saccountingnumbersasattractiveaspossible.B:selectingamechanicalmeansforhandlingtheconsolidationprocessforMNCsthattreatsinventoryvaluationasLIFOontheincomestatementandFIFOonthebalancesheet.C:selectingamechanicalmeansforhandlingtheconsolidationprocessforMNCsthatlogicallydealswithexchangeratechanges.D:selectingamechanicalmeansforhandlingtheconsolidationprocessforMNCsthattreatsinventoryvaluationasFIFOontheincomestatementandLIFOonthebalancesheet.答案:selectingamechanicalmeansforhandlingtheconsolidationprocessforMNCsthatlogicallydealswithexchangeratechanges.Operatingexposuremeasures

A:theaffectofunanticipatedchangesinexchangeratesonthedollarvalueofcontractualobligationsdenominatedinaforeigncurrency.B:theaffectofchangesinexchangerateswillhaveontheconsolidatedfinancialreportsofaMNC.C:theextenttowhichtheforeigncurrencyvalueofthefirm'sassetsisaffectedbyunanticipatedchangesinexchangerates.D:theextenttowhichthefirm'soperatingcashflowswillbeaffectedbyunexpectedchangesinexchangerates.答案:operatingAmajorriskfacedbyaswapdealerisexchangeraterisk.Thisis

A:theprobabilitythateithercounterpartydefaultsinacurrencyswap.B:theprobabilityexchangerateswillmoveagainstthedealer.C:noneoftheaboveD:theprobabilitythataforeigncounterpartywilldefaultinacurrencyswap.答案:theprobabilityexchangerateswillmoveagainstthedealer.The€/$spotexchangerateis$1.50/€andthe120dayforwardexchangerateis1.45/€.Theforwardpremium(discount)is

A:thedollaristradingata5%premiumtotheSwissfrancfordeliveryin120days.B:thedollaristradingata10%discounttotheeurofordeliveryin120days.C:thedollaristradingata5%discounttotheeurofordeliveryin120days.D:thedollaristradingatan8%premiumtotheeurofordeliveryin120days.答案:thedollaristradingata10%discounttotheeurofordeliveryin120days.WhenHonda,aJapaneseautomaker,builtafactoryinOhio,

A:noneoftheabove.B:itwasengagedinportfolioinvestment.C:itwasengagedinacross-borderacquisition.D:itwasengagedinforeigndirectinvestment.答案:itwasengagedinforeigndirectinvestment.SupposetheU.S.dollarsubstantiallydepreciatesagainsttheJapaneseyen.Thechangeinexchangerate

A:willtendtostrengthenthecompetitivepositionofJapanesecarmakersattheexpenseofU.S.makers.B:noneoftheaboveC:willtendtoweakenthecompetitivepositionofimport-competingU.S.carmakers.D:willtendtostrengthenthecompetitivepositionofimport-competingU.S.carmakers.答案:willtendtostrengthenthecompetitivepositionofimport-competingU.S.carmakers.Theextenttowhichthevalueofthefirmwouldbeaffectedbyexpectedchangesintheexchangerateis

A:translationexposure.B:noneoftheaboveC:economicexposure.D:transactionexposure.答案:noneoftheaboveTherearetwotypesofequityrelatedbonds:

A:callablebondsandexchangeablebondsB:convertiblebondsandkitchensinkbondsC:convertiblebondsanddualcurrencybondsD:convertiblebondsandbondswithequitywarrants答案:convertiblebondsandbondswithequitywarrantsSupposeyouobserveaspotexchangerateof$2.00/£.Ifinterestratesare5%APRintheU.S.and2%APRintheU.K.,whatistheno-arbitrage1-yearforwardrate?

A:£2.0588/$B:£1.9429/$C:$2.0588/£D:$1.9429/£答案:$2.0588/£SupposetheMcDonaldsCorporationimportsCanadianbeef,payingforitbytransferringthefundstoaNewYorkbankaccountkeptbytheCanadianbeefproducer.

A:PaymentbyMcDonaldswillberecordedasadebit.B:Thedepositofthefundsbythebuyerwillbecredit.C:PaymentbyMcDonaldswillberecordedasacredit.D:Thedepositofthefundsbythesellerwillberecordedasadebit.答案:PaymentbyMcDonaldswillberecordedasadebit.Relativetothespotpricetheforwardpricewillbe

A:usuallymorethanthespotprice.B:usuallylessthanormorethanthespotpricemoreoftenthanitisequaltothespotprice.C:usuallylessthanthespotprice.D:usuallyequaltothespotprice.答案:usuallylessthanormorethanthespotpricemoreoftenthanitisequaltothespotprice.Theinternationalmonetarysystemwentthroughseveraldistinctstagesofevolution.Thesestagesaresummarized,inalphabeticorder,asfollows:(i)-Bimetallism(ii)-BrettonWoodssystem(iii)-Classicalgoldstandard(iv)-Flexibleexchangerateregime(v)-InterwarperiodThechronologicalorderthattheyactuallyoccurredis:

A:(i),(iii),(v),(ii),and(iv)B:(v),(ii),(i),(iii),and(iv)C:(vi),(i),(iii),(ii),and(v)D:(iii),(i),(iv),(ii),and(v)答案:(i),(iii),(v),(ii),and(iv)Aswapbankhasidentifiedtwocompanieswithmirror-imagefinancingneedstheybothwanttoborrowequivalentamountsforthesameamountoftime.CompanyXhasagreedtoonelegoftheswapbutcompanyYis"playinghardtoget".

A:Iftheswapbankhasalreadycontractedonelegoftheswap,theyshouldbeanxioustoofferbettertermstocompanyYtojustgetthedealdone.B:BothaandbC:CompanyXshouldlobbyYto"getonboard".D:TheswapbankcouldjustsellthecompanyXsideoftheswap.答案:BothaandbWithregardtoaswapbankactingasadealerinswaptransactions,interestrateriskrefersto

A:theriskthatarisesfromthesituationinwhichthefloating-ratesofthetwocounterpartiesarenotpeggedtothesameindex.B:therisktheswapbankfacesfromfluctuatingexchangeratesduringthetimeittakesforthebanktolayoffaswapitundertakeswithonecounterpartywithanopposingtransaction.C:theriskthatacounterpartywilldefault.D:theriskthatinterestrateschangingunfavorablybeforetheswapbankcanlayofftoanopposingcounterpartyontheothersideofaninterestrateswapenteredintowiththefirstcounterparty.答案:theriskthatinterestrateschangingunfavorablybeforetheswapbankcanlayofftoanopposingcounterpartyontheothersideofaninterestrateswapenteredintowiththefirstcounterparty.TheTriffindilemma

A:wasfirstproposedbyProfessorRobertTriffin.B:wasindeedresponsiblefortheeventualcollapseofthedollar-basedgold-exchangesystemintheearly1970s.C:warnedthatthegold-exchangesystemoftheBrettonWoodsagreementwasprogrammedtocollapseinthelongrun.D:alloftheabovearecorrect答案:alloftheabovearecorrectSupposeMexicoisamajorexportmarketforyourU.S.-basedcompanyandtheMexicanpesoappreciatesdrasticallyagainsttheU.S.dollar.Thismeans

A:yourdomesticcompetitorswillenjoyaperiodoffacinglessenedpricecompetitionfromMexicanimports.B:yourfirmwillbeabletochargemoreindollartermswhilekeepingpesopricesstable.C:yourcompany'sproductscanbepricedoutoftheMexicanmarket,asthepesopriceofAmericanimportswillrisefollowingthepeso'sfall.D:bothbandcarecorrect答案:bothbandcarecorrectWhenexchangerateschange,

A:thiscanaltertheoperatingcashflowofadomesticfirm.B:thiscanalterthehomecurrencyvaluesofamultinationalfirm'sassetsandliabilities.C:thiscanalterthecompetitivepositionofadomesticfirm.D:alloftheabove答案:alloftheaboveSomecommoditiesneverenterintointernationaltrade.Examplesinclude

A:alloftheaboveB:nontradables.C:housing.D:haircuts.答案:alloftheaboveIfacountryisgrapplingwithamajorbalance-of-paymentdifficulty,itmaynotbeabletoexpandimportsfromtheoutsideworld.Instead,thecountrymaybetemptedto

A:imposemeasurestodiscouragecapitaloutflows.B:NoneoftheaboveC:BothaandbD:imposemeasurestorestrictimports.答案:BothaandbTheinternationalmonetarysystemcanbedefinedastheinstitutionalframeworkwithinwhich

A:alloftheaboveB:exchangeratesamongcurrenciesaredetermined.C:internationalpaymentsaremade.D:movementofcapitalisaccommodated.答案:alloftheaboveBankingtendstobe

A:aconstantaveragecostindustry.B:ahighmarginalcostindustry.C:alowmarginalcostindustry.D:noneoftheabove答案:alowmarginalcostindustry.WithregardtothecurrentexchangeratearrangementbetweentheU.S.andtheU.K.,itisbestcharacterizedas

A:peggedexchangeratewithinahorizontalband.B:managedfloat.C:independentfloating(marketdetermined).D:currencyboard.答案:independentfloating(marketdetermined).Afirmmaycross-listitsshareto

A:establishabroaderinvestorbaseforitsstock.B:establishnamerecognitioninforeigncapitalmarkets,thuspavingthewayforthefirmtosourcenewequityanddebtcapitalfrominvestorsindifferentmarkets.C:exposethefirm'snametoabroaderinvestorandconsumergroups.D:alloftheabove答案:alloftheaboveMostexchangetradedcurrencyoptions

A:haveoriginalmaturitiesof1,2,and3years.B:matureeverymonth,withoutdailyresettlement.C:matureeverymonth,withdailyresettlement.D:haveoriginalmaturitiesof3,6,9,and12months.答案:haveoriginalmaturitiesof3,6,9,and12months.SupposethatyouarethetreasurerofIBMwithanextraU.S.$1,000,000toinvestforsixmonths.YouareconsideringthepurchaseofU.S.T-billsthatyield1.810%(that'sasixmonthrate,notanannualratebytheway)andhaveamaturityof26weeks.Thespotexchangerateis$1.00=¥100,andthesixmonthforwardrateis$1.00=¥110.TheinterestrateinJapan(onaninvestmentofcomparablerisk)is13percent.Whatisyourstrategy?

A:Take$1m,translateintoyenatthespot,investinJapan,andrepatriateyouryenearningsbackintodollarsatthespotrateprevailinginsixmonths.B:Take$1m,investinU.S.T-bills.C:Take$1m,translateintoyenatthespot,investinJapan,hedgewithashortpositionintheforwardcontract.D:T