雨课堂学堂在线学堂云《Investment Banking（西南财经）》单元测试考核答案

第1题Generallyspeaking,servicesofferedbyinvestmentbanksmayinclude____________.AUnderwritingsecuritiesandadvisoryonmergersandacquisitionsBTradingCAssetmanagementDAlloftheabove第2题Themainbusinessofacommercialbankis_________________________AFinancialplanningBFinancialadvisoryCDeposit-takingandloanissuanceDInitialpublicoffering(IPO)第3题Sometimesinvestmentbanksarenarrowlydefinedasfinancialinstitutionsengagedin_________,whichare/isthetraditionalbusinessesofinvestmentbanks.AUnderwritingsecuritiesBAdvisoryonmergersandacquisitionsCTradingDAandB第4题Historically,U.S.commercialbankswerebarredfromoperatinginvestmentbankbusinessaswasruledby_______________________.Thisactwasoverturnedby_______________,whichallowsacommercialbanktooperatebothcommercialandinvestmentbankingbusiness.AGlass-SteagallBankingAct;DoddFrankActBGlass-SteagallBankingAct;FinancialServicesModernizationActCFinancialServicesModernizationAct;Glass-SteagallBankingActDFinancialServicesModernizationAct;DoddFrankAct第5题Banksthatoperatebothinvestmentbankingandcommercialbankingbusinessesarecalled__________________.ARetailbanksBPure-playbanksCUniversalbanksDMerchantbanks第6题Globalinvestmentbankstypicallyhavethreebusinessdivisions,includinginvestmentbankingdivision,tradingdivision,andassetmanagementdivision.___________________isresponsibleadvisingonmergersandacquisitions.ATheinvestmentbankingdivisionBThetradingdivisionCTheassetmanagementdivisionD

Alloftheabove第7题__________________bankershelpclientsraisefundsthroughtheissuanceofcommonstocks.______________________________bankershelpclientsraisefundsthroughtheissuanceofbothinvestmentgradeandnon-investmentgradebonds.AEquitycapitalmarket(ECM);Debtcapitalmarket(DCM)BDebtcapitalmarket(DCM);Equitycapitalmarket(ECM);CCapitalmarket;ClientcoverageDClientcoverage;Capitalmarket第8题Clientcoveragebankersareresponsiblefor________________________.AknowingtheneedsoftheirclientsandsellinginvestmentbankingproductstotheirassignedclientsBbuyingnewlyissuedstocksininitialpublicofferingsCfinancialplanningandmanagingclients’portfoliosDinvestingonbehalfofaninvestmentbank第9题Investmentbankscanhelpbothcorporationsandgovernmentsraisemoneybyissuingsecurities.第10题InmarketofChina,thebusinessofunderwritingstocks,forexampleIPO,isconductedbysecuritycompanies.Commercialbankscanalsoparticipateininvestmentbankingbusinesses,suchasunderwritinggovernmentbonds.第11题Boutiqueinvestmentbanksusuallyofferafullsetofinvestmentbankingbusinesses.第12题TheM&Agroupbankersprovide“buyside”servicesthatinvolvethepurchaseofapartortheentireofacompany.Theyalsoprovide“sellside”servicesthatinvolvethedispositionofcompanyassets.第1题ThemainpurposesofSecuritiesActof1933include_________________________.ARegulatingdisclosureinsecurityissuanceBProhibitingdeceit,misrepresentations,andotherfraudinthesaleofsecuritiesCEstablishinganearlywarningsystemoffinancialcrisisDBothAandB第2题WhenFranklinRoosevelttookofficein1933,severalpiecesoflawswerepassed,including_____________________________.Theselawssignificantlychangedthelandscapeoftheinvestmentbankingindustry.ASecuritiesActof1933BSecuritiesandExchangeActof1934CGlass-SteagallActof1933DAllabove第3题AccordingtoSecuritiesActof1933,beforeasecuritycanbesoldtopublicinvestorsintheU.S.,_____________________________mustbesubmittedtotheSecuritiesandExchangeCommission(SEC).AAvaluationreportBAduediligencereportCAregistrationstatementDAnindemnificationletter第4题AfterthepassofSecuritiesActof1933,issuingcompaniesandinvestmentbanksshareresponsibilitytoprovideaccurateandcompleteinformationtoinvestors.Inordertoavoidheldliableforfalseormisleadingdisclosureinaregistrationstatement,andunderwritermustconduct_____________________tomitigaterisk.ARoadShowBIPOCSelf-checkingDDuediligenceinvestigation第5题TheGlass-SteagallActof1933aimsto__________________________.AOver-turntheGramm-Leach-BlileyActBSeparatecommercialbankingandinvestmentbankingCRegulatesecurityissuanceDProhibitinvestmentbanksfromunderwritingsecurities第6题Publiclylistedcompaniesarerequiredtofileanddiscloseannualandotherperiodicreportsaccordingtotherulesof_____________________________ASecuritiesActof1933BSecuritiesExchangeActof1934CGlass-SteagallActof1933DDodd-FrankActof2010第7题PriortotheGreatDepression,theinvestmentbankingindustryoftheU.S.hadbeenregulatedbyfederallaws.第8题AccordingtoSecuritiesActof1933,companiesfilingforIPOarerequiredtodiscloseinformationtoinvestorsthroughaprospectus.第9题AccordingtoSecuritiesActof1933,violationsofdisclosurerequirementcanleadtobothcivilandcriminalliabilitiesforunderwriters,directors,officers,andaccountants.第10题Theterm“quietperiod”referstotheperiodbetweenthefilingofared-herringprospectusandtheapprovalofaregistrationstatement.Duringthequietperiod,firmscanstarttosellsecurities.Test3第1题Capitalmarketfinancingis___________________fundingthroughtheissuanceofsecuritiesinaregulatedmarket.APrivateBGlobalCLong-termDShort-term第2题_________________isthemarketwherefirmsraisefundsbysellingnewlycreatedsecuritiestoinvestors.AThenewmarketBTheoldmarketCTheprimarymarketDThesecondarymarket第3题_________________________isthemarketforinvestorstotradepreviouslyissuedsecurities.AThenewmarketBTheoldmarketCTheprimarymarketDThesecondarymarket第4题Wheninvestmentbanksunderwritesecuritiesthrough___________________,theybuytheentireissueatadiscountandattemptstoresellitatahigherprice.ABest-effortsBFirm-commitmentCStandby-commitmentDPrivatePlacement第5题Theadvantagesforcompaniestogopublicmayincludewhichofthefollowings?AGoingpublicbringsinpublicfinancingBGoingpubliccreatesliquidityforshareholdersCGoingpubliccreatesanewcurrencyforcompaniestopayformergersandacquisitions.DAlloftheabove第6题Thedisadvantagesforcompaniestogopublicmayincludewhichofthefollowings?APublicfirmsaresubjecttoconstantdisclosureofcompanyinformationBIPOsarecostlyCPublicfirmsaresubjecttohostiletakeoversDAlloftheabove第7题CompanyXYZplanstoraise$100millionUSDthroughanIPO.AfteritsIPO,XYZisprojectedtogeneratenetincomeof$20USDinthenextfinancialyear.TheaverageP/Eratioofcomparablecompaniesis25.WhatistheequityvalueofXYZafteritsIPO?A$300millionB$400millionC$500millionD$600million第8题CompanyXYZplanstoraise$100millionUSDthroughanIPO.AfteritsIPO,XYZisprojectedtogeneratenetincomeof$20USDinthenextfinancialyear.TheaverageP/Eratioofcomparablecompaniesis25.WhatistheequityvalueofXYZbeforeitsIPO?A$300millionB$400millionC$500millionD$600million第9题Seasonedequityoffering(SEO)isatypeofsecondaryoffering.第10题ComparablecompanyanalysisusingP/Eratioisfeasibleforalltypesofcompanies.Test4第1题Inatraditionalbook-buildingIPO,thepurposeofaroadshowdoesNOTinclude______________AProvidinginformationaboutanofferingusingared-herringprospectusBGatheringinformationaboutthepricingofnewsharesCProvidingnewandprivilegedinformationaboutanofferingtoinstitutionalinvestorsDNoneoftheabove第2题___________referstotheperiodbetweenthefilingofaredherringregistrationstatementandtheapprovaloftheregistrationstatementbySEC.AInitialPeriodBStartingPeriodCWaitingperiodDFilingperiod第3题Inthebook-buildingprocess,theunderwriterannouncesanindicativepricerange,andinvestorscansubmittheirbidsthrough_______________.AstrikebidBlimitbidCstep-bidDAlloftheabove第4题Agreenshoeisanoverallotmentoptionthatgivesaninvestmentbanktherighttooversell(orshort)anumberofsecuritiesofanoffering.Theamountsharesforoverselltypicallyaccountsfor__________oftheofferingbaseofsharesoutstanding.A0.05B0.1C0.15D0.2第5题Inpractice,informationreleasedinaroadshowisusuallylimitedtowhatiscoveredinared-herringprospectusinordertoconformtoregulationsofthewaitingperiod.第6题Book-buildingparticipationisgenerallyopentoretailinvestors.第7题Inthebook-buildingprocess,theissuepriceisusuallysetatthemarket-clearingprice.第8题Theallocationrightofunderwritersmotivatesbuy-sideinvestorstodoresearchaboutpricingandaccuratelyrevealtheirdemandinformationduringthebiddingprocess.第9题Greenshoeoptionprovidesissuerstheflexibilitytoadjusttheamountofsharesissuedaccordingtomarketdemand.Test5第1题Investmentbankerscanhelptheirclientsunderwritevariousdebtinstruments,including__________________ACommercialpaperBAsset-backedsecuritiesCBondsDAlloftheabove第2题Dividendsto__________________arepre-specified,butthereisnocontractualobligationforanissuertopaythedividends.ACommonstocksBPreferredstocksCBondsDConvertibleBonds第3题__________________ofaninvestmentbankisresponsibleforbondunderwriting.AECMgroupBDCMgroupCClientCoveragegroupDAssetmanagementgroup第4题In____________,banksbuythenewlyissuedbondsfromanissuerandattempttoreselltothepublicataprofit.AboughtdealBbesteffortsCstandbyofferingDnoneoftheabove第5题Investmentbankscanclassifydebtissuersintotwocategories:investmentgradeissuerandnoninvestmentgradeissuer.第6题Commercialpaperisissuedbybothinvestmentgradeandnoninvestmentgradeclients.第7题Inabest-effortoffering,banksprovidelast-resortsupportbypromisingtobuytheunsubscribedportionofthenewlyissuedbonds.第8题Bondsareusuallymorecostlythanloans.Test6第1题ThereisnoMBSproductsinthemarketofChina.第2题Securitizationwillincreasetheamountofleverageofanissuer.第3题Whichofthefollowingisanexampleofrealestateassetinthepublicequitymarket?AAmortgageloanBAresidentialpropertyCAREITDAnMBS第4题RisksofMBScanbeclassifiedintotwocategories:prepaymentriskanddefaultrisks.Mortgageborrowersareinclinedto____________whenmarketinterestratefallsbelowtheirmortgageinterestrate;andtheyareinclinedto_______________whenhousingprice____________.ADefault;prepaytheloans;fallssharplyBPrepaytheloans;default;fallssharplyCDefault;prepaytheloans;increasessharplyDPrepaytheloans;default;increasessharply第5题Whichofthefollowingcancreatecreditenhancementinsecuritizations?ACashflowwaterfallsBOver-collateralizationCThird-partyguaranteeDAlloftheabove第6题Insecuritizations,theoriginatortransferstheownershipoftheunderlyingassetstoatax-exemptedentity,calleda_____________________,afterwhichbankruptcyremotecanbeachieved.AShellcompanyBSpecialpurposecompanyCTargetcompanyDAcquiringcompanyTest7第1题A____isamergerinwhichaprivatecompanygoespublicbymergingwithanalreadypubliccompany.正确答案：:reversemerger第2题____referstothephenomenaof1+1>2,whenthevalueofacombinedfirmishigherthanthesumofthevalueoftwoindividualfirms.正确答案：:synergy第3题____referstothecombinationoftwocorporationsinwhichonlyonecorporationsurvives,orA+B=A.正确答案：:Merger第4题Whichofthefollowingstatementabouttenderofferiscorrect?ATenderofferisusuallyusedinfriendlytakeoversBThepriceofanacquisitionfacesalotofuncertaintyintenderoffers.CThetimingofanacquisitionfacesalotofuncertaintyintenderoffers.DAnacquirerwouldusuallybidapricehigherthanthecurrentmarketpriceintenderoffers.第5题M&Abetweentwocompanieswithabuyer-sellerrelationshipisanexampleof_____________.AConsolidationBVerticalintegrationCHorizontalintegrationDReversemerger第6题Economiesofscaleisanimportantmotivationbehindmergersandacquisitions.Whichofthefollowingisanexampleofeconomiesofscale?AWhenfirmsgetlarger,specializedworkerscanincreaseproductivityanddecreaseperunitlaborcosts.BWhenfirmsgrowlarger,theycanspreadfixedcostsoveralargerassetbase.CWhenfirmsgrowlarger,theycanincreasetheirbargainingpowerovertheirsupplier