雨课堂学堂在线学堂云《Securities Investment（沈阳工业大学）》单元测试考核答案

SecuritiesInvestment第1题Inefficientmarkets,_.AsecuritypricesdonotreflectallavailableinformationBtherearealwaysunderpricedandoverpricedsecuritiesCasnewinformationbecomesavailable,securitypricesquicklyadjustDactivemanagementisalwaysthebestinvestmentstrategy第2题Therisk-returntrade-offmeansthat_.Ahigher-riskassetsalwayshavelowerexpectedreturnsByoucangethigherexpectedreturnswithouttakingmoreriskCtogethigherexpectedreturns,youusuallyneedtoaccepthigherinvestmentriskDriskandreturnarenotrelatedintheinvestmentprocess第3题Oneoftheprimaryusesofderivativesisto_.AtakehighlyspeculativepositionsBhedgerisksortransferthemtootherpartiesCreplacerealassetsinaninvestmentportfolioDprovidefixedincometoinvestors第4题Derivativesecurities_.AhavevaluesthatarenotrelatedtootherassetsBprovidepayoffsdeterminedbythepricesofotherassetsCaremainlyusedforlong-terminvestmentDarethemostbasictypeoffinancialassets第5题Commonstockholders_.AarepromisedafixedpaymentBhavenoownershipinthecorporationCreceivedividendsifthefirmpaysthemandhaveproratedownershipinrealassetsDarenotaffectedbythefirm'sperformance第6题Afixed-incomesecurity_.AalwayspaysafixedamountofinteresteachyearBmaypayafixedorformula-determinedstreamofincomeChasitsvaluedirectlytiedtothesuccessoftheissuingfirmDisthesameasacommonstock第7题Financialassetsare_.AclaimsonrealassetsorclaimsonincomefromthegovernmentBexactlythesameasrealassetsConlyrelatedtostocksandbondsDnotimportantinamoderneconomy第8题Realassets_.AdeterminetheproductivecapacityandnetincomeoftheeconomyBareclaimsontheincomegeneratedbyfinancialassetsChavenoimpactonacountry'seconomicgrowthDincludeonlyphysicalpropertieslikelandandbuildings第9题Whichofthefollowingisaliquidinvestment?ARealestate.BCollectibles.CStocks.DAprivately-ownedsmallbusiness.第10题Accordingtothetime-framecategorization,aninvestmentwithamaturityof2-5yearsis_.Ashort-termBintermediate-termClong-termDmedium-short-term第11题InvestmentscanbecategorizedbyallthefollowingEXCEPT_.AcoloroftheassetBtimeframeCliquidityDtypeofunderlyingassets第12题Whenyouinvestinamutualfund,_.AyoudirectlycontroltheunderlyinginvestmentsBsomeoneelsedecideswhatinvestmentstobuyCyoucanonlyinvestinstocksDyouhavenoriskoflosingmoney第13题Ifaninvestmentisexpectedtogeneratepositiveincomeandincreaseinvalue,itmeetsthedefinitionof_.AspeculationBsavingCinvestmentDconsumption第14题Whichisanexampleofinvestmentaccordingtothetext?ABuyingamealatarestaurant.BPurchasingsharesofstockexpectingfutureproceeds.CPayingforamovieticket.DBuyinganewpairofshoesforfashion.第15题Whatisaninvestment?ASpendingmoneyondailyconsumption.BThecurrentcommitmentofmoneyorotherresourcesinexpectationoffuturebenefits.CBorrowingmoneyfromabank.DKeepingmoneyinasafewithoutanygrowthexpectation.第1题Calloptionsandlongpositionsinfuturescontractsareexactlythesame.(True/False)第2题Federalagencydebtwasneverassumedtobesupportedbythegovernmentincaseofdefault.(True/False)第3题Treasurynoteshavematuritiesrangingfrom10to30years.(True/False)第4题Moneymarketfundsinvestinlong-termbonds.(True/False)第5题Repurchaseagreements(repos)areaformoflong-termborrowing.(True/False)第6题Bankers’acceptancesareconsideredverysafeassets.(True/False)第7题Commercialpaperisalwaysissuedbynon-financialfirms.(True/False)第8题Certificatesofdeposit(CDs)canbewithdrawnondemandwithoutanypenalty.(True/False)第9题TheDowJonesIndustrialAverage(DJIA)_.Aisamarket-value-weightedindexBwasoriginallycalculatedastheaveragepriceofthestocksincludedintheindexCconsistsof500largecorporationsDhasashorthistoryandisnotwell-known第10题AmericanDepositoryReceipts(ADRs)_.ArepresentownershipinsharesofadomesticcompanyBarenottradedinU.S.marketsCwerecreatedtomakeitmoredifficultforforeignfirmstoenterU.S.marketsDarethemostcommonwayforU.S.investorstoinvestinforeigncorporations第11题Shareholdersofcommonstock_.AhavenovotingrightsBarethefirstinlinetoclaimtheassetsofthecorporationincaseofliquidationChavearesidualclaimontheassetsandincomeofthecorporationDareguaranteedafixeddividendpayment第12题Commonstocksrepresent_.AownershipsharesinacorporationBdebtofacorporationCafixed-incomeinvestmentDaclaimseniortobondholders第13题Municipalbonds_.AareissuedbythefederalgovernmentBtheirinterestincomeistaxableatthefederallevelCgeneralobligationbondsarebackedbythe“fullfaithandcredit”oftheissuerDrevenuebondsarelessriskythangeneralobligationbonds第14题AEurobondis_.AabonddenominatedintheeurocurrencyBabonddenominatedinacurrencyotherthanthatofthecountryinwhichitisissuedConlyissuedinEuropeancountriesDthesameasaYankeebond第15题Moneymarketinstrumentsinclude_.Along-term,high-riskdebtsecuritiesBshort-term,marketable,liquid,low-riskdebtsecuritiesConlygovernment-issuedsecuritiesDstocksandbonds第16题Theprocessofbuildinganinvestmentportfoliousuallybeginswith_.AsecurityselectionBdecidinghowmuchmoneytoallocatetobroadclassesofassetsCanalyzingindividualstocksDchoosingderivativesecuritiesThelssuanceandTradingofSecurities第1题Theglobalizationofstockmarketshasledtofewermergersandacquisitionsamongexchanges.第2题TheFinancialIndustryRegulatoryAuthority(FINRA)isagovernment-runorganization.第3题TheSecuritiesandExchangeCommission(SEC)wasestablishedbeforethe1933act.第4题The1933actonlyrequirescompaniestodisclosebasicinformationabouttheirsecurities.第5题Darkpoolsprovidecompletetransparencyintradingactivities.第6题High-frequencytradingisnotaformofalgorithmictrading.第7题TheSEC'sRegulationNMSaimedtolimitthecompetitionamongdifferentexchanges.第8题The1994scandalatNASDAQhadnoimpactonthedevelopmentandintegrationoffinancialmarkets.第9题NASDAQwasoriginallyaspecialistmarket.第10题Electroniccommunicationnetworks(ECNs)donotofferanonymitytoinvestors.第11题Alimitbuyorderinstructsthebrokertobuysharesatthecurrentmarketprice.第12题Marketordersarealwaysexecutedatthepricetheinvestordesireswithoutanycomplications.第13题Brokersinbrokeredmarketsdonotprovideanyvaluationservicesfortheassetstheytrade.第14题Inadirectsearchmarket,buyersandsellerscaneasilyfindeachotherwithoutmucheffort.第15题TheNewYorkStockExchangeisatypicaldealermarket.第16题AllIPOsareunderpriced,andthisunderpricingisnotconsideredacosttotheissuingfirm.第17题ThebookbuildingprocessinIPOsismainlyusedtopromotethecompany'simage.Capitalallocationriskmanagement第1题Iftheriskpremiumofaportfolioiszero,arisk-averseinvestormaystillchoosetoinvestinit.第2题Advancedutilityfunctionstodaydonotconsiderthedifferencebetweenriskanduncertainty.第3题BayesianstatisticscompletelyagreewithFrankKnight'sviewonthedistinctionbetweenriskanduncertainty.第4题FrankKnightdistinguishedriskfromuncertaintybasedontheknowabilityofprobabilities.第5题Departuresfromnormalityinreturndistributionshavenoimpactoninvestors'capitalallocationdecisions.第6题Thefree-riderbenefitisoneofthereasonsforpursuingapassiveinvestmentstrategy.第7题Passiveindexfundsgenerallyhavehighermanagementfeescomparedtoactivelymanagedfunds.第8题TheStandard&Poor’sCompositeIndexof500largecapitalizationU.S.corporationsisacommonexampleofapassivelyheldriskyasset.第9题Apassivestrategyinportfoliomanagementrequiresextensivesecurityanalysis.第10题Theoptimalpositionintheriskyassetisdirectlyproportionaltothelevelofriskaversion.第11题Morerisk-averseinvestorswillchoosetoholdmoreoftheriskyassetandlessoftherisk-freeasset.第12题AhigherborrowingratewillleadtoasteeperCALforborrowingcomparedtolending.第13题Whenaninvestorborrowstoinvestinariskyportfolio,thestandarddeviationoftheresultingportfolioislowerthanthatoftheunleveredriskyportfolio.第14题TheslopeoftheCAListhesameastheSharperatio.第15题TheCapitalAllocationLine(CAL)showsallthepossiblecombinationsofrisk-freeandriskyassets.OptimalRiskyPortfolios第1题Uniqueriskisalsocalledsystematicrisk.第2题Marketriskcanbecompletelyeliminatedthroughdiversification.第3题Theinvestmentdecisioncanonlybeviewedasabottom-upprocess.第4题Inthecontextofportfolioconstruction,whyisdiversificationimportant?AItalwaysincreasestheexpectedreturnoftheportfolio.BIthelpstoeliminatemarket-widerisk.CItcanreduceportfolioriskbyspreadingexposureacrossdifferentassets.DItmakestheportfolioimmunetoeconomicdownturns.第5题WhentheefficientfrontierobtainedbyportfoliomanagerAdominatesthatofmanagerB,itmeansthat_.AA’soptimalriskyportfolioliessoutheastofB’sBA’soptimalriskyportfolioliesnorthwestofB’sCB’soptimalriskyportfoliohasahigherSharperatioDAandBhavethesameoptimalriskyportfolio第6题Therealarenaofcompetitionamongportfoliomanagersisin_.AComputerizedoptimizationtechniquesBSophisticatedsecurityanalysisCMinimizingtransactioncostsDMaximizingportfoliosize第7题Optimalriskyportfoliosfordifferentclientsmayvarybecauseof_.AIdenticalportfolioconstraintsBPortfolioconstraintssuchasdividend-yieldrequirements,taxconsiderations,orotherclientpreferencesCThesamelevelofriskaversionDTheuseofthesameinputlistforportfolioconstruction第8题Usingrecentsecurityaveragereturnsasproxiesforfuturereturnsmayleadto_.AAusefulestimateoftheefficientfrontierBAworthlessestimateoftheefficientfrontierCAmoreaccuratedeterminationoftheoptimalriskyportfolioDAlowervarianceoftheportfolio第9题Ifthequalityofsecurityanalysisispoor,apassiveportfoliosuchasamarketindexfundmayhavea_Sharperatiothananactiveportfoliousinglow-qualitysecurityanalysis.ALowerBHigherCEqualDIndeterminate第10题Theseparationpropertyinportfoliochoicemeansthat_.ATheportfoliochoiceproblemcanbeseparatedintotwodependenttasksBThedeterminationoftheoptimalriskyportfoliodependsonpersonalpreferenceCThecapitalallocationdependsonpersonalpreferenceandthedeterminationoftheoptimalriskyportfolioispurelytechnicalDAllinvestorsshouldchoosethesameoptimalriskyportfolio第11题Sociallyresponsibleinvestingmayresultin_.AAhigherSharperatiooftheoptimalportfolioBAlowerSharperatiooftheoptimalportfolioCNochangeintheSharperatiooftheoptimalportfolioDAnincreaseinportfoliovariance第12题Short-salerestrictionsmayleadtothesituationwhere_.ASingleassetsmaybeefficientriskyportfoliosBTheefficientfrontierhasahigherSharperatioCPortfoliomanagerscanignoreclientpreferencesDTheoptimizationprocessissimplified第13题Ifaportfoliomanagementunitcovers50securities,howmanydifferentcovarianceestimatesdothesecurityanalystsneedtodeliver?A50B1225C2500D500第14题Theefficientfrontierofriskyassetsis_.AThesetofportfoliosthatmaximizesthevarianceforanytargetexpectedreturnBThesetofportfoliosthatminimizesthevarianceforanytargetexpectedreturnCThesetofportfolioswiththelowestexpectedreturnforanyrisklevelDThesetofportfolioswiththehighestriskforanyexpectedreturn第15题IntheMarkowitzportfoliooptimizationmodel,thefirststepis_.AIdentifyingtheoptimalportfolioofriskyassetsBChoosinganappropriatecompleteportfolioCIdentifyingtherisk-returncombinationsavailablefromthesetofriskyassetsDConstrainingtheportfoliobasedonclientpreferences第16题Thestepstoarriveatthecompleteportfolioincludeallofthefollowingexcept_.ASpecifyingthereturncharacteristicsofallsecuritiesBEstablishingtheriskyportfolio(assetallocation)CIgnoringtherisk-freeassetDAllocatingfundsbetweentheriskyportfolioandtherisk-freeasset第17题Afterconstructingtheoptimalriskyportfolio,weuse_tocalculatetheoptimalproportionofthecompleteportfoliotoinvestintheriskycomponent.ATheSharperatiooftheportfolioBTheindividualinvestor’sdegreeofriskaversion(A)CThecorrelationcoefficientbetweenassetsDThevarianceoftheportfolio第18题Whensolvingfortheweightsoftheoptimalriskyportfoliowithtworiskyassets,thesolutionemploys_.ATotalreturns(denotedr)BExcessreturns(denotedR)CAveragereturnsDStandardizedreturnsMutualFundsandOtherInvestmentCompanies第1题Operatingexpensesofmutualfundsdonotaffectthenetassetvalueofthefund.第2题Revenuesharinginthemutualfundindustryhelpsbrokersprovideunbiasedadvice.第3题Indexfundstrytooutperformabroadmarketindex.第4题Balancedfundsonlyholdequitysecurities.第5题GlobalfundsinvestonlyinsecuritiesoutsidetheUnitedStates.第6题Bondfundscannotbespecializedbythematurityofthebondstheyhold.第7题Moneymarketmutualfundsinvestinlong-term,high-risksecurities.第8题Hedgefundsareopentoalltypesofinvestors.第9题HedgefundsarehighlyregulatedbytheSEC.第10题MortgageREITsinvestdirectlyinrealestateproperties.第11题Back-endloads_.AArealsoknownas12b-1charges.BAreredemptionfeesincurredwhenyousellyourshares.CArealways5%oftheinvestmentamount.DDonotchangeovertime.第12题Front-endloads_.AArepaidwhenyousellyourshares.BArenotusedtopaybrokers.CEffectivelyreducetheamountofmoneyinvested.DCannotexceed3%ofinvestedfunds.第13题Operatingexpensesofmutualfunds_.AArenotpaidbyshareholders.BArealwayslessthan0.2%oftotalassetsundermanagement.CIncludeadministrativeexpensesandadvisoryfeespaidtotheinvestmentmanager.DDonotaffecttheNAVofthefund.第14题Revenuesharinginthemutualfundindustrymayleadto_.ABrokersprovidingunbiasedfundselectionadvice.BAconflictofinterestforbrokersregardingfundselection.CLowermanagementfeesforfunds.DHigherNAVforfunds.第15题Mutualfundscanbesold_.AOnlydirectlybythefundunderwriter.BOnlyindirectlythroughbrokers.CEitherdirectlybythefundunderwriterorindirectlythroughbrokers.DOnlythroughfinancialsupermarkets.BondPricesandYields第1题Creditdefaultswapsareineffectaninsurancepolicyonthedefaultriskofabondorloan.第2题BondsratedBBBorabove(S&P,Fitch)areconsideredspeculative-gradebonds.第3题TheIRSdoesnotimputetaxableinterestincomeforthebuilt-inappreciationofzero-couponbonds.第4题Zero-couponbondsprovidealltheirreturnintheformofcouponpayments.第5题Theyieldtomaturityisthestandardmeasureofthetotalrateofreturnofabond.第6题Thepriceaninvestoriswillingtopayforabonddependsonmarketinterestrates.第7题Inversefloaters'couponratesrisewhenthegenerallevelofinterestratesrises.第8题Municipalbonds'outstandingfeatureisthatinterestpaymentsaretaxable.第9题Floating-ratebonds'interestpaymentsarefixedoverthelifeofthebond.第10题Puttablebondsgivetheissuertheoptiontoextendorretirethebondatthecalldate.第11题Thepriceaninvestorwouldbewillingtopayforabonddependson_.AThevalueofdollarstobereceivedinthefuturecomparedtodollarsinhandtodayBOnlythecouponrateofthebondCOnlytheparvalueofthebondDThenumberofyearsuntilmaturityonly第12题Indexedbondsmakepaymentsthatare_.ANotrelatedtoanyeconomicindicatorBTiedtoageneralpriceindexorthepriceofaparticularcommodityCAlwaysequaltotheparvalueofthebondDBasedontheissuer'sprofitperformance第13题Catastrophebondsareusedto_.ATransfer“catastropherisk”fromthefirmtothecapitalmarketsBProvideafixedincomeduringnaturaldisastersCRaisefundsfordisasterreliefDInvestintheinsuranceindustry第14题Whatareinversefloaters?ABondswithcouponratesthatrisewhenthegenerallevelofinterestratesrises.BBondswithcouponratesthatfallwhenthegenerallevelofinterestratesrises.CBondsthatarealwayssoldatparvalue.DBondsthathavenoriskofdefault.第15题Eurobondsare_.ADenominatedinonecurrency,usuallythatoftheissuer,butsoldinothernationalmarketsBDenominatedinthecurrencyofthecountryinwhichtheyaresoldCAlwaysissuedbyEuropeancompaniesDRegulatedbyU.S.federalagencies第16题Whatisacharacteristicofmunicipalbonds?ATheirinterestpaymentsaretaxable.BTheyareissuedonlybythefederalgovernment.CTheirinterestpaymentsaretax-free.DTheyarealwayshigh-riskbonds.第17题Intheeventofbankruptcy,whatisthepriorityofpreferredstockholders'claimstothefirm'sassets?AHighe