国际金融9-12

A banker’s acceptance is a time draft drawn on and accepted by…TA benefit of leading and lagging is that it does not distort the returns …FA call option is an option to “call in” or demand … FA call option is an option to buy an underlying … TA currency call option gives the buyer the right to buy an underlying…TA currency swap is an exchange of one currency for another in the spot market. FA decrease in the variability of firm value …TA freight shipper is a shipping agent used to select…TA letter of credit is irrevocable if payment can be withheld ….FA passive approach to currency risk management is called technical … FA real appreciation of the domestic currency helps importers and hurts exporters…T A site draft is an international method of payment that… FAn open account is most convenient for the buyer…TAn open account is most often used when the buyer has a poor … FAn open account provides the seller with the greatest ...FAn option premium is paid by the buyer to the seller at the time the option..T Commercial banks will not accept trade drafts. FCorporate hedging of business risk unambiguously FCountertrade is defined as trade conducted “over-the-counter” rather…FCurrency futures are like currency forwards except that they are marked. T Currency options are the most popular currency hedge. FDirect costs of financial distress are far more … FEconomic exposure is far more important than translation exposure to…T Economic exposure to currency risk is defined as change in the value of future…T Equal access to perfect financial markets …TEvery corporate cash flow denominated in a foreign currency has a transaction…T Exchange-traded options and futures contracts…TFactoring refers to the purchase of a firm’s accounts receivable.TFactoring refers to the purchase of a firm’s inventory ….FForfaiting resembles factoring but involves medium- to long-term …THedging can increase firm value by reducing …TIf corporate financial policy is to have value… TIf financial markets are informationally efficient FIf hedging currency risk is to add value …TIf purchasing power parity does not hold, then markets are at least…TIn a perfect financial market, financial contracts …TIn a perfect financial market, the law of one price …T.In an integrated financial market, purchasing power parity holds so that …TIn financial distress, equity has an incentive…TIn Miller-Modigliani’s perfect world, the firm’s optimal… TIn perfect financial markets, corporate financial policy …TIn perfect financial markets, corporate hedging policy… TIn perfect financial markets, corporate investment policy … FIn perfect financial markets, multinational corporations … FIn practi ce, management’s objective is to maximize...FIn the real world, corporate hedging policy can change… FIndirect financial distress costs are relatively unimportant FManagerial gamesmanship is least prevalent … FManagers have an incentive to hedge their unit’s …TManagers have little incentive to hedge company-specifi c… FMarket imperfections are greater across national … TMNCs can be exposed to more than one foreign currency. TMultinational netting identifies offsetting currency exposures… T Multinational netting is a process whereby expatriate managers are brought …F Multinationals have a comparative advantage …TNet monetary assets is another term for shareholders’ equity. FOperating exposure is defined as change in the firm’s operations in …F Operating exposure to currency risk is easy to hedge with currency …F Operating hedges are zero-NPV transactions.FOption values increase with an increase in the volatility … TPerfect financial markets are a necessary condition FProgressive taxation is a system in which larger taxable TReal asset hedges of operating exposure to currency risk are less difficult …FReal-world financial markets are perfect markets. FRegressions based on historical relationships can be unsatisfactory..TSegmented markets are markets that discriminate on the basis of race…FTax preference items are goods that are sold … FThe classic exporter manufactures goods in the local economy and sells …TThe classic importer buys goods in segmented foreign markets and sells …FThe costs of hedging through operations are likely …TThe multinationa l corporation’s economic exposure to currency risk …TThe option premium compensates the seller for the expected …TThe seller of a currency call option has the obligation to deliver the specified …TTo avoid influencing divisional hedging decisions, the corporate treasury …FTransaction exposure is defined as change in the value of monetary …TTransaction exposure to currency risk is defined as change in financial …FTransaction exposure to currency risk is easy to hedge with currency forwards. TTranslation exposure is defined as change in the value of contractual cash …F Underinvestment occurs when debtholders… F选择____ are relatively insensitive to currency fluctuations. A.Domestic firms____ i s a technique for exchanging goods or services without exchanging money.A.Countertrade____ i s the instrument most frequently used as an international payment..D.The draftA “disaster hedge” against adverse currency movements can be obtained __D.currency optionA cash management tool that minimizes intrafirm fund transfers is ____.C.multinational nettingA contract between an exporter and a commercial carrier that is issued …A. bill of ladingA disadvantage of real asset hedges is that ____.E.they involve substantial sunk costsA Dutch exporter with dollar revenues and euro expenses…C.Follow the lead of the price leader...A forecasting approach that uses macroeconomic data (inflation.. B.fundamental analysisA forecasting approach that uses recent exchange rate movements to predict…D.technical analysis A payment method in which the buyer pays for goods prior to shipment …E.cash in advanceA time draft that is drawn on and accepted by a commercial bank is called a...A. banker’s acceptance A time draft that is drawn on and accepted by the buyer is called…E.trade acceptanceAll else constant, the multinational corporation has a tax incentive _ toward..C.revenues; expenses An e xporter’s financial market …each ofa) throughc)except __A.Buy the foreign currency…An importer’s financial market hedging .each of a) through d) except ____e a rolling hedge Bodnar, Hayt and Marston [“1998 Wharton Survey of Financial …rge firmsCash in advance is _ for most exporters and _ for most…B. attractive; unattractiveChange in financ ial accounting statements arising from unexpected… D.translation exposure Change in the value of contractual cash flows due to unexpected changes…C.transaction exposure Change in the value of future cash flows due to unexpected changes …A.economic exposure Change in the value of noncontractual cash flows due to unexpected… B.operating exposure Consider the following ..ApaysB $140, A pays C $200, and B pays C $60…A will pay C ..C.$260 Dimensions of diversification that can reduce… C.geographic and product market diversification Documentation for cross-border shipments includes …D. documentary creditsDrafts used in international trade include …a) through d) except ____.E.all of the above are types …Exposure to currency risk ____.A.can be thought of as a regression coefficientExposure to currency risk is measured as…. D.value given a percentage change ..Exposures to currency risk that are periodic, long-term, and recurring…E.currency swaps Financial market hedges include each of a) through d) except ____. E.each of the above…Financial market hedges work best for ____ exposures to currency risk. D.transaction Frictionless financial markets could have which…E.irrational investorsGeographically diversified operations provide a natural…C.when one currency is depreciating.. Indirect costs of financial distress impact the firm … B.higher legal costsInternal hedges of currency risk are most likely to be found in _. A.diversified multinational…Internal methods of reducing the MNC’s transaction exposure ..C.hedging in the currency.. Management has an incentive to hedge …D.all of the aboveManagers should assess the performance of financial market …D. more than one of the above Market prices allow the treasury to ____. B.benchmark the costs of internal hedgesMonetary cash flows that are exposed to currency risk are affected…C.changes in nominal.. Most of the nations in Western Europe and Latin America use a ____ law system …A. civil Multinational corporations have an advantage over domestic_D.more than one of the above Negotiable banker’s acceptances conform to each of the following except...A.they are either verbal . Operating cash flows that are exposed to currency risk…D.changes in real exchange rates Operating exposure to currency risk is most effectively managed by _.C.hedging with real assets Operational hedges can create value by ____.D.more than one of the abovePrice elasticity of demand is defined as minus the percentage change in __.D.quantity demanded.. Sales on open account are ____ for most exporters and ____ for most..C.unattractive; attractive Shareholders exposure to currency risk is equal..D.the sum of transaction exposure and operating Tax schedules are said to be progressive ...A.the effective tax rate..The ____ is negatively exposed to the real value of the domestic currency.A.classic exporterThe ____ is positively exposed to the real value of the domestic currency.B.classic importerThe classic exporter has ____.D.revenues that are determined globally and expenses…The classic importer has ____.C.revenues that are determined locally and expenses that are…The corporate treasury should charge ____ for hedging the currency risk ..B.market pricesThe currency risk exposure given the most attention by financial_C.transaction exposureThe domestic currency value of a monetary cash flow denominated …D.one for oneThe domestic currency value of an expected future operating cash flow …E.none of the above The globally competitive multinational..has _A.both revenues and expenses that are determined The letter of credit substitutes the credit standing of the ____ for that of the buyer. D.issuing bank The main advantage of a financial market hedge of operating..C.the costs of buying or selling The majority of international payments are accomplished by way of ____.B.documentary collections The modern corporate treasury performs …E.setting sales targets and ..The most popular instrument for hedging currency risk is a ____. A.currency forwardThe percent of the variation in asset value that is explained by variation in a currency .C.r-square The perfect market assumptions include …E.stable..The preferred way to hedge transaction exposure to currency risk is _A.by offsetting exposures…The process of creating a strategic business plan ...E.all of the above are elementsThe United Kingdom and the United States use a ____ law system that.. monTransaction exposure to currency risk can be effectively …D.more than one of the above Treasury management of currency risk exposure …except __ E. lock in the hedge and…Ways that an exporter can finance the sale of goods include ____?D.three of the aboveWays that exporters can arrange for payment include…E. packing listWhen goods markets are segmented from other markets, goods prices are..C.in the local market Which of a) through d) is unlikely to result in…A.bid-ask spreadsWhich of statements a) through c) regarding costs …A.Both debt and equityWhich of the following does not typically accompany an export shipment?D.letter of credit Which of the following factors does not contribute…C.sales taxesWhich of the following was most responsible …B.failure to monitorWhich risk management guidelines in a) through d) …bine authorityWith payment through ____, the seller delivers goods directly to the buyer …E.open account。