投资学原理期末考试答案

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投资学期末复习练习及答案

【单选题】一般情况下，投资风险由低到高的排列正确的是（）。

A、债券、基金、股票B、基金、股票、债券C、股票、债券、基金D、股票、基金、债券我的答案：A2【单选题】证券投资基金一般反映的是（）A、债权债务关系B、借贷关系C、信托关系D、所有权关系我的答案：C3【单选题】市场风险也可解释为（）。

A、个别风险，可分散化的风险B、系统风险，可分散化的风险C、个别风险，不可分散化的风险系统风险，不可分散化的风险我的答案：D4【单选题】某个投资者的最优投资组合是由（）决定的。

A、有效边界B、最高无差异曲线C、有效边界和无差异曲线的交点D、有效边界和无差异曲线的切点我的答案：D5【单选题】只能在期权到期日行使的期权是()。

A、看涨期权B、看跌期权C、欧式期权D、美式期权我的答案：C6【多选题】基金、股票与债券的区别具体有()。

A、股票反映的是所有权关系，债券反映的是债权债务关系，而基金反映的则是信托关系B、债券筹集的资金主要投向实业，股票、基金所筹集的资金主要投向有价证券等金融工具C、基金是间接投资工具，股票和债券是直接投资工具D、基金的收益有可能高于债券，投资风险有可能小于股票我的答案：ACD7【多选题】在应用移动平均线时，下列操作或说法正确的是（）。

A、MA在股价走势中起支撑线和压力线的作用B、MA的行动往往过于迟缓，调头速度落后于大趋势C、在盘整阶段或趋势形成后中途休整阶段，MA极易发出错误的信号D、当股价突破了MA时，无论是向上突破还是向下突破，股价将逐渐回归我的答案：ABC8【多选题】在关于量价关系分析的一些总结性描述中，正确的有（）。

A、价涨量增，继续上升B、价涨量减，快速拉升C、价涨量跌，呈现背离D、价跌量增，赶快卖出我的答案：AC9【多选题】根据资本资产定价模型在资源配置方面的应用，以下正确的是（）。

牛市到来时，应选择那些低β系数的证券组合B、牛市到来时，应选择那些高β系数的证券组合C、熊市到来之际，应选择那些低β系数的证券组合D、熊市到来之际，应选择那些高β系数的证券组合我的答案：BC10【多选题】我国的境外上市外资股包括（）。

国家开放大学电大本科《投资学》2023-2024期末试题及答案(试卷代号：1542)

国家开放大学电大本科《投资学》2023-2024期末试题及答案（试卷代号：1542）一、名词配伍（请将你认为的正确答案的字母填入该题后的括号内。

每小题3分，共15分）1．长期投资(A)2．同业拆借市场(C)3．资金的时间价值(B)4．折现率(D)5．套期保值交易(E)A.投资期在1年以上的各类投资。

B．资金在扩大再生产及循环周转过程中，随着时间变化而产生的资金增值和带来的经济效益。

C．金融机构之间进行短期资金融通的市场。

D．将未来有限期预期收益折算成现值的比率。

E．企业在生产经营中用于周转的流动资产。

二、单项选择题（在下列各题的备选答案中选择一个正确的，并将其序号字母填入题中的括号里。

每小题2分，共10分）6．( )是指投资者决定如何在可投资的资产类型之间分配资金的过程。

A．投资约束B．风险偏好C．投资收益D．资产配置7.( )，一般是指是指投资者通过投资活动所要实现的目标或者期望。

A．投资目标B。

投资收益C．投资政策D．投资组合8．( )是指证券市场上与某些特殊月份、日期相关的非正常收益。

A.公告效应B．日历效应C．市盈率效应D．规模效应9．( )是指在这个市场中所有影响资产价格的信息都会及时反映到市场价格之中。

A.商品市场C．有效市场D．垄断市场10.( )是指赋予其购买者在规定期限内，按双方约定的价格购买或出售一定数量某种金融资产的权利合约。

A.远期合约B．金融期权C．金融期货D．金融风险三、多项选择题（在下列各题的备选答案中选择2至5个正确的，并将其序号字母填入题后的括号里。

多选、少选、错选均不得分。

每题3分，共15分）11.从信托标的的角度出发，可以将信托分为( )。

A．贷款信托类B．权益信托类C．单一信托D．融资租赁信托E．不动产信托12.根据资金来源地区和投资地区的不同，可以将基金分为( )。

A．被动型基金B．在岸基金C．公募基金D．离岸基金E．私募基金13.证券投资基金根据其投资标的的不同，可划分为( )。

国家开放大学电大本科《投资学》期末题库及答案

国家开放大学电大本科《投资学》期末题库及答案1.删除第一段，因为格式错误。

2.改写第二段：本文汇总了《投资学》历年的题库及答案，每年都在更新。

该题库对考生的复、作业和考试非常有用，能够节省大量时间。

考生可以利用本文档中的查找工具，输入考题中的关键字，快速查找到答案。

此外，本文库还有其他网核及教学考一体化答案，欢迎查看。

3.删除第三段，因为明显有问题。

4.改写第四段：单项选择题共有10题，每题1分，总分10分。

5.改写第五段：1.投资风险和收益之间的关系是（B）反方向变化。

2.如果资本存量的利用程度高，消费和投资成（B）正比例变化。

3.非营利性项目包括（B）XXX。

反映项目单位投资盈利能力的指标是（B）投资利润率。

5.区分融资模式属于项目融资还是公司融资的重要标志是（C）债权人对项目借款人的追索形式和程度。

6.债券的价值为（C）息票利息和面值的现值。

7.某公司股票每年分红2元，当前投资股票的必要收益率为10%，该股票的理论价值为（D）25.8.一般来说，期权的内在价值（C）大于或等于0.9.当证券持有期收益率（C）小于0，表示投资全部损失。

10.对于成功项目，应选择在成熟期的（C）后期上市。

6.改写第六段：多项选择题共有10题，每题2分，总分20分。

7.改写第七段：11.投资的特征包括经济性、时间性、安全性、收益性和风险性。

12.经济周期可以分为短周期、中周期、中长周期、长周期和超长周期。

13.项目的特点包括收益性、目标性、一次性、整体性、限定性和系统性。

14.非固定收入投资包括股票、期权等。

16.ABCD。

17.ABCD。

18.BC。

19.ABCD。

20.ABCE三、名词解释（每题4分，共20分）21.投资乘数：指投资对国民收入的影响程度，是指国民收入增加1元，投资增加的金额。

22.内部收益率：指使得净现值等于零的折现率，也就是投资项目的收益率。

23.金融期权：是指在未来某个时间点或时间段内，以特定价格买入或卖出某种金融资产的权利。

《投资学》2021期末试题及答案

《投资学》2021期末试题及答案
一、单项选择题（每题1分，共10分）
1．用来衡量通货膨胀程度的指标是()。

a.固定资产投资价格指数b．城市居民消费品价格指数
c．工业品出产价格指数d。

消费价格指数
2．久期与债券剩余时间成()，与市场利率、债券票面利率呈圆形()。

a．正比；正比b．反比；反比
c．正比；静电力d．静电力；正比
3．以下不属于盈利能力分析的指标是()。

a.投资利润率b．资产负债率
c．投资利税率d．资本金利润率
4．债权人的索赔次序与普通股股东较之，就是()普通股股东a
a.晚于b．同时
c．早于d．不确认
5．区分融资模式属于项目融资还是公司融资的重要标志是()。

a．融资标的物
b．融资单位性质
c．债权人对项目借款人的追缴形式和程度
d．融资的期限6．金融互换实际上是()的交换。

a．合约b．现金流
c．权利d．实物
7．随着市场利率的下降，债券的预期现金流量的现值将____，因而债券的价格也随之。

()
a．上升；上升b．上升；下降
c．上升；下降d．上升；上升
8．标的资产的价格越低，协议价格越高，看跌期权的价格就越()。

a．高b．低
c．不变d．不确定。

（完整word版）期末复习投资学计算题精选附答案（word文档良心出品）.doc

（完整word版）期末复习投资学计算题精选附答案（word文档良心出品）.doc投资学计算题部分CAPM模型1、某股票的市场价格为50 元，期望收益率为14%，无风险收益率为6%，市场风险溢价为8%。

如果这个股票与市场组合的协方差加倍（其他变量保持不变），该股票的市场价格是多少？假定该股票预期会永远支付一固定红利。

现在的风险溢价 =14%－6%＝8%；β＝ 1新的β＝ 2，新的风险溢价＝8%×2＝16%新的预期收益＝ 6%＋16%＝22%根据零增长模型：50＝DD＝7 14%V＝7＝31.82 22%2、假设无风险债券的收益率为5%，某贝塔值为1 的资产组合的期望收益率是12%，根据 CAPM模型：①市场资产组合的预期收益率是多少？②贝塔值为零的股票的预期收益率是多少？③假定投资者正考虑买入一股股票，价格是 40 元。

该股票预计来年派发红利 3 美元，投资者预期可以以 41 美元的价格卖出。

若该股票的贝塔值是－ 0.5 ，投资者是否买入？①12%，② 5%，③利用 CAPM模型计算股票的预期收益：E(r) ＝5%＋ ( －0.5)×(12%－5%)＝1.5%利用第二年的预期价格和红利计算：E(r) ＝413－1＝10% 40投资者的预期收益超过了理论收益，故可以买入。

3、已知：现行国库券的利率为5%，证券市场组合平均收益率为15%，市场上 A、B、C、D 四种股票的β系数分别为0.91 、1.17 、1.8 和 0.52 ；B、C、D股票的必要收益率分别为16.7%、23%和 10.2%。

要求：①采用资本资产定价模型计算 A 股票的必要收益率。

②计算B 股票价值，为拟投资该股票的投资者做出是否投资的决策，并说明理由。

假定 B 股票当前每股市价为15 元，最近一期发放的每股股利为 2.2 元，预计年股利增长率为4%。

③计算 A、 B、 C 投资组合的β系数和必要收益率。

假定投资者购买A、B、C 三种股票的比例为1:3:6 。

投资学期末试题库答案和分析(一)

TUTORIAL – SESSION 01CHAPTER 011.Discuss the agency problem.2.Discuss the similarities and differences between real and financial assets.3.Discuss the following ongoing trends as they relate to the field of investments:globalization, financial engineering, securitization, and computer networks. CHAPTER 02Use the following to answer questions 1 to 3:Consider the following three stocks:1. The price-weighted index constructed with the three stocks isA) 30B) 40C) 50D) 60E) 70Answer: B Difficulty: EasyRationale: ($40 + $70 + $10)/3 = $40.2. The value-weighted index constructed with the three stocks using a divisorof 100 isA) 1.2B) 1200C) 490D) 4900E) 49Answer: C Difficulty: ModerateRationale: The sum of the value of the three stocks divided by 100 is 490: [($40 x 200) + ($70 x 500) + ($10 x 600)] /100 = 4903. Assume at these prices the value-weighted index constructed with thethree stocks is 490. What would the index be if stock B is split 2 for 1 and stock C 4 for 1?A) 265B) 430C) 355D) 490E) 1000Answer: D Difficulty: ModerateRationale: Value-weighted indexes are not affected by stock splits.4. An investor purchases one municipal and one corporate bond that payrates of return of 8% and 10%, respectively. If the investor is in the 20% marginal tax bracket, his or her after tax rates of return on the municipal and corporate bonds would be ________ and ______, respectively.A) 8% and 10%B) 8% and 8%C) 6.4% and 8%D) 6.4% and 10%E) 10% and 10%Answer: B Difficulty: ModerateRationale: rc = 0.10(1 - 0.20) = 0.08, or 8%; rm = 0.08(1 - 0) = 8%.5. A 5.5% 20-year municipal bond is currently priced to yield 7.2%. For ataxpayer in the 33% marginal tax bracket, this bond would offer an equivalent taxable yield of:A) 8.20%.B) 10.75%.C) 11.40%.D) 4.82%.E) none of the above.Answer: B Difficulty: ModerateRationale: 0.072 = rm (1-t); 0.072 = rm / (0.67); rm = 0.1075 = 10.75%6. In order for you to be indifferent between the after tax returns on acorporate bond paying 8.5% and a tax-exempt municipal bond paying6.12%, what would your tax bracket need to be?A) 33%B) 72%C) 15%D) 28%E) Cannot tell from the information given.0612 = .085(1-t); (1-t) = 0.72; t = .287. Suppose an investor is considering a corporate bond with a 7.17% before-tax yield and a municipal bond with a 5.93% before-tax yield. At what marginal tax rate would the investor be indifferent between investing in the corporate and investing in the muni?A) 15.4%B) 23.7%C) 39.5%D) 17.3%E) 12.4%tm = 1 - (5.93%/7.17%) = 17.29%Use the following to answer questions 8 to 9:8. Based on the information given, for a price-weighted index of the threestocks calculate:A) the rate of return for the first period (t=0 to t=1).B) the value of the divisor in the second period (t=2). Assume that StockA had a 2-1 split during this period.C) the rate of return for the second period (t=1 to t=2).A. The price-weighted index at time 0 is (70 + 85 + 105)/3 = 86.67. The price-weighted index at time 1 is (72 + 81 + 98)/3 = 83.67. The return on theindex is 83.67/86.67 - 1 = -3.46%.B. The divisor must change to reflect the stock split. Because nothing elsefundamentally changed, the value of the index should remain 83.67. Sothe new divisor is (36 + 81 + 98)/83.67 = 2.57. The index value is (36 +81 + 98)/2.57 = 83.67.C. The rate of return for the second period is 83.67/83.67 - 1 = 0.00%9. Based on the information given for the three stocks, calculate the first-period rates of return (from t=0 to t=1) onA) a market-value-weighted index.B) an equally-weighted index.C) a geometric index.A. The total market value at time 0 is $70 * 200 + $85 * 500 + $105 * 300 =$88,000. The total market value at time 1 is $72 * 200 + $81 * 500 +$98 * 300 = $84,300. The return is $84,300/$88,000 - 1 = -4.20%.B. The return on Stock A for the first period is $72/$70 - 1 = 2.86%. The return onStock B for the first period is $81/$85 - 1 = -4.71%. The return on StockC for the first period is $98/$105 - 1 = -6.67%. The return on an equallyweighted index of the three stocks is (2.86% - 4.71% - 6.67%)/3 = -2.84% C. The geometric average return is [(1+.0286)(1-.0471)(1-.0667)](1/3)-1 =[(1.0286)(0.9529)(0.9333)]0.3333 -1 = -2.92%10.Discuss the advantages and disadvantages of common stock ownership,relative to other investment alternatives.CHAPTER 031. Assume you purchased 200 shares of XYZ common stock on margin at $70per share from your broker. If the initial margin is 55%, how much did you borrow from the broker?A) $6,000B) $4,000C) $7,700D) $7,000E) $6,300Answer: E Difficulty: ModerateRationale: 200 shares * $70/share * (1-0.55) = $14,000 * (0.45) = $6,300.2. You sold short 200 shares of common stock at $60 per share. The initialmargin is 60%. Your initial investment wasA) $4,800.B) $12,000.C) $5,600.D) $7,200.E) none of the above.Answer: D Difficulty: ModerateRationale: 200 shares * $60/share * 0.60 = $12,000 * 0.60 = $7,2003. You purchased 100 shares of ABC common stock on margin at $70 pershare. Assume the initial margin is 50% and the maintenance margin is 30%. Below what stock price level would you get a margin call? Assume the stock pays no dividend; ignore interest on margin.A) $21B) $50C) $49D) $80E) none of the aboveAnswer: B Difficulty: DifficultRationale: 100 shares * $70 * .5 = $7,000 * 0.5 = $3,500 (loan amount); 0.30 = (100P - $3,500)/100P; 30P = 100P - $3,500; -70P = -$3,500; P = $50.4. You purchased 100 shares of common stock on margin at $45 per share.Assume the initial margin is 50% and the stock pays no dividend. What would the maintenance margin be if a margin call is made at a stock price of $30? Ignore interest on margin.A) 0.33B) 0.55C) 0.43D) 0.23E) 0.25Answer: E Difficulty: DifficultRationale: 100 shares * $45/share * 0.5 = $4,500 * 0.5 = $2,250 (loan amount); X = [100($30) - $2,250]/100($30); X = 0.25.5. You purchased 300 shares of common stock on margin for $60 per share.The initial margin is 60% and the stock pays no dividend. What would your rate of return be if you sell the stock at $45 per share? Ignore interest on margin.A) 25%B) -33%C) 44%D) -42%E) –54%Answer: D Difficulty: DifficultRationale: 300($60)(0.60) = $10,800 investment; 300($60) = $18,000 *(0.40) = $7,200 loan; Proceeds after selling stock and repaying loan: $13,500 -$7,200 = $6,300; Return = ($6,300 - $10,800)/$10,800 = - 41.67%.6. Assume you sell short 100 shares of common stock at $45 per share, withinitial margin at 50%. What would be your rate of return if you repurchase the stock at $40/share? The stock paid no dividends during the period, and you did not remove any money from the account before making the offsetting transaction.A) 20%B) 25%C) 22%D) 77%E) none of the aboveAnswer: C Difficulty: ModerateRationale: Profit on stock = ($45 - $40) * 100 = $500, $500/$2,250 (initial investment) = 22.22%7. You want to purchase XYZ stock at $60 from your broker using as little ofyour own money as possible. If initial margin is 50% and you have $3000 to invest, how many shares can you buy?A) 100 sharesB) 200 sharesC) 50 sharesD) 500 sharesE) 25 sharesAnswer: A Difficulty: ModerateRationale: .5 = [(Q * $60)-$3,000] / (Q * $60); $30Q = $60Q-$3,000; $30Q = $3,000; Q=100.8. You buy 300 shares of Qualitycorp for $30 per share and deposit initialmargin of 50%. The next day Qualitycorp's price drops to $25 per share.What is your actual margin?A) 50%B) 40%C) 33%D) 60%E) 25%Answer: B Difficulty: ModerateRationale: AM = [300 ($25) - .5 (300) ($30) ] / [300 ($25)] = .409. You sold short 100 shares of common stock at $45 per share. The initialmargin is 50%. Your initial investment wasA) $4,800.B) $12,000.C) $2,250.D) $7,200.E) none of the above.Answer: C Difficulty: ModerateRationale: 100 shares * $45/share * 0.50 = $4,500 * 0.50 = $2,25010. List three factors that are listing requirements for the New York StockExchange. Why does the exchange have such requirements? CHAPTER 041. Multiple Mutual Funds had year-end assets of $457,000,000 and liabilitiesof $17,000,000. There were 24,300,000 shares in the fund at year-end.What was Multiple Mutual's Net Asset Value?A) $18.11B) $18.81C) $69.96D) $7.00E) $181.07Answer: A Difficulty: ModerateRationale: (457,000,000 - 17,000,000) / 24,300,000 = $18.112. Diversified Portfolios had year-end assets of $279,000,000 and liabilities of$43,000,000. If Diversified's NAV was $42.13, how many shares must havebeen held in the fund?A) 43,000,000B) 6,488,372C) 5,601,709D) 1,182,203E) None of the above.Answer: C Difficulty: ModerateRationale: ($279,000,000 - 43,000,000) / $42.13 = 5,601,708.996.3. Pinnacle Fund had year-end assets of $825,000,000 and liabilities of$25,000,000. If Pinnacle's NAV was $32.18, how many shares must havebeen held in the fund?A) 21,619,346,92B) 22,930,546.28C) 24,860,161.59D) 25,693,645.25E) None of the above.Answer: C Difficulty: ModerateRationale: ($825,000,000 - 25,000,000) / $32.18 = 24,860,161.59.4. The Profitability Fund had NAV per share of $17.50 on January 1, 2005. OnDecember 31 of the same year the fund's NAV was $19.47. Incomedistributions were $0.75 and the fund had capital gain distributions of$1.00. Without considering taxes and transactions costs, what rate ofreturn did an investor receive on the Profitability fund last year?A) 11.26%B) 15.54%C) 16.97%D) 21.26%E) 9.83%Answer: D Difficulty: ModerateRationale: R = ($19.47 - 17.50 + .75 + 1.00) / $17.50 = 21.26%5. Patty O'Furniture purchased 100 shares of Green Isle mutual fund at a netasset value of $42 per share. During the year Patty received dividendincome distributions of $2.00 per share and capital gains distributions of$4.30 per share. At the end of the year the shares had a net asset value of $40 per share. What was Patty's rate of return on this investment?A) 5.43%B) 10.24%C) 7.19%D) 12.44%E) 9.18%（40-42+2+4.3）/42=10.24%6. A mutual fund had year-end assets of $560,000,000 and liabilities of$26,000,000. There were 23,850,000 shares in the fund at year end. What was the mutual fund's Net Asset Value?A) $22.87B) $22.39C) $22.24D) $17.61E) $19.25Answer: B Difficulty: ModerateRationale: (560,000,000 - 26,000,000) / 23,850,000 = $22.3897. A mutual fund had year-end assets of $465,000,000 and liabilities of$37,000,000. If the fund NAV was $56.12, how many shares must havebeen held in the fund?A) 4,300,000B) 6,488,372C) 8,601,709D) 7,626,515E) None of the above.Answer: D Difficulty: ModerateRationale: ($465,000,000 37,000,000) / $56.12 = 7,626,5158. A mutual fund had NAV per share of $26.25 on January 1, 2005. OnDecember 31 of the same year the fund's rate of return for the year was16.4%. Income distributions were $1.27 and the fund had capital gaindistributions of $1.85. Without considering taxes and transactions costs,what ending NAV would you calculate?A) $27.44B) $33.88C) $24.69D) $42.03E) $16.62Answer: A Difficulty: ModerateRationale: .164 = (P - $26.25 + 1.27 + 1.85) / $26.25; P = $27.4359. A mutual funds had average daily assets of $2.0 billion on 2005. The fundsold $500 million worth of stock and purchased $600 million worth of stock during the year. The funds turnover ratio is ___.A) 27.5%B) 12%C) 15%D) 25%E) 20%Answer: D Difficulty: ModerateRationale: 500,000,000 / 2,000,000,000 = 25%10. You purchased shares of a mutual fund at a price of $20 per share at thebeginning of the year and paid a front-end load of 5.75%. If the securities in which the find invested increased in value by 11% during the year, andthe funds expense ratio was 1.25%, your return if you sold the fund at the end of the year would be ____________.A) 4.33B) 3.44C) 2.45D) 6.87E) None of the above[20*(1-5.75%)*(1+11%-1.25%)-20]/20=0.034311. List and describe the more important types of mutual funds according totheir investment policy and use.CHAPTER 051. Over the past year you earned a nominal rate of interest of 10 percent onyour money. The inflation rate was 5 percent over the same period. Theexact actual growth rate of your purchasing power wasA) 15.5%.B) 10.0%.C) 5.0%.D) 4.8%.E) 15.0%Answer: D Difficulty: ModerateRationale: r = (1+R) / (1+I) - 1; 1.10% / 1.5% - 1 = 4.8%.2. You purchased a share of stock for $20. One year later you received $1 asdividend and sold the share for $29. What was your holding period return?A) 45%B) 50%C) 5%D) 40%E) none of the aboveAnswer: B Difficulty: ModerateRationale: ($1 + $29 - $20)/$20 = 0.5000, or 50%.Use the following to answer questions 3-5:You have been given this probability distribution for the holding period return for KMP stock:3. What is the expected holding period return for KMP stock?A) 10.40%B) 9.32%C) 11.63%D) 11.54%E) 10.88%Answer: A Difficulty: ModerateRationale: HPR = .30 (18%) + .50 (12%) + .20 (-5%) = 10.4%4. What is the expected standard deviation for KMP stock?A) 6.91%B) 8.13%C) 7.79%D) 7.25%E) 8.85%Answer: B Difficulty: DifficultRationale: s = [.30 (18 - 10.4)2 + .50 (12 - 10.4)2 + .20 (-5 - 10.4)2]1/2 = 8.13%5. What is the expected variance for KMP stock?A) 66.04%B) 69.96%C) 77.04%D) 63.72%E) 78.45%A Difficulty: DifficultRationale: s = [.30 (18 - 10.4)2 + .50 (12 - 10.4)2 + .20 (5 - 10.4)2] = 66.04%6. You purchase a share of Boeing stock for $90. One year later, afterreceiving a dividend of $3, you sell the stock for $92. What was yourholding period return?A) 4.44%B) 2.22%C) 3.33%D) 5.56%E) none of the aboveAnswer: D Difficulty: ModerateRationale: HPR = (92 - 90 + 3) / 90 = 5.56%7. An investor purchased a bond 45 days ago for $985. He received $15 ininterest and sold the bond for $980. What is the holding period return on his investment?A) 1.52%B) 0.50%C) 1.02%D) 0.01%E) None of the aboveAnswer: C Difficulty: EasyRationale: HPR = ($15+980-985)/$985 = .010152284 = approximately 1.02%.8. Over the past year you earned a nominal rate of interest of 8 percent onyour money. The inflation rate was 3.5 percent over the same period. The exact actual growth rate of your purchasing power wasA) 15.55%.B) 4.35%.C) 5.02%.D) 4.81%.E) 15.04%Answer: B Difficulty: ModerateRationale: r = (1+R) / (1+I) - 1 ; 1.08 / 1.035 - 1 = 4.35%.9. Over the past year you earned a nominal rate of interest of 14 percent onyour money. The inflation rate was 2 percent over the same period. Theexact actual growth rate of your purchasing power wasA) 11.76%.B) 16.00%.C) 15.02%.D) 14.32%.E) none of the above.10. An investment provides a 2% return semi-annually, its effective annual rate isA) 2%.B) 4%.C) 4.02%D) 4.04%E) none of the above(1.02)2 -1 = 4.04%11. Discuss the relationships between interest rates (both real and nominal),expected inflation rates, and tax rates on investment returns.12. Discuss why common stocks must earn a risk premium.CHAPTER 071. Market risk is also referred to asA) systematic risk, diversifiable risk.B) systematic risk, nondiversifiable risk.C) unique risk, nondiversifiable risk.D) unique risk, diversifiable risk.E) none of the above.Answer: B Difficulty: EasyRationale: Market, systematic, and nondiversifiable risk are synonyms referring to the risk that cannot be eliminated from the portfolio. Diversifiable,unique, nonsystematic, and firm-specific risks are synonyms referring tothe risk that can be eliminated from the portfolio by diversification.2. The variance of a portfolio of risky securitiesA) is a weighted sum of the securities' variances.B) is the sum of the securities' variances.C) is the weighted sum of the securities' variances and covariances.D) is the sum of the securities' covariances.E) none of the above.Answer: C Difficulty: ModerateRationale: The variance of a portfolio of risky securities is a weighted sum taking into account both the variance of the individual securities and the covariances between securities.3. Other things equal, diversification is most effective whenA) securities' returns are uncorrelated.B) securities' returns are positively correlated.C) securities' returns are high.D) securities' returns are negatively correlated.E) B and C.Answer: D Difficulty: ModerateRationale: Negative correlation among securities results in the greatest reduction of portfolio risk, which is the goal of diversification.4. The Capital Allocation Line provided by a risk-free security and N riskysecurities isA) the line that connects the risk-free rate and the global minimum-variance portfolio of the risky securities.B) the line that connects the risk-free rate and the portfolio of the riskysecurities that has the highest expected return on the efficient frontier.C) the line tangent to the efficient frontier of risky securities drawn fromthe risk-free rate.D) the horizontal line drawn from the risk-free rate.E) none of the above.Answer: C Difficulty: ModerateRationale: The Capital Allocation Line represents the most efficient combinations of the risk-free asset and risky securities. Only C meets that definition.5. Which of the following statements is (are) true regarding the variance of aportfolio of two risky securities?A) The higher the coefficient of correlation between securities, the greaterthe reduction in the portfolio variance.B) There is a linear relationship between the securities' coefficient ofcorrelation and the portfolio variance.C) The degree to which the portfolio variance is reduced depends on thedegree of correlation between securities.D) A and B.E) A and C.Answer: C Difficulty: ModerateRationale: The lower the correlation between the returns of the securities, the mo re portfolio risk is reduced.Use the following to answer questions 6-11:Consider the following probability distribution for stocks A and B:6. The expected rates of return of stocks A and B are _____ and _____ ,respectively.A) 13.2%; 9%B) 14%; 10%C) 13.2%; 7.7%D) 7.7%; 13.2%E) none of the aboveAnswer: C Difficulty: EasyRationale: E(RA) = 0.1(10%) + 0.2(13%) + 0.2(12%) + 0.3(14%) + 0.2(15%) = 13.2%;E(RB) = 0.1(8%) + 0.2(7%) + 0.2(6%) + 0.3(9%) + 0.2(8%) = 7.7%.7. The standard deviations of stocks A and B are _____ and _____, respectively.A) 1.5%; 1.9%B) 2.5%; 1.1%C) 3.2%; 2.0%D) 1.5%; 1.1%E) none of the aboveAnswer: D Difficulty: ModerateRationale: sA = [0.1(10% - 13.2%)2 + 0.2(13% - 13.2%)2 + 0.2(12% - 13.2%)2 + 0.3(14% - 13.2%)2 + 0.2(15% - 13.2%)2]1/2 = 1.5%; sB = [0.1(8% - 7.7%)2 + 0.2(7% -7.7%)2 + 0.2(6% - 7.7%)2 + 0.3(9% - 7.7%)2 + 0.2(8% - 7.7%)2]1/2 = 1.1%.8. The coefficient of correlation between A and B isA) 0.47.B) 0.60.C) 0.58D) 1.20.E) none of the above.Answer: A Difficulty: DifficultRationale: covA,B = 0.1(10% - 13.2%)(8% - 7.7%) + 0.2(13% - 13.2%)(7% -7.7%) +0.2(12% - 13.2%)(6% - 7.7%) + 0.3(14% - 13.2%)(9% - 7.7%) + 0.2(15% -13.2%)(8% - 7.7%) = 0.76; rA,B = 0.76/[(1.1)(1.5)] = 0.47.9. If you invest 40% of your money in A and 60% in B, what would be yourportfolio's expected rate of return and standard deviation?A) 9.9%; 3%B) 9.9%; 1.1%C) 11%; 1.1%D) 11%; 3%E) none of the aboveAnswer: B Difficulty: DifficultRationale: E(RP) = 0.4(13.2%) + 0.6(7.7%) = 9.9%; sP = [(0.4)2(1.5)2 + (0.6)2(1.1)2 +2(0.4)(0.6)(1.5)(1.1)(0.46)]1/2 = 1.1%.10. Let G be the global minimum variance portfolio. The weights of A and B inG are __________ and __________, respectively.A) 0.40; 0.60B) 0.66; 0.34C) 0.34; 0.66D) 0.76; 0.24E) 0.24; 0.76Answer: E Difficulty: DifficultRationale: wA = [(1.1)2 - (1.5)(1.1)(0.46)]/[(1.5)2 + (1.1)2 -(2)(1.5)(1.1)(0.46) = 0.23;wB = 1-0.23 = 0.77.Note that the above solution assumes the solutions obtained in question 13 and 14.11. The expected rate of return and standard deviation of the global minimumvariance portfolio, G, are __________ and __________, respectively.A) 10.07%; 1.05%B) 9.04%; 2.03%C) 10.07%; 3.01%D) 9.04%; 1.05%E) none of the aboveAnswer: D Difficulty: ModerateRationale: E(RG) = 0.23(13.2%) + 0.77(7.7%) = 8.97% . 9%; sG = [(0.23)2(1.5)2 + (0.77)2(1.1)2 + (2)(0.23)(0.77)(1.5)(1.1)(0.46)]1/2 = 1.05%.。

投资学期末复习题(学生)答案

《投资学》期末复习重点一）单项选择题1、投资的收益和风险往往（A）。

A. 同方向变化B. 反方向变化C. 先同方向变化，后反方向变化D. 先反方向变化，后同方向变化2、以下（B）不属于按债券的还本付息期限长短划分的债券。

A. 短期债券B. 单期债券C. 中期债券D. 长期债券3、在下列证券中，投资风险最低的是（A）A. 国库券B. 金融债券C. 国际机构债券D. 公司债券4、从狭义的角度来说，股票是一种（C ）A．商品证券B．货物证券C．资本证券D．货币证券5、公司能在当前支付较高收益的股票称之为（A）A．收入股B．成长股C．垃圾股D．防守股7、股票实质上代表了股东对股份公司的（D）。

A、产权B、债券C、物权D、所有权8、债券和股票的相同点在于（D）。

A、具有同样的权利B、收益率一样C、风险一样D、都是筹资手段9、下面哪个国家是实行核准制的典型国家（A ）。

P47A. 英国B. 美国C. 法国D. 德国10、承销商接受发行的债券，向社会上不指定的广泛投资者进行募集的方式称为（B ）。

A、私募B、公募C、全额包销D、代销11、我国上海证券交易所和深圳证券交易所均实行（ A ）。

A、会员制B、公司制C、契约制D、合同制12、美国“9·11”事件发生后引起的全球股市下跌的风险属于（A）A.系统性风险B.非系统性风险C.信用风险D.流动性风险13、下列说法正确的是（C）A.分散化投资使系统风险减少B.分散化投资使因素风险减少C.分散化投资使非系统风险减少D.分散化投资既降低风险又提高收益14、反映投资者收益与风险偏好有曲线是（D）A.证券市场线方程B.证券特征线方程C.资本市场线方程D.无差异曲线15、反映证券组合期望收益水平和单个因素风险水平之间均衡关系的模型是（A）A.单因素模型B.特征线模型C.资本市场线模型D.套利定价模型16、无风险收益率和市场期望收益率分别是0.06和0.12。

根据CAPM模型，贝塔值为1.2的证券X的期望收益率为（ D ）。

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投资学原理期末考试答案
一、单选题（每小题3分，共15分）
AAAAB
二、判断题（每小题2分，共20分）
1、√
2、×
3、×
4、√
5、 ×
6、√
7、√
8、√
9、 × 10、 √
三、名词解释（每小题3分，共15分）
1、投资乘数：投资乘数效应是指投资可以通过引致消费形成比投资额本身大数倍的需求额，进而带动国民收入成倍增加，投资乘数等于边际储蓄倾向的倒数。

2、国民生产总值：国民生产总值就是GDP ，是一个国家或地区所有国民在一定时期内新生产的产品和服务价值的总和。

GNP 是按国民原则核算的，与按属地原则核算的GDP 存在差异。

3、投资结构：投资结构指投资各组成要素之间的比例和协调关系。

4、融资：融资是以信用方式调剂资金余缺的一种经济活动,包括资金的融入或融出
5、蓝筹股：蓝筹股是指在某一行业中处于领先的竞争地位、经营业绩优良且持续稳定、市场交投活跃、股息较优厚的公司的股票。

四、计算与简答题（每小题10分，共40分）
1、购买设备的盈利是500万元，存入银行的无风险收益是200万元（5000*4%=200万元）。

因此，购买设备的机会成本是200万元，存入银行的机会成本是500万元，由于购买设备的机会成本低，将这比资金用于购买设备是最优决策。

2.三年后，理财的终值35*(10.06) 5.96=+=万元，因此尚不足以购买6万元的小汽车。

3、
（件）单位变动成本单位价格年固定成本总额保本产销量70601002800=-=-=
4、
答案：期望收益值=收益值1×概率1+收益值2×概率2 E1=[0.7×100+0.3×(-20)]×10-300=340万元
E2=[0.7×40+0.3×30]×10-140=230万元
比较E1，E2，选择方案1为最好。

4、
2.00
40.00() 0.090.04
p==
-
元
五、论述题（10分）
有利因素：聚集较多资金、股份和风险可随时一起转移、提高公司的影响力、公司获得市场价值、提高专业管理水平。

不利因素：公司的控制权分散、公司的保密性降低、公司业务压力增大。