(完整版)金融学试题A卷

国际商学院2010-2011学年度第二学期《金融学》期

末考试试卷(A)

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姓名学号专业成绩

Single Choice Questions(2 points per question, 12 point maximum)

pany X has a beta of 1.5. The risk-free interest rate is 6% per annum; and the

expected market premium is 10% per annum. What is Company X’s cost of equity?

A: 9%; B: 12%; C: 15%; D: 21%.

2.If the intrinsic value of a share of common stock is more than its market value,

which of the followings is the most reasonable conclusion?

A: The stock has a low level of risk

B: The stock offers a high dividend payout ratio.

C: The market is undervaluing the stock.

D: The market value is always more than the intrinsic value.

3.Which of the following statements on efficient market hypothesis is true:

A: If a market is weak-form efficient, it must be semi-strong form efficient.

B: If a market is semi-strong-form efficient, it must be weak-form efficient.

C: If a market is strong-form inefficient, it must be semi-strong-form inefficient D: If a market is strong-form efficient, it could be semi-strong-form inefficient. 4.Which of the followings is a way of avoiding losses through hedging?

A: Purchase a put option on a stock you do own.

B: Lease a car with the option to purchase it in three years.

C: Enter into a swap contract to exchange fixed exchange interest payments for

floating-rate payment because you have floating-rate assets.

D: pay a reservation fee to insure that you can purchase a flight ticket for not more than $200.

5.Which of the flowing features of insurance contracts is to create incentives for

insured parties to control small loss, but not large loss?

A: exclusions; B: copayments; C: caps; D: deductibles.

6.In a company with dispersed ownership, shares of the company are owned by

many small investors, each shareholder may not have the incentive to monitor management, because the cost of monitoring exceeds the benefit from monitoring.

This is called

A: the free-rider problem; B: the free cash flow problem;

D: the moral hazard problem; D: the adverse selection problem.

Calculation questions (本部分每题12分，要求从中选4题应答，如6题都应答，则取得较高分的4题的得分将作为本部分的得分计入总成绩，即本部分的最高分为48分，多答不扣分)

Group I:

1.Mia Company and Satu Company are identical, differing only in their capital

structures. Mia is an unlevered firm issuing only stocks whereas Satu issues stocks and bonds. Each firm has an annual EBIT of $15 million forever. There is not tax for either company. Mia pays out all its yearly earnings in the form of dividends and has 1 million shares outstanding. Its market capitalization rate is 12%. Satu is identical except that 40% of its market value is in bonds and has 500,000 shares outstanding. Satu’s bonds are default-free perpetuity bonds with a coupon rate of 10% per year. The risk-free interest rate is 10%.

A: What is the value per share of Mia and Satu, respectively?

B: If the market price of Satu’s stocks is $160 per share, is there an arbitrage opportunity? If there is an arbitrage opportunity, how would you take advantage of such opportunity? (show your detailed arbitraging strategy)

2.You are considering the purchase of an apartment with a total price of $1 million.