金融市场学第三章习题答案
金融市场学课后答案
第三章习题：1．X股票目前的市价为每股20元，你卖空1 000股该股票。
请问：（1）你的最大可能损失是多少？（2）如果你同时向经纪人发出了停止损失买入委托，指定价格为22元，那么你的最大可能损失又是多少？2．下表是纽约证交所某专家的限价委托簿：（1）如果此时有一市价委托，要求买入200股，请问按什么价格成交？（2）下一个市价买进委托将按什么价格成交？（3）如果你是专家，你会增加或减少该股票的存货？3．假设A公司股票目前的市价为每股20元。
你用15 000元自有资金加上从经纪人借入的5000元保证金贷款买了1000股A股票。
贷款年利率为6%。
（1）如果A股票价格立即变为①22元，②20元，③18元，你在经纪人账户上的净值会变动多少百分比？（2）如果维持保证金比率为25%，A股票价格可以跌到多少你才会收到追缴保证金通知？（3）如果你在购买时只用了10 000元自有资金，那么第（2）题的答案会有何变化？（4）假设该公司未支付现金红利。
一年以后，若A股票价格变为：①22元，②20元，③18元，你的投资收益率是多少？你的投资收益率与该股票股价变动的百分比有何关系？4．假设B公司股票目前市价为每股20元，你在你的经纪人保证金账户中存入15000元并卖空1000股该股票。
你的保证金账户上的资金不生息。
（1）如果该股票不付现金红利，则当一年后该股票价格变为22元、20元和18元时，你的投资收益率是多少？（2）如果维持保证金比率为25%，当该股票价格升到什么价位时你会收到追缴保证金通知？（3）若该公司在一年内每股支付了0.5元现金红利，（1）和（2）题的答案会有什么变化？5．下表是2002年7月5日某时刻上海证券交易所厦门建发的委托情况：问能否成交，成交价多少？（2）此时你输入一笔限价买进委托，要求按13.24元买进10000股，请问能成交多少股，成交价多少？未成交部分怎么办？6．3月1日，你按每股16元的价格卖空1000股Z股票。
西财《金融市场学》教学资料 课后习题答案 第三章
第三章资本市场复习思考题1.答：（1）普通股股东享有公司的经营参与权，而优先股股东一般不享有公司的经营参与；（2）普通股股东的收益要视公司的赢利状况而定，而优先股的收益是固定的；（3）普通股股东不能退股，只能在二级市场上变现，而优先股股东可依照优先股股票上所附的赎回条款要求公司将股票赎回；（4）优先股票是特殊股票中最主要的一种，在公司赢利和剩余财产的分配上享有优先权。
2.答：股票的发行方式有：（1）公募是指面向市场上大量的非特定的投资者公开发行股票。
（2）私募是指股票发行只面向少数特定的投资者和投资机构，前者如使用发行公司产品的用户或本公司的职工，后者如大的金融机构或与发行者有密切业务往来关系的公司。
（3）配股是指给予现有股东以低于市场价值的价格优先购买一部分新发行的股票的权利，以保证原有股东权益比例不变。
股票的承销方式有：（1）包销。
包销是指承销商以低于发行定价的价格把公司发行的股票全部买进，再转卖给投资者，承销商所得到的买卖差价是对承销商所提供的咨询服务以及承担包销风险的报偿，也称为承销折扣。
（2）代销。
代销指承销商许诺尽可能多地销售股票，但不保证能够完成预定销售额，任何没有出售的股票可退给发行公司。
这样。
承销商不承担风险。
（3）备用包销。
通过认股权来发行股票并不需要投资银行的承销服务，但发行公司可与投资银行协商签订备用包销合同，该合同要求投资银行作为备用认购者买下未能售出的剩余股票，而发行公司为此支付备用费。
3.答：（1）发行主体不同。
作为筹资手段，无论是国家、地方公共团体还是企业，都可以发行债券，而股票则只能是股份制企业才可以发行。
（2）收益稳定性不同。
从收益方面看，债券在购买之前，利率已定，到期就可以获得固定利息，而不管发行债券的公司经营获利与否。
股票一般在购买之前不定股息率，股息收入随股份公司的盈利情况变动而变动，盈利多就多得，盈利少就少得，无盈利不得。
（3）保本能力不同。
从本金方面看，债券到期可回收本金，也就是说连本带利都能得到，如同放债一样。
金融市场学习题答案
从微观层面来讲，金融市场的功能还包括价格发现、提供流动性、降低交易成本、 示范作用等等。
4、金融创新的动因是什么？ 答：金融创新的动因归结为以下三个方面： ①顺应需求的变化。利率剧烈波动导致经济环境变化，激励人们创造一些能够降低利率 风险的新的金融工具。 ②顺应供给的变化。计算机和通讯技术的飞速发展是导致供给条件发生变化的最重要的 源泉，它有力地刺激了金融创新。 ③规避既有法律法规。由于金融业较其他行业相比受到更为严格的监管，政府管理法规 就成为这个行业创新的重要推动力量。 5、金融创新对金融和经济的影响。 答：一、对金融和经济发展的推动作用。当代金融创新对金融和经济发展的推动，主要 是通过以下四个方面来实现的： ①提高了金融机构的运作效率。首先，金融创新通过大量提供具有特定的内涵与特性的 金融工具、金融服务等提高了金融机构的运作效率；其次，提高了支付清算能力和速度；再 次，大幅度增加了金融机构的资产和盈利率。 ②提高了金融市场的运作效率。首先，提高了市场价格对信息反应的灵敏度；其次，增 加了可供选择的金融商品种类；再次，增强了剔除个别风险的能力；最后，降低了交易成本 与平均成本，吸引了更多投资者和筹资者进入市场，提高了交易的活跃程度。 ③增强了金融产业发展能力。 ④金融作用力大为增强。金融作用力主要是指金融对整体经济运作和经济发展的作用能 力，一般通过对总体经济活动和经济总量的影响及其作用程度体现出来。 二、产生的新矛盾和挑战： ①金融创新使货币供求机制、总量和结构乃至特征都发生了深刻变化，对金融运作和宏 观调控影响重大。 ②在很大程度上改变了货币政策的决策、操作、传导及其效果，对货币政策的实施产生 了一定的不利影响。 ③金融风险有增无减，金融业的稳定性下降。 ④金融市场出现过度投机和泡沫膨胀的不良倾向。 综上所述，当代金融创新虽然利弊作用皆存，但从总体上看，金融创新的利远远大于弊， 并且其利始终是主流性的。当然，当代金融创新的负作用亦不能忽视，必须加以有效的引导 和监管进行防范和控制。 6、金融全球化的影响。 答：金融全球化的影响具有双重性：一方面，金融全球化提高了国际金融市场的效率， 高效地配置资源，促进了世界经济金融的发展，有利于增进全球福利。另一方面，全球化也 带来了一些消极影响，对各国金融体系的稳定性提出了挑战。
高教版《金融市场学》课后习题答案（3）
高教版《金融市场学》课后习题答案（3）第三章习题：1．X股票目前的市价为每股20元，你卖空1 000股该股票。
请问：（1）你的最大可能损失是多少？（2）如果你同时向经纪人发出了停止损失买入委托，指定价格为22元，那么你的最大可能损失又是多少？2．下表是纽约证交所某专家的限价委托簿：限价买入委托限价卖出委托价格（美元）股数价格（美元）股数39.75 1000 40.25 20039.50 1200 41.50 30039.25 800 44.75 40039.00 300 48.25 20038.50 700该股票最新的成交价为40美元。
（1）如果此时有一市价委托，要求买入200股，请问按什么价格成交？（2）下一个市价买进委托将按什么价格成交？（3）如果你是专家，你会增加或减少该股票的存货？3．假设A公司股票目前的市价为每股20元。
你用15 000元自有资金加上从经纪人借入的5000元保证金贷款买了1000股A股票。
贷款年利率为6%。
（1）如果A股票价格立即变为①22元，②20元，③18元，你在经纪人账户上的净值会变动多少百分比？（2）如果维持保证金比率为25%，A股票价格可以跌到多少你才会收到追缴保证金通知？（3）如果你在购买时只用了10 000元自有资金，那么第（2）题的答案会有何变化？（4）假设该公司未支付现金红利。
一年以后，若A股票价格变为：①22元，②20元，③18元，你的投资收益率是多少？你的投资收益率与该股票股价变动的百分比有何关系？4．假设B公司股票目前市价为每股20元，你在你的经纪人保证金账户中存入15000元并卖空1000股该股票。
你的保证金账户上的资金不生息。
（1）如果该股票不付现金红利，则当一年后该股票价格变为22元、20元和18元时，你的投资收益率是多少？（2）如果维持保证金比率为25%，当该股票价格升到什么价位时你会收到追缴保证金通知？（3）若该公司在一年内每股支付了0.5元现金红利，（1）和（2）题的答案会有什么变化？5．下表是20XX年7月5日某时刻上海证券交易所厦门建发的委托情况：限价买入委托限价卖出委托价格（元）股数价格（元）股数13.21 6600 13.22 20013.20 3900 13.23 320013.19 1800 13.24 2400（1）此时你输入一笔限价卖出委托，要求按13.18元的价格卖出1000股，请问能否成交，成交价多少？（2）此时你输入一笔限价买进委托，要求按13.24元买进10000股，请问能成交多少股，成交价多少？未成交部分怎么办？6．3月1日，你按每股16元的价格卖空1000股Z股票。
金融市场学双语题库及答案（第三章）米什金金融市场与机构
金融市场学双语题库及答案（第三章）米什金金融市场与机构Financial Markets and Institutions, 8e (Mishkin)Chapter 3 What Do Interest Rates Mean and What Is Their Role in Valuation?3.1 Multiple Choice1) A loan that requires the borrower to make the same payment every period until the maturity date is called aA) simple loan.B) fixed-payment loan.C) discount loan.D) same-payment loan.E) none of the above.Answer: BTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition2) A coupon bond pays the owner of the bondA) the same amount every month until the maturity date.B) a fixed interest payment every period, plus the face value of the bond at the maturity date.C) the face value of the bond plus an interest payment once the maturity date has been reached.D) the face value at the maturity date.E) none of the above.Answer: BTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition3) A bond's future payments are called itsA) cash flows.B) maturity values.C) discounted present values.D) yields to maturity.Answer: ATopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition4) A credit market instrument that pays the owner the face value of the security at the maturity date and nothing prior to then is called aA) simple loan.B) fixed-payment loan.C) coupon bond.D) discount bond.Answer: DTopic: Chapter 3.1 Measuring Interest Rates Question Status: Previous Edition5) (I) A simple loan requires the borrower to repay the principal at the maturity date along with an interest payment.(II) A discount bond is bought at a price below its face value, and the face value is repaid at the maturity date.A) (I) is true, (II) false.B) (I) is false, (II) true.C) Both are true.D) Both are false.Answer: CTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition6) Which of the following are true of coupon bonds?A) The owner of a coupon bond receives a fixed interest payment every year until the maturity date, when the face or par value is repaid.B) U.S. Treasury bonds and notes are examples of coupon bonds.C) Corporate bonds are examples of coupon bonds.D) All of the above.E) Only A and B of the above.Answer: DTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition7) Which of the following are generally true of all bonds?A) The longer a bond's maturity, the lower is the rate of return that occurs as a result of the increase in the interest rate.B) Even though a bond has a substantial initial interest rate, its return can turn out to be negative if interest rates rise.C) Prices and returns for long-term bonds are more volatile than those forshorter-term bonds.D) All of the above are true.E) Only A and B of the above are true.Answer: DTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition8) (I) A discount bond requires the borrower to repay the principal at the maturity date plus an interest payment.(II) A coupon bond pays the lender a fixed interest payment every year until the maturity date, when a specified final amount (face or par value) is repaid.A) (I) is true, (II) false.B) (I) is false, (II) true.C) Both are true.D) Both are false.Answer: BTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition9) If a $5,000 coupon bond has a coupon rate of 13 percent, then the coupon payment every year isA) $650.B) $1,300.C) $130.D) $13.E) None of the above.Answer: ATopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition10) An $8,000 coupon bond with a $400 annual coupon payment has a coupon rate ofA) 5 percent.B) 8 percent.C) 10 percent.D) 40 percent.Answer: ATopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition11) The concept of ________ is based on the notion that a dollar paid to you in the future is less valuable to you than a dollar today.A) present valueB) future valueC) interestD) deflationAnswer: ATopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition12) Dollars received in the future are worth ________ than dollars received today. The process of calculating what dollars received in the future are worth today is called ________.A) more; discountingB) less; discountingC) more; inflatingD) less; inflatingAnswer: BTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition13) The process of calculating what dollars received in the future are worth today is calledA) calculating the yield to maturity.B) discounting the future.C) compounding the future.D) compounding the present.Answer: BTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition14) With an interest rate of 5 percent, the present value of $100 received one year from now is approximatelyA) $100.B) $105.C) $95.D) $90.Answer: CTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition15) With an interest rate of 10 percent, the present value ofa security that pays $1,100 next year and $1,460 four years from now is approximatelyA) $1,000.B) $2,000.C) $2,560.D) $3,000.Answer: BTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition16) With an interest rate of 8 percent, the present value of $100 received one year from now is approximatelyA) $93.B) $96.C) $100.D) $108.Answer: ATopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition17) With an interest rate of 6 percent, the present value of $100 received one year from now is approximatelyA) $106.B) $100.C) $94.D) $92.Answer: CTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition18) The interest rate that equates the present value of the cash flow received from a debt instrument with its market pricetoday is theA) simple interest rate.B) discount rate.C) yield to maturity.D) real interest rate.Answer: CTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition19) The interest rate that financial economists consider to be the most accurate measure is theA) current yield.B) yield to maturity.C) yield on a discount basis.D) coupon rate.Answer: BTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition20) Financial economists consider the ________ to be the most accurate measure of interest rates.A) simple interest rateB) discount rateC) yield to maturityD) real interest rateAnswer: CTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition21) For a simple loan, the simple interest rate equals theA) real interest rate.B) nominal interest rate.C) current yield.D) yield to maturity.Answer: DTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition22) For simple loans, the simple interest rate is ________ the yield to maturity.A) greater thanB) less thanC) equal toD) not comparable toAnswer: CTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition23) The yield to maturity of a one-year, simple loan of $500 that requires an interest payment of $40 isA) 5 percent.B) 8 percent.C) 12 percent.D) 12.5 percent.Answer: BTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition24) The yield to maturity of a one-year, simple loan of $400 that requires an interest payment of $50 isA) 5 percent.B) 8 percent.C) 12 percent.D) 12.5 percent.Answer: DTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition25) A $10,000, 8 percent coupon bond that sells for $10,000 has a yield to maturity ofA) 8 percent.B) 10 percent.C) 12 percent.D) 14 percent.Answer: ATopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition26) A $10,000, 8 percent coupon bond that sells for $10,100 has a yield to maturity ________.A) equal to 8 percentB) greater than 8 percentC) less than 8 perfectD) that cannot be calculatedAnswer: CTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: New Question27) Which of the following $1,000 face value securities has the highest yield to maturity?A) A 5 percent coupon bond selling for $1,000B) A 10 percent coupon bond selling for $1,000C) A 12 percent coupon bond selling for $1,000D) A 12 percent coupon bond selling for $1,100Answer: CTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition28) Which of the following $1,000 face value securities has the highest yield to maturity?A) A 5 percent coupon bond selling for $1,000B) A 10 percent coupon bond selling for $1,000C) A 15 percent coupon bond selling for $1,000D) A 15 percent coupon bond selling for $900Answer: DTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition29) Which of the following $1,000 face value securities has the lowest yield to maturity?A) A 5 percent coupon bond selling for $1,000B) A 7 percent coupon bond selling for $1,100C) A 15 percent coupon bond selling for $1,000D) A 15 percent coupon bond selling for $900Answer: BTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: New Question30) Which of the following are true for a coupon bond?A) When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.B) The price of a coupon bond and the yield to maturity are negatively related.C) The yield to maturity is greater than the coupon rate when the bond price is below the par value.D) All of the above are true.E) Only A and B of the above are true.Answer: DTopic: Chapter 3.1 Measuring Interest Rates Question Status: Previous Edition31) Which of the following are true for a coupon bond?A) When the coupon bond is priced at its face value, the yieldto maturity equals the coupon rate.B) The price of a coupon bond and the yield to maturity are negatively related.C) The yield to maturity is greater than the coupon rate when the bond price is above the par value.D) All of the above are true.E) Only A and B of the above are true.Answer: ETopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition32) Which of the following are true for a coupon bond?A) When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.B) The price of a coupon bond and the yield to maturity are positively related.C) The yield to maturity is greater than the coupon rate when the bond price is above the par value.D) All of the above are true.E) Only A and B of the above are true.Answer: ATopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition33) A consol bond is a bond thatA) pays interest annually and its face value at maturity.B) pays interest in perpetuity and never matures.C) pays no interest but pays its face value at maturity.D) rises in value as its yield to maturity rises.Answer: BTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition34) The yield to maturity on a consol bond that pays $100 yearly and sells for $500 isA) 5 percent.B) 10 percent.C) 12.5 percent.D) 20 percent.E) 25 percent.Answer: DTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition35) The yield to maturity on a consol bond that pays $200 yearly and sells for $1000 isA) 5 percent.B) 10 percent.C) 20 percent.D) 25 percent.Answer: CTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition36) A frequently used approximation for the yield to maturity on a long-term bond is theA) coupon rate.B) current yield.C) cash flow interest rate.D) real interest rate.Answer: BTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition37) The current yield on a coupon bond is the bond's ________ divided by its________.A) annual coupon payment; priceB) annual coupon payment; face valueC) annual return; priceD) annual return; face valueAnswer: ATopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition38) When a bond's price falls, its yield to maturity ________ and its current yield________.A) falls; fallsB) rises; risesC) falls; risesD) rises; fallsAnswer: BTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition39) The yield to maturity for a one-year discount bond equalsA) the increase in price over the year, divided by the initial price.B) the increase in price over the year, divided by the face value.C) the increase in price over the year, divided by the interest rate.D) none of the above.Answer: ATopic: Chapter 3.1 Measuring Interest Rates Question Status: Previous Edition40) If a $10,000 face value discount bond maturing in oneyear is selling for $8,000, then its yield to maturity isA) 10 percent.B) 20 percent.C) 25 percent.D) 40 percent.Answer: CTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition41) If a $10,000 face value discount bond maturing in one year is selling for $9,000, then its yield to maturity is approximatelyA) 9 percent.B) 10 percent.C) 11 percent.D) 12 percent.Answer: CTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition42) If a $10,000 face value discount bond maturing in one year is selling for $5,000, then its yield to maturity isA) 5 percent.B) 10 percent.C) 50 percent.D) 100 percent.Answer: DTopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition43) If a $5,000 face value discount bond maturing in one year is selling for $5,000, then its yield to maturity isA) 0 percent.B) 5 percent.C) 10 percent.D) 20 percent.Answer: ATopic: Chapter 3.1 Measuring Interest RatesQuestion Status: Previous Edition44) The Fisher equation states thatA) the nominal interest rate equals the real interest rate plus the expected rate of inflation.B) the real interest rate equals the nominal interest rate less the expected rate of inflation.C) the nominal interest rate equals the real interest rate less the expected rate of inflation.D) both A and B of the above are true.E) both A and C of the above are true.Answer: DTopic: Chapter 3.2 Distinction Between Real and Nominal Interest Rates Question Status: Previous Edition45) If you expect the inflation rate to be 15 percent next year and a one-year bond hasa yield to maturity of 7 percent, then the real interest rate on this bond isA) 7 percent.B) 22 percent.C) -15 percent.D) -8 percent.E) none of the above.Answer: DTopic: Chapter 3.2 Distinction Between Real and Nominal Interest Rates Question Status: Previous Edition46) If you expect the inflation rate to be 5 percent next year and a one-year bond has a yield to maturity of 7 percent, then the real interest rate on this bond isA) -12 percent.B) -2 percent.C) 2 percent.D) 12 percent.Answer: CTopic: Chapter 3.2 Distinction Between Real and Nominal Interest Rates Question Status: Previous Edition47) The nominal interest rate minus the expected rate of inflationA) defines the real interest rate.B) is a better measure of the incentives to borrow and lend than the nominal interest rate.C) is a more accurate indicator of the tightness of credit market conditions than the nominal interest rate.D) all of the above.E) only A and B of the above.Answer: DTopic: Chapter 3.2 Distinction Between Real and Nominal Interest RatesQuestion Status: Previous Edition48) The nominal interest rate minus the expected rate of inflationA) defines the real interest rate.B) is a less accurate measure of the incentives to borrow and lend than is the nominal interest rate.C) is a less accurate indicator of the tightness of credit market conditions than is the nominal interest rate.D) defines the discount rate.Answer: ATopic: Chapter 3.2 Distinction Between Real and Nominal Interest Rates Question Status: Previous Edition49) In which of the following situations would you prefer to be making a loan?A) The interest rate is 9 percent and the expected inflation rate is 7 percent.B) The interest rate is 4 percent and the expected inflation rate is 1 percent.C) The interest rate is 13 percent and the expected inflation rate is 15 percent.D) The interest rate is 25 percent and the expected inflation rate is 50 percent. Answer: BTopic: Chapter 3.2 Distinction Between Real and Nominal Interest Rates Question Status: Previous Edition50) In which of the following situations would you prefer to be borrowing?A) The interest rate is 9 percent and the expected inflation rate is 7 percent.B) The interest rate is 4 percent and the expected inflation rate is 1 percent.C) The interest rate is 13 percent and the expected inflation rate is 15 percent.D) The interest rate is 25 percent and the expected inflation rate is 50 percent. Answer: DTopic: Chapter 3.2 Distinction Between Real and Nominal Interest Rates Question Status: Previous Edition51) What is the return on a 5 percent coupon bond that initially sells for $1,000 and sells for $1,200 one year later?A) 5 percentB) 10 percentC) -5 percentD) 25 percentE) None of the aboveAnswer: DTopic: Chapter 3.3 Distinction Between Interest Rates and ReturnsQuestion Status: Previous Edition52) What is the return on a 5 percent coupon bond that initially sells for $1,000 and sells for $900 one year later?A) 5 percentB) 10 percentC) -5 percentD) -10 percentE) None of the aboveAnswer: CTopic: Chapter 3.3 Distinction Between Interest Rates and ReturnsQuestion Status: Previous Edition53) The return on a 5 percent coupon bond that initially sells for $1,000 and sells for $1,100 one year later isA) 5 percent.B) 10 percent.C) 14 percent.D) 15 percent.Answer: DTopic: Chapter 3.3 Distinction Between Interest Rates and ReturnsQuestion Status: Previous Edition54) The return on a 10 percent coupon bond that initially sells for $1,000 and sells for $900 one year later isA) -10 percent.B) -5 percent.C) 0 percent.D) 5 percent.Answer: CTopic: Chapter 3.3 Distinction Between Interest Rates and ReturnsQuestion Status: Previous Edition55) Which of the following are generally true of all bonds?A) The only bond whose return equals the initial yield to maturity is one whose time to maturity is the same as the holding period.B) A rise in interest rates is associated with a fall in bond prices, resulting in capital losses on bonds whose term to maturities are longer than the holding period.C) The longer a bond's maturity, the greater is the price change associated with a given interest rate change.D) All of the above are true.E) Only A and B of the above are true.Answer: DTopic: Chapter 3.3 Distinction Between Interest Rates and ReturnsQuestion Status: Previous Edition56) Which of the following are true concerning the distinction between interest rates and return?A) The rate of return on a bond will not necessarily equal the interest rate on that bond.B) The return can be expressed as the sum of the current yieldand the rate of capital gains.C) The rate of return will be greater than the interest rate when the price of the bond falls between time t and time t + 1.D) All of the above are true.E) Only A and B of the above are true.Answer: ETopic: Chapter 3.3 Distinction Between Interest Rates and ReturnsQuestion Status: Previous Edition57) If the interest rates on all bonds rise from 5 to 6 percent over the course of the year, which bond would you prefer to have been holding?A) A bond with one year to maturityB) A bond with five years to maturityC) A bond with ten years to maturityD) A bond with twenty years to maturityAnswer: ATopic: Chapter 3.3 Distinction Between Interest Rates and ReturnsQuestion Status: Previous Edition58) Suppose you are holding a 5 percent coupon bond maturing in one year with a yield to maturity of 15 percent. If the interest rate on one-year bonds rises from 15 percent to 20 percent over the course of the year, what is the yearly return on the bond you are holding?A) 5 percentB) 10 percentC) 15 percentD) 20 percentAnswer: CTopic: Chapter 3.3 Distinction Between Interest Rates and ReturnsQuestion Status: Previous Edition59) (I) Prices of longer-maturity bonds respond more dramatically to changes in interest rates.(II) Prices and returns for long-term bonds are less volatile than those for short-term bonds.A) (I) is true, (II) false.B) (I) is false, (II) true.C) Both are true.D) Both are false.Answer: A。
金融市场学(第三版)课后答案解析郑振龙张亦春
第三章习题：1．X股票目前的市价为每股20元，你卖空1 000股该股票。
请问：（1）你的最大可能损失是多少？（2）如果你同时向经纪人发出了停止损失买入委托，指定价格为22元，那么你的最大可能损失又是多少？2．下表是纽约证交所某专家的限价委托簿：（1）如果此时有一市价委托，要求买入200股，请问按什么价格成交？（2）下一个市价买进委托将按什么价格成交？（3）如果你是专家，你会增加或减少该股票的存货？3．假设A公司股票目前的市价为每股20元。
你用15 000元自有资金加上从经纪人借入的5000元保证金贷款买了1000股A股票。
贷款年利率为6%。
（1）如果A股票价格立即变为①22元，②20元，③18元，你在经纪人账户上的净值会变动多少百分比？（2）如果维持保证金比率为25%，A股票价格可以跌到多少你才会收到追缴保证金通知？（3）如果你在购买时只用了10 000元自有资金，那么第（2）题的答案会有何变化？（4）假设该公司未支付现金红利。
一年以后，若A股票价格变为：①22元，②20元，③18元，你的投资收益率是多少？你的投资收益率与该股票股价变动的百分比有何关系？4．假设B公司股票目前市价为每股20元，你在你的经纪人保证金账户中存入15000元并卖空1000股该股票。
你的保证金账户上的资金不生息。
（1）如果该股票不付现金红利，则当一年后该股票价格变为22元、20元和18元时，你的投资收益率是多少？（2）如果维持保证金比率为25%，当该股票价格升到什么价位时你会收到追缴保证金通知？（3）若该公司在一年内每股支付了0.5元现金红利，（1）和（2）题的答案会有什么变化？5．下表是2002年7月5日某时刻上海证券交易所厦门建发的委托情况：成交，成交价多少？（2）此时你输入一笔限价买进委托，要求按13.24元买进10000股，请问能成交多少股，成交价多少？未成交部分怎么办？6．3月1日，你按每股16元的价格卖空1000股Z股票。
金融市场学课后习题答案
③有利于全球金融体制与融资结构的整合。金融全球化促进全球金融体制的整合，有 利于金融机构加速改革和重组，提高金融体系的效率。首先，促使一些国家的专业银行制 度逐步向全能银行制度转变。其次，促进了以银行为主导的间接金融为主转向以直接金融 为主导的金融结构转变。
6、金融全球化的影响。
答：金融全球化的影响具有双重性：一方面，金融全球化提高了国际金融市场的效 率，高效地配置资源，促进了世界经济金融的发展，有利于增进全球福利。另一方面，全 球化也带来了一些消极影响，对各国金融体系的稳定性提出了挑战。
一、 金融全球化的积极意义
①有利于资金在全球范围内的高效配置。金融资本跨国界流动的增加，使有限的资金 在全球范围内得到了更合理的分配，起到了及时调剂资金余缺的作用。
2、金融中介的基本功能是什么？ 答：①充当信用中介。信用中介是指商业银行等金融机构从社会借入资金，再贷给
借款人，金融机构在社会货币供需过程中起着一种桥梁，或者说中介作用。信用中介是 金融中介最基本的职能，通过间接融资方式实现借贷者之间的资金融通。
②提供支付机制。如今，大多数交易并不使用现金，而是使用支票、信用卡、借记 卡和电子转账系统。这种付款方式称为支付机制，一般是由特定的金融中介提供的。
④反映功能。金融市场历来被称为国民经济的“晴雨表”，是公认的国民经济信号系 统。这实际上就是金融市场反映功能的写照。
从微观层面来讲，金融市场的功能还包括价格发现、提供流动性、降低交易成本、 示范作用等等。
4、金融创新的动因是什么？ 答：金融创新的动因归结为以下三个方面：
①顺应需求的变化。利率剧烈波动导致经济环境变化，激励人们创造一些能够降低利 率风险的新的金融工具。
金融市场学双语题库及答案(第三章)米什金金融市场与机构
B) future value
C) interest
D) deflation
Answer: A
Topic: Chapter 3.1 Measuring Interest Rates
Question Status: Previous Edition
12) Dollars received in the future are worth ________ than dollars received today. The process of calculating what dollars received in the future are worth today is called ________.
A) 5 percent.
B) 8 percent.
C) 10 percent.
D) 40 percent.
Answer: A
Topic: Chapter 3.1 Measuring Interest Rates
Question Status: Previous Edition
11) The concept of ________ is based on the notion that a dollar paid to you in the future is less valuable to you than a dollar today.
B) U.S. Treasury bonds and notes are examples of coupon bonds.
C) Corporate bonds are examples of coupon bonds.
D) All of the above.
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习题三答案
1.（1）从理论上说，可能的损失是无限的，损失的金额随着X股票价格的上升而增加。
（2）当股价上升超过22元时，停止损失买进委托就会变成市价买进委托，因此最大损失就是2 000元左右。
2.（1）该委托将按最有利的限价卖出委托价格，即40.25美元成交。
（2）下一个市价买进委托将按41.50美元成交。
（3）我将增加该股票的存货。
因为该股票在40美元以下有较多的买盘，意味着下跌风险较小。
相反，卖压较轻。
3.你原来在账户上的净值为15 000元。
若股价升到22元，则净值增加2000元，上升了13.33%；
若股价维持在20元，则净值不变；
若股价跌到18元，则净值减少2000元，下降了13.33%。
令经纪人发出追缴保证金通知时的价位为X，则X满足下式：
（1000X-5000）/1000X=25%
所以X=6.67元。
此时X要满足下式：
（1000X-10000）/1000X=25%
所以X=13.33元。
一年以后保证金贷款的本息和为5000×1.06=5300元。
若股价升到22元，则投资收益率为：
（1000×22-5300-15000）/15000=11.33%
若股价维持在20元，则投资收益率为：
（1000×20-5300-15000）/15000=-2%
若股价跌到18元，则投资收益率为：
（1000×18-5300-15000）/15000=-15.33%
投资收益率与股价变动的百分比的关系如下：
投资收益率=股价变动率×投资总额/投资者原有净值－利率×所借资金/投资者原有净值
4.你原来在账户上的净值为15 000元。
（1）若股价升到22元，则净值减少2000元，投资收益率为-13.33%；
若股价维持在20元，则净值不变，投资收益率为0；
若股价跌到18元，则净值增加2000元，投资收益率为13.33%。
（2）令经纪人发出追缴保证金通知时的价位为Y，则Y满足下式：
（15000+20000-1000X）/1000X=25%
所以Y=28元。
（3）当每股现金红利为0.5元时，你要支付500元给股票的所有者。
这样第（1）题的收益率分别变为-16.67%、-3.33%和10.00%。
Y则要满足下式：
（15000+20000-1000X-500）/1000X=25%
所以Y=27.60元。
5.（1）可以成交，成交价为13.21元。
（2）能成交5800股，其中200股成交价为13.22元，3200股成交价为13.23元，2400股成交价格为13.24元。
其余4200股未成交部分按13.24元的价格作为限价买进委托排队等待新的委托。
6.你卖空的净所得为16×1000-0.3×1000=15700元，支付现金红利1000元，买回股票花了
12×1000+0.3×1000=12300元。
所以你赚了15700-1000-12300=2400元。
7.令3个月和6个月国库券的年收益率分别为r3和r6，则
1+r3=（100/97.64）4=1.1002
1+r6=（100/95.39）2=1.0990
求得r3=10.02%，r6=9.90%。
所以3个月国库券的年收益率较高。
8.（1）0时刻股价平均数为（18+10+20）/3=16，1时刻为（19+9+22）/3=16.67，股价平均数上升了4.17%。
（2）若没有分割，则C股票价格将是22元，股价平均数将是16.67元。
分割后，3只股票的股价总额为（19+9+11）=39，因此除数应等于39/16.67=2.34。
（3）变动率为0。
9.（1）拉斯拜尔指数=（19×1000+9×2000+11×2000）/（19×1000+9×2000+22×2000）=0.7284 因此该指数跌了27.16%。
（2）派许指数=（19×1000+9×2000+11×4000）/（19×1000+9×2000+22×4000）=0.648
因此该指数变动率为35.2%。
10. （1）息票率高的国债；
（2）贴现率低的国库券。