科目：FINC 2011
主讲人：Min



科目: FINC 2011 主讲人: Min
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Final Exam
– Duration: 120 minutes + 10 minutes reading time
– Time: Friday 26 November 5pm (Sydney time)
– Location: Online ProctorU Review CLOSED book exam
– Format: Eight (8) compulsory questions of unequal weight


Questions 1 – 5 use information in the text box above the questions – Capital Budgeting
question

Question One 10 Marks
Construct cash flows in excel and paste into text box in the exam （Topic 10）

Questions Two – Five 10 Marks (total)
Evaluate the project （Topic 9）





Question Six 10 Marks
Discussion
Topics covered include: Equity capital markets （Topic 5，6，7）

Question Seven 10 Marks
Discussion
Topic covered: Pricing efficiency of capital markets （Topic 11，12）

Question Eight 10 Marks
Discussion
Topic covered: Company cost of capital （Topic 4，5，6，8）















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Market order：市场订单 （马上进行交易，交易价格由当下时刻市场价格决定）
an order to purchase or sell securities at the best available price in the market place

If the order involves a larger quantity than is available at the best price, the order might be
executed at multiple prices. This is known as ‘walking the book’.
如果订单涉及的数量大于以最佳价格提供的数量，则订单可能会以多个价格执行。



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Suppose broker 111 places an order to sell 3000 XYZ shares at the best available price, what
would happen?
Broker 111要卖股票，就要看市场上别的 broker买价（bid price）
市场上最高的 bid price是 10.01，有 3500股，所以 Broker 111就会和 broker 528成交
3000股，每股价格 10.01
Suppose broker 111 places an order to sell 105,000 XYZ shares at the best available price,
what would happen?

和 broker 528成交 3500股，每股 10.01
和 broker 244 成交 22480股，每股 10.00
和 broker 264成交 2500股，每股 10.00
和 broker 585成交 21140股，每股 9.99
和 broker 565成交 988股，每股 9.98
和 broker 632成交 52116股，每股 9.98
和 broker 954成交 1547股，每股 9.98
和 broker 545成交 729股，每股 9.98
刚好 105000股完成

Average trade price is 1048937.28 / 105000 = $9.99
The market impact cost is $10.01 − $9.99 = $0.02



Walking the book的问题也就是 market order的缺点：
• Market order do not guarantee about the price, therefore it causes market impact cost
• If trade large amount of volume, price may change significantly


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