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程序代写案例-FINS 5512
时间：2022-07-03
HD EDUCATION
HD
EDUCATION
FINS 5512
Quiz 2 刷题课
TUTOR: Kumi
讲解例题均源于 Testbank和网页改编题
CHRISTOPHER VINEY PETER PHILLIPS, Financial Institutions Instruments &Markets [M] 9TH EDITION
HD EDUCATION
1. The owners of ________ face unlimited liability.
a. General partnership
b. Corporation
c. Sole proprietorship
d. Any two of the three types of companies
e. All three types of companies
2. You bought 2, 000 common shares of an Australian publicly-listed company, OzCpy,
which has 200,000,000 shares outstanding. The share price was $1 per share.
Which of the following statement(s) would apply to you?
a. You can sell your shares on the Australian stock exchange
b. All three statements apply to you
c. You are not one of the actual owners of the company
d. Only two of the statements apply to you
e. Your maximum loss is zero because your investment is guaranteed
3. Which of the following statements regarding agency problem in a modern corporation are true?
a. Modern corporations are destined to fail because 'managers’, and not the ‘owners’ run the business
b. None of the three statements are true
c. Agency problems in modern corporations could be reduced by monitoring management behaviour.
d. Agency problems in modern corporations could be reduced by the threat of takeovers by another firm
e. Any two of the three statement
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4. Lucky Business is expected to pay a dividend of $6.85 per share one year from today.
The firm's shareholders have a required rate of return of 8.45% per annum
and its dividends are forecast to grow at 5.33% per year in perpetuity.
Based on the given information, the share price of Lucky Business today should be $___________ per share
5. A company currently pays a dividend of $1.44
which is expected to grow indefinitely at 1.72% per year
If the current value of the company' s shares based on the constant growth dividend discount model (DDM) is $26.12,
the required rate of return for the company's shares is _______ per annum.
6. Suppose that the dividends just paid by a broad market index equals $57.58 million
The appropriate discount rate for the market is 8.82% per annum
with participants believing that dividends paid out by the market will grow by 3.33% per annum in perpetuity.
Using the constant-growth formula for valuation, if the market's dividend growth rate changes to 4.11%
the market value would increase by _______%
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7. An investor owns 24.27 million shares in Risky Business at the start of this year.
The company is an Australian firm currently trading on the ASX and it is about to announce a 3-for-1 stock split.
Two days after the stock split, the stock price was $22.07 /share
and it was $81.34/share at the start of this year.
the value of Risky Business shares owned by the investor two days after the stock split would be $ __________ million.
8. Suppose Stocks A, B and C are the only three component stocks in a benchmark index.
The number of shares outstanding of Stocks A, B and C are 400,000 shares, 321,000 shares, and 217,000 shares, respectively.
The prices of Stocks A, B and C for Days 1, 2, 3 and 4 are given in the table below:
Stock A Stock B Stock C
Day 1 30.49 44.59 80.60
Day2 31.09 38.70 78.15
Day3 32.06 43.78 78.09
Day4 33.53 44.29 79.63
If the benchmark price-weighted index was 1522.76 on Day 1, the benchmark price-weighted index on Day 4 would be______.
(Note: Answer must be correct to 2 decimal places, but you may leave your answer with more than 2 decimal places.)
Value-weighted index ？
9. An investor currently owns 800 shares in Romulus Remus Limited,
which is an Australian firm currently trading on the ASX at a market price of $15.79/share.
Romulus Remus is about to undergo a bonus issue of 11 shares for every 4 held by their investors.
Assuming that the shares are still trading cum-bonus, complete the following statement about the investor’s position in the firm
once the bonus issued is complete.
The investor will now own _________ that will be worth _______ in total.
a. 2200 shares; $4593
b. 3000 shares; $12632
c. 3000 shares ;$47370
d. 2200 shares; $3369
e. 3000 shares; $4593
f. 2200 shares; $47370
g. 2200 shares; $12632
h. 3000 shares; $3369
HD EDUCATION
10. An Australian company, OzCPY has made a renounceable rights issue offer to the existing shareholders.
The share price when announcing the rights was $22.65
and the firm’s current ordinary share price is $23.65
and the 2-for-11 pro-rata issue has an offer price of $22.81.
What is the theoretical ex-rights share price of the firm?
HD EDUCATION
11. The forecasted earnings-per-share(EPS) of CPY A and CPY B for Years 1 thru 6 are given in the table below:
CPY A CPY B
Year1 14.70 1.3
Year2 16.05 1.34
Year3 17.52 1.39
Year4 19.12 1.43
Year5 20.87 1.48
Year6 22.78 1.53
Based on the above values, CPY A will likely have a _______ P/E ratio than CPY B;
and CPY A’s EPS is growing at a rate of ______ per year, over the 5-year period from Year 1 to Year 6.
a. higher; 4.58
b. higher; 9.16
c. lower; 9.16
d. lower: 18.31
e. lower; 4.58
◼ EPS 每股收益越高，对股票估值越高
◼ PE 市盈率=每股价格(P)/每股收益(E)
HD EDUCATION
12. There are many techniques used by financial analysts to seek out superior investments.
An analysis known as ________ analysis is the investment approach that focuses on factors that are likely to influence the growth
rate and future profits of a company.
13. You have the following daily price data for a company share.
The prices for the past 7 days are$12.57, $10.05, $13.09, $17.93, $11.72, $14.99 and $18.88 respectively.
Use it to compute the 6-day moving average over the period.
HD EDUCATION
14. Assume OzCpy is an Australian firm whose shares trade on the ASX.
The firm earn part of its domestically income in Australia and part of its income overseas, where it is required to pay tax to the
foreign governments where it operates.
Currently, the Australian corporate tax rate is 30% and the Medicare levy is 2%
OzCpy provides dividend imputation to Australian-resident shareholders from its Australian tax paid.
Assume that OzCpy pays a 83% partly-franked dividend of $14.53 thousand to an Australian shareholder
who has a marginal tax rate of 32.5% and who is exempt from paying the Medicare levy.
Compute the income tax payable by this investor on the partly-franked dividend.
① 确定已纳税股息：Total Dividend=Franked Dividend+ Unfranked Dividend
② 确定红利抵免：Franking Credit= Franked Dividend×Tc/(1-Tc)
③ 确定可纳税收入: Assessable Income= Total Dividend+ Franking Credit
④ 确定基础应纳税款：Basic Tax Payable= Assessable Income× tax rate
⑤ 确定净应纳税款：Net Tax Payable= Basic Tax Payable-Tax Rebate
HD EDUCATION
15. The suggestions of the efficient market hypothesis(EMH) include
a. The suggestion that a bottom-up approach is the most appropriate investment strategy.
b. All three are NOT suggestions of EMH
c. Only two of the suggestions above and/or below are suggestions of EMH
d. The suggestion that technical analysis can be used to uncover trends and is quite useful.
e. The suggestion that stock prices cannot equal their fundamental values.
16. Which of the following statements related to weak-form market efficiency are true?
I. Share prices follow a random walk pattern when the share market is efficient at the weak-form level
II. In a weak-form market, stock prices change quickly in response to information contained in past data such as trading volume
and prices
III. In a weak-form efficient market, trading strategies that rely on technical analysis cannot be expected to beat the market
a. III
b. I and II
c. I and III
d. I, II, and III
e. None of the statements are correct
HD EDUCATION
17. Which of the following statements about bank accepted bills is false?
a. The party that issues the bill is the drawer
b. When the bill is first issued, the party that receives the loaned funds is the discounter
c. A tertiary liability to pay the holder of the bill at maturity is carried by the discounter if they have resold it.
d. The acceptor takes on the secondary liability for repayment of the face value of the bill
HD EDUCATION
18. An Australian company issued a 150-day bank-accepted bill domestically with a face value of $500000
The bill was discounted at a yield of 7.86% per annum
representing a price of $484354.68
After 14 days the discounter sells the bill in the short-term money market for $488549.99
The bill is not traded again in the market.
The yield to the current holder at maturity is ___________%.
19. An investor invested AUD $54, 000,000 in 149-day Australian bank-accepted bills
discounted at a yield of 2.12% per annum, 149 days ago.
The investor has decided to roll over the value of that entire portfolio at maturity (which is today) into
84-day Australian bank-accepted bills discounted at a yield of 1.67% per annum.
The total market value of the 84-day bills invested today will be $_______ 20 days from today.
In 20 days from today, those 84-day bills invested today will be 64-day bills.
Assume there are 365 days in one calendar year and discount yields remain unchanged over the next 20 days.
20. If the quote of a U.S. Treasury bill with 294 days to maturity is 3.1 for an investor who wants to buy.
An investor in the United States purchasing the bill with a face value of $155,000 would pay $_________.
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21. A coupon bond issued by an Australian company in Sydney pays annual interest,
has a par value of $1, 000
matures in 20 years
has a coupon rate of 2.40% per annum,
and has a yield to maturity of 5.52% per annum.
The current intrinsic value of the bond should be $____________.
If semi-paid？？
22. A United States Treasury bond pays annual interest, has a par value of $1,000,
matures in 4 years,
has a coupon rate of 1.45% per annum,
and has a yield to maturity of 16.91% per annum.
The default risk premium on the bond issued by a company called Risky Business in the United States is 7.82% per annum.
The bond issued by Risky Business pays annual coupon, has a par value of $1,000,
matures in 4 years
and has a coupon rate of 1.45% per annum.
The current intrinsic value of that bond issued by Risky Business is $________.
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23. The ________ value of the bond would _________ when the interest rates ___________.
a. All three statements are correct
b. Face; increase; decline
c. Two of the three statements are correct
d. Market; increase; increase
e. Face; not be affected; increase
24. Consider the following statements, how many are true？
① Treasury-bills in the United States are financial instruments initially sold by the United States government to raise funds
② For a limited liability company, the liability is restricted to the shareholders of the company and not the bond holders
③ A common measure of a share's market liquidity is the ratio of turnover to market capitalisation
④ Money market instruments are short-term instruments with marketability and pay no liquidity premiums
25. A bank manager approves a deal with a company to give it access to short-term funds,
so that the company can purchase a new machinery to replace a broken one.
This is called a _______ and it is a/an _______ decision by the company.
a. Credit facility; financing
b. Liquidity provision; financing
c. Credit provision; investment
d. Credit facility; investment
e. None of the above and/or below
◼ Credit facility 信贷便利：银行给企业提供融资便利
◼ Liquidity provision 流动拨备：从存款计提准备金，以防还不起钱
◼ Credit provision 信贷拨备：从贷款计提准备金，以防催不回坏账
HD EDUCATION
1. Consider the following statements, how many are correct?
I. All other things being equal, a cum-dividend share price should fall by the amount of a dividend when it is paid
Il. The expected return of a portfolio of shares is the simple average of the expected returns for each share
III. One of the effects of dividend imputation is to cause ‘double taxation’ of company profits that are distributed as dividends
IV. For a shareholder with a marginal tax rate that is higher than the company tax rate, no tax will be payable on the fully franked
dividend received, and the excess credit can be applied against other assessable income
V. In a one-for-nine bonus issue, if the cum-bonus price was $10, then the theoretical ex-bonus price would be $9
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2. Some of the factors that are used by analysts using the top-down approach in the analysis of fundamentals affecting share prices
are:
a. exchange rates
b. interest rates.
c. rate of growth in international economies
d. all of the given answers
3. Which of the following is NOT an example of negative debt covenants?
:
a. Specifying what activities the business can enter into
b. Restrictions on amalgamation with other companies
c. Supplying creditors with annual audited reports
d. Limiting annual dividend payments to shareholders
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4. Which of the following statements about investments are true?
i. Unsystematic risks are usually nor evident in portfolios of more than 25 stocks
ii. Sensitivity of a stock to systemic risks is measured by a beta-coefficient
iii. Active investment can be described by strategic allocation of funds following analysis of the past price trends
iv. Risk cannot be considered as a major consideration in well-diversified portfolios
a. Only i and iv are correct
b. Only i and ii are correct
c. Only ii and iii are correct
d. Only ii and iv are correct
e. Only ii and iv are correct
f. Only i and i are correct
HD EDUCATION
5. Shareholders in Sarif Industries require a rate of return on their investment of 8.1%.
Investors expect Sarif to have EPS one year from now of $3.43.
Sarif current invests 35% of its earnings each year
and its dividends are expected to grow at an annual rate of 3.3% in perpetuny.
If shares in Sarif Industries are priced correctly,
its P/E ratio will be _______.
a. 13.99
b. 7.53
c. 13.54
d. 6.96
e. 7.24
6. A company whose earnings are likely to grow _______ likely have a _______ P/E ratio,
especially if the P/E ratio is based on ________ earnings.
a. fast; high; current
b. slowly; low, forecasted
c. fast; low, forecasted
d. fast; low, historical
P=PE*EPS → EPS 是盈利能力，PE 是估值能力
7. Covetton House has issued $10 million of debenture，
with a fixed-interest coupon equal to current interest rates of 6.44% per annum,
coupons paid quarterly and a maturity of 16 years.
After 5 years, yields on identical types of securities have risen to 10.98% per annum.
What is the value, or price, of the existing debenture in the secondary market?
a. $13539220.12
b. $13558558.60
c. $7141075.52
d. $13501421.06
e. $7179712.49
f. $8934838.21
g. $7121189.89
8. The most important function of an underwriter for a promissory note issue is to
a. provide funding for the corporation
b. approve the prospectus before distribution to the public
c. dilute the corporation's equity
d. buy the issue of securities from the corporation and resell it to investors
HD EDUCATION
9. Which of the following statements about bank bills is true?
a. The yield on a Treasury bond is generally higher than the interest rate on a bank overdraft
b. The yield on a Treasury note is generally lower than the interest rate on a bank bill
c. The yield on a Treasury note is generally higher than the interest rate on a bank overdraft
d. The interest rate on a bank overdraft is generally higher than on a bank bill
◼ Treasury bill：1 年期以内的国债
◼ Treasury note：2-10 年的国债
◼ Treasury bond： 10 年以上的国债
◼ Bank overdraft：透支，相当于银行借给公司的信用卡
◼ Bank bill：银行承兑汇票，公司发行，银行担保
➢ Interest Rate：Bank bill > Bank overdraft > Treasury bond > Treasury note> Treasury bill
➢ Yield = Interest/Coupon + Capital Gain
10. Active trading in markets and competition among securities analysts helps ensure that:
I. Safer securities are priced to offer higher potential returns
II. Investors are unlikely to be able to consistently find undervalued or overvalued securities
Ill. Security prices approach informational efficiency
How about？
Securities Prices approach informational efficiency.
a. I
b. III
c. I and III
d. II and III
e. I, II, and Ⅲ
HD EDUCATION
11. Which of the following statements regarding the features of preference shares is true?
I. Redeemable preference shares are entitled to dividend payments above the stated rate
II. Participating preference shares must receive any unpaid dividends owed to them prior to ordinary
III. Preference shares rank ahead of unsecured creditors in their claim on company assets in the event
a. I
b. II
c. III
d. I and II
e. I and III
f. I, II, and III
g. None of the statements are true
12. Which of the following statements about the relationship between bond prices and interest rates are true?
I. There is an inverse relationship between the prices of bonds and interest rates
II. For two bonds with the same coupon rate, the bond with the longer time to maturity will have a price that is more sensitive to
changes in interest rates
a. I
b. II
c. I and II
d. None of the statements are correct
HD EDUCATION
13. Castor Pollux Limited is an Australian firm whose shares trade on the ASX.
The firm earn part of its domestically income in Australia and part of its income overseas, where it is required to pay tax to the foreign
governments where it operates.
Currently, the Australian corporate tax rate is 30% and the Medicare levy is 2%.
Castor Pollux provides dividend imputation to Australian-resident shareholders from its Australian tax paid.
Assume that Castor Pollux pays a 87% partly-franked dividend of $13.47 thousand to an Australian shareholder who has a marginal
tax rate of 45%.
Compute the income tax payable by this investor on the partly franked dividend
a. $4467.59
b. $3299.19
c. $4021.76
d. $3636.90
e. $2189.64
f. $1357.49
g. $3669.04
① 确定已纳税股息：Total Dividend=Franked Dividend+ Unfranked Dividend
② 确定红利抵免：Franking Credit= Franked Dividend×Tc/(1-Tc)
③ 确定可纳税收入: Assessable Income= Total Dividend+ Franking Credit
④ 确定基础应纳税款：Basic Tax Payable= Assessable Income× tax rate
⑤ 确定净应纳税款：Net Tax Payable= Basic Tax Payable-Tax Rebate
HD EDUCATION
14. According to fundamental ethical and professional principles applicable to the investment industry,
which group should have its interests ranked first?
a. Employers
b. Market
c. Co-workers
d. Self
e. Clients
15. You, a financial analyst for UNS Advisory, is told by the investor relations representative for Thunderbird,
a major aircraft parts manufacturer, that they are in the final stages of building a new fuel efficient jet engine.
This information was announced by Thunderbird at the recent analyst conference briefing.
You use this information along with other information you obtained from the company and distributed to the public in a research
report that includes a "buy” recommendation for Thunderbird shares.
Which of the following statements is CORRECT:
a. You violated the Code and Standards because you have a material misrepresentation in your report.
b. You violated the Code and Standards because you failed to separate opinion from fact.
c. You violated the Code and Standards because you used material nonpublic information.
d. Your actions did not violate the Code and Standards.
◼ Misrepresentation 故意误解信息，隐藏失误，报喜不报忧，避重就轻
◼ Fact and opinion 在提出投资分析和建议时，要区分事实和意见
◼ Material Nonpublic Information. 重大非公开信息，不能把它卖给别人，不能自己用不能给别人用
HD
EDUCATION
FINS 5512
Quiz 2 刷题课
TUTOR: Kumi
讲解例题均源于 Testbank和网页改编题
CHRISTOPHER VINEY PETER PHILLIPS, Financial Institutions Instruments &Markets [M] 9TH EDITION
HD EDUCATION
1. The owners of ________ face unlimited liability.
a. General partnership
b. Corporation
c. Sole proprietorship
d. Any two of the three types of companies
e. All three types of companies
2. You bought 2, 000 common shares of an Australian publicly-listed company, OzCpy,
which has 200,000,000 shares outstanding. The share price was $1 per share.
Which of the following statement(s) would apply to you?
a. You can sell your shares on the Australian stock exchange
b. All three statements apply to you
c. You are not one of the actual owners of the company
d. Only two of the statements apply to you
e. Your maximum loss is zero because your investment is guaranteed
3. Which of the following statements regarding agency problem in a modern corporation are true?
a. Modern corporations are destined to fail because 'managers’, and not the ‘owners’ run the business
b. None of the three statements are true
c. Agency problems in modern corporations could be reduced by monitoring management behaviour.
d. Agency problems in modern corporations could be reduced by the threat of takeovers by another firm
e. Any two of the three statement
HD EDUCATION
4. Lucky Business is expected to pay a dividend of $6.85 per share one year from today.
The firm's shareholders have a required rate of return of 8.45% per annum
and its dividends are forecast to grow at 5.33% per year in perpetuity.
Based on the given information, the share price of Lucky Business today should be $___________ per share
5. A company currently pays a dividend of $1.44
which is expected to grow indefinitely at 1.72% per year
If the current value of the company' s shares based on the constant growth dividend discount model (DDM) is $26.12,
the required rate of return for the company's shares is _______ per annum.
6. Suppose that the dividends just paid by a broad market index equals $57.58 million
The appropriate discount rate for the market is 8.82% per annum
with participants believing that dividends paid out by the market will grow by 3.33% per annum in perpetuity.
Using the constant-growth formula for valuation, if the market's dividend growth rate changes to 4.11%
the market value would increase by _______%
HD EDUCATION
7. An investor owns 24.27 million shares in Risky Business at the start of this year.
The company is an Australian firm currently trading on the ASX and it is about to announce a 3-for-1 stock split.
Two days after the stock split, the stock price was $22.07 /share
and it was $81.34/share at the start of this year.
the value of Risky Business shares owned by the investor two days after the stock split would be $ __________ million.
8. Suppose Stocks A, B and C are the only three component stocks in a benchmark index.
The number of shares outstanding of Stocks A, B and C are 400,000 shares, 321,000 shares, and 217,000 shares, respectively.
The prices of Stocks A, B and C for Days 1, 2, 3 and 4 are given in the table below:
Stock A Stock B Stock C
Day 1 30.49 44.59 80.60
Day2 31.09 38.70 78.15
Day3 32.06 43.78 78.09
Day4 33.53 44.29 79.63
If the benchmark price-weighted index was 1522.76 on Day 1, the benchmark price-weighted index on Day 4 would be______.
(Note: Answer must be correct to 2 decimal places, but you may leave your answer with more than 2 decimal places.)
Value-weighted index ？
9. An investor currently owns 800 shares in Romulus Remus Limited,
which is an Australian firm currently trading on the ASX at a market price of $15.79/share.
Romulus Remus is about to undergo a bonus issue of 11 shares for every 4 held by their investors.
Assuming that the shares are still trading cum-bonus, complete the following statement about the investor’s position in the firm
once the bonus issued is complete.
The investor will now own _________ that will be worth _______ in total.
a. 2200 shares; $4593
b. 3000 shares; $12632
c. 3000 shares ;$47370
d. 2200 shares; $3369
e. 3000 shares; $4593
f. 2200 shares; $47370
g. 2200 shares; $12632
h. 3000 shares; $3369
HD EDUCATION
10. An Australian company, OzCPY has made a renounceable rights issue offer to the existing shareholders.
The share price when announcing the rights was $22.65
and the firm’s current ordinary share price is $23.65
and the 2-for-11 pro-rata issue has an offer price of $22.81.
What is the theoretical ex-rights share price of the firm?
HD EDUCATION
11. The forecasted earnings-per-share(EPS) of CPY A and CPY B for Years 1 thru 6 are given in the table below:
CPY A CPY B
Year1 14.70 1.3
Year2 16.05 1.34
Year3 17.52 1.39
Year4 19.12 1.43
Year5 20.87 1.48
Year6 22.78 1.53
Based on the above values, CPY A will likely have a _______ P/E ratio than CPY B;
and CPY A’s EPS is growing at a rate of ______ per year, over the 5-year period from Year 1 to Year 6.
a. higher; 4.58
b. higher; 9.16
c. lower; 9.16
d. lower: 18.31
e. lower; 4.58
◼ EPS 每股收益越高，对股票估值越高
◼ PE 市盈率=每股价格(P)/每股收益(E)
HD EDUCATION
12. There are many techniques used by financial analysts to seek out superior investments.
An analysis known as ________ analysis is the investment approach that focuses on factors that are likely to influence the growth
rate and future profits of a company.
13. You have the following daily price data for a company share.
The prices for the past 7 days are$12.57, $10.05, $13.09, $17.93, $11.72, $14.99 and $18.88 respectively.
Use it to compute the 6-day moving average over the period.
HD EDUCATION
14. Assume OzCpy is an Australian firm whose shares trade on the ASX.
The firm earn part of its domestically income in Australia and part of its income overseas, where it is required to pay tax to the
foreign governments where it operates.
Currently, the Australian corporate tax rate is 30% and the Medicare levy is 2%
OzCpy provides dividend imputation to Australian-resident shareholders from its Australian tax paid.
Assume that OzCpy pays a 83% partly-franked dividend of $14.53 thousand to an Australian shareholder
who has a marginal tax rate of 32.5% and who is exempt from paying the Medicare levy.
Compute the income tax payable by this investor on the partly-franked dividend.
① 确定已纳税股息：Total Dividend=Franked Dividend+ Unfranked Dividend
② 确定红利抵免：Franking Credit= Franked Dividend×Tc/(1-Tc)
③ 确定可纳税收入: Assessable Income= Total Dividend+ Franking Credit
④ 确定基础应纳税款：Basic Tax Payable= Assessable Income× tax rate
⑤ 确定净应纳税款：Net Tax Payable= Basic Tax Payable-Tax Rebate
HD EDUCATION
15. The suggestions of the efficient market hypothesis(EMH) include
a. The suggestion that a bottom-up approach is the most appropriate investment strategy.
b. All three are NOT suggestions of EMH
c. Only two of the suggestions above and/or below are suggestions of EMH
d. The suggestion that technical analysis can be used to uncover trends and is quite useful.
e. The suggestion that stock prices cannot equal their fundamental values.
16. Which of the following statements related to weak-form market efficiency are true?
I. Share prices follow a random walk pattern when the share market is efficient at the weak-form level
II. In a weak-form market, stock prices change quickly in response to information contained in past data such as trading volume
and prices
III. In a weak-form efficient market, trading strategies that rely on technical analysis cannot be expected to beat the market
a. III
b. I and II
c. I and III
d. I, II, and III
e. None of the statements are correct
HD EDUCATION
17. Which of the following statements about bank accepted bills is false?
a. The party that issues the bill is the drawer
b. When the bill is first issued, the party that receives the loaned funds is the discounter
c. A tertiary liability to pay the holder of the bill at maturity is carried by the discounter if they have resold it.
d. The acceptor takes on the secondary liability for repayment of the face value of the bill
HD EDUCATION
18. An Australian company issued a 150-day bank-accepted bill domestically with a face value of $500000
The bill was discounted at a yield of 7.86% per annum
representing a price of $484354.68
After 14 days the discounter sells the bill in the short-term money market for $488549.99
The bill is not traded again in the market.
The yield to the current holder at maturity is ___________%.
19. An investor invested AUD $54, 000,000 in 149-day Australian bank-accepted bills
discounted at a yield of 2.12% per annum, 149 days ago.
The investor has decided to roll over the value of that entire portfolio at maturity (which is today) into
84-day Australian bank-accepted bills discounted at a yield of 1.67% per annum.
The total market value of the 84-day bills invested today will be $_______ 20 days from today.
In 20 days from today, those 84-day bills invested today will be 64-day bills.
Assume there are 365 days in one calendar year and discount yields remain unchanged over the next 20 days.
20. If the quote of a U.S. Treasury bill with 294 days to maturity is 3.1 for an investor who wants to buy.
An investor in the United States purchasing the bill with a face value of $155,000 would pay $_________.
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21. A coupon bond issued by an Australian company in Sydney pays annual interest,
has a par value of $1, 000
matures in 20 years
has a coupon rate of 2.40% per annum,
and has a yield to maturity of 5.52% per annum.
The current intrinsic value of the bond should be $____________.
If semi-paid？？
22. A United States Treasury bond pays annual interest, has a par value of $1,000,
matures in 4 years,
has a coupon rate of 1.45% per annum,
and has a yield to maturity of 16.91% per annum.
The default risk premium on the bond issued by a company called Risky Business in the United States is 7.82% per annum.
The bond issued by Risky Business pays annual coupon, has a par value of $1,000,
matures in 4 years
and has a coupon rate of 1.45% per annum.
The current intrinsic value of that bond issued by Risky Business is $________.
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23. The ________ value of the bond would _________ when the interest rates ___________.
a. All three statements are correct
b. Face; increase; decline
c. Two of the three statements are correct
d. Market; increase; increase
e. Face; not be affected; increase
24. Consider the following statements, how many are true？
① Treasury-bills in the United States are financial instruments initially sold by the United States government to raise funds
② For a limited liability company, the liability is restricted to the shareholders of the company and not the bond holders
③ A common measure of a share's market liquidity is the ratio of turnover to market capitalisation
④ Money market instruments are short-term instruments with marketability and pay no liquidity premiums
25. A bank manager approves a deal with a company to give it access to short-term funds,
so that the company can purchase a new machinery to replace a broken one.
This is called a _______ and it is a/an _______ decision by the company.
a. Credit facility; financing
b. Liquidity provision; financing
c. Credit provision; investment
d. Credit facility; investment
e. None of the above and/or below
◼ Credit facility 信贷便利：银行给企业提供融资便利
◼ Liquidity provision 流动拨备：从存款计提准备金，以防还不起钱
◼ Credit provision 信贷拨备：从贷款计提准备金，以防催不回坏账
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1. Consider the following statements, how many are correct?
I. All other things being equal, a cum-dividend share price should fall by the amount of a dividend when it is paid
Il. The expected return of a portfolio of shares is the simple average of the expected returns for each share
III. One of the effects of dividend imputation is to cause ‘double taxation’ of company profits that are distributed as dividends
IV. For a shareholder with a marginal tax rate that is higher than the company tax rate, no tax will be payable on the fully franked
dividend received, and the excess credit can be applied against other assessable income
V. In a one-for-nine bonus issue, if the cum-bonus price was $10, then the theoretical ex-bonus price would be $9
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2. Some of the factors that are used by analysts using the top-down approach in the analysis of fundamentals affecting share prices
are:
a. exchange rates
b. interest rates.
c. rate of growth in international economies
d. all of the given answers
3. Which of the following is NOT an example of negative debt covenants?
:
a. Specifying what activities the business can enter into
b. Restrictions on amalgamation with other companies
c. Supplying creditors with annual audited reports
d. Limiting annual dividend payments to shareholders
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4. Which of the following statements about investments are true?
i. Unsystematic risks are usually nor evident in portfolios of more than 25 stocks
ii. Sensitivity of a stock to systemic risks is measured by a beta-coefficient
iii. Active investment can be described by strategic allocation of funds following analysis of the past price trends
iv. Risk cannot be considered as a major consideration in well-diversified portfolios
a. Only i and iv are correct
b. Only i and ii are correct
c. Only ii and iii are correct
d. Only ii and iv are correct
e. Only ii and iv are correct
f. Only i and i are correct
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5. Shareholders in Sarif Industries require a rate of return on their investment of 8.1%.
Investors expect Sarif to have EPS one year from now of $3.43.
Sarif current invests 35% of its earnings each year
and its dividends are expected to grow at an annual rate of 3.3% in perpetuny.
If shares in Sarif Industries are priced correctly,
its P/E ratio will be _______.
a. 13.99
b. 7.53
c. 13.54
d. 6.96
e. 7.24
6. A company whose earnings are likely to grow _______ likely have a _______ P/E ratio,
especially if the P/E ratio is based on ________ earnings.
a. fast; high; current
b. slowly; low, forecasted
c. fast; low, forecasted
d. fast; low, historical
P=PE*EPS → EPS 是盈利能力，PE 是估值能力
7. Covetton House has issued $10 million of debenture，
with a fixed-interest coupon equal to current interest rates of 6.44% per annum,
coupons paid quarterly and a maturity of 16 years.
After 5 years, yields on identical types of securities have risen to 10.98% per annum.
What is the value, or price, of the existing debenture in the secondary market?
a. $13539220.12
b. $13558558.60
c. $7141075.52
d. $13501421.06
e. $7179712.49
f. $8934838.21
g. $7121189.89
8. The most important function of an underwriter for a promissory note issue is to
a. provide funding for the corporation
b. approve the prospectus before distribution to the public
c. dilute the corporation's equity
d. buy the issue of securities from the corporation and resell it to investors
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9. Which of the following statements about bank bills is true?
a. The yield on a Treasury bond is generally higher than the interest rate on a bank overdraft
b. The yield on a Treasury note is generally lower than the interest rate on a bank bill
c. The yield on a Treasury note is generally higher than the interest rate on a bank overdraft
d. The interest rate on a bank overdraft is generally higher than on a bank bill
◼ Treasury bill：1 年期以内的国债
◼ Treasury note：2-10 年的国债
◼ Treasury bond： 10 年以上的国债
◼ Bank overdraft：透支，相当于银行借给公司的信用卡
◼ Bank bill：银行承兑汇票，公司发行，银行担保
➢ Interest Rate：Bank bill > Bank overdraft > Treasury bond > Treasury note> Treasury bill
➢ Yield = Interest/Coupon + Capital Gain
10. Active trading in markets and competition among securities analysts helps ensure that:
I. Safer securities are priced to offer higher potential returns
II. Investors are unlikely to be able to consistently find undervalued or overvalued securities
Ill. Security prices approach informational efficiency
How about？
Securities Prices approach informational efficiency.
a. I
b. III
c. I and III
d. II and III
e. I, II, and Ⅲ
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11. Which of the following statements regarding the features of preference shares is true?
I. Redeemable preference shares are entitled to dividend payments above the stated rate
II. Participating preference shares must receive any unpaid dividends owed to them prior to ordinary
III. Preference shares rank ahead of unsecured creditors in their claim on company assets in the event
a. I
b. II
c. III
d. I and II
e. I and III
f. I, II, and III
g. None of the statements are true
12. Which of the following statements about the relationship between bond prices and interest rates are true?
I. There is an inverse relationship between the prices of bonds and interest rates
II. For two bonds with the same coupon rate, the bond with the longer time to maturity will have a price that is more sensitive to
changes in interest rates
a. I
b. II
c. I and II
d. None of the statements are correct
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13. Castor Pollux Limited is an Australian firm whose shares trade on the ASX.
The firm earn part of its domestically income in Australia and part of its income overseas, where it is required to pay tax to the foreign
governments where it operates.
Currently, the Australian corporate tax rate is 30% and the Medicare levy is 2%.
Castor Pollux provides dividend imputation to Australian-resident shareholders from its Australian tax paid.
Assume that Castor Pollux pays a 87% partly-franked dividend of $13.47 thousand to an Australian shareholder who has a marginal
tax rate of 45%.
Compute the income tax payable by this investor on the partly franked dividend
a. $4467.59
b. $3299.19
c. $4021.76
d. $3636.90
e. $2189.64
f. $1357.49
g. $3669.04
① 确定已纳税股息：Total Dividend=Franked Dividend+ Unfranked Dividend
② 确定红利抵免：Franking Credit= Franked Dividend×Tc/(1-Tc)
③ 确定可纳税收入: Assessable Income= Total Dividend+ Franking Credit
④ 确定基础应纳税款：Basic Tax Payable= Assessable Income× tax rate
⑤ 确定净应纳税款：Net Tax Payable= Basic Tax Payable-Tax Rebate
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14. According to fundamental ethical and professional principles applicable to the investment industry,
which group should have its interests ranked first?
a. Employers
b. Market
c. Co-workers
d. Self
e. Clients
15. You, a financial analyst for UNS Advisory, is told by the investor relations representative for Thunderbird,
a major aircraft parts manufacturer, that they are in the final stages of building a new fuel efficient jet engine.
This information was announced by Thunderbird at the recent analyst conference briefing.
You use this information along with other information you obtained from the company and distributed to the public in a research
report that includes a "buy” recommendation for Thunderbird shares.
Which of the following statements is CORRECT:
a. You violated the Code and Standards because you have a material misrepresentation in your report.
b. You violated the Code and Standards because you failed to separate opinion from fact.
c. You violated the Code and Standards because you used material nonpublic information.
d. Your actions did not violate the Code and Standards.
◼ Misrepresentation 故意误解信息，隐藏失误，报喜不报忧，避重就轻
◼ Fact and opinion 在提出投资分析和建议时，要区分事实和意见
◼ Material Nonpublic Information. 重大非公开信息，不能把它卖给别人，不能自己用不能给别人用
