課程名稱︰投資銀行管理
課程性質︰
課程教師︰蘇永成
開課學院：管理學院
開課系所︰財金系
考試日期（年月日）︰2013/6/18
考試時限（分鐘）：180
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
General instructions:
1.This is a close book exam. Try your best to answer the following three
questions.
2.Good luck!!!!
Question I.
Explain the Leverage Buyout (LBO) process (5%). During the LBO process,
junk bond and mezzanine issue are the most important financing tools. Discuss
the characteristics of junk bond and mezzanine issue (10%). Show by graphs and
explain possible LBO structures (15%).
Question II.
Explain in detail primary market making on (i) underwriting syndicate
position, (ii) underwriting syndicate profit and loss function, and (iii) risk
and return of under-pricing in underwriting syndicate, under the framework of
Black and Scholes option pricing model (25%). How do investment bankers support
primary market makings by secondary market makings (5%)?
Question III.
Explain dealer functions in secondary market making (5%). How do market
makers adjust inventory in return-order imbalance relation (5%). Disscuss in
detail price-volume relation in hedging and speculative trading strategies
(20%). In financial literatures, how many state variables are we able to
employ in developing trading strategies to beat the market (10%)?
--
※ 發信站: 批踢踢實業坊(ptt.cc)
◆ From: 140.112.250.193