課程名稱︰投資學
課程性質︰必修
課程教師︰陳其美
開課學院：管理學院
開課系所︰財金系
考試日期（年月日）︰99.06.24
考試時限（分鐘）：15:30-15:50 (20mins)
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
Closed-book, 4 points each.
1.(T) Mortgage-backed collateralized debt obligation were an investment
disaster in 2007. These were formed by pooling subprime mortgage loans made
to individual whose credit standing did not allow them to qualify for
conventional mortgages. When home prices stalled and interest rates reset to
market levels, home foreclosures soared and investors in these securities
lost billions of dollars.
2.(T) Floating-rate bonds pay a coupon rate at a fixed premium over a
reference short-term interest rate.
3.(T) Options can be used either to level up an investor's exposure to an
asset price or to provide insurance against volatility of asset prices.
Popular option strategies include covered calls, protective puts, straddles,
spreads, and collars.
4.(T) A down-and-out option is one type of barrier option that automatically
expires worthless if and when the stock price falls below some barrier
price. A down-and-in option will not providea payoff unless the stock price
falls below some barrier at least once before the option expires.
5.(T) The theory of normal backwardation suggeststhat the futures price will
be bid down to a level below the expected spot price and will rise over
time. The contango theory holds exactly the opposite; it holds that the
natural hedgers in commodity futures are the purchasers of the commodity.
6.(T) The cleaninghouse acts an intermediary between each pair of futures
traders, acting as the short position for each long, and as the long
position for each short. In this way traders need not be concerned about the
performance of the trader on the opposite side of the contract. Traders post
margins to guarantee their own performances on the contracts.
7.(T) The expectations hypothesis holds that forward interest rates are
unbiased estimates of expected future interest rates. However, there are
good reasons to believe that forward rates differ from expected short rates
because of a liquidity premium.
8.(T) Empirical evidence from the US shows that term premiums are generally
positive and a downward-sloping yield curve might signal anticipated
declines in interest rates, possibly associated with an impending recession.
9.(T) If net present value of a firm's investment project is negetive, then
the PVGO can be negative. Such a firm would be subject to takeover.
10.(T) In equity valuation an alternative approach to the dividend discount
model values the firm by discounting the free cash flow to the firm (which
is the after-tax cash flow that accrues from the firm's operations, net of
investments in capital and net working capital) at the weighted average
cost of capital. To obtain the market value of then-existing debt is then
subtracted from the firm value.
開燈有解答
--
※ 發信站: 批踢踢實業坊(ptt.cc)
◆ From: 140.112.181.202
※ 編輯: vincent7977 來自: 140.112.111.190 (06/28 14:42)