兹维博迪金融学第二版试题库7tb

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1、ChapterSevenPrinciplesofMarketValuationThischaptercontains30multiplechoicequestions,10shortproblemsand5longerproblems.MultipleChoice1.Inregardtoanasset,the________isdefinedastheprocesswell-informedinvestorsmustpayforitinafreeandcompetitivemarket.(a)analystvalue(b)techni

2、calvalue(c)competitivevalue(d)fundamentalvalueAnswer:(d)2.Incorporatefinancedecisionmaking,anextremelyimportantruleistochoosetheinvestmentthat________currentshareholders’wealth.(a)minimizes(b)maximizes(c)provideszerochangein(d)jeopardizesAnswer:(b)3.Inassetvaluation,the

3、methodusedtoaccomplishtheestimationdependsonthe________.(a)numberofparticipants(b)qualityofcalculatinginstruments(c)richnessoftheinformationsetavailable(d)geographiclocationAnswer:(c)7-141.The________statesthatinacompetitivemarket,iftwoassetsareequivalent,theywilltendto

4、havethesamemarketprice.(a)LawofRealInterestRates(b)LawofOnePrice(c)LawofPriceEquivalency(d)LawofFuturesAnswer:(b)2.TheLawofOnePriceisenforcedbyaprocesscalled________,thepurchaseandimmediatesaleofequivalentassetsinordertoearnasureprofitfromadifferenceintheirprices.(a)swa

5、pping(b)maximization(c)arbitrage(d)speculationAnswer:(c)3.________referstothetotalityofcostssuchasshipping,handling,insuring,andbrokerfees.(a)Shippingcosts(b)Transactioncosts(c)Installationcosts(d)InsurancecostsAnswer:(b)4.TheLawofOnepriceisastatementaboutthepriceofonea

6、sset________thepriceofanother.(a)absoluteto(b)relativeto(c)multipliedby(d)independentofAnswer:(b)7-141.Ifanentityborrowsatalowerrateandlendsatahigherrate,thisisanexampleof________.(a)opportunityarbitrage(b)interest-ratearbitrage(c)exchangearbitrage(d)nominalarbitrageAns

7、wer:(b)2.Ifarbitrageensuresthatanythreecurrenciesarefreelyconvertibleincompetitivemarkets,then:(a)itisenoughtoknowonlyoneexchangeratetodeterminethethird(b)wecanestimatetwoexchangeratesbasedononeexchangerateonly(c)itisenoughtoknowtheexchangeratesbetweenanytwoinordertodet

8、erminethethird(d)itisnecessarytoknowallthreeratesAnswer:(c)3.Supposeyouhave$15,000inabankaccountearninganinter