投资学investment_题库chap015

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1、Chapter15TheTermStructureofInterestRatesMultipleChoiceQuestions1.Thetermstructureofinterestratesis:A)Therelationshipbetweentheratesofinterestonallsecurities.B)Therelationshipbetweentheinterestrateonasecurityanditstimetomaturity.C)Therelationshipbetweentheyieldonabonda

2、nditsdefaultrate.D)Alloftheabove.E)Noneoftheabove.Answer:BDifficulty:EasyRationale:Thetermstructureofinterestratesistherelationshipbetweentwovariables,yearsandyieldtomaturity(holdingallelseconstant).2.Theyieldcurveshowsatanypointintime:A)Therelationshipbetweentheyield

3、onabondandthedurationofthebond.B)Therelationshipbetweenthecouponrateonabondandtimetomaturityofthebond.C)Therelationshipbetweenyieldonabondandthetimetomaturityonthebond.D)Alloftheabove.E)Noneoftheabove.Answer:CDifficulty:EasyRationale:Seerationaleforquestion15.1.3.Anin

4、vertedyieldcurveimpliesthat:A)Long-terminterestratesarelowerthanshort-terminterestrates.B)Long-terminterestratesarehigherthanshort-terminterestrates.C)Long-terminterestratesarethesameasshort-terminterestrates.D)Intermediateterminterestratesarehigherthaneithershort-orl

5、ong-terminterestrates.E)noneoftheabove.Answer:ADifficulty:EasyRationale:Theinverted,ordownwardsloping,yieldcurveisoneinwhichshort-termratesarehigherthanlong-termrates.Theinvertedyieldcurvehasbeenobservedfrequently,althoughnotasfrequentlyastheupwardsloping,ornormal,yie

6、ldcurve.Bodie,Investments,SixthEdition27Chapter15TheTermStructureofInterestRates4.Anupwardslopingyieldcurveisa(n)_______yieldcurve.A)normal.B)humped.C)inverted.D)flat.E)noneoftheabove.Answer:ADifficulty:EasyRationale:Theupwardslopingyieldcurveisreferredtoasthenormalyi

7、eldcurve,probablybecause,historically,theupwardslopingyieldcurveistheshapethathasbeenobservedmostfrequently.5.Accordingtotheexpectationshypothesis,anormalyieldcurveimpliesthatA)interestratesareexpectedtoremainstableinthefuture.B)interestratesareexpectedtodeclineinthef

8、uture.C)interestratesareexpectedtoincreaseinthefuture.D)interestratesareexpectedtodeclinefirst,thenincrease.E)interestratesa