金融市场与金融机构基础(第9章)英文版答案

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1、ANSWERSTOQUESTIONSFORCHAPTER9(Questionsareinboldprintfollowedbyanswers.)LYourbrokerisrecommendingthatyoupurchaseU.S.governmentbonds，Hereistheexplanation:Listen,inthesetimesofuncertainty,withmanycompaniesgoingbankrupt,itmakessensetoplayitsafeandpurchaselong-termgovernmentbonds.Theya

2、reissuedbytheU.S.government,sotheyareriskfree.Howwouldyourespondtothebroker?U.S.Governmentbondsmaybefreeofdefaultrisk,buttheyarenotfreefrominterestraterisk,whichmaycausethebondpricetodecline,resultinginacapitallossshouldtheholderofbondsellitbeforematurity.Eventhenthereistheinflatio

3、npremiumrisk,whichmeansthattheprincipalmayhavelesspurchasingpoweratmaturitythanitdoestoday.2.Youjustinherited30,000sharesofacompanyyouhaveneverheardof,ABDCorporation.Youcallyourbrokertofindoutifyouhavefinallystruckitrich.Afterseveralminutes，shecomesbackonthetelephoneandsays:“Idon’t

4、haveaclueabouttheseshares.It’stoobadtheyarenottradedinafinancialmarket.Thatwouldmakelifealoteasierforyou.’’Whatdoesshemeanbythis?Ifthesharesaretradedonthemarket，andifthemarketisefficient，thecurrentpricewoulddenotethevalueofthestock.Withoutmarketpriceinformation，sharevaluewouldhavet

5、obeapproximatedthroughothertime-consumingandlessreliablemethods.5.Youhavebeenconsideringazero-couponbond,whichpaysnointerestbutwillpayaprincipalof$1,000attheendoffiveyears.Thepriceofthebondisnow$712.99,anditsrequiredrateofreturnis7.0%.Thismorning’snewscontainedasurprisingdevelopmen

6、tThegovernmentannouncedthattherateofinflationappearstobe5.5%insteadofthe4%thatmostpeoplehadbeenexpecting.(Supposemostpeoplehadthoughttherealrateofinterestwas3%.)Whatwouldbethepriceofthebond,oncethemarketbegantoabsorbthisnewinformationaboutinflation?Thenominalrequiredrateofreturnis(

7、realrateplusinflation)ir+iforcurrently3%plus4%=7%.Ififbecomes5.5%thenthenewrequiredrateofreturnbecomes8.5%.Thepriceofthebondwouldthenbe$1000/(1.085)5or$665.05.6.Statethedifferenceinbasispointsbetweeneachofthefollowing:a.5.5%and6.5%b.7%and9%c.6.4%and7.8%d.9.1%and11.9%a.100basispoint

8、sb.200basispointsc.140basi