金融市场与金融机构基础课后答案

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1、ANSWERSTOQUESTIONSFORCHAPTER1(Questionsareinboldprintfollowedbyanswers.)1.Whatisthedifferencebetweenafinancialassetandatangibleasset?Atangibleassetisonewhosevaluedependsuponcertainphysicalproperties,e.g.land,capitalequipmentandmachines.Afinancialasset,whichisanintangib

2、leasset,representsalegalclaimtosomefuturebenefitsorcashflows.Thevalueofafinancialassetisnotrelatedtothephysicalforminwhichtheclaimisrecorded.2.WhatisthedifferencebetweentheclaimofadebtholderofGeneralMotorsandanequityholderofGeneralMotors?Theclaimofthedebtholderisestabl

3、ishedbycontract,whichspecifiestheamountandtimingofperiodicpaymentsintheformofinterestaswellastermtomaturityoftheprincipal.Thedebtholderstandsasacreditorandincaseofdefault,hehasapriorclaimonfirmassetsovertheequity-holder.Theequityholderhasaresidualclaimtoassetsandincome

4、.Hecanreceivefundsonlyafterotherclaimantsaresatisfied.Incomeisintermsofdividends,theamountandtimingofwhicharenotcertain.3.Whatisthebasicprincipleindeterminingthepriceofafinancialasset?Thepriceofanyfinancialassetisthepresentvalueoftheexpectedcashflowsorastreamofpayments

5、overtime.Thus,thebasicvariablesindeterminingthepriceare:expectedcashflows,discountrateandthetimingofthesecashflows.4.Whyisitdifficulttodeterminethecashflowofafinancialasset?Theestimationanddeterminationofcashflowsisdifficultbecauseofseveralreasons.Theseincludeaccountin

6、gmeasures,possibilityofdefaultoftheissuer,andembeddedoptionsinthesecurity.Interestpaymentscanalsochangeovertime.Thereisuncertaintyastotheamountandthetimingofthesepayments.5.Whyarethecharacteristicsofanissuerimportantindeterminingthepriceofafinancialasset?Thecharacteris

7、ticsoftheissuerareimportantbecausethesedeterminetheriskinessoruncertaintyoftheexpectedcashflows.Thesecharacteristics,whichdeterminetheissuer’screditworthinessordefaultrisk,haveanimpactontherequiredrateofreturnforthatparticularfinancialasset.Copyright©2010PearsonEducati

8、on,Inc.PublishingasPrenticeHall.1-50016.Whatarethetwoprincipalrolesoffinancialassets?Thefirstroleoffinancialassetsist