资源描述：
《investments8edbodie投资学第八版博迪习题答案》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、Chapter01-TheInvestmentEnvironmentCHAPTER1:THEINVESTMENTENVIRONMENTPROBLEMSETS1.Ultimately,itistruethatrealassetsdeterminethematerialwellbeingofaneconomy.Nevertheless,individualscanbenefitwhenfinancialengineeringcreatesnewproductsthatallowthemtomanageth
2、eirportfoliosoffinancialassetsmoreefficiently.Becausebundlingandunbundlingcreatesfinancialproductswithnewpropertiesandsensitivitiestovarioussourcesofrisk,itallowsinvestorstohedgeparticularsourcesofriskmoreefficiently.2.Securitizationrequiresaccesstoalar
3、genumberofpotentialinvestors.Toattracttheseinvestors,thecapitalmarketneeds:(1)asafesystemofbusinesslawsandlowprobabilityofconfiscatorytaxation/regulation;(2)awell-developedinvestmentbankingindustry;(3)awell-developedsystemofbrokerageandfinancialtransact
4、ions,and;(4)well-developedmedia,particularlyfinancialreporting.Thesecharacteristicsarefoundin(indeedmakefor)awell-developedfinancialmarket.3.Securitizationleadstodisintermediation;thatis,securitizationprovidesameansformarketparticipantstobypassintermedi
5、aries.Forexample,mortgage-backedsecuritieschannelfundstothehousingmarketwithoutrequiringthatbanksorthriftinstitutionsmakeloansfromtheirownportfolios.Assecuritizationprogresses,financialintermediariesmustincreaseotheractivitiessuchasprovidingshort-termli
6、quiditytoconsumersandsmallbusiness,andfinancialservices.4.Financialassetsmakeiteasyforlargefirmstoraisethecapitalneededtofinancetheirinvestmentsinrealassets.IfGeneralMotors,forexample,couldnotissuestocksorbondstothegeneralpublic,itwouldhaveafarmorediffi
7、culttimeraisingcapital.Contractionofthesupplyoffinancialassetswouldmakefinancingmoredifficult,therebyincreasingthecostofcapital.Ahighercostofcapitalresultsinlessinvestmentandlowerrealgrowth.1-336Chapter01-TheInvestmentEnvironment5.Evenifthefirmdoesnotne
8、edtoissuestockinanyparticularyear,thestockmarketisstillimportanttothefinancialmanager.Thestockpriceprovidesimportantinformationabouthowthemarketvaluesthefirm'sinvestmentprojects.Forexample,ifthestockpricerisesconsiderably,manager
