投资学第10版课后习题答案Chap001

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1、Chapter1-TheInvestmentEnvironmentCHAPTER1:THEINVESTMENTENVIRONMENTPROBLEMSETS1.Whileitisultimatelytruethatrealassetsdeterminethematerialwell-beingofaneconomy,financialinnovationintheformofbundlingandunbundlingsecuritiescreatesopportunitiesforinvestorstoformmoreefficientportfolios.Bothinstitutiona

2、landindividualinvestorscanbenefitwhenfinancialengineeringcreatesnewproductsthatallowthemtomanagetheirportfoliosoffinancialassetsmoreefficiently.Bundlingandunbundlingcreatefinancialproductswithnewpropertiesandsensitivitiestovarioussourcesofriskthatallowsinvestorstoreducevolatilitybyhedgingparticul

3、arsourcesofriskmoreefficiently.2.Securitizationrequiresaccesstoalargenumberofpotentialinvestors.Toattracttheseinvestors,thecapitalmarketneeds:1.asafesystemofbusinesslawsandlowprobabilityofconfiscatorytaxation/regulation;2.awell-developedinvestmentbankingindustry;3.awell-developedsystemofbrokerage

4、andfinancialtransactions;and4.well-developedmedia,particularlyfinancialreporting.Thesecharacteristicsarefoundin(indeedmakefor)awell-developedfinancialmarket.3.Securitizationleadstodisintermediation;thatis,securitizationprovidesameansformarketparticipantstobypassintermediaries.Forexample,mortgage-

5、backedsecuritieschannelfundstothehousingmarketwithoutrequiringthatbanksorthriftinstitutionsmakeloansfromtheirownportfolios.Securitizationworkswellandcanbenefitmany,butonlyifthemarketforthesesecuritiesishighlyliquid.Assecuritizationprogresses,however,andfinancialintermediariesloseopportunities,the

6、ymustincreaseotherrevenue-generatingactivitiessuchasprovidingshort-termliquiditytoconsumersandsmallbusinessandfinancialservices.4.Theexistenceofefficientcapitalmarketsandtheliquidtradingoffinancialassetsmakeiteasyforlargefirmstoraisethecapitalneededtofinancetheirinvestmentsinrealassets.IfFord,for

7、example,couldnotissuestocksorbondstothegeneralpublic,itwouldhaveafarmoredifficulttimeraisingcapital.Contractionofthesupplyoffinancialassetswouldmakefinancingmoredifficult,therebyincreasingthecostofcapital.Ahighercostof