投资学第7版Test Bank答案03

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1、Chapter3HowSecuritiesAreTradedMultipleChoiceQuestions1.ApurchaseofanewissueofstocktakesplaceA)inthesecondarymarket.B)intheprimarymarket.C)usuallywiththeassistanceofaninvestmentbanker.D)AandB.E)BandC.Answer:EDifficulty:EasyRationale:Fundsfromthesaleofnewissue

2、sflowtotheissuingcorporation,makingthisaprimarymarkettransaction.Investmentbankersusuallyassistbypricingtheissueandfindingbuyers.2.Thefollowingstatementsregardingthespecialistaretrue:A)Specialistsmaintainabooklistingoutstandingunexecutedlimitorders.B)Special

3、istsearnincomefromcommissionsandspreadsinstockprices.C)Specialistsstandreadytotradeatquotedbidandaskprices.D)Specialistscannottradeintheirownaccounts.E)A,B,andCarealltrue.Answer:EDifficulty:ModerateRationale:Thespecialists'functionsarealloftheitemslistedinA,

4、B,andC.Inaddition,specialiststradeintheirownaccounts.3.InvestmentbankersA)actasintermediariesbetweenissuersofstocksandinvestors.B)actasadvisorstocompaniesinhelpingthemanalyzetheirfinancialneedsandfindbuyersfornewlyissuedsecurities.C)acceptdepositsfromsaversa

5、ndlendthemouttocompanies.D)AandB.E)A,B,andC.Answer:DDifficulty:ModerateRationale:Theroleoftheinvestmentbankeristoassistthefirminissuingnewsecurities,bothinadvisoryandmarketingcapacities.Theinvestmentbankerdoesnothavearolecomparabletoacommercialbank,asindicat

6、edinC.66Chapter3HowSecuritiesAreTraded4.Ina"firmcommitment"A)theinvestmentbankerbuysthestockfromthecompanyandresellstheissuetothepublic.B)theinvestmentbankeragreestohelpthefirmsellthestockatafavorableprice.C)theinvestmentbankerfindsthebestmarketingarrangemen

7、tfortheinvestmentbankingfirm.D)BandC.E)AandB.Answer:ADifficulty:Moderate5.ThesecondarymarketconsistsofA)transactionsontheAMEX.B)transactionsintheOTCmarket.C)transactionsthroughtheinvestmentbanker.D)AandB.E)A,B,andC.Answer:DDifficulty:ModerateRationale:Thesec

8、ondarymarketconsistsoftransactionsontheorganizedexchangesandintheOTCmarket.Theinvestmentbankerisinvolvedintheplacementofnewissuesintheprimarymarket.6.TheuseoftheInternettotradeandunderwritesecur