投资学第7版Test Bank答案03.doc

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1、MultipleChoiceQuestions1.ApurchaseofanewissueofstocktakesplaceA)inthesecondarymarket.B)intheprimarymarket.C)usuallywiththeassistanceofaninvestmentbanker.D)AandB.E)BandC.Answer:EDifficulty:EasyRationale:Fundsfromthesaleofnewissuesflowtotheissuingcorpor

2、ation,makingthisaprimarymarkettransaction.Investmentbankersusuallyassistbypricingtheissueandfindingbuyers.2.Thefollowingstatementsregardingthespecialistaretrue:A)Specialistsmaintainabooklistingoutstandingunexecutedlimitorders.B)Specialistsearnincomefr

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

4、addition,specialiststradeintheirownaccounts.3.InvestmentbankersA)actasintermediariesbetweenissuersofstocksandinvestors.B)actasadvisorstocompaniesinhelpingthemanalyzetheirfinancialneedsandfindbuyersfornewlyissuedsecurities.C)acceptdepositsfromsaversand

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

6、dicatedinC.精选范本,供参考！4.Ina"firmcommitment"A)theinvestmentbankerbuysthestockfromthecompanyandresellstheissuetothepublic.B)theinvestmentbankeragreestohelpthefirmsellthestockatafavorableprice.C)theinvestmentbankerfindsthebestmarketingarrangementfortheinve

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

8、rymarketconsistsoftransactionsontheorganizedexchangesandintheOTCmarket.Theinvestmentbankerisinvolvedintheplacementofnewissuesintheprimarymarket.6.TheuseoftheInternettotradeandunderwritesecuritiesA)isillegalunderSECregulations.B)isregulatedbyth