金融市场与金融机构基础(第9章) 英文版答案.doc

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1、ANSWERSTOQUESTIONSFORCHAPTER9(Questionsareinboldprintfollowedbyanswers.)LYourbrokerisrecommendingthatyoupurchaseU.S.governmentbonds>Hereistheexplanation:Listen,inthesetimesofuncertainty,withmanycompaniesgoingbankrupt,itmakessensetoplayitsafeandpurchaselo

2、ng-termgovernmentbonds.TheyareissuedbytheU.S.government,sotheyareriskfree.Howwouldyourespondtothebroker?U.S.Governmentbondsmaybefreeofdefaultrisk,buttheyarenotfreefrominterestraterisk,whichmaycausethebondpricetodecline,resultinginacapitallossshouldthehol

3、derofbondsellitbeforematurity・Eventhenthereistheinflationpremiumrisk,whichmeansthattheprincipalmayhavelesspurchasingpoweratmaturitythanitdoestoday.2.Youjustinherited30,000sharesofacompanyyouhaveneverheardof，ABDCorporation.Youcallyourbrokertofindoutifyouh

4、avefinallystruckitrich.Afterseveralminutes^shecomesbackonthetelephoneandsays:"Idon^thaveaclueabouttheseshares.Ifstoobadtheyarenottradedinafinancialmarket.Thatwouldmakelifealoteasierforyou."Whatdoesshemeanbythis?Ifthesharesaretradedonthemarket,andifthemar

5、ketisefficient,thecurrentpricewoulddenotethevalueofthestock.Withoutmarketpriceinformation,sharevaluewouldhavetobeapproximatedthroughothertime-consumingandlessreliablemethods.5.Youhavebeenconsideringazero-couponbond，whichpaysnointerestbutwillpayaprincipal

6、of$1,000attheendoffiveyears.Thepriceofthebondisnow$712.99,anditsrequiredrateofreturnis7.0%.Thismorning^snewscontainedasurprisingdevelopment.Thegovernmentannouncedthattherateofinflationappearstobe5.5%insteadofthe4%thatmostpeoplehadbeenexpecting.(Supposemo

7、stpeoplehadthoughttherealrateofinterestwas3%JWhatwouldbethepriceofthebond，oncethemarketbegantoabsorbthisnewinformationaboutinflation?Thenominalrequiredrateofreturnis(realrateplusinflation)ir+iforcurrently3%plus4%=7%.Ififbecomes5.5%thenthenewrequiredrateo

8、freturnbecomes8.5%.Thepriceofthebondwouldthenbe$1000/(1.085)5or$665.05.6・Statethedifferenceinbasispointsbetweeneachofthefollowing:a.5.5%and6.5%b・7%and9%c.6.4%and7.8%d・9.1%and11.9%a.100basispointsb.200basispointsc.140basisp