商业银行管理 ROSE 7e 课后答案chapter_10.doc

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1、CHAPTER10THEINVESTMENTFUNCTIONINBANKINGANDFINANCIALSERVICESMANAGEMENTGoalofThisChapter:Thepurposeofthischapteristodiscoverthetypesofsecuritiesthatfinancialinstitutionsacquirefortheirinvestmentportfolioandtoexplorethefactorsthatamanagershouldconsiderindeterminingwhatsecuritiesafi

2、nancialinstitutionshouldbuyorsell.KeyTopicsinThisChapter·NatureandFunctionsofInvestments·InvestmentSecuritiesAvailable:AdvantagesandDisadvantages·MeasuringExpectedReturns·Taxes,Credit,andInterestRateRisks·Liquidity,Prepayment,andOtherRisks·InvestmentMaturityStrategies·MaturityMa

3、nagementToolsChapterOutlineI.Introduction:TheRolesPerformedbyInvestmentSecuritiesinBankPortfoliosII.InvestmentInstrumentsAvailabletoBanksandOtherFinancialFirmsIII.PopularMoney-MarketInstrumentsA.TreasuryBillsB.Short-TermTreasuryNotesandBondsC.FederalAgencySecuritiesD.Certificate

4、sofDepositE.InternationalEurocurrencyDepositsF.Bankers'AcceptancesG.CommercialPaperH.Short-TermMunicipalObligationsIV.PopularCapitalMarketInstrumentsA.TreasuryNotesandBondsB.MunicipalNotesandBondsC.CorporateNotesandBondsIII.OtherInvestmentInstrumentsDevelopedMoreRecentlyA.Struct

5、uredNotesB.SecuritizedAssetsC.StrippedSecuritiesIV.InvestmentSecuritiesActuallyHeldbyBanks142V.FactorsAffectingtheChoiceofInvestmentSecuritiesA.ExpectedRateofReturnB.TaxExposure1.TheTaxStatusofStateandLocalGovernmentBonds2.BankQualifiedBonds3.TaxSwappingTool4.ThePortfolioShiftin

6、gToolC.Interest-RateRiskD.CreditorDefaultRiskE.BusinessRiskF.LiquidityRiskG.CallRiskH.PrepaymentRiskI.InflationRiskJ.PledgingRequirementsVI.InvestmentMaturityStrategiesA.TheLadderorSpaced-MaturityPolicyB.TheFront-EndLoadMaturityPolicyC.TheBack-EndLoadMaturityPolicyD.TheBarbellSt

7、rategyE.TheRateExpectationsApproachVII.MaturityManagementToolsA.TheYieldCurveB.DurationVIII.SummaryoftheChapterConceptChecks10-1.Whydobanksandinstitutionschoosetodevoteasignificantportionoftheirassetstoinvestmentsecurities?Investmentsperformmanydifferentrolesthatactasanecessaryc

8、omplementtotheadvantagesloansprovide.Investment