金融市场与金融机构基础.doc

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1、FoundationsofFinancialMarketsandInstitutions,4e(Fabozzi/Modigliani/Jones)Chapter13PrimaryMarketsandtheUnderwritingofSecuritiesMultipleChoiceQuestions1TheTraditionalProcessforIssuingNewSecurities1)The________involvesthedistributiontoinvestorsofnewlyissuedsecuritiesbycentralgovernments,itsagenc

2、ies,municipalgovernments,andcorporationsA)OTCmarketB)secondarymarketC)primarymarketD)stockmarketAnswer:CDiff:1Topic:13.1TheTraditionalProcessforIssuingNewSecuritiesObjective:13.1theroleinvestmentbankersplayinthedistributionofnewlyissuedsecurities2)Theparticipantsinthemarketplacethatworkwithis

3、suerstodistributenewlyissuedsecuritiesarecalledinvestmentbankers.Investmentbankingisperformedbytwogroups:________.A)commercialbanksandsecuritieshouses.B)hometownbanksandsecuritieshouses.C)commercialbanksandbankhouses.D)savings&loansandbankhouses.Answer:ADiff:2Topic:13.1TheTraditionalProcessfo

4、rIssuingNewSecuritiesObjective:13.1theroleinvestmentbankersplayinthedistributionofnewlyissuedsecurities3)ThetraditionalprocessintheUnitedStatesforissuingnewsecuritiesinvolvesinvestmentbankersperforminguptothreefunctions.WhichofthebelowisNOToneofthesefunctions?A)Onefunctionisadvisingtheissuero

5、nthetermsandthetimingoftheoffering.B)Onefunctionissellingthesecuritiestotheissuer.C)Onefunctionisdistributingtheissuetothepublic.D)Onefunctionisbuyingthesecuritiesfromtheissuer.Answer:BComment:ThetraditionalprocessintheUnitedStatesforissuingnewsecuritiesinvolvesinvestmentbankersperformingoneo

6、rmoreofthefollowingthreefunctions:(1)advisingtheissueronthetermsandthetimingoftheoffering,(2)buyingthesecuritiesfromtheissuer,and(3)distributingtheissuetothepublic.Diff:1Topic:13.1TheTraditionalProcessforIssuingNewSecuritiesObjective:13.1theroleinvestmentbankersplayinthedistributionofnewlyiss

7、uedsecurities4)Aninvestmentbankermaymerelyactasanadvisorand/ordistributorofthenewsecurity.Thefunctionofbuyingthesecuritiesfromtheissueriscalled________.A)advising.B)distributing.C)purchasing.D)underwriting.Answer:DDiff:2Topic:13.1TheTradition