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International Debt and Equity Financing
(Ch. 11 and 12, page 378-456)
Multiple choice
11.1 The sources of funds for a multinational corporation and its subsidiaries can be
subdivided into two categories, ________ and ________.
a. internally-generated, externally generated
b. retained earnings, internally-generated
c. capital markets-generated, externally generated
d. retained earnings, externally-generated
The Global Sources of Funds for International Firms, p.378
b. balance-sheet
c. decentralized debt
11.2 The hedging strategy that offsets foreign assets with foreign liabilities is known as
________ hedge.
a. an income-statement
d. decentralized equity
Centralized Versus Decentralized Debt Denomination, p. 381
11.3 A balance-sheet hedging strategy would offset ________ with ________.
a. depreciating currencies, appreciating currencies
b. foreign revenues, foreign expenses
c. foreign assets, foreign liabilities
d. floating exchange rates systems, fixed exchange rate systems
Centralized Versus Decentralized Debt Denomination, p. 381
11.4 Which one of the following is NOT an external source of corporate funding?
a. Bank loan
b. Retained earnings
c. Debt security
d. Equity
The Global Sources of Funds for International Firms, p.379
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International Finance
2 2009
11.5 Which one of the following statements is true for the centralized debt denomination
model?
a. The debts for both the parent company and its foreign subsidiaries are
denominated in the home currency of the parent company.
b. The debt service payments are denominated in the currency in which the
subsidiary’s revenues are received.
c. The debts for both the parent company and its foreign subsidiaries are
denominated in the currency of the largest subsidiary.
d. The debt service payments are denominated in the currency in which the
subsidiary’s revenues are received which does not balance foreign assets against
foreign liabilities.
Centralized Versus Decentralized Debt Denomination, p. 381
11.6 Which type of bond is issued in a domestic market by a borrower overseas,
denominated in the domestic currency, marketed to domestic residents, and
regulated by the domestic authorities?
a. International bond
b. Domestic bond
c. Eurobond
d. Foreign bond
The International Character of Debt, p. 385
11.7 Which type of bond is denominated in one or more currencies but is traded in
external markets outside the borders of the countries issuing the currencies?
a. International bond
b. Domestic bond
c. Eurobond
d. Foreign bond
The International Character of Debt, p. 385
11.8 Which type of bond is issued and traded within the internal market of a single
country and denominated in the currency of that country?
a. Dragon bond
b. Domestic bond
c. Eurobond
d. Foreign bond
The International Character of Debt, p. 385
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International Finance
2 2009
11.9 Which kind of bond is a small but growing component of the international bond
market and consists of two closely related securities?
a. International bond
b. Domestic bond
c. Equity-Related bond
d. Foreign bond
International Banking Regulation, p. 401
11.10 What is the name given to the straight fixed-rate bond issued in one currency which
pays coupon interest in that same currency, but the promised repayment of
principal at maturity is denominated in another currency?
a. International bond
b. Dual-currency bond
c. Equity-Related bond
d. Foreign bond
Dual-currency bond, p.393
11.11 What is the name given to a small service facility that is staffed by a parent bank
personnel and designed to assist the clients of the parent bank in their dealings with
information about local business practices and credit evaluation of the MNC’s
foreign customers?
a. Offshore banking center
b. Foreign branch of a bank
c. Representative office
d. International banking facility
Representative Offices, p.398
11.12 Which of the following represent liabilities to a bank?
a. Deposits it accepts from its customers and securities it buys.
b. Deposits it accepts from its customers, the borrowing it does in security markets
and its equity capital.
c. The borrowing it does in security markets and the loans it provides.
d. Loans to customers
International Banking Facilities, p.400
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International Finance
2 2009
11.13 ________ is the packaging of assets or obligations such as mortgages or car loans,
into securities for sale to third parties.
a. Eurocredits
b. Floating-rate notes
c. Asset securitization
d. Demutualization
A New Capital Adequacy Framework, p. 402
11.14 Value at risk measures the dollar loss that a given portfolio position can experience
with ________ provability over a given length of time.
a. 1%
b. 3%
c. 5%
d. 10%
A New Capital Adequacy Framework, p. 402
11.15 Banks that operate in the Eurocurrency markets are known as ________.
a. eurobanks
b. eurocredit banks
c. euronote banks
d. international banking facilities
Eurocredits, p. 403
11.16 The long-term debts of eurobanks are known as ________.
a. LIBOR loans
b. syndicates
c. eurocredits
d. euronotes
Eurocredits, p. 403
11.17 International banks created facilities for sales of short-term, negotiable promissory
notes, called ________.
a. eurocredits
b. euro commercial paper
c. euro-MTNs
d. euronotes
Euronotes, p. 407
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International Finance
2 2009
11.18 The ________ is the discount rate or internal rate of return that equates the
present value of all the future interest rate and principal payments to the net
proceeds received by the issuer.
a. all-in-cost
b. internal rate of return
c. LIBOR rate
d. floating-rate note
The All-in-Cost Principle, p. 409
11.19 Which of the following bonds is least subject to the regulations of any particular
country?
a. domestic bonds
b. foreign bonds
c. domestic debentures
d. dragon bonds
Dragon bonds, p. 391
11.20 Which one of the following markets does an international bank participate in that a
domestic bank would not?
a. eurocurrency
b. loan syndicates
c. spot currency
d. forward currency
International Bank Loans, p.403
11.21 Why are eurocredits not offered by any one bank?
a. they are typically regulated by the government to exclude single banks
b. they are typically very large and banks prefer to share the risk with other banks
c. the denominations are too large for any one bank’s ability to fund the loan
d. single banks are less likely to profit from them
Eurocredits, p.403
11.22 Which one of the following would NOT contribute to the positive creditworthiness of
the firm?
a. the firm’s financial structure
b. its profitability
c. the number of bank accounts it holds
d. the stability of its cash flows
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International Finance
2 2009
Credit Spreads Across Countries, p.415
SHORT ANSWER
11.23 What are the three main sources of financing for any firm?
11.24 Which one of the two main segments of the international bond market has the least
local regulation? Why?
11.25 How are the transactions in the global bond market in reality a simultaneous
transaction in two separate markets?
11.26 Of the two: a foreign branch and a subsidiary bank, which one is more subject to
U.S. regulations? Why?
11.27 Why is there a need for international banking regulation?
Ch. 12
Multiple Choice
12.1 In the field of finance, the market where initial public offerings are made is known
as the ________ market.
a. primary
b. secondary
c. money market
d. derivative
Types of international equity markets, p. 423
12.2 Which one of the following stock markets was almost 40% of the world’s stock
market capitalization at the end of 2005?
a. the United Kingdom
b. the United States
c. France
d. Japan
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International Finance
2 2009
The Size of Stock Markets, p. 423
12.3 When one corporation owns shares in another, the practice is known as ________.
a. cross-listing
b. cross-market
c. cross-holding
d. diversification
The Size of Stock Markets, p. 423
12.4 The ________ that attempted to separate commercial from investment banking
practices by banks in the U.S. has been dismantled in recent years.
a. U.S. Securities Exchange Commission
b. Maastricht Treaty
c. Shelf Registration Act
d. Glass-Steagall Act
Stock Markets and the Economy, p. 426
12.5 A private bourse is owned and operated by a ________ founded for the purpose of
trading securities.
a. corporation
b. non-profit corporation
c. syndicate of traders
d. commercial bank
The Legal Organization of Stock Markets, p. 426
12.6 With respect to stock market organization, what do the countries of Belgium,
France, Spain, Italy and Greece have in common?
a. private bourse
b. public bourse
c. price-driven trading systems
d. order-driven trading systems
The Legal Organization of Stock Markets, p. 427
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International Finance
2 2009
12.7 ________ trading systems, often found in foreign exchange markets, are good
examples of markets in which market makers stand prepared to buy at their bid
prices and sell at the ask or offer prices.
a. order-driven trading
b. price-driven trading
c. cross-listed trading
d. cross-holding trading
Price-Driven Trading Systems, p. 427
12.8 The stock markets of the least developed countries are called ________ markets.
a. emerging
b. start-up
c. frontier
d. secondary
Stock Market Size, p. 432
12.9 What is the name of the important phenomenon that has led to globalization of
exchanges around the world over the past two decades?
a. cross-holding
b. cross-market
c. securitization
d. cross-listing
The Globalization of Exchanges, p. 430
12.10 Which one of the following is one important characteristic of a private bourse?
a. Brokers are appointed by the government
b. A single corporation acquires a monopoly over all stock market transactions.
c. It is owned and operated by a corporation founded for the purpose of trading
securities.
d. Private exchanges, in many countries, do not usually compete with one another.
12.11 What are the costs of Cross-listing?
a. It exploits growth opportunities with additional foreign capital.
b. It reduces the cost of capital
c. It increases the stock price
d. It costs money paid in exchange fees and it may impose a high level of
examination on the company’s managers.
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International Finance
2 2009
12.12 What is the name given to the exchange where banks are the major, and sometimes
only, security traders?
a. Banker’s bourses
b. Banking syndicates
c. Public bourses
d. Private bourses
12.13 ________ is the total volume of trade done on an exchange measured in dollars
during the year divided by the exchange’s total market capitalization at the end of
the year.
a. The bid-ask spread
b. Turnover
c. Liquidity
d. The credit spread
Turnover and Transactions Costs, p. 430
12.14 Which one of the following is NOT a trading cost?
a. Payment of brokerage commissions and other fees.
b. The investor must buy from the trader at the trader’s high sell price and must
sell to the trader at the trader’s low bid price.
c. When the market is not very liquid, and an investor’s trade is a relatively large
one, it can adversely affect the price the investor gets.
d. The price on the trade falls when the investor buys or rises when the investor
sells.
Turnover and Transactions Costs, p. 430
12.15 All of the following are true about an American Depository Receipt except:
a. The depositary bank converts all dividends and other payments into U.S. dollars.
b. There are no custodial fees.
c. Shares are held in custody by a U.S. depository bank.
d. It represents a specific number of shares in the home market.
American Depositary Receipts, p. 440
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International Finance
2 2009
12.16 When a firm issues shares in multiple foreign markets, sometimes simultaneously
with distribution in the domestic market, the issue is part of the ________.
a. External equity market
b. Euro-equity market
c. Depositary receipt market
d. Emerging market
Global Depositary Receipts, p. 42
12.17 Which of the following concepts refers to the process of converting exchanges from
nonprofit, member-owned organizations to for-profit investor-owned and typically
publicly traded companies?
a. Demutualization
b. Cross-listing
c. Consolidation
d. Alternative trading system
The Globalization of Exchanges, p. 430
12.18 ________, unlike ADRs, can trade across many markets and settle in the currency
of each market.
a. Global registered shares
b. Global depository receipts
c. Euro equities
d. Cross-listed stock
Global Depositary Receipts, p. 442
12.19 The stock markets of developing countries are often referred to as ________, and
the young stock markets of the least developed countries are called ________.
a. external equity markets, frontier markets
b. emerging markets, frontier markets
c. external equity markets, emerging markets
d. emerging markets, undeveloped markets
Stock Market Size, p. 432
12.20 Turnover is inversely related to the costs of trading stocks because
a. high trading costs cause investors to trade more
b. low trading costs cause investors not to trade
c. high trading costs cause investors to trade less
d. low trading costs cause investors not to trade more
10
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International Finance
2 2009
12.21Cross-listing of stocks and demutualization have led to the ________ of stock
exchanges.
a. Externalization
b. Securitization
c. Globalization
d. order-driven trading systems
The Globalization of Exchanges, p. 430
12.22What is the name of the effect related to market liquidity that occurs when a market
lacks liquidity and an investor’s trade is relatively large and results in an adverse
effect on the price the investor gets?
a. Turnover
b. Blocked funds
c. Demutualization
d. Market impact
Turnover and Transaction Costs, p. 430
SHORT ANSWER
12.23 What is a price-driven trading system?
12.24 How have global stock markets adjusted to competitive pressure from global
investors?
12.25 As more global investors shift investment funds to emerging markets, what factors
will drive expected returns?
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