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标题: 国际金融管理的课题 [打印本页]

作者: Home.ZaSu 时间: 2009-12-2 16:02
标题: 国际金融管理的课题
一共4份，贴出来的是week 8  的。。。

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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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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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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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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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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   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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   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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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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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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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

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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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