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ID:11695828
大小:315.50 KB
页数:50页
时间:2018-07-13
《金融市场课后习题答案》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、ANSWERSTOQUESTIONSFORCHAPTER1(Questionsareinboldprintfollowedbyanswers.)1.Whatisthedifferencebetweenafinancialassetandatangibleasset?Atangibleassetisonewhosevaluedependsuponcertainphysicalproperties,e.g.land,capitalequipmentandmachines.Afinancialasset,whichisanintangibleas
2、set,representsalegalclaimtosomefuturebenefitsorcashflows.Thevalueofafinancialassetisnotrelatedtothephysicalforminwhichtheclaimisrecorded.2.WhatisthedifferencebetweentheclaimofadebtholderofGeneralMotorsandanequityholderofGeneralMotors?Theclaimofthedebtholderisestablishedbyc
3、ontract,whichspecifiestheamountandtimingofperiodicpaymentsintheformofinterestaswellastermtomaturityoftheprincipal.Thedebtholderstandsasacreditorandincaseofdefault,hehasapriorclaimonfirmassetsovertheequity-holder.Theequityholderhasaresidualclaimtoassetsandincome.Hecanreceiv
4、efundsonlyafterotherclaimantsaresatisfied.Incomeisintermsofdividends,theamountandtimingofwhicharenotcertain.3.Whatisthebasicprincipleindeterminingthepriceofafinancialasset?Thepriceofanyfinancialassetisthepresentvalueoftheexpectedcashflowsorastreamofpaymentsovertime.Thus,th
5、ebasicvariablesindeterminingthepriceare:expectedcashflows,discountrateandthetimingofthesecashflows.4.Whyisitdifficulttodeterminethecashflowofafinancialasset?Theestimationanddeterminationofcashflowsisdifficultbecauseofseveralreasons.Theseincludeaccountingmeasures,possibilit
6、yofdefaultoftheissuer,andembeddedoptionsinthesecurity.Interestpaymentscanalsochangeovertime.Thereisuncertaintyastotheamountandthetimingofthesepayments.5.Whyarethecharacteristicsofanissuerimportantindeterminingthepriceofafinancialasset?Thecharacteristicsoftheissuerareimport
7、antbecausethesedeterminetheriskinessoruncertaintyoftheexpectedcashflows.Thesecharacteristics,whichdeterminetheissuer’screditworthinessordefaultrisk,haveanimpactontherequiredrateofreturnforthatparticularfinancialasset.1-50Copyright©2010PearsonEducation,Inc. PublishingasPren
8、ticeHall.6.Whatarethetwoprincipalrolesoffinancialassets?Thefirstroleoffinancialassetsisto
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