金融市场课后习题答案

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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