国际商学院2009-2010学年度第二学期《金融学》期末考试试卷(A)
《中山大学授予学士学位工作细则》第六条：“考试作弊不授予学士学位。” 姓名 学号卞之琳 专业 成绩
Single Choice Questions (2 points per question, 10 point maximum)
1.For $1,000 you can purcha a 5-year ordinary annuity which will pay you a yearly payment of $263.80 for 5 years. What is the annual interest rate implicit in this investment to the nearest whole percentage point?
A: 8%; B: 9%; C: 10%; D: 11%挨的近义词
2.You are going to place $12,500 into a certificate of deposit (CD) at a 6% annual rate (compounded annually) with a maturity of 30 months. How much money will you receive when the CD matures?
A: $14,460; B: $14,491; C: $14,518; D: $14,532
3.Which of the following sources is an internal financing source?
A: account receivable; B: deferred tax; C: debt financing;
D: equity financing
4.The firm of Sun and Moon purchad a share common stock exactly one year ago for $45. During the past year the common stock paid an annual dividend of $2.40. The firm sold the curity today for $85. What is the rate of return the firm has earned?
A: 5.3%; B: 194.2%; C: 88.9%; D: 94.2%.
5.Which of the following incentive 遮挡车牌扣几分problems can be alleviated by giving stock options to managers?
A: adver lection; B: moral hazard; C: principal-agent problem;
D: free cash flow problem
True or Fal Questions (1 point per question, 8 points maximum)
1.The absolute level of the equilibrium expected rate of return on the market portfolio can be explained by CAPM.
2.If a fund consistently “beat” the market, the alpha of the fund is positive.
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3.Nondiversifiable risk is also called market risk.
4.The ultimate function of financial system is to satisfy people’s consumption preferences.
5.The greater the degree of risk aversion of the population, the lower will be the risk-free rate of interest.
6.Indexing is an active investment strategy.
咸肉粽7.A savings account at Bank A pays 6.2 percent interest, compounded annually. Bank B's savings account pays 6 percent compounded miannually. Bank B is pa
ying less total interest each year.
8.In a negative (downward-sloping) yield curve, the yield on a three-year bond is less than the yield on a two-year bond with otherwi identical conditions.
Calculation questions (注意：本部分题目分为两组，其中第一组题目每题12分，第二组题目每题6分。要求从第一组中选5题，第二组中选2题应答。如果多答，则第一组取得较高分的5题和第二组中取得较高分的2题的得分将作为本部分的得分计入总成绩，即本部分的最高分为72分，多答不扣分)
Group I:
1.The Sami Company is currently an all-equity financed (with no debt) firm with an expected EBIT of $1.5 million every year forever. Sami’s cost of capital is 12%, and the corporate tax rate is 35%. There are 1 million shares of Sami common stock outstanding.
A: what is the price per share of Sami?
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B: if Sami decides to issue $3 million of default-free perpetuity bonds with a 8% coupon rate per year, and us the proceeds to repurcha $3 million worth of its stock, what will be the impact on Sami’s price per share?
2.The riskless rate is 6%. Assume that the optimal combination of two risky asts produces a portfolio with an expected return of 12% and a standard deviation of 10%. The optimal risky portfolio consists of 40% investment in risky ast 1 and 60% investment in risky ast 2.
A: What is the reward-to-risk ratio of the efficient trade-off line?
B: S三峡课文uppo that you have $10,000 to invest and wish to tolerate 1.5 times of the risk prent in the optimal risky portfolio. What expected rate of return do you achieve?
C: How much you divide your investment among the risk-free ast, risky ast 1, and risky ast 2.
3.The stock of a company most recently paid a $1.00 annual dividend. You expect divide
nds to grow at a rate of 20% for the next 杀破狼虐吗two years, and 10% for year 3rd – year 6th. You then expect that dividends will grow at a 4% rate thereafter (indefinitely). The beta of the stock is 0.8, the risk-free rate is 5%, and the market premium is 6%. What is the intrinsic value of a share of the company?
4.Teppo and Salo companies are identical, differing only in their capital structures. Teppo is an unlevered firm issuing only stocks whereas Salo issues stocks and bonds. The corporate tax rates for both firms are 40%. Teppo pays out all its yearly earnings in the form of dividends and has 1 million shares outstanding. Its market capitalization rate is 15% and the firm is currently valued at $18 million. Salo is identical except that 50% of its value is in bonds and has 500,000 shares outstanding. Salo’s bonds are default-free perpetuity bonds with a coupon rate of 10% per year. The risk-free interest rate is 10%.
