博迪《投资学》第十版·英文版（全套讲义+课后习题答案）

博迪投资学第十版英文版（全套讲义+课后习题答案）,博迪,投资,第十,英文,全套,讲义,课后,习题,答案,谜底 Chapter 1 - The Investment Environment1-1Copyright 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.CHAPTER 1: THE INVESTMENT ENVIRONMENTPROBLEM SETS1. While it is ultimately true that real assets determine the material well-being of an economy, financial innovation in the form of bundling and unbundling securities creates opportunities for investors to form more efficient portfolios. Both institutional and individual investors can benefit when financial engineering creates new products that allow them to manage their portfolios of financial assets more efficiently. Bundling and unbundling create financial products with new properties and sensitivities to various sources of risk that allows investors to reduce volatility by hedging particular sources of risk more efficiently.2. Securitization requires access to a large number of potential investors. To attract these investors, the capital market needs:1. a safe system of business laws and low probability of confiscatory taxation/regulation;2. a well-developed investment banking industry;3. a well-developed system of brokerage and financial transactions; and4. well-developed media, particularly financial reporting.These characteristics are found in (indeed make for) a well-developed financial market.3. Securitization leads to disintermediation; that is, securitization provides a means for market participants to bypass intermediaries. For example, mortgage-backed securities channel funds to the housing market without requiring that banks or thrift institutions make loans from their own portfolios. Securitization works well and can benefit many, but only if the market for these securities is highly liquid. As securitization progresses, however, and financial intermediaries lose opportunities, they must increase other revenue-generating activities such as providing short-term liquidity to consumers and small business and financial services.4. The existence of efficient capital markets and the liquid trading of financial assets make it easy for large firms to raise the capital needed to finance their investments in real assets. If Ford, for example, could not issue stocks or bonds to the general public, it would have a far more difficult time raising capital. Contraction of the supply of financial assets would make financing more difficult, thereby increasing the cost of capital. A higher cost of capital results in less investment and lower real growth.Chapter 1 - The Investment Environment1-2Copyright 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.5. Even if the firm does not need to issue stock in any particular year, the stock market is still important to the financial manager. The stock price provides important information about how the market values the firms investment projects. For example, if the stock price rises considerably, managers might conclude that the market believes the firms future prospects are bright. This might be a useful signal to the firm to proceed with an investment such as an expansion of the firms business.In addition, shares that can be traded in the secondary market are more attractive to initial investors since they know that they will be able to sell their shares. This in turn makes investors more willing to buy shares in a primary offering and thus improves the terms on which firms can raise money in the equity market.Remember that stock exchanges like those in New York, London, and Paris are the heart of capitalism, in which firms can raise capital quickly in primary markets because investors know there are liquid secondary markets. 6. a. No. The increase in price did not add to the productive capacity of the economy.b. Yes, the value of the equity held in these assets has increased.c. Future homeowners as a whole are worse off, since mortgage liabilities have also increased. In addition, this housing price bubble will eventually burst and society as a whole (and most likely taxpayers) will suffer the damage.7. a. The bank loan is a financial liability for Lanni, and a financial asset for the bank. The cash Lanni receives is a financial asset. The new financial asset created is Lannis promissory note to repay the loan.b. Lanni transfers financial assets (cash) to the software developers. In return, Lanni receives the completed software package, which is a real asset. No financial assets are created or destroyed; cash is simply transferred from one party to another.c. Lanni exchanges the real asset (the software) for a financial asset, which is 1,500 shares of Microsoft stock. If Microsoft issues new shares in order to pay Lanni, then this would represent the creation of new financial assets. d. By selling its shares in Microsoft, Lanni exchanges one financial asset (1,500 shares of stock) for another ($120,000 in cash). Lanni uses the financial asset of $50,000 in cash to repay the bank and retire its promissory note. The bank must return its financial asset to Lanni. The loan is “destroyed“ in the transaction, since it is retired when paid off and no longer exists.Chapter 1 - The Investment Environment1-3Copyright 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.8. a.Assets Liabilities one of the implications of this fact is that riches do not come easily. High expected returns require bearing some risk, and obvious bargains are few and far between. Odds are that the only one getting rich from the book is its author.17. Financial assets provide for a means to acquire real assets as well as an expansion of these real assets. Financial assets provide a measure of liquidity to real assets and allow for investors to more effectively reduce risk through diversification. 18. Allowing traders to share in the profits increases the traders willingness to assume risk. Traders will share in the upside potential directly in the form of higher compensation but only in the downside indirectly in the form of potential Chapter 1 - The Investment Environment1-6Copyright 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.job loss if performance is bad enough. This scenario creates a form of agency conflict known as moral hazard, in which the owners of the financial institution share in both the total profits and losses, while the traders will tend to share more of the gains than the losses.19. Answers may vary, however, students should touch on the following: increased transparency, regulations to promote capital adequacy by increasing the frequency of gain or loss settlement, incentives to discourage excessive risk taking, and the promotion of more accurate and unbiased risk assessment. Chapter 2 - Asset Classes and Financial Instruments2-1Copyright 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.CHAPTER 2: ASSET CLASSES AND FINANCIAL INSTRUMENTSPROBLEM SETS1. Preferred stock is like long-term debt in that it typically promises a fixed payment each year. In this way, it is a perpetuity. Preferred stock is also like long-term debt in that it does not give the holder voting rights in the firm.Preferred stock is like equity in that the firm is under no contractual obligation to make the preferred stock dividend payments. Failure to make payments does not set off corporate bankruptcy. With respect to the priority of claims to the assets of the firm in the event of corporate bankruptcy, preferred stock has a higher priority than common equity but a lower priority than bonds.2. Money market securities are called cash equivalents because of their high level of liquidity. The prices of money market securities are very stable, and they can be converted to cash (i.e., sold) on very short notice and with very low transaction costs. Examples of money market securities include Treasury bills, commercial paper, and bankers acceptances, each of which is highly marketable and traded in the secondary market.3. (a) A repurchase agreement is an agreement whereby the seller of a security agrees to “repurchase” it from the buyer on an agreed upon date at an agreed upon price. Repos are typically used by securities dealers as a means for obtaining funds to purchase securities. 4. Spreads between risky commercial paper and risk-free government securities will widen. Deterioration of the economy increases the likelihood of default on commercial paper, making them more risky. Investors will demand a greater premium on all risky debt securities, not just commercial paper.5.Corp. Bonds Preferred Stock Common StockVoting rights (typically) Yescontractual obligation YesPerpetual payments Yes YesAccumulated dividends YesFixed payments (typically) Yes YesPayment preference First Second ThirdChapter 2 - Asset Classes and Financial Instruments2-2Copyright 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.6. Municipal bond interest is tax-exempt at the federal level and possibly at the state level as well. When facing higher marginal tax rates, a high-income investor would be more inclined to invest in tax-exempt securities.7. a. You would have to pay the ask price of:161.1875% of par value of $1,000 = $1611.875b. The coupon rate is 6.25% implying coupon payments of $62.50 annually or, more precisely, $31.25 semiannually.c. The yield to maturity on a fixed income security is also known as its required return and is reported by The Wall Street Journal and others in the financial press as the ask yield. In this case, the yield to maturity is 2.113%. An investor buying this security today and holding it until it matures will earn an annual return of 2.113%. Students will learn in a later chapter how to compute both the price and the yield to maturity with a financial calculator.8. Treasury bills are discount securities that mature for $10,000. Therefore, a specific T-bill price is simply the maturity value divided by one plus the semi-annual return:P = $10,000/1.02 = $9,803.929. The total before-tax income is $4. After the 70% exclusion for preferred stock dividends, the taxable income is: 0.30 $4 = $1.20Therefore, taxes are: 0.30 $1.20 = $0.36After-tax income is: $4.00 $0.36 = $3.64Rate of return is: $3.64/$40.00 = 9.10%10. a. You could buy: $5,000/$64.69 = 77.29 shares. Since it is not possible to trade in fractions of shares, you could buy 77 shares of GD. b. Your annual dividend income would be: 77 $2.04 = $157.08c. The price-to-earnings ratio is 9.31 and the price is $64.69. Therefore:$64.69/Earnings per share = 9.3 Earnings per share = $6.96d. General Dynamics closed today at $64.69, which was $0.65 higher than yesterdays price of $64.04Chapter 2 - Asset Classes and Financial Instruments2-3Copyright 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.11. a. At t = 0, the value of the index is: (90 + 50 + 100)/3 = 80At t = 1, the value of the index is: (95 + 45 + 110)/3 = 83.333The rate of return is: (83.333/80) 1 = 4.17%b. In the absence of a split, Stock C would sell for 110, so the value of the index would be: 250/3 = 83.333 with a divisor of 3.After the split, stock C sells for 55. Therefore, we need to find the divisor (d) such that: 83.333 = (95 + 45 + 55)/d d = 2.340. The divisor fell, which is always the case after one of the firms in an index splits its shares.c. The return is zero. The index remains unchanged because the return for each stock separately equals zero.12. a. Total market value at t = 0 is: ($9,000 + $10,000 + $20,000) = $39,000Total market value at t = 1 is: ($9,500 + $9,000 + $22,000) = $40,500Rate of return = ($40,500/$39,000) 1 = 3.85%b. The return on each stock is as follows:rA = (95/90) 1 = 0.0556rB = (45/50) 1 = 0.10rC = (110/100) 1 = 0.10The equally weighted average is:0.0556 + (-0.10) + 0.10/3 = 0.0185 = 1.85%13. The after-tax yield on the corporate bonds is: 0.09 (1 0.30) = 0.063 = 6.30%Therefore, municipals must offer a yield to maturity of at least 6.30%.14. Equation (2.2) shows that the equivalent taxable yield is: r = rm /(1 t), so simply substitute each tax rate in the denominator to obtain the following:a. 4.00%b. 4.44%c. 5.00%d. 5.71%Chapter 2 - Asset Classes and Financial Instruments2-4Copyright 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.15. In an equally weighted index fund, each stock is given equal weight regardless of its market capitalization. Smaller cap stocks will have the same weight as larger cap stocks. The challenges are as follows: Given equal weights placed to smaller cap and larger cap, equal-weighted indices (EWI) will tend to be more volatile than their market-capitalization counterparts; It follows that EWIs are not good reflectors of the broad market that they represent; EWIs underplay the economic importance of larger companies. Turnover rates will tend to be higher, as an EWI must be rebalanced back to its original target. By design, many of the transactions would be among the smaller, less-liquid stocks.16. a. The ten-year Treasury bond with the higher coupon rate will sell for a higher price because its bondholder receives higher interest payments.b. The call option with the lower exercise price has more value than one with a higher exercise price.c. The put option written on the lower priced stock has more value than one written on a higher priced stock.17. a. You bought the contract when the futures price was $7.8325 (see Figure 2.11 and remember that the number to the right of the apostrophe represents an eighth of a cent). The contract closes at a price of $7.8725, which is $0.04 more than the original futures price. The contract multiplier is 5000. Therefore, the gain will be: $0.04 5000 = $200.00b. Open interest is 135,778 contracts.18. a. Owning the call option gives you the right, but not the obligation, to buy at $180, while the stock is trading in the secondary market at $193. Since the stock price exceeds the exercise price, you exercise the call.The payoff on the option will be: $193 - $180 = $13The cost was originally $12.58, so the profit is: $13 - $12.58 = $0.42b. Since the stock price is greater than the exercise price, you will exercise the call. The payoff on the option will be: $193 - $185 = $8The option originally cost $9.75, so the profit is $8 - $9.75 = -$1.75c. Owning the put option gives you the right, but not the obligation, to sell at $185, but you could sell in the secondary market for $193, so there is no value in Chapter 2 - Asset Classes and Financial Instruments2-5Copyright 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.exercising the option. Since the stock price is greater than the exercise price, you will not exercise the put. The loss on the put will be the initial cost of $12.01.19. There is always a possibility that the option will be in-the-money at some time prior to expiration. Investors will pay something for this possibility of a positive payoff.20.Value of Call at Expiration Initial Cost Profita. 0 4 -4b. 0 4 -4c. 0 4 -4d. 5 4 1e. 10 4 6Value of Put at Expiration Initial Cost Profita. 10 6 4b. 5 6 -1c. 0 6 -6d. 0 6 -6e. 0 6 -621. A put option conveys the right to sell the underlying asset at the exercise price. A short position in a futures contract carries an obligation to sell the underlying asset at the futures price. Both positions, however, benefit if the price of the underlying asset falls.22. A call option conveys the right to buy the underlying asset at the exercise price. A long position in a futures contract carries an obligation to buy the underlying asset at the futures price. Both positions, however, benefit if the price of the underlying asset rises.CFA PROBLEMS 1. (d) There are tax advantages for corporations that own preferred shares.2. The equivalent taxable yield is: 6.75%/(1 0.34) = 10.23%3. (a) Writing a call entails unlimited potential losses as the stock price rises.Chapter 2 - Asset Classes and Financial Instruments2-6Copyright 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.4. a. The taxable bond. With a zero tax bracket, the after-tax yield for the taxable bond is the same as the before-tax yield (5%), which is greater than the yield on the municipal bond.b. The taxable bond. The after-tax yield for the taxable bond is:0.05 (1 0.10) = 4.5%c. You are indifferent. The after-tax yield for the taxable bond is:0.05 (1 0.20) = 4.0%The after-tax yield is the same as that of the municipal bond.d. The municipal bond offers the higher after-tax yield for investors in tax brackets above 20%.5. If the after-tax yields are equal, then: 0.056 = 0.08 (1 t)This implies that t = 0.30 =30%.