博迪的投资学第一章练习题(英)
1
1.Financial assets represent _____ of total assets of U.S. households.
A. over 60%
B. over 90%
C. under 10%
D. about 30%
2.Real assets in the economy include all but which one of the following?
A. Land
B. Buildings
C. Consumer durables
D. Common stock
https://www.360docs.net/doc/208506110.html, worth represents _____ of the liabilities and net worth of commercial banks.
A. about 50%
B. about 90%
C. about 10%
D. about 30%
4.According to the Flow of Funds Accounts of the United States, the largest single asset of U.S. households
is ___.
A. mutual fund shares
B. real estate
C. pension reserves
D. corporate equity
5.According to the Flow of Funds Accounts of the United States, the largest liability of U.S. households is
________.
A. mortgages
B. consumer credit
C. bank loans
D. gambling debts
6.____ is not a derivative security.
A. A share of common stock
B. A call option
C. A futures contract
D. All of the above are derivative securities.
7.According to the Flow of Funds Accounts of the United States, the largest financial asset of U.S.
households is ____.
A. mutual fund shares
B. corporate equity
C. pension reserves
D. personal trusts
8.Active trading in markets and competition among securities analysts helps ensure that __________.
I. security prices approach informational efficiency
II. riskier securities are priced to offer higher potential returns
III. investors are unlikely to be able to consistently find under- or overvalued securities
A. I only
B. I and II only
C. II and III only
D. I, II and III
9.The material wealth of society is determined by the economy's _________, which is a function of the
economy's _________.
A. investment bankers, financial assets
B. investment bankers, real assets
C. productive capacity, financial assets
D. productive capacity, real assets
10.Which of the following is not a money market security?
A. U.S. Treasury bill
B. Six month maturity certificate of deposit
C. Common stock
D. Banker's acceptance
11.__________ assets generate net income to the economy and __________ assets define allocation of income
among investors.
A. Financial, financial
B. Financial, real
C. Real, financial
D. Real, real
12.Which of the following are financial assets?
I. Debt securities
II. Equity securities
III. Derivative securities
A. I only
B. I and II only
C. II and III only
D. I, II and III
13.__________ are examples of financial intermediaries.
A. Commercial banks
B. Insurance companies
C. Investment companies
D. All of the above are financial intermediaries
14.Asset allocation refers to the _________.
A. allocation of the investment portfolio across broad asset classes
B. analysis of the value of securities
C. choice of specific assets within each asset class
D. none of the answers define asset allocation
15.Which one of the following best describes the purpose of derivatives markets?
A. Transferring risk from one party to another
B. Investing for a short time period to earn a small rate of return
C. Investing for retirement
D. Earning interest income
16.__________ was the first to introduce mortgage pass-through securities.
A. Chase Manhattan
B. Citicorp
C. FNMA
D. GNMA
17.Security selection refers to the ________.
A. allocation of the investment portfolio across broad asset classes
B. analysis of the value of securities
C. choice of specific securities within each asset class
D. top down method of investing
18._____ is an example of an agency problem.
A. Managers engage in empire building
B. Managers protect their jobs by avoiding risky projects
C. Managers over consume luxuries such as corporate jets
D. All of the answers provide examples of agency problems
19._____ is a mechanism to mitigate potential agency problems.
A. Tying income of managers to success of the firm
B. Directors defending top management
C. Anti takeover strategies
D. Straight voting method of electing the board of directors
20.__________ are real assets.
A. Bonds
B. Production equipment
C. Stocks
D. Commercial paper
21.__________ portfolio construction starts with selecting attractively priced securities.
A. Bottom-up
B. Top-down
C. Upside-down
D. Side-to-side
22.In a capitalist system capital resources are primarily allocated by ____________.
A. governments
B. the SEC
C. financial markets
D. investment bankers
23. A __________ represents an ownership share in a corporation.
A. call option
B. common stock
C. fixed-income security
D. preferred stock
24.The value of a derivative security _________.
A. depends on the value of other related security
B. affects the value of a related security
C. is unrelated to the value of a related security
D. can only be integrated by calculus professors
25. A bond issue is broken up so that some investors will receive interest payments while others will receive
principal payments. This is an example of _________.
A. bundling
B. credit enhancement
C. securitization
D. unbundling
26.__________ portfolio management calls for holding diversified portfolios without spending effort or
resources attempting to improve investment performance through security analysis.
A. Active
B. Momentum
C. Passive
D. Market timing
27.Financial markets allow for all but which one of the following?
A. Shift consumption through time from higher income periods to lower
B. Price securities according to their riskiness
C. Channel funds from lenders of funds to borrowers of funds
D. Allow most participants to routinely earn high returns with low risk
28.Financial intermediaries exist because small investors cannot efficiently _________.
A. diversify their portfolios
B. gather information
C. monitor their portfolios
D. all of the answers provide reasons why
29.Methods to encourage managers to act in shareholders' best interest include
I. Threat of takeover
II. Proxy fights for control of the Board of Directors
III. Tying managers' compensation to stock price performance
A. I only
B. I and II only
C. II and III only
D. I, II and III
30.Firms that specialize in helping companies raise capital by selling securities to the public are called
_________.
A. pension funds
B. investment banks
C. savings banks
D. REITs
31.In securities markets, there should be a risk-return trade-off with higher-risk assets having _________
expected returns than lower-risk assets.
A. higher
B. lower
C. the same
D. Can't tell from the information given
32.__________ are an indirect way U.S. investors can invest in foreign companies.
A. ADRs
B. IRAs
C. SDRs
D. CPCs
33.Security selection refers to _________.
A. choosing specific securities within each asset-class
B. deciding how much to invest in each asset-class
C. deciding how much to invest in the market portfolio versus the riskless asset
D. deciding how much to hedge
34.An example of a derivative security is _________.
A. a common share of General Motors
B. a call option on Intel stock
C. a Ford bond
D. a U.S. Treasury bond
35.__________ portfolio construction starts with asset allocation.
A. Bottom-up
B. Top-down
C. Upside-down
D. Side-to-side
36.Which one of the following firms falsely claimed to have a $4.8 billion bank account at Bank of America
and vastly understated its debts, eventually resulting in the firm's bankruptcy?
A. WorldCom
B. Enron
C. Parmalat
D. Global Crossing
37.Debt securities promise _________.
I. a fixed stream of income
II. a stream of income that is determined according to a specific formula
III. a share in the profits of the issuing entity
A. I only
B. I or II only
C. I and III only
D. II or III only
38.The Sarbanes-Oxley Act tightened corporate governance rules by requiring all but which one of the
following?
A. Required corporations to have more independent directors
B. Required the CFO to personally vouch for the corporation's financial statements
C. Required that firms could no longer employ investment bankers to sell securities to the public
D. The creation of a new board to oversee the auditing of public companies
39.The success of common stock investments depends on the success of _________.
A. derivative securities
B. fixed income securities
C. the firm and its real assets
D. government methods of allocating capital
40.The historical average rate of return on the large company stocks since 1926 has been
A. 5%
B. 8%
C. 12%
D. 20%
41.The average rate of return on U.S. Treasury bills since 1926 was _________.
A. 0.5%
B. 2.4%
C. 3.8%
D. 6.0%
42.An example of a real asset is _________.
I. a college education
II. customer goodwill
III. a patent
A. I only
B. II only
C. I and III only
D. I, II and III
43.The 2002 law designed to improve corporate governance is titled the
A. Pension Reform Act
B. ERISA
C. Financial Services Modernization Act
D. Sarbanes-Oxley Act
44.Which of the following is not a financial intermediary?
A. a mutual fund
B. an insurance company
C. a real estate brokerage firm
D. a savings and loan company
45.The combined liabilities of American households represent approximately __________ percent of
combined assets.
A. 11%
B. 21%
C. 25%
D. 33%
46.In 2008 real assets represented approximately __________ percent of the total asset holdings of American
households.
A. 37%
B. 42%
C. 48%
D. 55%
47.In 2008 mortgages represented approximately __________ percent of total liabilities and net worth of
American households.
A. 12%
B. 15%
C. 28%
D. 42%
48.Liabilities equal approximately _____ of total assets for nonfinancial U.S. businesses.
A. 10%
B. 25%
C. 44%
D. 75%
49.Which of the following is not an example of a financial intermediary?
A. Goldman Sachs
B. Allstate Insurance
C. First Interstate Bank
D. IBM
50.Real assets represent about ____ of total assets for financial institutions.
A. 1%
B. 15%
C. 25%
D. 40%
51.Money Market securities are characterized by ________.
I. maturity less than one year
II. safety of the principal investment
III. low rates of return
A. I only
B. I and II only
C. I and III only
D. I, II and III
52.After much investigation an investor finds that Intel stock is currently under priced. This is an example of
______.
A. asset allocation
B. security analysis
C. top down portfolio management
D. passive management
53.After considering current market conditions an investor decides to place 60% of their funds in equities and
the rest in bonds. This is an example of
A. asset allocation
B. security analysis
C. top down portfolio management
D. passive management
54.Suppose an investor is considering one of two investments which are identical in all respects except for
risk. If the investor anticipates a fair return for the risk of the security they invest in they can expect to
A. earn no more than the Treasury bill rate on either security
B. pay less for the security that has higher risk
C. pay less for the security that has lower risk
D. earn more if interest rates are lower
55.The efficient markets hypothesis suggests that _______.
A. active portfolio management strategies are the most appropriate investment strategies
B. passive portfolio management strategies are the most appropriate investment strategies
C. either active or passive strategies may be appropriate, depending on the expected direction of the market
D. a bottom up approach is the most appropriate investment strategy
56.In a perfectly efficient market the best investment strategy is probably a/an
A. active strategy
B. passive strategy
C. asset allocation
D. market timing
57.An important trend that has changed the contemporary investment market is _________.
A. financial engineering
B. globalization
C. securitization
D. all three of the other answers
58.Securitization refers to the creation of new securities by _________.
A. selling individual cash flows of a security or loan
B. repackaging individual cash flows of a security or loan into a new payment pattern
C. taking an illiquid asset and converting it into a marketable security
D. selling financial services overseas as well as in the U.S.
59.Brady bonds were an example of _________.
A. securitization
B. mortgagization
C. bundling
D. pass through securities
60.Individuals may find it more advantageous to purchase claims from a financial intermediary rather than
directly purchasing claims in capital markets because
I. intermediaries are better diversified than most individuals
II. intermediaries can exploit economies of scale in investing that individual investors cannot
III. intermediated investments usually offer higher rates of return than direct capital market claims
A. I only
B. I and II only
C. II and III only
D. I, II and III
61.Surf City Software Company develops new surf forecasting software. It sells the software to Microsoft in
exchange for 1000 shares of Microsoft common stock. Surf City Software has exchanged a _____ asset for
a _____ asset in this transaction.
A. real, real
B. financial, financial
C. real, financial
D. financial, real
62.Stone Harbor Products takes out a bank loan. It receives $100,000 and signs a promissory note to pay back
the loan over 5 years.
A. A new financial asset was created in this transaction.
B. A financial asset was traded for a real asset in this transaction.
C. A financial asset was destroyed in this transaction.
D. A real asset was created in this transaction.
63.Which of the following firms was not engaged in a major accounting scandal between 2000 and 2005?
A. General Electric
B. Parmalat
C. Enron
D. WorldCom
64.Accounting scandals can often be attributed to a particular concept in the study of finance known as the
A. agency problem
B. risk - return trade - off
C. allocation of risk
D. securitization
65.An intermediary that pools and manage funds for many investors is called a/an ______.
A. investment company
B. savings and loan
C. investment banker
D. ADR
66.Financial institutions that specialize in assisting corporations in primary market transactions are called
_______.
A. mutual funds
B. investment bankers
C. pension funds
D. globalization specialists
67.WEBS allow investors to _______.
A. invest in U.S. mortgage backed securities
B. invest in an individual foreign stock
C. invest in a portfolio of foreign stocks
D. avoid any exposure to foreign exchange risk
68.In 2008 the largest corporate bankruptcy in the U.S. history involved the investment banking firm of
______.
A. Goldman Sachs
B. Lehman Brothers
C. Morgan Stanley
D. Merrill Lynch
69.The inability of shareholders to influence the decisions of managers, despite overwhelming shareholder
support, is a breakdown in what process or mechanism?
A. Auditing
B. Public finance
C. Corporate governance
D. Public reporting
70.Real assets are ______.
A. are assets used to produce goods and services
B. always the same as financial assets
C. always equal to liabilities
D. claims on company's income
71. A major cause of mortgage market meltdown in 2007 and 2008 was linked to ________.
A. globalization
B. securitization
C. negative analyst recommendations
D. online trading
72.In recent years the greatest dollar amount of securitization occurred for which type loan?
A. Home mortgages
B. Credit card debt
C. Automobile loans
D. Equipment leasing
73.The process of securitizing poor quality bank loans made to developing nations resulted in the creation of
__________.
A. Pass-throughs
B. Brady bonds
C. WEBS
D. FHLMC participation certificates
74.U.S. Treasury bonds pay interest every six months and repay the principal at maturity. The U.S.
Treasury routinely sells individual interest payments on these bonds to investors. This is an example of ___________.
A. unbundling
B. bundling
C. securitization
D. security selection
75.An investment advisor has decided to purchase gold, real estate, stocks, and bonds in equal amounts. This
decision reflects which part of the investment process?
A. Asset allocation
B. Investment analysis
C. Portfolio analysis
D. Security selection
1 Key
1.Financial assets represent _____ of total assets of U.S. households.
A. over 60%
B. over 90%
C. under 10%
D. about 30%
Bodie - Chapter 01 #1
Difficulty: Easy
2.Real assets in the economy include all but which one of the following?
A. Land
B. Buildings
C. Consumer durables
D. Common stock
Bodie - Chapter 01 #2
Difficulty: Easy
https://www.360docs.net/doc/208506110.html, worth represents _____ of the liabilities and net worth of commercial banks.
A. about 50%
B. about 90%
C. about 10%
D. about 30%
Bodie - Chapter 01 #3
Difficulty: Medium 4.According to the Flow of Funds Accounts of the United States, the largest single asset of U.S.
households is ___.
A. mutual fund shares
B. real estate
C. pension reserves
D. corporate equity
Bodie - Chapter 01 #4
Difficulty: Medium 5.According to the Flow of Funds Accounts of the United States, the largest liability of U.S. households is
________.
A. mortgages
B. consumer credit
C. bank loans
D. gambling debts
Bodie - Chapter 01 #5
Difficulty: Medium
6.____ is not a derivative security.
A. A share of common stock
B. A call option
C. A futures contract
D. All of the above are derivative securities.
Bodie - Chapter 01 #6
Difficulty: Easy 7.According to the Flow of Funds Accounts of the United States, the largest financial asset of U.S.
households is ____.
A. mutual fund shares
B. corporate equity
C. pension reserves
D. personal trusts
Bodie - Chapter 01 #7
Difficulty: Medium
8.Active trading in markets and competition among securities analysts helps ensure that __________.
I. security prices approach informational efficiency
II. riskier securities are priced to offer higher potential returns
III. investors are unlikely to be able to consistently find under- or overvalued securities
A. I only
B. I and II only
C. II and III only
D. I, II and III
Bodie - Chapter 01 #8
Difficulty: Hard 9.The material wealth of society is determined by the economy's _________, which is a function of the
economy's _________.
A. investment bankers, financial assets
B. investment bankers, real assets
C. productive capacity, financial assets
D. productive capacity, real assets
Bodie - Chapter 01 #9
Difficulty: Medium
10.Which of the following is not a money market security?
A. U.S. Treasury bill
B. Six month maturity certificate of deposit
C. Common stock
D. Banker's acceptance
Bodie - Chapter 01 #10
Difficulty: Medium
11.__________ assets generate net income to the economy and __________ assets define allocation of
income among investors.
A. Financial, financial
B. Financial, real
C. Real, financial
D. Real, real
Bodie - Chapter 01 #11
Difficulty: Medium
12.Which of the following are financial assets?
I. Debt securities
II. Equity securities
III. Derivative securities
A. I only
B. I and II only
C. II and III only
D.I, II and III
Bodie - Chapter 01 #12
Difficulty: Hard
13.__________ are examples of financial intermediaries.
A. Commercial banks
B. Insurance companies
C. Investment companies
D. All of the above are financial intermediaries
Bodie - Chapter 01 #13
Difficulty: Easy
14.Asset allocation refers to the _________.
A.allocation of the investment portfolio across broad asset classes
B. analysis of the value of securities
C. choice of specific assets within each asset class
D. none of the answers define asset allocation
Bodie - Chapter 01 #14
Difficulty: Easy
15.Which one of the following best describes the purpose of derivatives markets?
A.Transferring risk from one party to another
B. Investing for a short time period to earn a small rate of return
C. Investing for retirement
D. Earning interest income
Bodie - Chapter 01 #15
Difficulty: Medium
16.__________ was the first to introduce mortgage pass-through securities.
A. Chase Manhattan
B. Citicorp
C. FNMA
D. GNMA
Bodie - Chapter 01 #16
Difficulty: Easy
17.Security selection refers to the ________.
A. allocation of the investment portfolio across broad asset classes
B. analysis of the value of securities
C.choice of specific securities within each asset class
D. top down method of investing
Bodie - Chapter 01 #17
Difficulty: Medium
18._____ is an example of an agency problem.
A. Managers engage in empire building
B. Managers protect their jobs by avoiding risky projects
C. Managers over consume luxuries such as corporate jets
D. All of the answers provide examples of agency problems
Bodie - Chapter 01 #18
Difficulty: Easy
19._____ is a mechanism to mitigate potential agency problems.
A. Tying income of managers to success of the firm
B. Directors defending top management
C. Anti takeover strategies
D. Straight voting method of electing the board of directors
Bodie - Chapter 01 #19
Difficulty: Hard
20.__________ are real assets.
A. Bonds
B. Production equipment
C. Stocks
D. Commercial paper
Bodie - Chapter 01 #20
Difficulty: Easy
21.__________ portfolio construction starts with selecting attractively priced securities.
A. Bottom-up
B. Top-down
C. Upside-down
D. Side-to-side
Bodie - Chapter 01 #21
22.In a capitalist system capital resources are primarily allocated by ____________.
A. governments
B. the SEC
C. financial markets
D. investment bankers
Bodie - Chapter 01 #22
Difficulty: Easy
23. A __________ represents an ownership share in a corporation.
A. call option
https://www.360docs.net/doc/208506110.html,mon stock
C. fixed-income security
D. preferred stock
Bodie - Chapter 01 #23
Difficulty: Easy
24.The value of a derivative security _________.
A.depends on the value of other related security
B. affects the value of a related security
C. is unrelated to the value of a related security
D. can only be integrated by calculus professors
Bodie - Chapter 01 #24
Difficulty: Easy 25. A bond issue is broken up so that some investors will receive interest payments while others will
receive principal payments. This is an example of _________.
A. bundling
B. credit enhancement
C. securitization
D.unbundling
Bodie - Chapter 01 #25
Difficulty: Easy 26.__________ portfolio management calls for holding diversified portfolios without spending effort or
resources attempting to improve investment performance through security analysis.
A. Active
B. Momentum
C.Passive
D. Market timing
Bodie - Chapter 01 #26
Difficulty: Easy
27.Financial markets allow for all but which one of the following?
A. Shift consumption through time from higher income periods to lower
B. Price securities according to their riskiness
C. Channel funds from lenders of funds to borrowers of funds
D. Allow most participants to routinely earn high returns with low risk
Bodie - Chapter 01 #27
Difficulty: Moderate
28.Financial intermediaries exist because small investors cannot efficiently _________.
A. diversify their portfolios
B. gather information
C. monitor their portfolios
D. all of the answers provide reasons why
Bodie - Chapter 01 #28
Difficulty: Easy
29.Methods to encourage managers to act in shareholders' best interest include
I. Threat of takeover
II. Proxy fights for control of the Board of Directors
III. Tying managers' compensation to stock price performance
A. I only
B. I and II only
C. II and III only
D. I, II and III
Bodie - Chapter 01 #29
Difficulty: Easy 30.Firms that specialize in helping companies raise capital by selling securities to the public are called
_________.
A. pension funds
B.investment banks
C. savings banks
D. REITs
Bodie - Chapter 01 #30
Difficulty: Easy 31.In securities markets, there should be a risk-return trade-off with higher-risk assets having _________
expected returns than lower-risk assets.
A. higher
B. lower
C. the same
D. Can't tell from the information given
Bodie - Chapter 01 #31
Difficulty: Easy
32.__________ are an indirect way U.S. investors can invest in foreign companies.
A. ADRs
B. IRAs
C. SDRs
D. CPCs
Bodie - Chapter 01 #32
Difficulty: Easy
33.Security selection refers to _________.
A. choosing specific securities within each asset-class
B. deciding how much to invest in each asset-class
C. deciding how much to invest in the market portfolio versus the riskless asset
D. deciding how much to hedge
Bodie - Chapter 01 #33
Difficulty: Easy
34.An example of a derivative security is _________.
A. a common share of General Motors
B. a call option on Intel stock
C. a Ford bond
D. a U.S. Treasury bond
Bodie - Chapter 01 #34
Difficulty: Easy
35.__________ portfolio construction starts with asset allocation.
A. Bottom-up
B. Top-down
C. Upside-down
D. Side-to-side
Bodie - Chapter 01 #35
Difficulty: Easy 36.Which one of the following firms falsely claimed to have a $4.8 billion bank account at Bank of
America and vastly understated its debts, eventually resulting in the firm's bankruptcy?
A. WorldCom
B. Enron
C. Parmalat
D. Global Crossing
Bodie - Chapter 01 #36
Difficulty: Medium
37.Debt securities promise _________.
I. a fixed stream of income
II. a stream of income that is determined according to a specific formula
III. a share in the profits of the issuing entity
A. I only
B.I or II only
C. I and III only
D. II or III only
Bodie - Chapter 01 #37
Difficulty: Medium 38.The Sarbanes-Oxley Act tightened corporate governance rules by requiring all but which one of the
following?
A. Required corporations to have more independent directors
B. Required the CFO to personally vouch for the corporation's financial statements
C. Required that firms could no longer employ investment bankers to sell securities to the public
D. The creation of a new board to oversee the auditing of public companies
Bodie - Chapter 01 #38
Difficulty: Medium
39.The success of common stock investments depends on the success of _________.
A. derivative securities
B. fixed income securities
C. the firm and its real assets
D. government methods of allocating capital
Bodie - Chapter 01 #39
Difficulty: Easy
40.The historical average rate of return on the large company stocks since 1926 has been
A. 5%
B. 8%
C.12%
D. 20%
Bodie - Chapter 01 #40
Difficulty: Medium
41.The average rate of return on U.S. Treasury bills since 1926 was _________.
A. 0.5%
B. 2.4%
C. 3.8%
D. 6.0%
Bodie - Chapter 01 #41
Difficulty: Medium
42.An example of a real asset is _________.
I. a college education
II. customer goodwill
III. a patent
A. I only
B. II only
C. I and III only
D. I, II and III
Bodie - Chapter 01 #42
Difficulty: Medium
43.The 2002 law designed to improve corporate governance is titled the
A. Pension Reform Act
B. ERISA
C. Financial Services Modernization Act
D. Sarbanes-Oxley Act
Bodie - Chapter 01 #43
Difficulty: Easy
44.Which of the following is not a financial intermediary?
A. a mutual fund
B. an insurance company
C. a real estate brokerage firm
D. a savings and loan company
Bodie - Chapter 01 #44
Difficulty: Medium 45.The combined liabilities of American households represent approximately __________ percent of
combined assets.
A. 11%
B.21%
C. 25%
D. 33%
Bodie - Chapter 01 #45
Difficulty: Medium 46.In 2008 real assets represented approximately __________ percent of the total asset holdings of
American households.
A. 37%
B. 42%
C. 48%
D. 55%
Bodie - Chapter 01 #46
Difficulty: Medium
投资学精要(博迪)(第五版)习题答案英文版chapter7
Essentials of Investments (BKM 5th Ed.) Answers to Selected Problems – Lecture 4 Note: The solutions to Example 6.4 and the concept checks are provided in the text. Chapter 6: 23. In the regression of the excess return of Stock ABC on the market, the square of the correlation coefficient is 0.296, which indicates that 29.6% of the variance of the excesss return of ABC is explained by the market (systematic risk). Chapter 7: 3. E(R p) = R f + βp[E(R M) - R f] 0.20 = 0.05 + β(0.15 - 0.05) β = 0.15/0.10 = 1.5 β=0 implies E(R)=R f, not zero. 6. a) False: b) False: Investors of a diversified portfolio require a risk premium for systematic risk. Only the systematic portion of total risk is compensated. c) False: 75% of the portfolio should be in the market and 25% in T-bills. βp=(0.75 * 1) + (0.25 * 0) = 0.75 8. Not possible. Portfolio A has a higher beta than B, but a lower expected return. 9. Possible. If the CAPM is valid, the expected rate of return compensates only for market risk (beta), rather than for nonsystematic risk. Part of A’s risk may be nonsystematic. 10. Not possible. If the CAPM is valid, the market portfolio is the most efficient and a higher reward- to-variability ratio than any other security. In other words, the CML must be better than the CAL for any other security. Here, the slope of the CAL for A is 0.5 while the slope of the CML is 0.33. 11. Not possible. Portfolio A clearly dominates the market portfolio with a lower standard deviation and a higher expected return. The CML must be better than the CAL for security A. 12. Not possible. Security A has an expected return of 22% based on CAPM and an actual return of 16%. Security A is below the SML and is therefore overpriced. It is also clear that security A has a higher beta than the market, but a lower return which is not consistent with CAPM. 13. Not possible. Security A has an expected return of 17.2% and an actual return of 16%. Security A is below the SML and is therefore overpriced. 14. Possible. Portfolio A has a lower expected return and lower standard deviation than the market and thus plots below the CML. 17. Using the SML: 6 = 8 + β(18 – 8)
博迪第八版投资学第十章课后习题答案
CHAPTER 10: ARBITRAGE PRICING THEORY AND MULTIFACTOR MODELS OF RISK AND RETURN PROBLEM SETS 1. The revised estimate of the expected rate of return on the stock would be the old estimate plus the sum of the products of the unexpected change in each factor times the respective sensitivity coefficient: revised estimate = 12% + [(1 2%) + (0.5 3%)] = 15.5% 2. The APT factors must correlate with major sources of uncertainty, i.e., sources of uncertainty that are of concern to many investors. Researchers should investigate factors that correlate with uncertainty in consumption and investment opportunities. GDP, the inflation rate, and interest rates are among the factors that can be expected to determine risk premiums. In particular, industrial production (IP) is a good indicator of changes in the business cycle. Thus, IP is a candidate for a factor that is highly correlated with uncertainties that have to do with investment and consumption opportunities in the economy. 3. Any pattern of returns can be “explained” if we are free to choose an indefinitely large number of explanatory factors. If a theory of asset pricing is to have value, it must explain returns using a reasonably limited number of explanatory variables (i.e., systematic factors). 4. Equation 10.9 applies here: E(r p) = r f + P1 [E(r1 ) r f ] + P2 [E(r2) – r f ] We need to find the risk premium (RP) for each of the two factors: RP1 = [E(r1) r f ] and RP2 = [E(r2) r f ] In order to do so, we solve the following system of two equations with two unknowns: 31 = 6 + (1.5 RP1) + (2.0 RP2) 27 = 6 + (2.2 RP1) + [(–0.2) RP2] The solution to this set of equations is: RP1 = 10% and RP2 = 5%
博迪《投资学》笔记和课后习题详解(指数模型)【圣才出品】
第10章指数模型 10.1 复习笔记 1．单指数证券市场 (1)单指数模型 ①单指数模型的定义式 马科维茨模型在实际操作中存在两个问题，一是需要估计大量的数据；二是该模型应用中相关系数确定或者估计中的误差会导致结果无效。 单指数模型大降低了马科维茨资产组合选择程序的数据数量，它把精力放在了对证券的专门分析中。 因为不同企业对宏观经济事件有不同的敏感度。所以，如果记宏观因素的非预测成分为F，记证券i对宏观经济事件的敏感度为βi；则证券i的宏观成分为，则股票收益的单因素模型为： ②单指数模型收益率的构成 因为指数模型可以把实际的或已实现的证券收益率区分成宏观(系统)的与微观(公司特有)的两部分。每个证券的收益率是三个部分的总和：
如果记市场超额收益R M的方差为σ2M，则可以把每个股票收益率的方差拆分成两部分： （2）指数模型的估计 单指数模型表明，股票GM的超额收益与标准普尔500指数的超额收益之间的关系由下式给定： R i=αi+βi R M+e i 该式通过βi来测度股票i对市场的敏感度，βi是回归直线的斜率。回归直线的截距是αi，它代表了平均的公司特有收益。在任一时期里，回归直线的特定观测偏差记为e i，称为残值。每一个残值都是实际股票收益与由描述股票同市场之间的一般关系的回归方程所预测出的股票收益之间的差异。这些量可以用标准回归技术来估计。 （3）指数模型与分散化 资产组合的方差为 其中定义资产组合方差的系统风险成分为依赖于市场运动的部分为它也
依赖于单个证券的敏感度系数。这部分风险依赖于资产组合的贝塔和σ2M，不管资产组合分散化程度如何都不会改变。 相比较，资产组合方差的非系统成分是σ2(e P)，它来源于公司特有成分e i。因为这些e i 是独立的，都具有零期望值，所以可以得出这样的结论：随着越来越多的股票加入到资产组合中，公司特有风险倾向于被消除掉，非市场风险越来越小。 当各资产为等权重，且e i不相关时，有。式中，为公司特有方差的均值。当n变大时，σ2(e p)就变得小得可以忽略了。 图10—1 证券数量与分散风险 2．资本资产定价模型与指数模型 （1）真实收益与期望收益 资本资产定价模表示了各种期望收益之间的关系，而可以观察到的只是实际的或已实现的持有期收益；构造一个规模巨大的市值加权的资产组合也是难以实现的。因此资本资产定价模型的有效性难以进行实证检验。
博迪《投资学》笔记和课后习题详解(投资环境)【圣才出品】
第1章投资环境 1.1 复习笔记 1.金融资产与实物资产 （1）概念 实物资产指经济生活中所创造的用于生产商品和提供服务的资产。实物资产包括：土地、建筑物、知识、机械设备以及劳动力。实物资产和“人力”资产是构成整个社会的产出和消费的主要内容。 金融资产是实物资产所创造的利润或政府的收入的要求权。金融资产主要指股票或债券等有价证券。金融资产是投资者财富的一部分，但不是社会财富的组成部分。 （2）两种资产的区分 ①实物资产能够创造财富和收入，而金融资产却只是收入或财富在投资者之间的配置的一种手段。 ②实物资产通常只在资产负债表的资产一侧出现，而金融资产却可以作为资产或负债在资产负债表的两侧都出现。对企业的金融要求权是一种资产，但是，企业发行的这种金融要求权则是企业的负债。 ③金融资产的产生和消除一般要通过一定的商务过程。例如，当贷款被支付后，债权人的索偿权(一种金融资产)和债务人的债务(一种金融负债)就都消失了。而实物资产只能通过偶然事故或逐渐磨损来消除。
2．金融市场 （1）金融市场与经济 ①金融市场的概念 金融市场是指以金融资产为交易对象而形成的供求关系及其机制的总和。它包括三层含义，一是它是金融资产进行交易的一个有形和无形的场所；二是它反映了金融资产的供应者和需求者之间所形成的供求关系；三是它包含了金融资产交易过程中所产生的运行机制。 ②金融市场的作用 a.金融市场允许人们通过金融资产储蓄财富，使人们消费与收入在时间上分离。人们可以通过调整消费期获得最满意的消费。 b.金融市场使人们可以通过金融资产的买卖来分配实物资产的风险。 c.金融市场保证了公司经营权和所有权的分离。 ③代理问题 代理问题是指公司的管理者追求自己的利益而非公司的利益所产生的管理者与股东潜在的利益冲突。解决代理问题的管理机制有：期权等激励机制、通过董事会解雇管理者以及雇佣独立人士监控管理者。绩效差的公司通常面临着被收购的危机，这是一种外部的激励。 公司治理危机包括会计丑闻、分析师丑闻和首次公开发行中的问题。 （2）金融系统的客户 金融系统中的客户包括家庭、企业和政府。 家庭通过金融市场持有金融资产进行理财；企业利用金融市场融资；政府一方面通过金融市场融资，另一方面也是金融环境的规范者。 （3）投资环境与客户需求 ①金融中介的定义与性质
博迪《投资学》笔记和课后习题详解(利率的期限结构)【圣才出品】
第15章利率的期限结构 15.1 复习笔记 利率期限结构，即不同到期期限债券利率之间的关系，通常用被称为收益率曲线的曲线图来描述。 1. 确定的期限结构 长期债券收益率较高的原因有二：一是长期债券风险较大，需要较高的收益率来补偿利率风险；二是投资者预期利率会上升，因此较高的平均收益率反应了对债券后续寿命期的高利率预期。 （1）债券定价 给定期限的利率称为短期利率。利用不同期限的短期利率对债券进行贴现可以得到债券的价格。利用债券的价格，可计算出每种债券的到期收益率。收益率是单利，它等于相对于债券价格的债券支付额的现值。虽然利率可随时间变化，但各期的到期收益率均以“平均”利率计算，以贴现所有各期的债券支付。不同期限的到期收益率可以构成收益率曲线。 零息票债券的到期收益率有时也称为即期利率，即今日对应于零期时的利率。到期收益率实际上是每一时期利率的几何平均值。 （2）分离债券和息票债券的定价 零息票债券的价格可以通过用债券到期时的即期利率对债券票面价值贴现后得到。可以把息票债券的每一次付息从结果上视为各自独立支付的零息票债券，它们可以独立地被估价。息票债券的总价值就是其每一次现金流价值的总和。
债券交易者经常要区分零息票债券和息票支付债券的收益曲线。纯收益曲线反映了零息票债券的到期收益和到期时间之间的关系。 （3）持有期收益（holding period yield, HPY ） 在一个简单的没有不确定性因素的世界中，任何期限的债券一定会提供相同的收益率。实际上，尽管不同的债券有不同的到期收益率，但每一种债券提供的未来一年的收益率将等于这一年的短期利率。 持有期收益指在一定时期内投资的总收益，包括各种来源的收入。其计算公式如下： 投资的期初价值投资的期末价值 HPR 其计算得出的值总是大于或等于0, 即它不可能为负值。如果该值大于1.0表明财富增加，这意味着持有期的收益率为正；如果该值小于1.0表明财富减少，这意味着在持有期的收益率为负；如果该值等于0表明投资损失殆尽。 持有期收益率（HPR ）指一定时间内投资的总收益率，用百分数表示。其计算公式如下： HPY=HPR －1 （4）远期利率 在利率变化确定的情况下，可从零息票债券的收益率曲线中推出未来短期利率，其计算公式为： 式中，n 为期数；y n 为n 期零息票债券的到期收益率。 当未来利率与不确定性相联系，用式(15-4)推断出的利率称为远期利率而不是未来短期利率，因为它不一定是未来某一期间的真实利率。 如果n 期的远期利率为f n ，则可用下式定义f n ：
投资学精要 博迪 第八版 课后答案 Chapter2
CHAPTER 02 ASSET CLASSES AND FINANCIAL INSTRUMENTS https://www.360docs.net/doc/208506110.html,mon stock is an ownership share in a publicly held corporation. Common shareholders have voting rights and may receive dividends. Preferred stock represents nonvoting shares in a corporation, usually paying a fixed stream of dividends. While corporate bonds are long-term debt by corporations, typically paying semi-annual coupons and returning the face value of the bond at maturity. 2.While the DJIA has 30 large corporations in the index, it does not represent the overall market nearly as well as the 500 stocks contained in The Wilshire index. The DJIA is simply too small. 3.They are short term, very safe, and highly liquid. Also, their unit value almost never changes. 4.Treasury bills, certificates of d eposit, commercial paper, bankers’ acceptances, Eurodollars, repos, reserves, federal funds and brokers’ calls. 5.American Depository Receipts, or ADRs, are certificates traded in U.S. markets that represent ownership in shares of a foreign company. Investors may also purchase shares of foreign companies on foreign exchanges. Lastly, investors may use international mutual funds to own shares indirectly. 6.Because they produce coupons that are tax free. 7.The fed funds rate is simply the rate of interest on very short-term loans among financial institutions. The London Interbank Offer Rate (LIBOR) is the rate at which large banks in London are willing to lend money among themselves. 8.General obligation bonds are backed by the local governments, while revenue bonds have proceeds attached to specific projects. A revenue bond has less guarantees, therefore, it is riskier and will have a higher yield. 9.Corporations may exclude 70% of dividends received from domestic corporations in the computation of their taxable income. 10.Limited liability means that the most shareholders can lose in event of the failure of the corporation is their original investment. 11.Money market securities are referred to as “cash equivalents” because of their great 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.
博迪《投资学》(第10版)笔记和课后习题详解答案
博迪《投资学》（第10版）笔记和课后习题详解完整版>精研学习?>无偿试用20％资料 全国547所院校视频及题库全收集 考研全套>视频资料>课后答案>往年真题>职称考试 第一部分绪论 第1章投资环境 1.1复习笔记 1.2课后习题详解 第2章资产类别与金融工具 2.1复习笔记 2.2课后习题详解 第3章证券是如何交易的 3.1复习笔记 3.2课后习题详解 第4章共同基金与其他投资公司 4.1复习笔记 4.2课后习题详解 第二部分资产组合理论与实践 第5章风险与收益入门及历史回顾 5.1复习笔记 5.2课后习题详解 第6章风险资产配置 6.1复习笔记 6.2课后习题详解 第7章最优风险资产组合 7.1复习笔记 7.2课后习题详解 第8章指数模型 8.1复习笔记 8.2课后习题详解 第三部分资本市场均衡 第9章资本资产定价模型 9.1复习笔记 9.2课后习题详解 第10章套利定价理论与风险收益多因素模型 10.1复习笔记 10.2课后习题详解 第11章有效市场假说
11.1复习笔记 11.2课后习题详解 第12章行为金融与技术分析 12.1复习笔记 12.2课后习题详解 第13章证券收益的实证证据 13.1复习笔记 13.2课后习题详解 第四部分固定收益证券 第14章债券的价格与收益 14.1复习笔记 14.2课后习题详解 第15章利率的期限结构 15.1复习笔记 15.2课后习题详解 第16章债券资产组合管理 16.1复习笔记 16.2课后习题详解 第五部分证券分析 第17章宏观经济分析与行业分析 17.1复习笔记 17.2课后习题详解 第18章权益估值模型 18.1复习笔记 18.2课后习题详解 第19章财务报表分析 19.1复习笔记 19.2课后习题详解 第六部分期权、期货与其他衍生证券第20章期权市场介绍 20.1复习笔记 20.2课后习题详解 第21章期权定价 21.1复习笔记 21.2课后习题详解 第22章期货市场 22.1复习笔记 22.2课后习题详解 第23章期货、互换与风险管理 23.1复习笔记 23.2课后习题详解 第七部分应用投资组合管理 第24章投资组合业绩评价 24.1复习笔记
博迪《投资学》笔记和课后习题详解(财务报表分析)【圣才出品】
第19章财务报表分析 19.1 复习笔记 财务会计的数据资料由于容易得到，尽管存在一些缺点，但对于评估一家公司的经济前景非常有用。投资者可以利用财务资料来进行股票估价分析。本章将说明如何以一种系统的方法，利用财务比率来揭示一家公司盈利能力的来源，并且评价其收益的“质量”，以及负债政策对各种财务比率的影响。但是，由于每个公司会计程序不同，加之通货膨胀会使会计数据失真，财务报表分析作为寻找定价不当的股票的一种工具，是有其局限性的。 1．基本财务报表 （1）损益表 损益表是对公司在一段时期内(例如一年)的盈利能力的总结。它表示在运营期间公司获得的收入，以及与此同时产生的费用。收入减去费用所得的差额就是公司的净利润或利润。 公司支付的主要的费用有四种：①货物的销售成本，即在生产公司销售的产品时产生的一种直接成本。②各种管理费用，包括间接费用、酬金、广告费和运营公司所需的其他成本，这不是由生产直接产生的。③由公司债务产生的利息费用。④应缴纳的联邦及当地政府的所得税。 在损益表中，营业收入与随之产生的营业费用（包括折旧费用）之差称为营业收益。营业收益再加上或减去其他临时性的收入或者费用可以得到息税前收益(EBIT)，它是指在不承担对债权人支付和缴税的前提下的公司之所得。在忽略由于借债筹资而产生的利息负担的情
况下，息税前收益是检验公司盈利能力的一个方法。如果息税前收益减去净利息费用，就可以得到应税收入。最后从应税收入中减去应缴给政府的所得税，就得到损益表的最下面一行，净收入。 （2）资产负债表 资产负债表提供了公司在某一时点的财务状况信息，显示该公司在那一时刻的资产与负债清单。 资产负债表的第一部分列示公司的资产。资产包括流动资产和长期资产两部分。首先列示的是流动资产，如现金、应收账款及存货等。接着列示的是长期资产，主要包括公司的不动产、厂房与设备。流动资产与长期资产的总和称为总资产，列在该表资产部分的最后一项。 负债及股东权益部分也同理排列。负债包括流动负债，如应付账款、应交税金与一年内到期的负债，以及长期债务与一年以上的其他负债。总资产与总负债的差额称为股东权益，它是公司的净资产或者账面价值。股东权益又可分为股本、资本公积与盈余公积。股本加上资本公积相当于股票卖给公众所得收益，盈余公积相当于从利润中提取的股权留存在公司。即使公司不再增加股权，但公司的账面价值仍可以通过将收益留存在公司而每年增加。 （3）现金流量表 现金流量表详细描述了由公司的经营、投资与筹资活动所产生的现金流。损益表与资产负债表均建立在权责发生制上，即使没有现金交易，收入与费用也在发生时就确认。而现金流量表以收入实现制为基础，只承认产生现金变化的交易。 现金流量表主要分为三大块，即经营活动、投资活动和筹资活动产生的现金流。经营活动产生的现金流主要通过对净收益进行包括应收应付款项、折旧摊销等在内的若干项目的调整，得到经营活动的净现金。投资活动产生的现金流，记录的是公司的投资活动在一定时期的净现金流入或流出，对公司保持并提高生产能力很有必要。最后一部分筹资活动所产生的
博迪投资学第10版英文教材课后答案 (3)
CHAPTER 3: HOW SECURITIES ARE TRADED PROBLEM SETS 1.Answers to this problem will vary. 2. The SuperDot system expedites the flow of orders from exchange members to the specialists. It allows members to send computerized orders directly to the floor of the exchange, which allows the nearly simultaneous sale of each stock in a large portfolio. This capability is necessary for program trading. 3. The dealer sets the bid and asked price. Spreads should be higher on inactively traded stocks and lower on actively traded stocks. 4. a. In principle, potential losses are unbounded, growing directly with increases in the price of IBM. b. If the stop-buy order can be filled at $128, the maximum possible loss per share is $8. If the price of IBM shares goes above $128, then the stop-buy order would be executed, limiting the losses from the short sale. 5. a. The stock is purchased for: 300 ? $40 = $12,000 The amount borrowed is $4,000. Therefore, the investor put up equity, or margin, of $8,000. b.If the share price falls to $30, then the value of the stock falls to $9,000. By the end of the year, the amount of the loan owed to the broker grows to: $4,000 ? 1.08 = $4,320 Therefore, the remaining margin in the investor’s account is: $9,000 - $4,320 = $4,680 The percentage margin is now: $4,680/$9,000 = 0.52 = 52% Therefore, the investor will not receive a margin call. c.The rate of return on the investment over the year is: (Ending equity in the account - Initial equity)/Initial equity = ($4,680 - $8,000)/$8,000 = -0.415 = -41.5%
投资学 博迪 第九版 中文答案 第四章
基础题 1、单位投资信托基金的运营费用应该较低。因为一旦信托设立，信托投资组合是固定的， 当市场改变时，它不需要支付投资组合经理不断监控和调整投资者组合的费用。因为投资组合是固定的，所以单位投资信托基金几乎没有交易成本。 2、a 单位信托基金：大规模投资的多元化，大规模交易的低成本，低管理费用，可预测 的投资组合成分，投资组合的低换手率。 b 开放式基金：大规模投资的多元化，大规模交易的低成本，专业的管理可以实现在 机会出现时的买入或卖出，记录交易过程。 c 个人自主选择的股票和债券：没有管理费用，在协调个人所得税的情况下实现资本 利得或者损失，可以根据个人风险偏好来设计投资组合。 3、开放式基金是有义务以资产净值赎回投资者的股票,因此必须保持手头现金及现金证券 以满足潜在的赎回。封闭式基金不需要现金储备,因为对封闭式基金不能赎回。封闭式基金的投资者希望套现时，他们会出售股票。 4、平衡基金以相对稳定的比例投资于每个资产类别，供投资者投资整个资产组合时选择使 用。生命周期基金属于平衡基金，其资产配置取决于投资者的年龄构成。积极的生命周期基金，持有大量的股票，是面向年轻的投资者，而保守的生命周期基金，则持有大量的债券，主要针对年长的投资者。相比之下，资产配置基金会根据对每一个板块相对业绩的预测而显著改变基金在每一个市场的资产配置比例。因此资产配置资金更强调市场时机的选择。 5、与开放式基金不同，其基金股份随时准备以资产净值赎回，封闭式基金作为一种证券在 交易所中交易，因此，它的价格可以偏离它的净值。 6、交易所交易基金的优势： 交易所交易基金持续地交易，并且可以通过保证金来购买和出售 当交易所交易基金出售时，没有资本利得税（股票只是从一个投资者转移到了另一个投资者） 投资者直接从经纪人处购买，从而基金节省了直接向小投资者销售的成本，这种费用降低了管理费用。 交易所交易基金的劣势： 价格可能偏离资产净值（不像开放式基金） 在从经纪人手中购买时，必须支付费用（不像免佣基金） 中级题 7、发行价格包括6%的前端费用，也即销售费用，意味着每一美元的支付，仅能得到$0.94 的股票净值。因此发行价格=NAV/（1-load）=$10.70/(1-0.06)=$11.38 8、NAV=发行价格*（1-load）=$12.30*(1-0.05)=$11.69 9、股票价值 A $7，000，000 B $12，000，000 C $8，000，000 D $15，000，000 总值$42，000，000 NAV=($42，000，000-$30，000)/4，000，000=$10.49 10、股票的交易量=$15,000,000 换手率=$15,000,000/$42,000,000=0.357=35.7% 11、 a NAV=($200，000，000-$3，000，000)/5，000，000=$39.40
博迪投资学第10版英文教材课后答案 (6)
CAPITAL ALLOCATION TO RISKY ASSETS CHAPTER 6: RISK AVERSION AND CAPITAL ALLOCATION TO RISKY ASSETS PROBLEM SETS 1. (e) 2. (b) A higher borrowing rate is a consequence of the risk of the borrowers’ default. In perfect markets with no additional cost of default, this increment would equal the value of the borrower’s option to default, and the Sharpe measure, with appropriate treatment of the default option, would be the same. However, in reality there are costs to default so that this part of the increment lowers the Sharpe ratio. Also, notice that answer (c) is not correct because doubling the expected return with a fixed risk-free rate will more than double the risk premium and the Sharpe ratio. 3. Assuming no change in risk tolerance, that is, an unchanged risk aversion coefficient (A), then higher perceived volatility increases the denominator of the equation for the optimal investment in the risky portfolio (Equation 6.7). The proportion invested in the risky portfolio will therefore decrease. 4. a. The expected cash flow is: (0.5 × $70,000) + (0.5 × 200,000) = $135,000 With a risk premium of 8% over the risk-free rate of 6%, the required rate of return is 14%. Therefore, the present value of the portfolio is: $135,000/1.14 = $118,421 b. If the portfolio is purchased for $118,421, and provides an expected cash inflow of $135,000, then the expected rate of return [E(r)] is as follows: $118,421 × [1 + E(r)] = $135,000 Therefore, E(r) =14%. The portfolio price is set to equate the expected rate of return with the required rate of return. c. If the risk premium over T-bills is now 12%, then the required return is: 6% + 12% = 18% The present value of the portfolio is now: $135,000/1.18 = $114,407 6-1
Investments 8ed Bodie 投资学 第八版 博迪 习题答案
Investments 8ed Bodie 投资学第八版博迪习题答 案 CHAPTER 1 THE INVESTMENT ENVIRONMENT PROBLEM SETS 1 Ultimately it is true that real assets determine the material well being of an economy Nevertheless individuals can benefit when financial engineering creates new products that allow them to manage their portfolios of financial assets more efficiently Because bundling and unbundling creates financial products with new properties and sensitivities to various sources of risk it allows investors to hedge particular sources of risk more efficiently Securitization requires access to a large number of potential investors To attract these investors the capital market needs a safe system of business laws and low probability of confiscatory taxationregulation a well-developed investment banking industry a well-developed system of brokerage and financial
博迪投资学第10版笔记和课后习题详解
博迪《投资学》（第10版）笔记和 课后习题详解 益星学习网提供全套资料 第一部分复习笔记 1实物资产与金融资产 （1）概念 实物资产指经济活动中所创造的用于生产商品和提供服务的资产。实物资产包括：土地、建筑物、知识、机械设备以及劳动力。实物资产和“人力”资产是构成整个社会的产出和消费的主要内容。 金融资产是对实物资产所创造的利润或政府的收入的要求权。金融资产主要指股票或债券等有价证券。金融资产是投资者财富的一部分，但不是社会财富的组成部分。 （2）两种资产的区分 ①实物资产能够创造财富和收入，而金融资产却只是收入或财富在投资者之间配置的一种手段。 ②实物资产通常只在资产负债表的资产一侧出现，而金融资产却可以作为资产或负债在资产负债表的两侧都出现。对企业的金融要求权是一种资产，但是，企业发行的这种金融要求权则是企业的负债。 ③金融资产的产生和消除一般要通过一定的商务过程。而实物资产只能通过偶然事故或逐渐磨损来消除。 （3）金融资产分类 通常将金融资产分为三类：固定收益型、权益型和衍生金融资产，具体如下： ①固定收益型金融资产，或称为债券，承诺支付一系列固定的，或按某一特定公式计算的现金流。 ②公司的普通股或权益型金融资产代表了公司所有权份额。股权所有者不再享有任何特定的收益，但在公司选择分红时可以获得公司派发的股息，同时他们还拥有与持股比例相应的公司实物资产的所有权。
③衍生证券（如期权和期货合约）的收益取决于其他资产（如股票和债券）的价格。 2金融市场 （1）金融市场与经济 ①金融市场的概念 金融市场是指以金融资产为交易对象而形成的供求关系及其机制的总和。它包括三层含义：一是它是金融资产进行交易的一个有形和无形的场所；二是它反映了金融资产的供应者和需求者之间所形成的供求关系；三是它包含了金融资产交易过程中所产生的运行机制。 ②金融市场的作用 a．金融市场在资本配置方面起着关键作用，股票市场上的投资者最终决定了公司的存亡。b．金融市场允许人们通过金融资产储蓄财富，使人们的消费与收入在时间上分离。人们可以通过调整消费时机获得最满意的消费。 c．金融市场使人们可以通过金融资产的买卖来分配实物资产的风险。 d．金融市场保证了公司经营权和所有权的分离。 ③代理问题 代理问题是指公司的管理者追求自己的利益而非公司的利益所产生的管理者与股东潜在的利益冲突。解决代理问题的管理机制有：期权等激励机制、通过董事会解雇管理者以及雇佣独立人士监控管理者。绩效差的公司通常面临着被收购的危机，这是一种外部的激励。 ④公司治理 公司治理危机包括会计丑闻、分析师丑闻和首次公开发行中的问题。 （2）投资过程 投资资产可以分为股票、债券、不动产、商品等。投资者在构建投资组合时，需要做出两类决策：资产配置决策和证券选择决策。资产配置决策是指投资者对这些资产大类的选择，证券选择决策是指在每一资产大类中选择特定的证券。 “自上而下”的投资组合构建方法是从资产配置开始的。一个自上而下的投资者首先会确定如何在大类资产之间进行配置，然后才会确定在每一类资产中选择哪些证券。 “自下而上”的投资组合构建方法是通过选择那些具有价格吸引力的证券而完成的，不需要过多地考虑资产配置。这种方法可能会使投资者无形中把赌注全投向经济的某一领域。但是，“自下而上”法确实可以使投资组合集中在那些最具投资吸引力的资产上。 （3）市场是竞争的 ①风险收益的权衡