相对于股票投资(stock investment)而言,下列项目中能够揭示债券投资特点的是()
A.无法事先预知投资收益水平
B.投资收益率的稳定性较强
C.投资收益率比较高
D.投资风险大
B、投资收益率的稳定性较强
A.无法事先预知投资收益水平
B.投资收益率的稳定性较强
C.投资收益率比较高
D.投资风险大
B、投资收益率的稳定性较强
PartA 2. The National Association of Securities Dealers is investigating whether some brokerage
houses are inappropriately pushing individuals to borrow large sums on their houses
to invest in the stock market. Can we persuade the association to investigate would-be privatizers of Social Security? For it is now apparent that the Bush administration’s privatization proposal will amount to the same thing: borrow trillions, put the
money in the stock market and hope.
Privatization would begin by diverting payroll taxes, which pay for current Social
Security benefits, into personal investment accounts. The government would
have to borrow to make up the shortfall. This would sharply increase the government’s debt. “Never mind”, privatization advocates say, “in the long run, people would
make so much on personal accounts that the government could save money by cutting retirees’
benefits.Even so, if personal investment accounts were invested in Treasury bonds,
this whole process would accomplish precisely nothing. The interest workers would receive on,
their accounts would exactly match the interest the government would
have to pay on its additional debt. To compensate for the initial borrowing,
the government would have to cut future benefits so much that workers would gain nothing at all.
However, privatizersclaim that these investments would make a lot of
money and that, in effect, the government, not the workers, would reap most of those gains,
because as personal accounts grew, the government could cut benefits.
We can argue at length about whether the high stock returns such schemes assume are realistic
(they arent), but lets cut to the chase: in essence, such schemes
involve having the government borrow heavily and put the money in the stock market. That’s because the government would, in effect, confiscate workers’gains in their personal accounts by cutting those workers’ benefits.
Once you realize whatprivatization really means, it doesn’t sound too responsible, does it? But the details make it considerably worse. First,
financial markets would, correctly, treat the reality of huge deficits today as a much more
important indicator of the governments fiscal health than the mere promise that government could save money by
cutting benefits in the distant future. After all, a government bond is a legally binding
promise to pay, while a benefits formula that supposedly cuts costs 40 years from now is nothing
more than a suggestion to future Congresses.
If a privatization plan passed in 2005 called for steep benefit cuts in 2045,
what are the odds that those cuts would really happen? Second,
a system of personal accounts would pay huge brokerage fees. Of course, from Wall Street’s point of view that’s a benefit, not a cost.
第26题:According to the author, “privatizers”are those_____.
[A] borrowing from banks to invest in the stock market [B] who invest in Treasury bonds
[C] advocating the government to borrow money from citizens [D] who earn large sums of money in personal
accounts
Fence Co plans to invest in a project which is different to its existing business operations and has identified a company in the same business area as the project, Hex Co. The equity beta of Hex Co is 1·2 and the company has an equity market value of $54 million. The market value of the debt of Hex Co is $12 million.
The risk-free rate of return is 4% per year and the average return on the stock market is 11% per year. Both companies pay corporation tax at a rate of 20% per year.
Required:
(a) Calculate the current weighted average cost of capital of Fence Co. (7 marks)
(b) Calculate a cost of equity which could be used in appraising the new project. (4 marks)
(c) Explain the difference between systematic and unsystematic risk in relation to portfolio theory and the capital asset pricing model. (6 marks)
(d) Discuss the differences between weak form, semi-strong form. and strong form. capital market efficiency, and discuss the significance of the efficient market hypothesis (EMH) for the financial manager. (8 marks)
关于股票或股票组合的贝他系数,下列说法中错误的是()。
A.股票的贝他系数反映股票相对于平均风险股票的变异程度
B.股票的贝他系数衡量个别股票的非系统风险
C.股票组合的贝他系数反映股票投资组合相对于平均风险股票的变异程度
D.股票的贝他系数衡量个别股票的系统风险
B.develop new technology
C.expand its own business
D.increase the power of information
According to Aleem Walji, the company’s first project is to ________.A.set up a new system to warn people of infectious diseases
B.find out where infectious diseases develop
C.identify the causes of infectious diseases
D.cure patients of infectious diseases
What kind of businesses will benefit from Google.org’s second project?A.large enterprises
B.cross-national companies
C.foreign-funded corporations
D.small and medium-sized businesses
From the fourth paragraph, we learn that Google’s money is also invested to help ________.A.start more research programs
B.make more advanced electric cars
C.develop renewable and coal-based energy
D.conduct studies related to climate changes
From the last paragraph we learn that the investments by Google.org come from ________.A.Google’s profits and stock value
B.some international IT companies
C.the company’s own interests
D.local commercial banks
请帮忙给出每个问题的正确答案和分析,谢谢!