- Convertible bonds provide protection for bondholders on the downside and share growth potential of the firm on the upside. （ ）
- People tend to be risk-averse and therefore are willing to pay a premium to reduce uncertainty. （ ）
- Restrictive covenants for corporate bonds are designed to protect shareholders more than to protect bondholders. （ ）
- All Chinese public companies are listed in China’s stock exchanges, such as Shanghai Stock Exchange, Shenzhen Stock Exchange, Beijing Stock Exchange, and Hongkong Stock Exchange. （ ）
- In a modern society, households are both consumers and producers of an economy。（ ）
- Since financial intermediaries charge fees for financial their services, the transaction costs in indirect financing through a financial intermediary are usually higher than direct financing. （ ）
- A bank’s liabilities reflect how the bank uses its funds and a bank’s assets reflect how the bank raises its funds. （ ）
- A central bank can conduct a temporary open market operation by using a repurchase agreement. （ ）
- Shareholders’ control rights refer to voting rights and if two shareholders hold the same number of shares, then they have equal voting rights. （ ）
- Once issued, stocks usually have long maturity. （ ）
- If an institution has agreed to sell an asset to anther party at a future date, then it has taken a long position. （ ）
- The main function of financial markets is to raise money for firms. （ ）
- Most mutual funds fees are charged on the basis of investment size. （ ）
- Since the obligations of life insurance companies tend to be predictable and long-term, they tend to invest in long-term assets. （ ）
- More bank capital can lower a bank’s risk of failure, but may also lead to lower stock returns. （ ）
- Hedging refers to financial transactions that offset a long position by taking an additional short position, or that offset a short position by taking an additional long position. （ ）
- A currency experiences appreciation when it increases in value compared to another currency. （ ）
- Mutual funds do not usually allow investors to convey their investments into cash quickly. （ ）
- Although financial intermediaries provide liquidity services, promote risk sharing, and solve information problems, they can suffer from conflicts of interest problems when they provide multiple services.（ ）
- A CDR (Chinese Depository Receipt) represents shares of a Chinese company, and CDRs are traded on a stock exchange in countries other than China. （ ）
- Money market is where only short-term debt instruments (generally those with original maturity of less than one year) are traded. （ ）
- The existence of financial intermediaries can mitigate the problem of asymmetric information because they have developed expertise in monitoring the parties they provide services to and thus reducing losses due to moral hazard. （ ）
- Banks can hold any amount of bank capital as they deem appropriate. （ ）
- Foreign currencies are usually traded on exchange markets. （ ）
- The channeling of funds from savers to spenders can promote economic efficiency. （ ）
- All futures contracts will result in delivery of the underlying asset at expiration. （ ）
- Contractual savings institutions raise funds primarily from depositors. （ ）
- Callable bonds provide bondholders more choices and flexibility. （ ）
- Generally speaking, firms can only raise money from financial markets once. （ ）
- Green bonds are bonds issued to finance green projects for clean energy and sustainable growth, etc. （ ）
- On futures markets, one party’s profits and losses are recognized and settled on a daily basis. （ ）
- Because mutual funds usually involve trades at large scale, investments in mutual funds have cost disadvantages especially in terms of transaction costs. （ ）
- In the short run, the domestic currency tends to depreciate if the expected returns of domestic assets relative to foreign assets increase. （ ）
- Mutual funds allow small investors to buy securities they would not be able to otherwise, for example, stocks with very high prices. （ ）
- That the money market is not substituted by banks in providing short-term loans is because money market is less regulated than the banking industry and therefore, has cost advantages. （ ）
- Different from trading on a cash market, trading on a derivative market usually means that one does not finish the desired transaction immediately after the decision is made. （ ）
- A central bank’s open market purchase of bonds typically decreases the monetary base in an economy. （ ）
- If the insured does not provide full and accurate information to the insurance company, then adverse selection problems may arise. （ ）
- In China, the largest bond market is the exchange market. （ ）
- Commercial papers are usually secured by some short-term assets, such as treasury bills by the issuer. （ ）
- Financial institutions can increase there reserves by taking out loans from the central bank. （ ）
- Which of the following is a consequence of a sterilized foreign exchange intervention to sell foreign assets? （ ）
- To corner the market means to absorb the majority of all the deliverable securities so that investors holding short positions make pay high price to close their short positions. （ ）
- The beneficiary of an insurance policy may or may not suffer potential harm or loss. （ ）
- Price stability, one most important goal of central banks’ monetary policy, refers to no inflation or a little deflation. （ ）
- Stockholders can only make profits from price increase of the stock. （ ）
- Banks can borrow both from the central bank and other banks. （ ）
- Insurance companies raise money mainly from issuing bonds. （ ）
- As to the organizational structure of mutual funds, it is usually the investment advisors that manage the fund and make buy and sell decisions. The board of directors oversees the investment advisors and ensures that the fund’s stated objectives and policies are abided by. （ ）
- Which of the following is right about ETF (Exchange Traded Funds)? （ ）
- Which of the following is a factor that affects the foreign exchange rate between two countries in the long run? （ ）
- Which of the following is incorrect about a common stock? （ ）
- Which of the following is an asset of a commercial bank? （ ）
- In which of the following aspect does a futures market differ from a forward market? （ ）
- Which of the following is not a problem faced by the insurance industry? （ ）
- What important functions can financial institutions play to facilitate the process of indirect finance? （ ）
- Which of the following is not a mechanism to protect bondholders’ interest? （ ）
- Which of the following is a money market instrument? （ ）
- Which of the following is correct about options? （ ）
- Which of the following is correct about the difference between life insurance and non-life insurance? （ ）
- An annuity is an insurance product that helps people to manage mortality risk. （ ）
- Only insurance companies are allowed to sell CDS protection. （ ）
- An insurance company needs to sell a large number of policies in order to spread the risk it takes. （ ）
- Which of the following is not a regulation that mutual funds have to abide by? （ ）
- A mutual fund manager must manage her fund in accordance with its stated investment objectives and policies. （ ）
- A mutual fund’s fees are usually a percentage of an investor’s total investment. （ ）
- Which of the following is right about open-end and closed-end mutual funds? （ ）
- A mutual fund can either invest in bonds, or stock, but not both.（ ）
- What can a bank do if its reserve ratio falls below the required level? （ ）
- The capital adequacy ratio measures how much of a bank’s assets is financed by equity holders’ investment. （ ）
- Which of the following is not a consideration of a bank’s asset management? （ ）
- A bank can give out all the cash it receives from a new deposit in a loan contract. （ ）
- In a swap, one counterparty does not need to pay premium to the other counterparty. （ ）
- One advantage of futures markets over forward markets is that there is default risk or counterparty risk in futures markets. （ ）
- Hedging means that a financial institution needs to take an offsetting position against one of its current holdings.（ ）
- In any given year, a country’s current account and capital account in the balance of payment always sum up to zero. （ ）
- A free-floating exchange rate regime does not need foreign exchange intervention。（ ）
- Which of the following is not part of the policy trilemma? （ ）。
- Bonds with BBB ratings and below are considered speculative grade.（ ）
- Like government bonds, agency bonds tend to have low default risk. （ ）
- Which of the following is correct about default risk? （ ）
- China's STAR market is an OTC market.（ ）
- In a one-period valuation model, the current price of a stock is equal to the discounted value of its final sales price. （ ）
- China's stock market has above-average retail investors around the globe. （ ）
- Which of the following is not a function of central banks? （ ）
- Which of the following is an effect of an open market purchase by a central bank? （ ）
- Excess reserves are extra cash held by a commercial bank and is therefore useless. （ ）
- Reserves are a central bank's liability and a commercial bank’s asset. （ ）
- Which of the following is/are a central bank's asset? （ ）
- Since financial regulation imposes rules and restrictions on financial markets and financial institutions, it does harm to financial innovation.（ ）
- Both adverse selection and moral hazard are problems created by asymmetric information after the transaction occurs.（ ）
- Financial Markets represent direct finance, and financial intermediaries represent indirect finance. （ ）
- Who is the principal lender-savers on financial markets? （ ）
- On Average, bond markets are more risky than equity markets。（ ）
- Which of the following is not a participant of a derivative market? （ ）
- Which function does financial intermediaries play in a modern economy? （ ）。
- Which of the following are correct about primary markets and secondary markets? （ ）
- OTC markets reply on market dealers to provide buying and selling opportunities. （ ）
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答案:对
答案:错
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答案:错
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