投资测试答案--北京航空大学.docVIP

第一章答案 1、Issuers receive the net proceeds of securities sales when their securities are initially sold in the primary market. These securities represent claims on the issuing entities. For publicly-traded securities, these claims can be transferred through sales of the securities. This trading among investors takes place in the secondary markets, where the issuers have no direct involvement. When an investor sells his or her shares of a particular security in the secondary market, the issuers has no means or right to receive any additional funds as a result of the trade. 3、The return on an investment, as shown in Equation(1.1) in the text, is given by: ROR=(Ending Wealth-Beginning Wealth)/ Beginning Wealth In the case of Colfax stock: ROR=(36+3-33)/33=18.2% 4、Using the formula for the return on an investment shown above, in the case of Flit’s portfolio: (162000-150000)/150000=8.0% 5、 Using the formula for the return on an investment shown above, in the case of Ray’s portfolio: (25000-20000+1000)/20000=30.0% 18、The five steps to the investment process are: 1.Investment policy 2.Security analysis 3.Portfolio construction 4.Portfolio revision 5.Portfolio performance evaluation Setting investment policy is important because if provides the general framework around which the investment process is conducted. It identifies the investor’s risk tolerance and investment objectives. Security analysis is at the center of the investment process. It involve specifically identifying financial assets to be purchased for and sold from the investor’s portfolio. Portfolio construction moves from identifying the specific assets in the security analysis with the investor’s investment objectives. Portfolio revision is necessary because investing is a dynamic process that responds to changes in investment opportunities and the investor’s financial circumstances. Finally, portfolio performance evaluation is a feedback and control procedure intended to help the investor examine whether his o