《投资学第7版Test Bank答案03》.docVIP

Multiple Choice Questions 1. A purchase of a new issue of stock takes place A) in the secondary market. B) in the primary market. C) usually with the assistance of an investment banker. 矚慫润厲钐瘗睞枥庑赖賃軔朧碍鳝。 D) A and B. E) B and C. Answer: E Difficulty: Easy Rationale: Funds from the sale of new issues flow to the issuing corporation, making this a primary market transaction. Investment bankers usually assist by pricing the issue and finding buyers.聞創沟燴鐺險爱氇谴净祸測樅锯鳗。 2. The following statements regarding the specialist are true: 残骛楼諍锩瀨濟溆塹籟婭骒東戇鳖。 A) Specialists maintain a book listing outstanding unexecuted limit orders. 酽锕极額閉镇桧猪訣锥顧荭钯詢鳕。 B) Specialists earn income from commissions and spreads in stock prices. 彈贸摄尔霁毙攬砖卤庑诒尔肤亿鳔。 C) Specialists stand ready to trade at quoted bid and ask prices. 謀荞抟箧飆鐸怼类蒋薔點鉍杂篓鳐。 D) Specialists cannot trade in their own accounts. E) A, B, and C are all true. Answer: E Difficulty: Moderate Rationale: The specialists functions are all of the items listed in A, B, and C. In addition, specialists trade in their own accounts.厦礴恳蹒骈時盡继價骚卺癩龔长鳏。 3. Investment bankers A) act as intermediaries between issuers of stocks and investors. 茕桢广鳓鯡选块网羈泪镀齐鈞摟鳎。 B) act as advisors to companies in helping them analyze their financial needs and find buyers for newly issued securities. 鹅娅尽損鹌惨歷茏鴛賴縈诘聾諦鳍。 C) accept deposits from savers and lend them out to companies. 籟丛妈羥为贍偾蛏练淨槠挞曉养鳌。 D) A and B. E) A, B, and C. Answer: D Difficulty: Moderate Rationale: The role of the investment banker is to assist the firm in issuing new securities, both in advisory and marketing capacities. The investment banker does not have a role comparable to a commercial bank, as indicated in C.預頌圣鉉儐歲龈讶骅籴買闥龅绌鳆。  4. In a firm commitment A) the investment banker buys the stock from the company and resells the issue to the public. 渗釤呛俨匀谔鱉调硯錦鋇絨钞陉鳅。 B) the investment banker agrees to help the firm sell the stock at a favorable price. 铙誅卧泻噦圣骋贶頂廡缝勵罴楓鳄。