国际金融seminar 1课堂.pptVIP

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国际金融seminar 1课堂.ppt

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Financial Economics #8 Answer: USA Japan Gold $0.011/￥￥ 100,000 per ounce $1,000 per ounce 31 Topic 3 Financial Economics 大连海事大学交通运输管理学院王冰 #8 Answer: ? Take $10,000, buy 10 ounces of gold for $1,000 per ounce; ? Sell 10 ounces of gold in Japan for 1,000,000 yen (￥ 100,000 per ounce); ? Take 1,000,000 yen and exchange it into dollars worth $11,000. ? Congratulations, you have just make an arbitrage profit of $1,000! 32 Topic 3 Financial Economics 大连海事大学交通运输管理学院王冰 #9 Topic 5 ? You observe that the dollar prices of the peso and the shekel are $0.20 per peso and $0.30 per shekel. What must be the exchange rate between pesos and shekels? 33 Topic 3 Financial Economics 大连海事大学交通运输管理学院王冰 #9 Answer: ? R A/C = R A/B * R B/C ? R A/B = 1/R B/A ? This equilibrium relationship must hold (or an arbitrage will immediately reestablish the equilibrium) ? R p/$ = 1/R $/p = 1/0.2 = 5 ? R p/s = R p/$ * R $/s = 5 * 0.3 = 1.5 34 Topic 3 Financial Economics 大连海事大学交通运输管理学院王冰 #10 Topic 5 ? The DEF Corporation announces that over the next few years it will spend several billion dollars on developing a new product. The firms stock price falls dramatically after the announcement. ? According to the efficient markets hypothesis, what is the reason for the drop in price? If you were the president of DEF Corporation, what conclusions would you draw from the decline in your firms stock price? 35 Topic 3 Financial Economics 大连海事大学交通运输管理学院王冰 #10 Answer: ? The efficient market hypothesis states ? an assets current price reflects all publicly available information about future economic fundamentals affecting market price 股票的价格能充分反映该资产的所有可获得的信息，即信息有效，当信息变动时，股票的价格就一定会随之变动。 36 Topic 3 Financial Economics 大连海事大学交通运输管理学院王冰 #10 Answer: ? According to the EMH, the price drop reflects a predominant view in the marketplace that DFC Corporations proposed new product is not worth developing. ? If you were CEO and believed that the market analysts had as much