课程名称︰投资银行管理 课程性质︰财金系选修 课程教师︰苏永成 开课学院：管理学院 开课系所︰财金系 考试日期（年月日）︰98.01.13 考试时限（分钟）：180 mins 是否需发放奖励金：是 谢谢 （如未明确表示，则不予发放） 试题 : General instructions : 1. This is a close book exam. Try your best to answer the following four questions. 2. Good luck !!!! -- Q I. Show by graph and explain the possible LBO structures. (15%) During LBO process, junk bond and mezzanine issue the most important financing tool. Discuss the characteristics of junk bond and mezzanine issue. (10%) Q II. Explain the possible broker abuses. (25%) Q III. Under the framework of Black and Scholes option pricing model, explain the primary market making behaviors of (i) underwriting syndicate position, (10%) (ii) underwriting syndicate profit and loss function, (5%) and (iii) risk and return of under-pricing in underwriting syndicate. (10%) Q IV. Show with graphs the process of issuing mortgage pass-through and CMO. (20%) Explain the potential relations of these financial innovations with the most recent global financial crisis. (5%) --

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