课程名称︰国际财务管理 课程性质︰国企系 财务领域选修 课程教师︰李志伟 开课学院：管理学院 开课系所︰国企系 考试日期（年月日）︰98.04.23 考试时限（分钟）：160分钟 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : Multiple Choice 1.The spot Singapore dollar is quoted bid S$1.7160/US$ and ask S$1.7200/US$. What is the direct quote in the United State to the nearest 4 decimal points? (a) US$0.5814/S$ bid, US$0.5828/S$ ask (b) US$0.5828/S$ bid, US$0.5815/S$ ask (c) S$1.7160/US$ bid, S$1.7200/US$ ask (d) S$1.7200/US$ bid, S$1.7160/US$ ask 2.______make money on currency exchange by the difference between the _____ price, or the price they offer to pay, and the _____price, or the price at which they offer to sell the currency. (a) Dealers; ask; bid (b) Dealers; bid; ask (c) Brokers; ask; bid (d) Brokers; bid; ask 3.From the viewpoint of a British investor, which of the following would be a direct quote in the foreign exchange market? (a) SF2.40/￡ (b) $1.50/￡ (c) ￡0.55/€ (d)$0.90/€ 4.A common type of swap transaction in the foreign exchange market is the ____ where the dealer buys the currency in the spot market and sells the same amount back to the same bank in the forward market. (a) "forward against spot" (b) "Non-deliverable Forward, NDF" (c) repurchase agreement (d) "spot against forward" 5.One year ago the spot rate of U.S. dollars for Canadian dollars was $1/C$1. Since that time the rate of inflation in the U.S. has been 4% greater than that in Canada. Based on the theory of Relative PPP, the current spot exchange rate of U.S. dollars for Canadian dollars should be approximately ______. (a) $0.96/C$ (b) $1/C$1 (c) $1.04/C$1 (d) relative PPP provides no guide for this type of question 6.Phillips NV produces DVD players and exports them to the United States. Last year the exchange rate was $1.25/euro and Phillips charged 120 euro per player in Euroland and $150 per DVD player in the United States. Currently the spot exchange rate us $1.45/euro and Phillips is changing $160 per DVD player. What is the degree of pass through by Phillips NV on their DVD players? (a) 92% (b) 33.3% (c) 41.7% (d) 4.1% 7.According to the International Fisher Effect, the forecast change in the spot rate between two countries is equal to: (a) the current spot rate multiplied by the ratio of the inflation rates in the respective countries. (b) but the opposite sign to the difference between nominal interest rates. (c) but the opposite sign to the difference between inflation rates. (d) but the opposite sign to the difference between real interest rates. 8.Peter Simpson thinks that the U.K. pound will cost $1.75/￡ in six months. A 6-month currency futures contract is available today at a rate of $1.77/￡. If Peter was to speculate in the currency futures market, and his expectations are correct, which of the following strategies would earn him a profit? (a) Sell a pound currency futures contract (b) Buy a pound currency futures contract (c) Sell pounds today (d) Sell pounds in six months 9.A foreigh currency_____option gives the holder the right to_____ a foreign currency whereas a foreign currency_____option gives the holder the right to _____a foreign currency. (a) call, buy, put, sell (b) call, sell, put, buy (c)put, hold, call, release (d)None of the above 10.Which of the following factors is (are) likely to drive up the price of a currency call option? (a) An increase in the time to maturity (b) A currency with greater volatility (c) A currency with lesser volatility (d) Both (a) and (b) above Instruction: For the following problem(s),consider these debt strategies being considered by a corporate borrower. Each is intended to provide $1,000,000 in financing for a three-year period. ●Strategy #1: Borrow $1,000,000 for three years at a fixed rate of interest of 7%. ●Strategy #2: Borrow $1,000,000 for three years at a floating rate of LIBOR+2%, to be reset anually. The current LIBOR rate is 3.50%. ●Strategy #3: Borrow $1,000,000 for one year at a fixed rate, and then renew the credit anually. The current one-year rate is 5%. 11.Refer to Instruction. After the fact, under which set of circumstances would you prefer strategy #1? (Assume your firm is borrowing money.) (a) Your credit rating stayed the same and interest rates went up (b) Your credit rating stayed the same and interest rates went down (c) Your credit rating improved and interest rates went down (d) Not enough information to make a judgment 12.Refer to Instruction. After the fact, under which set of circumstances would you prefer strategy #2? (Assume your firm is borrowing money.) (a) Your credit rating stayed the same and interest rates went up (b) Your credit rating stayed the same and interest rates went down (c) Your credit rating improved and interest rates went down (d) Not enough information to make a judgment 13.Refer to Instruction. After the fact, under which set of circumstances would you prefer strategy #3? (Assume your firm is borrowing money.) (a) Your credit rating stayed the same and interest rates went up (b) Your credit rating stayed the same and interest rates went down (c) Your credit rating improved and interest rates went down (d) Not enough information to make a judgment 14.An agreement to swap the currencies of a debt service obligation would be termed a/an _____. (a) currency swap (b) forward swap (c) interest rate swap (d) none of the above 15.Level Ⅲ ADR commitment applies to (a) firms that want to list existing shares on the NYSE (b) banks issuing foreign mutual funds (c) ADR issues of under $25,000 (d) the sale of a new equity issued in the United States 16.Depositary receipts traded outside the United States are called _____ depositary receipts. (a) Euro (b) Global (c) American (d) none of the above 17.Each ADR represents _____ of the shares of the ubderlying foreign stock. (a) a multiple (b) 100 (c) 1 (d) ADRs have nothing to do with foreign stocks 18.Not all firms have the same optimal capital structure. Factors that might influence a firm's capital structure include (a) the industry in which it operates (b) the volatility of its sales and operating income (c) the collateral value of its assets (d) all of the above 19.Foreign bonds sold in the United States are nicknamed "Yankee bonds,"foreign bonds sold in Japan are called "Samurai bonds". What are foreign bonds sold in the United Kingdom nicknamed? (a) "Union Jacks" (b) "Royalty" (c) "Bulldogs" (d) "Churchill's" 20.A _____ is a bond underwritten by a syndicate from a single country, sold within in that country, denominated in that country's currency, but the issuer is from outside that country. (a) foreign bond (b) Eurobond (c) domestic bond (d) none of the above 计算题(要计算过程) 1.Assuming the following quotes, calculate how a market trader at Citibank with $1,000,000 can make an inter-market arbitrage profit: Citibank quote: US$/pound($/￡) 1.5400 National Westminster quote: euros/pound(€/￡) 1.6000 Deutschebank quote: US$/euro($/€) 0.9700 2.Akira Numata, a foreign exchange trader at Credit Suisse (Tokyo),is exploring covered interest arbitrage possibilities. He wants to invest $5,000,000 or its yen equivalent, in a covered interest arbitrage between U.S. dollars and Japanese yen. He faced the following exchange rate and interest rate quotes: spot rate (￥/$) 118.60 180-day forward rate (￥/$) 117.80 180-day U.S. dollar interest rate 4.800% 180-day Japanese yen interest rate 3.400% Explain and diagram the specific steps Akira must take to make a covered interest arbitrage profit. 3.AAA Co. and BBB Co. face the following interest rates: Fixed Floating ______________________________________________________________ AAA Corp 4.00% 6-month LIBOR + 0.30% BBB Corp 5.20% 6-month LIBOR + 1.00% Assume that AAA wants to borrow USD at a floating rate of interest rate and B wants to borrow at a fixed-rate of interest. If the IRS is equally attractive to A and B (双方对於互相承作之IRS利率都认为公平,即将承作IRS所得之利润均分),how much does AAA save by making this swap? Diagram the cash flows in this transaction. --

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