课程名称︰投资银行管理 课程性质︰ 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）︰2012/6/19 考试时限（分钟）：180 是否需发放奖励金：是 （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!!! Question I. Explain in detail primary market making on (i) underwriting syndicate position, (ii) underwriting syndicate profit and loss function, and (iii) risk and return of under-pricing in underwriting syndicate, under the framework of Black-Scholes option pricing model.(30%) How do investment bankers support primary market makings by secondary market makings?(5%) Question II Show by graphs and examples the participants, price settings and equilibrium conditions in three basic types of market making.(30%) Question III Explain dealer functions in secondary market making.(5%) How do market makers adjust inventory in return-order imbalance relation.(10%)Disscuss in detail price-volume relation in hedging and speculative trading strategies. (20%)

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