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）︰2013/6/18 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 three questions. 2.Good luck!!!! Question I. Explain the Leverage Buyout (LBO) process (5%). During the LBO process, junk bond and mezzanine issue are the most important financing tools. Discuss the characteristics of junk bond and mezzanine issue (10%). Show by graphs and explain possible LBO structures (15%). Question II. 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 and Scholes option pricing model (25%). How do investment bankers support primary market makings by secondary market makings (5%)? Question III. Explain dealer functions in secondary market making (5%). How do market makers adjust inventory in return-order imbalance relation (5%). Disscuss in detail price-volume relation in hedging and speculative trading strategies (20%). In financial literatures, how many state variables are we able to employ in developing trading strategies to beat the market (10%)? --

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