投资银行学（英）-西南财经大学中国大学mooc课后章节答案期末考试题库2023年

投资银行学（英）_西南财经大学中国大学mooc课后章节答案期末考试题库2023年Inatraditionalbook-buildingIPO,thepurposeofaroadshowdoesNOTinclude______________

参考答案:

Providingnewandprivilegedinformationaboutanofferingtoinstitutionalinvestors

Sometimesfirmsneedtodownsizetheirbusinessbecauseofreversesynergy,whichofthefollowingsisanexampleofreversesynergy?

参考答案:

Alloftheabove

Inleveragedbuyouts,thefinancialsponsorscanmonetizetheirinvestmentthroughwhichofthefollowingchannels?

参考答案:

Alloftheabove

Whichofthefollowingisanexampleofshareholderrightdefense?

参考答案:

Poisonpills

Akeydifferencebetweencomparablecompanyanalysisandcomparabletransactionanalysisisthatcomparabletransactionanalysiswouldoftengeneratea_______________valuationthancomparablecompanyanalysis,becauseoftheinclusionofsynergyandcontrolpremium.

参考答案:

Higher

Economiesofscaleisanimportantmotivationbehindmergersandacquisitions.Whichofthefollowingisanexampleofeconomiesofscale?

参考答案:

Alloftheabove

Whichofthefollowingisanexampleofrealestateassetinthepublicequitymarket?

参考答案:

AREIT

RisksofMBScanbeclassifiedintotwocategories:prepaymentriskanddefaultrisks.Mortgageborrowersareinclinedto____________whenmarketinterestratefallsbelowtheirmortgageinterestrate;andtheyareinclinedto_______________whenhousingprice____________.

参考答案:

Prepaytheloans;default;fallssharply

Greenshoeoptionprovidesissuerstheflexibilitytoadjusttheamountofsharesissuedaccordingtomarketdemand.

参考答案:

正确

Inthebook-buildingprocess,theissuepriceisusuallysetatthemarket-clearingprice.

参考答案:

错误

Insecuritizations,theoriginatortransferstheownershipoftheunderlyingassetstoatax-exemptedentity,calleda_____________________,afterwhichbankruptcyremotecanbeachieved.

参考答案:

Specialpurposecompany

Whichofthefollowingassetscanbesecuritized?

参考答案:

Alloftheabove

Inpractice,informationreleasedinaroadshowisusuallylimitedtowhatiscoveredinared-herringprospectusinordertoconformtoregulationsofthewaitingperiod

参考答案:

正确

Theissuanceof_________islikelytocausenegativeimpactonthecreditratingofanissuer.

参考答案:

Optionallyconvertingconvertibles

Thebusinessofmarketmakingis_______________________,and_________________________.Thedifferencebetweenthesetwoprices,or“bid-ask”spread,isaprofitforaninvestmentbank.

参考答案:

Sellingataskprice;Buyingatbidprice

Seasonedequityoffering(SEO)isatypeofsecondaryoffering.

参考答案:

错误

ThereisnoMBSproductsinthemarketofChina.

参考答案:

错误

Convertiblebondsusuallypayahighercouponratethananormalbond.

参考答案:

错误

Investmentgradedebtshavecreditratingof__________andabovefromS&P.

参考答案:

BBB-

ThemainpurposesofSecuritiesActof1933include_________________________.

参考答案:

BothAandB

__________________bankershelpclientsraisefundsthroughtheissuanceofcommonstocks.______________________________bankershelpclientsraisefundsthroughtheissuanceofbothinvestmentgradeandnon-investmentgradebonds.

参考答案:

Equitycapitalmarket(ECM);Debtcapitalmarket(DCM)

Sometimesinvestmentbanksarenarrowlydefinedasfinancialinstitutionsengagedin_________,whichare/isthetraditionalbusinessesofinvestmentbanks.

参考答案:

BothAandB

Theadvantagesforcompaniestogopublicmayincludewhichofthefollowings?

参考答案:

Alloftheabove

Capitalmarketfinancingis___________________fundingthroughtheissuanceofsecuritiesinaregulatedmarket.

参考答案:

Long-term

Thedisadvantagesforcompaniestogopublicmayincludewhichofthefollowings?

参考答案:

Alloftheabove

Investmentbankscanclassifydebtissuersintotwocategories:investmentgradeissuerandnoninvestmentgradeissuer.

参考答案:

正确

In____________,banksbuythenewlyissuedbondsfromanissuerandattempttoreselltothepublicataprofit

参考答案:

boughtdeal

__________________ofaninvestmentbankisresponsibleforbondunderwriting.

参考答案:

DCMgroup

TheuseofGreenShoeoverallotmentoptioncanincreasetheincomeofunderwriters.

参考答案:

正确

Marketmakingisthebusinessofcapturingthebid-askspread,soitisriskfree.

参考答案:

错误

Dividendsto__________________arepre-specified,butthereisnocontractualobligationforanissuertopaythedividends.

参考答案:

Preferredstocks

Investmentbankerscanhelptheirclientsunderwritevariousdebtinstruments,including__________________

参考答案:

Alloftheabove

InvestmentbankshaveallotmentrightsinatraditionalU.S.book-buildingstyleIPO.

参考答案:

正确

Assetmanagementdivisionofaninvestmentbankoftenprovidesservicesincludingassetmanagementand____________________.

参考答案:

wealthmanagement

Theallocationrightofunderwritersmotivatesbuy-sideinvestorstodoresearchaboutpricingandaccuratelyrevealtheirdemandinformationduringthebiddingprocess

参考答案:

正确

Book-buildingparticipationisgenerallyopentoretailinvestors.

参考答案:

错误

Agreenshoeisanoverallotmentoptionthatgivesaninvestmentbanktherighttooversell(orshort)anumberofsecuritiesofanoffering.Theamountsharesforoverselltypicallyaccountsfor__________oftheofferingbaseofsharesoutstanding.

参考答案:

15%

Inthebook-buildingprocess,theunderwriterannouncesanindicativepricerange,andinvestorscansubmittheirbidsthrough_______________.

参考答案:

alloftheabove

___________________isavaluationmethod,wheretheprojectionsoffuturefreecashflowsareusedtoestimatethemarketvalueofatarget.

参考答案:

DCFanalysis##%_YZPRLFH_%##Discountedcashflowanalysis

ComparablecompanyanalysisusingP/Eratioisfeasibleforalltypesofcompanies.

参考答案:

错误

CompanyXYZplanstoraise$100millionUSDthroughanIPO.AfteritsIPO,XYZisprojectedtogeneratenetincomeof$20USDinthenextfinancialyear.TheaverageP/Eratioofcomparablecompaniesis25.WhatistheequityvalueofXYZbeforeitsIPO?

参考答案:

$400million

CompanyXYZplanstoraise$100millionUSDthroughanIPO.AfteritsIPO,XYZisprojectedtogeneratenetincomeof$20USDinthenextfinancialyear.TheaverageP/Eratioofcomparablecompaniesis25.WhatistheequityvalueofXYZafteritsIPO?

参考答案:

$500million

_________________________isthemarketforinvestorstotradepreviouslyissuedsecurities.

参考答案:

Thesecondarymarket

_________________isthemarketwherefirmsraisefundsbysellingnewlycreatedsecuritiestoinvestors.

参考答案:

Theprimarymarket

AccordingtoSecuritiesActof1933,violationsofdisclosurerequirementcanleadtobothcivilandcriminalliabilitiesforunderwriters,directors,officers,andaccountants.

参考答案:

正确

PriortotheGreatDepression,theinvestmentbankingindustryoftheU.S.hadbeenregulatedbyfederallaws.

参考答案:

错误

Publiclylistedcompaniesarerequiredtofileanddiscloseannualandotherperiodicreportsaccordingtotherulesof____________________________

参考答案:

SecuritiesExchangeActof1934

TheGlass-SteagallActof1933aimsto__________________________.

参考答案:

Separatecommercialbankingandinvestmentbanking

AfterthepassofSecuritiesActof1933,issuingcompaniesandinvestmentbanksshareresponsibilitytoprovideaccurateandcompleteinformationtoinvestors.Inordertoavoidbeingheldliableforfalseormisleadingdisclosureinaregistrationstatement,andunderwritermustconduct_____________________tomitigaterisk.

参考答案:

Duediligenceinvestigation

AccordingtoSecuritiesActof1933,beforeasecuritycanbesoldtopublicinvestorsintheU.S.,_____________________________mustbesubmittedtotheSecuritiesandExchangeCommission(SEC).

参考答案:

Aregistrationstatement

WhenFranklinRoosevelttookofficein1933,severalpiecesoflawswerepassed,including_____________________________.Theselawssignificantlychangedthelandscapeoftheinvestmentbankingindustry.

参考答案:

Allabove

____________________referstothephenomenaof1+1>2,whenthevalueofacombinedfirmishigherthanthesumofthevalueoftwoindividualfirms.

参考答案:

synergy

Boutiqueinvestmentbanksusuallyofferafullsetofinvestmentbankingbusinesses.

参考答案:

错误

Investmentbankscanhelpbothcorporationsandgovernmentsraisemoneybyissuingsecurities

参考答案:

正确

Historically,U.S.commercialbankswerebarredfromoperatinginvestmentbankbusinessaswasruledby_______________________.Thisactwasoverturnedby_______________,whichallowsacommercialbanktooperatebothcommercialandinvestmentbankingbusiness.

参考答案:

Glass-SteagallBankingAct;FinancialServicesModernizationAct

Generallyspeaking,servicesofferedbyinvestmentbanksmayinclude____________.

参考答案:

Alloftheabove

_____________________isthefinancialpracticeofpoolingvarioustypesofincomegeneratingassetsandsellingtheirrelatedcashflowstoinvestorsassecurities.

参考答案:

Securitization

Client-relatedtradingfacilitatestradingneedsofclients,while_______________involvestradingwithabank’sowncapital.

参考答案:

proprietarytrading

Wheninvestmentbanksunderwritesecuritiesthrough___________________,theybuytheentireissueatadiscountandattemptstoresellitatahigherprice.

参考答案:

Firm-commitment

TheM&Agroupbankersprovide“buyside”servicesthatinvolvethepurchaseofapartortheentireofacompany.Theyalsoprovide“sellside”servicesthatinvolvethedispositionofcompanyasset

参考答案:

正确

Bondsareusuallymorecostlythanloans

参考答案:

正确

Inabest-effortoffering,banksprovidelast-resortsupportbypromisingtobuytheunsubscribedportionofthenewlyissuedbonds.

参考答案:

错误

Commercialpaperisissuedbybothinvestmentgradeandnoninvestmentgradeclients.

参考答案:

错误

Theterm“quietperiod”referstotheperiodbetweenthefilingofared-herringprospectusandtheapprovalofaregistrationstatement.Duringthequietperiod,firmscanstarttosellsecurities.

参考答案:

错误

AccordingtoSecuritiesActof1933,companiesfilingforIPOarerequiredtodiscloseinformationtoinvestorsthroughaprospectus.

参考答案:

正确

___________referstotheperiodbetweenthefilingofaredherringregistrationstatementandtheapprovaloftheregistrationstatementbySEC.

参考答案:

Waitingperiod

WhenaGreenShoeoverallotmentoptionisexercised,itallowsaninvestmentbankto______________,whenmarketpriceofanewlyissuedsecurity___________________

参考答案:

Sellanadditionalof15%shares;risesaboveitsofferingprice

Theresearchforceofaninvestmentbankcangenerallybedividedintotwogroups,where____________providesresearchreportstooutsideinvestingclients,while____________isusedwithinthebank.

参考答案:

“Sell-side”research;“buy-side”research

M&Abetweentwocompanieswithabuyer-sellerrelationshipisanexampleof_____________.

参考答案:

Verticalintegration

Preferredstocksrankafterbondsinpriorityofclaims,andoftensellathigheryieldsthandocorporatebonds.

参考答案:

错误

M&Abetweentworivalcompaniesinthesameindustryisanexampleof____________.

参考答案:

Horizontalintegration

Inleveragedbuyouts,thefinancialsponsorsbuyanotherfirmwithmoneythatisalmostallborrowedbecause_________________

参考答案:

Theywanttoincreasethereturnoftheirinvestment

Securitizationwillincreasetheamountofleverageofanissuer.

参考答案:

错误

Theprimebrokeragearmofaninvestmentbankmayprovidefinancingandsecuritylendingservicestohedgefunds.

参考答案:

正确

Inatraditionalbook-building,theofferingpriceofanIPOisnotsettoanypre-determinedrules.TheECMbankersofaninvestmentbankneedtobalancetheneedoftheissuingcompanywhowantstosellatahigherpriceandtheneedoftheinvestingclientswhowanttobuyatalowerprice.

参考答案:

正确

Inabook-buildingprocess,investorshavedifferentwaystosubmittheirbids.Forexample,aninvestormaysubmita_________________,wheretheyspecifythenumberofsharestheyarewillingtobuyatdifferentprices.

参考答案:

Stepbid

Aconvertiblebondwithconversionratioof5:1means______________

参考答案:

Fiveconvertiblebondscanbeconvertedintoonecommonstock

Whichofthefollowingstatementabouttenderofferiscorrect?

参考答案:

Anacquirerwouldusuallybidapricehigherthanthecurrentmarketpriceintenderoffers.

Usingstockstopayforanacquisitionmaycreatedownwardpressureonthestockpriceofthe