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1、.页眉.投资学第九版课后答案,博迪投资学第九版课后答案 CHAPTER1:THEINVESTMENTENVIRONMENT PROBLEMSETS 1.Ultimately,itistruethatrealassetsdeterminethematerialwellbeingofan economy.Nevertheless,inpidualscanbenefitwhenfinancialengineeringcreatesnewproductsthatallowthemtomanagetheirportfoliosoffinancialassetsmoreefficiently.Be
2、causebundlingandunbundlingcreatesfinancialproductswithnewpropertiesandsensitivitiestovarioussourcesofrisk,itallowsinvestorstohedgeparticularsourcesofriskmoreefficiently. 2.Securitizationrequiresaccesstoalargenumberofpotentialinvestors.Toattract theseinvestors,thecapitalmarketneeds: 1.asafesystemo
3、fbusinesslawsandlowprobabilityofconfiscatory taxation/regulation; 2.awell-developedinvestmentbankingindustry; 3.awell-developedsystemofbrokerageandfinancialtransactions,and; 4.well-developedmedia,particularlyfinancialreporting. Thesecharacteristicsarefoundin(indeedmakefor)awell-developedfinanci
4、almarket. 3.Securitizationleadstodisintermediation;thatis,securitizationprovidesameans页脚..页眉. formarketparticipantstobypassintermediaries.Forexample,mortgage-backedsecuritieschannelfundstothehousingmarketwithoutrequiringthatbanksorthriftinstitutionsmakeloansfromtheirownportfolios.Assecuritization
5、 progresses,financialintermediariesmustincreaseotheractivitiessuchas providingshort-termliquiditytoconsumersandsmallbusiness,andfinancialservices. Financialassetsmakeiteasyforlargefirmstoraisethecapitalneededtofinancetheirinvestmentsinrealassets.IfFord,forexample,couldnotissuestocksorbondstothegen
6、eralpublic,itwouldhaveafarmoredifficulttimeraisingcapital.Contractionofthesupplyoffinancialassetswouldmakefinancingmoredifficult,therebyincreasingthecostofcapital.Ahighercostofcapitalresultsinlessinvestmentandlowerrealgrowth.4. 1-1 5.Evenifthefirmdoesnotneedtoissuestockinanyparticularyear,thestock
7、market isstillimportanttothefinancialmanager.Thestockpriceprovidesimportant informationabouthowthemarketvaluesthefirmsinvestmentprojects.Forexample,ifthestockpricerisesconsiderably,managersmightconc
