MẪU 1 – ĐỀ THI TỰ LUẬN

ĐẠI HỌC QUỐC GIA TP.HCM ĐỀ THI KẾT THÚC MÔN HỌC
TRƯỜNG ĐẠI HỌC KINH TẾ - LUẬT HỌC KỲ 2, NĂM HỌC 2020-2021
(Không được sử dụng tài liệu)

Môn thi: Principles of Financial Markets Thời lượng: 60 phút

For the following statements, write True (T) or False (F) and very briefly explain your answer.

Question 1 (0.3125 point): “Commercial banks often hold investment securities that are low liquid,
have high level of default risk and can easily be traded in the primary markets”
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Question 2 (0.3125 point): “Commercial paper is available to most companies and individuals”
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Question 3 (0.3125 point): “The asset structure of banks’ balance sheets tends to reflect a longer
maturity structure than that of the liability side”
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Question 4 (0.3125 point): “For the purpose of financing the purchase of assets such as machinery,
buildings or equipment, large firms typically issue capital market securities”
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Question 5 (0.3125 point): “The term IPO stands for "individual purchase order," as when an
individual (as opposed to an institution) places an order to buy a stock”
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Question 6 ( 0.3125 point): “If FPT company were to issue new stock this year, this would be
considered a secondary market transaction because FPT already has stock outstanding”.
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Question 7 (0.3125 point): “Capital markets deal only with common stocks and other equity
securities”.
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Question 8 (0.3125 point): “Though the differences are ambiguous, investment banks commonly
specialize in lending money, while commercial banks usually assist companies to raise capital from
other parties”.
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Question 9 (0.3125p): “One financial institution buys 200,000 shares of HAGL stock from another
institution. An investment banker arranges the transaction. This is an example of a secondary market
transaction”.
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Question 10 (0.3125p): “The less the price sensitivity of a bond to a given change in interest rates, the
longer the bond’s remaining maturity is”
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Question 11 (0.3125p): “A zero-coupon bond is a bond that pays no interest and trades at a discount to
its market price. U.S. Treasury bills are an example of a zero-coupon bond.
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Question 12 (0.3125p): “A bond has a face value of $1000, makes annual coupon payments of $70,
has 5 years to maturity. The bond should sell at a price that is greater than its par if market interest
rates are below 7% and at a price that is less than its par if interest rates are greater than 7%”.
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Question 13 (0.3125p): “You have funds that you want to invest in bonds, and you just noticed in the
financial pages of the local newspaper that you can buy a $1,000 par value bond for $900. The coupon
rate is 10% (with annual payments), and there are 10 years before the bond will mature and pay off its
$1,000 par value. You should buy the bond if your required return on bonds with this risk is 12%”
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Question 14 (0.3125p): “A coupon bond with a face value of $1,000 has 10 years to maturity and
recently sells for $800. Thus, the bond’s yield to maturity is greater than its coupon rate”.
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Question 15 (0.3125p): “Three 10-year bonds have the same amount of risk and the same face value
of $1000. Therefore, YTMs of these three bonds are equal. Bond X has an 8% annual coupon, Bond Y
has a 10% annual coupon, and Bond Z has a 12% annual coupon. Bond Y sells at par. Assuming that
interest rates remain constant for the next 10 years, Bond Z will sell initially at a discount (its price is
less than par) and its price is expected to decline over the next year”.
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Question 16 (0.3125p): “A 10-year bond pays an annual coupon, has a face value of $1000, its YTM
is 8% and it currently trades at $1,100. Therefore, the bond’s coupon rate is less than 9%”.
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Question 17 (0.3125p): “A 20-year, $1,000 par value bond has an 8% annual coupon. The bond
currently sells for $875. If the yield to maturity remains at its current rate, the bond’s price after 5 years
(from now) is higher than $900”
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Question 18 (0.3125p): “If a bond sells at par, then its current yield will be less than its yield to
maturity”.
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Question 19 (0.3125): “A credit market instrument that provides the borrower with an amount of funds
that must be repaid at the maturity date along with an interest payment is known as a fixed payment
loan”
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Question 20 (0.3125): “A $1000 bond with an 8.2% coupon rate, interest paid semiannually, and
maturing in six years is currently yielding 7.6% in the market. Given these facts, the current price of
the bond is $1,028.48. (Explain by showing parameters such as number of periods, YTM used to
calculate or ip, pmt, FV)
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Question 21 (0.3125p): “Higher tariffs on foreign goods cause a countryʹs currency to appreciate in
the long run, everything else held constant”.
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Question 22 (0.3125p): “When the exchange rate for the Japan yen changes from 210 VND to 200
VND, then holding everything else constant, the Japan yen has appreciated and Vietnam mango sold in
Japan becomes less expensive”.
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Question 23 (0.3125p): Of money’s three functions, the one that distinguishes money from other
assets is its function as a unit of account
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Question 24 (0.3125p): “The percentage of deposits that banks must hold in reserve is the excess
reserve ratio”
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Question 25 (0.3125p): “Open market sales lower reserves and the monetary base thereby lowering
the money supply”
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Question 26 (0.3125p): “Money market instruments include certificate of deposits, Treasury bonds,
commercial paper, Banker’s Acceptance, Fed Fund, Eurodollar, Repurchase Agreement”
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Question 27 (0.3125p): “Life insurance companies are more likely to invest in corporate capital
market securities than commercial banks”
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Question 28 (0.3125p): “Repurchase agreement is a money market security and backed by sepcified
collateral”
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Question 29 (0.3125p): “Suppose Tiki Corporation issues bonds to develop autonomous delivery
robot. Realizing the great prospect of this project, Dragon Capital Group – an investment fund, and Ms.
Vic bought Tiki’s bonds. It is said that Dragon Capital faces little problem of adverse selection in
comparison with Ms. Vic since Dragon Capital has a professional unit (department) with financial
experts in order to monitor and track Vingroup’s business and loan usage meanwhile Ms. Vic doesn’t
have”
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Question 30 (0.3125p): “Everything else held constant, if the expected return on ABC stock declines
from 12 to 9 percent and the expected return on XYZ stock declines from 8 to 7 percent, then the
expected return of holding ABC stock falls relative to XYZ stock and demand for XYZ stock rises.
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Question 31 (0.3125p): “If gold becomes acceptable as a medium of exchange, the demand for gold
will increase and the demand for bonds will decrease, everything else held constant”.
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Question 32 (0.3125p): “Most of the financial claims issued by U.S. financial intermediaries are
purchased by the business sector”
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HẾT

Giảng viên ra đề

Nguyễn Hoàng Anh- Phạm Chí Khoa

Lưu ý:
- Sử dụng khổ giấy A4
- Tất cả sử dụng Font Times New Roman;
- Kích thước (size): 13; giãn dòng: 1.15;
- Canh lề: Trên: 1cm, Dưới: 1cm, Trái: 1cm, Phải: 1cm;
- Phải thể hiện số thứ tự trang nếu tổng số trang lớn hơn 1.