第1題Generallyspeaking,servicesofferedbyinvestmentbanksmayinclude____________.AUnderwritingsecuritiesandadvisoryonmergersandacquisitionsBTradingCAssetmanagementDAlloftheabove第2題Themainbusinessofacommercialbankis_________________________AFinancialplanningBFinancialadvisoryCDeposit-takingandloanissuanceDInitialpublicoffering(IPO)第3題Sometimesinvestmentbanksarenarrowlydefinedasfinancialinstitutionsengagedin_________,whichare/isthetraditionalbusinessesofinvestmentbanks.AUnderwritingsecuritiesBAdvisoryonmergersandacquisitionsCTradingDAandB第4題Historically,U.S.commercialbankswerebarredfromoperatinginvestmentbankbusinessaswasruledby_______________________.Thisactwasoverturnedby_______________,whichallowsacommercialbanktooperatebothcommercialandinvestmentbankingbusiness.AGlass-SteagallBankingAct;DoddFrankActBGlass-SteagallBankingAct;FinancialServicesModernizationActCFinancialServicesModernizationAct;Glass-SteagallBankingActDFinancialServicesModernizationAct;DoddFrankAct第5題Banksthatoperatebothinvestmentbankingandcommercialbankingbusinessesarecalled__________________.ARetailbanksBPure-playbanksCUniversalbanksDMerchantbanks第6題Globalinvestmentbankstypicallyhavethreebusinessdivisions,includinginvestmentbankingdivision,tradingdivision,andassetmanagementdivision.___________________isresponsibleadvisingonmergersandacquisitions.ATheinvestmentbankingdivisionBThetradingdivisionCTheassetmanagementdivisionD

Alloftheabove第7題__________________bankershelpclientsraisefundsthroughtheissuanceofcommonstocks.______________________________bankershelpclientsraisefundsthroughtheissuanceofbothinvestmentgradeandnon-investmentgradebonds.AEquitycapitalmarket(ECM);Debtcapitalmarket(DCM)BDebtcapitalmarket(DCM);Equitycapitalmarket(ECM);CCapitalmarket;ClientcoverageDClientcoverage;Capitalmarket第8題Clientcoveragebankersareresponsiblefor________________________.AknowingtheneedsoftheirclientsandsellinginvestmentbankingproductstotheirassignedclientsBbuyingnewlyissuedstocksininitialpublicofferingsCfinancialplanningandmanagingclients’portfoliosDinvestingonbehalfofaninvestmentbank第9題Investmentbankscanhelpbothcorporationsandgovernmentsraisemoneybyissuingsecurities.第10題InmarketofChina,thebusinessofunderwritingstocks,forexampleIPO,isconductedbysecuritycompanies.Commercialbankscanalsoparticipateininvestmentbankingbusinesses,suchasunderwritinggovernmentbonds.第11題Boutiqueinvestmentbanksusuallyofferafullsetofinvestmentbankingbusinesses.第12題TheM&Agroupbankersprovide“buyside”servicesthatinvolvethepurchaseofapartortheentireofacompany.Theyalsoprovide“sellside”servicesthatinvolvethedispositionofcompanyassets.第1題ThemainpurposesofSecuritiesActof1933include_________________________.ARegulatingdisclosureinsecurityissuanceBProhibitingdeceit,misrepresentations,andotherfraudinthesaleofsecuritiesCEstablishinganearlywarningsystemoffinancialcrisisDBothAandB第2題WhenFranklinRoosevelttookofficein1933,severalpiecesoflawswerepassed,including_____________________________.Theselawssignificantlychangedthelandscapeoftheinvestmentbankingindustry.ASecuritiesActof1933BSecuritiesandExchangeActof1934CGlass-SteagallActof1933DAllabove第3題AccordingtoSecuritiesActof1933,beforeasecuritycanbesoldtopublicinvestorsintheU.S.,_____________________________mustbesubmittedtotheSecuritiesandExchangeCommission(SEC).AAvaluationreportBAduediligencereportCAregistrationstatementDAnindemnificationletter第4題AfterthepassofSecuritiesActof1933,issuingcompaniesandinvestmentbanksshareresponsibilitytoprovideaccurateandcompleteinformationtoinvestors.Inordertoavoidheldliableforfalseormisleadingdisclosureinaregistrationstatement,andunderwritermustconduct_____________________tomitigaterisk.ARoadShowBIPOCSelf-checkingDDuediligenceinvestigation第5題TheGlass-SteagallActof1933aimsto__________________________.AOver-turntheGramm-Leach-BlileyActBSeparatecommercialbankingandinvestmentbankingCRegulatesecurityissuanceDProhibitinvestmentbanksfromunderwritingsecurities第6題Publiclylistedcompaniesarerequiredtofileanddiscloseannualandotherperiodicreportsaccordingtotherulesof_____________________________ASecuritiesActof1933BSecuritiesExchangeActof1934CGlass-SteagallActof1933DDodd-FrankActof2010第7題PriortotheGreatDepression,theinvestmentbankingindustryoftheU.S.hadbeenregulatedbyfederallaws.第8題AccordingtoSecuritiesActof1933,companiesfilingforIPOarerequiredtodiscloseinformationtoinvestorsthroughaprospectus.第9題AccordingtoSecuritiesActof1933,violationsofdisclosurerequirementcanleadtobothcivilandcriminalliabilitiesforunderwriters,directors,officers,andaccountants.第10題Theterm“quietperiod”referstotheperiodbetweenthefilingofared-herringprospectusandtheapprovalofaregistrationstatement.Duringthequietperiod,firmscanstarttosellsecurities.Test3第1題Capitalmarketfinancingis___________________fundingthroughtheissuanceofsecuritiesinaregulatedmarket.APrivateBGlobalCLong-termDShort-term第2題_________________isthemarketwherefirmsraisefundsbysellingnewlycreatedsecuritiestoinvestors.AThenewmarketBTheoldmarketCTheprimarymarketDThesecondarymarket第3題_________________________isthemarketforinvestorstotradepreviouslyissuedsecurities.AThenewmarketBTheoldmarketCTheprimarymarketDThesecondarymarket第4題Wheninvestmentbanksunderwritesecuritiesthrough___________________,theybuytheentireissueatadiscountandattemptstoresellitatahigherprice.ABest-effortsBFirm-commitmentCStandby-commitmentDPrivatePlacement第5題Theadvantagesforcompaniestogopublicmayincludewhichofthefollowings?AGoingpublicbringsinpublicfinancingBGoingpubliccreatesliquidityforshareholdersCGoingpubliccreatesanewcurrencyforcompaniestopayformergersandacquisitions.DAlloftheabove第6題Thedisadvantagesforcompaniestogopublicmayincludewhichofthefollowings?APublicfirmsaresubjecttoconstantdisclosureofcompanyinformationBIPOsarecostlyCPublicfirmsaresubjecttohostiletakeoversDAlloftheabove第7題CompanyXYZplanstoraise$100millionUSDthroughanIPO.AfteritsIPO,XYZisprojectedtogeneratenetincomeof$20USDinthenextfinancialyear.TheaverageP/Eratioofcomparablecompaniesis25.WhatistheequityvalueofXYZafteritsIPO?A$300millionB$400millionC$500millionD$600million第8題CompanyXYZplanstoraise$100millionUSDthroughanIPO.AfteritsIPO,XYZisprojectedtogeneratenetincomeof$20USDinthenextfinancialyear.TheaverageP/Eratioofcomparablecompaniesis25.WhatistheequityvalueofXYZbeforeitsIPO?A$300millionB$400millionC$500millionD$600million第9題Seasonedequityoffering(SEO)isatypeofsecondaryoffering.第10題ComparablecompanyanalysisusingP/Eratioisfeasibleforalltypesofcompanies.Test4第1題Inatraditionalbook-buildingIPO,thepurposeofaroadshowdoesNOTinclude______________AProvidinginformationaboutanofferingusingared-herringprospectusBGatheringinformationaboutthepricingofnewsharesCProvidingnewandprivilegedinformationaboutanofferingtoinstitutionalinvestorsDNoneoftheabove第2題___________referstotheperiodbetweenthefilingofaredherringregistrationstatementandtheapprovaloftheregistrationstatementbySEC.AInitialPeriodBStartingPeriodCWaitingperiodDFilingperiod第3題Inthebook-buildingprocess,theunderwriterannouncesanindicativepricerange,andinvestorscansubmittheirbidsthrough_______________.AstrikebidBlimitbidCstep-bidDAlloftheabove第4題Agreenshoeisanoverallotmentoptionthatgivesaninvestmentbanktherighttooversell(orshort)anumberofsecuritiesofanoffering.Theamountsharesforoverselltypicallyaccountsfor__________oftheofferingbaseofsharesoutstanding.A0.05B0.1C0.15D0.2第5題Inpractice,informationreleasedinaroadshowisusuallylimitedtowhatiscoveredinared-herringprospectusinordertoconformtoregulationsofthewaitingperiod.第6題Book-buildingparticipationisgenerallyopentoretailinvestors.第7題Inthebook-buildingprocess,theissuepriceisusuallysetatthemarket-clearingprice.第8題Theallocationrightofunderwritersmotivatesbuy-sideinvestorstodoresearchaboutpricingandaccuratelyrevealtheirdemandinformationduringthebiddingprocess.第9題Greenshoeoptionprovidesissuerstheflexibilitytoadjusttheamountofsharesissuedaccordingtomarketdemand.Test5第1題Investmentbankerscanhelptheirclientsunderwritevariousdebtinstruments,including__________________ACommercialpaperBAsset-backedsecuritiesCBondsDAlloftheabove第2題Dividendsto__________________arepre-specified,butthereisnocontractualobligationforanissuertopaythedividends.ACommonstocksBPreferredstocksCBondsDConvertibleBonds第3題__________________ofaninvestmentbankisresponsibleforbondunderwriting.AECMgroupBDCMgroupCClientCoveragegroupDAssetmanagementgroup第4題In____________,banksbuythenewlyissuedbondsfromanissuerandattempttoreselltothepublicataprofit.AboughtdealBbesteffortsCstandbyofferingDnoneoftheabove第5題Investmentbankscanclassifydebtissuersintotwocategories:investmentgradeissuerandnoninvestmentgradeissuer.第6題Commercialpaperisissuedbybothinvestmentgradeandnoninvestmentgradeclients.第7題Inabest-effortoffering,banksprovidelast-resortsupportbypromisingtobuytheunsubscribedportionofthenewlyissuedbonds.第8題Bondsareusuallymorecostlythanloans.Test6第1題ThereisnoMBSproductsinthemarketofChina.第2題Securitizationwillincreasetheamountofleverageofanissuer.第3題Whichofthefollowingisanexampleofrealestateassetinthepublicequitymarket?AAmortgageloanBAresidentialpropertyCAREITDAnMBS第4題RisksofMBScanbeclassifiedintotwocategories:prepaymentriskanddefaultrisks.Mortgageborrowersareinclinedto____________whenmarketinterestratefallsbelowtheirmortgageinterestrate;andtheyareinclinedto_______________whenhousingprice____________.ADefault;prepaytheloans;fallssharplyBPrepaytheloans;default;fallssharplyCDefault;prepaytheloans;increasessharplyDPrepaytheloans;default;increasessharply第5題Whichofthefollowingcancreatecreditenhancementinsecuritizations?ACashflowwaterfallsBOver-collateralizationCThird-partyguaranteeDAlloftheabove第6題Insecuritizations,theoriginatortransferstheownershipoftheunderlyingassetstoatax-exemptedentity,calleda_____________________,afterwhichbankruptcyremotecanbeachieved.AShellcompanyBSpecialpurposecompanyCTargetcompanyDAcquiringcompanyTest7第1題A____isamergerinwhichaprivatecompanygoespublicbymergingwithanalreadypubliccompany.正確答案：:reversemerger第2題____referstothephenomenaof1+1>2,whenthevalueofacombinedfirmishigherthanthesumofthevalueoftwoindividualfirms.正確答案：:synergy第3題____referstothecombinationoftwocorporationsinwhichonlyonecorporationsurvives,orA+B=A.正確答案：:Merger第4題Whichofthefollowingstatementabouttenderofferiscorrect?ATenderofferisusuallyusedinfriendlytakeoversBThepriceofanacquisitionfacesalotofuncertaintyintenderoffers.CThetimingofanacquisitionfacesalotofuncertaintyintenderoffers.DAnacquirerwouldusuallybidapricehigherthanthecurrentmarketpriceintenderoffers.第5題M&Abetweentwocompanieswithabuyer-sellerrelationshipisanexampleof_____________.AConsolidationBVerticalintegrationCHorizontalintegrationDReversemerger第6題Economiesofscaleisanimportantmotivationbehindmergersandacquisitions.Whichofthefollowingisanexampleofeconomiesofscale?AWhenfirmsgetlarger,specializedworkerscanincreaseproductivityanddecreaseperunitlaborcosts.BWhenfirmsgrowlarger,theycanspreadfixedcostsoveralargerassetbase.CWhenfirmsgrowlarger,theycanincreasetheirbargainingpowerovertheirsupplier