金融學(xué)（博迪）英文版課后習(xí)題答案

1、 CONTENTS Chapter 1: Financial Economics 1-1 Chapter 2: Financial Markets and Institutions 2-1 Chapter 3: Managing Financial Health and Performance 3-1 Chapter 4: Allocating Resources Over Time 4-1 Chapter 5: H

2、ousehold Saving and Investment Decisions 5-1 Chapter 6: The Analysis of Investment Projects 6-1 Chapter 7: Principles of Market Valuation 7-1 Chapter 8: Valuation of Known Cash Flows: Bonds 8-1 Chapter 9: Valuati

3、on of Common Stocks 9-1 Chapter 10: Principles of Risk Management 10-1 Chapter 11: Hedging, Insuring, and Diversifying 11-1 Chapter 12 Portfolio Opportunities and Choice 12-1 Chapter 13: Capital Market Equilibriu

4、m 13-1 Chapter 14: Forward and Futures Markets 14-1 Chapter 15: Markets for Options and Contingent Claims 15-1 Chapter 16: Financial Structure of the Firm 16-1 Chapter 17: Real Options 17-1 iii博迪《金融學(xué)（第二版）》課后習(xí)題答案

5、（英文版）#華中師范大學(xué) 經(jīng)濟(jì)學(xué)院 劉夢(mèng)恒 1 31 51 49 761 @ q q . c o mFinancial Economics Solutions Manual Chapter 1 - 2 SAMPLE ANSWER: $ ____________ (very possibly negative at this point) Assets: ? Checking account balance ? Saving

6、s account balance ? Furniture/Jewelry (watch) ? Car (possibly) Liabilities: ? Student loans ? Credit card balance ? If renting, remainder of rental agreement (unless subletting is a possibility) ? Car payment

7、s (possibly) Students typically don’t think about the high value of their potential lifetime earning power when calculating their net worth but for young people it is often their most valuable asset. 3. How are the fina

8、ncial decisions faced by a single person living alone different from those faced by the head of a household with responsibility for several children of school age? Are the tradeoffs they have to make different, or will

9、 they evaluate the tradeoffs differently? A single person needs only to support himself and therefore can make every financial decision on his own. If he does not want health insurance (and is willing to bear the financ

10、ial risks associated with that decision) then no one will be affected by that decision other than that single person. In addition, this person needs to make no decisions about allocating income among dependents. A sing

11、le person is very mobile and can choose to live almost anywhere. The tradeoffs this individual makes generally concern issues of consuming (or spending) today versus saving for consumption tomorrow. Since this person i

12、s supporting only himself, the need to save now is less important than for the head of household discussed next. The head of household with several children must share resources (income) among dependents. This individu

13、al must be prepared to deal with risk management issues such as how to be prepared for potential financial emergencies (such as a serious health problem experienced by a member of the family or home owners insurance in

14、 case of a fire or other mishap). Because there are more people in this household than with a single person, there are greater risks that someone will get sick or injured. And because there are dependents, the wage ear

15、ner(s) should think carefully about life and disability insurance. In addition, the family is not as mobile as the single individual. Because of the school age children, the family might want to live near “good schools

16、” thinking that a stronger education will eventually help those children’s future well being and financial situation. Thus, the tradeoffs for the head of household are more complex: more money is needed to consume toda

17、y (he or she needs to support more dependents), but a lot more money is also needed to save for future expenses such as education and housing and more money is needed for risk management such as life and disability ins

18、urance. 4. Family A and family B both consist of a father, mother and two children of school age. In family A both spouses have jobs outside the home and earn a combined income of $100,000 per year. In family B, only on

19、e spouse works outside the home and earns $100,000 per year. How do the financial circumstances and decisions faced by the two families differ? With two wage earners, there is less risk of a total loss of family income

20、 due to unemployment or disability than there is in a single wage earning household. The single wage earning family will probably want more disability and life insurance than the two wage earning family. On the flip si

21、de, however, the two wage earning family may need to spend extra money on child care expenses if they need to pay someone to watch the children after school. Copyright ©2009 Pearson Education, Inc. Publishing as Pr