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Finance

 

Question 1.

 

a) The Federal Reserve Bank of the USA has stated that it will undertake quantitative easing of $40 billion per month. Why has the Federal Reserve done this? What will be the impact on both Government and commercial yield curves?

                                                                                                         (20 marks)

 

b)  How will this action affect yield curves in Europe? Explain your reasoning.

                                                                                                            

                                                                                                      (5 marks)

                                                                                     Total (25 marks)

 

Question 2.

 

a)  Explain the derivation of the Markowitz supply side in risk return space and the part played by the investor’s demand side in determination of portfolio structure.

                                                                                                           (15 marks)

b)  Why is the Sharpe capital market line contribution an advance on the Markowitz theory and what is implied for portfolio structure?

                                                                                                 (10 marks)

                                                                                        Total (25 marks)

 

Question 3.

 

a)  What is involved in beta value estimation, why is it required and what problems does a wrong estimation of beta value imply for equity pricing?

                                                                                                      (15 marks)

b)  Explain why Arbitrage Pricing theory is more complex than security market line theory. In view of its complexity why is it done?

                                                                                                 (10 marks)

                                                                                        Total (25 marks)

 

 

 

 

 

 

Question 4.

 

a)  What determines the theoretical upper limit of the commercial banking sector’s ability to create money stock on the basis of available deposits of M0?

                                                                                                    (18marks)

b)  Why is the volume of quantitative easing in the UK so high, how are bank balance sheets affected and what dangers follow from doing this?

                                                                                                (7marks)

                                                                                      Total (25 marks)

 

Question 5.

 

a)  What is the connection between the principle of insurance and the operation of futures contracts and how does the clearing house overcome the problem of moral hazard?

                                                                                                           (17 marks)

b)  What advantages do such markets confer on both contract holders and others? Explain with reference to the market for wheat production.

                                                                                                (8 marks)

                                                                                      Total (25 marks)

 

Question 6.

 

a)  With reference to IS/LM/EB analysis, locate the current state of the UK economy.

                                                                                                (5 marks)

 

b)  Identify possible Government objectives and explain how policy actions would shift the three schedules. How would unemployment level, interest rates, exchange rates, inflation rate, bond prices and equity prices be affected if policy actions identified were implemented?

                                                                                               (20 marks)

                                                                                                  Total (25 marks)

 

Question 7.

 

a) How do Markowitz and Sharpe identify the portfolio supply side set?

                                                                                                           (15 marks)

b) Why does the inclusion of a risk free rate of interest in portfolio theory enable a higher welfare level to be attained and why does this not apply to all investors?

                                                                                                         (10 marks)

                                                                                                   Total (25 marks)    

 

 

Question 8.

 

a) What determines money base size and money stock size in a modern economy?

                                                                                                           (18 marks)

b) What part do bond markets, interest rates and confidence play in control of the money supply?                                                                                                                                                                                                                                          

                                                                                                             (7 marks)

                                                                                                   Total (25 marks)

 

 

Question 9.

 

a) Rises in interest rates impinge on the share prices of house building firms. How do options markets work and how can options markets assist the portfolio manager holding such equities to insure against losses?  

                                                                                                         (18 marks)

b) What risks does the portfolio manager run by participation in options markets?

                                                                                                           (7 marks)

                                                                                                 Total (25 marks)

 

Question 10.

 

a) With reference to IS/LM/EB macroeconomic theory locate the current position of the UK economy.

                                                                                                        (5 marks)

b) Assume that the Government will give priority to improving the rate of growth of the economy. What measures might achieve this and what would be the impact upon current account, capital account, exchange rates, interest rates, National Debt, Government bonds, commercial bonds and equities?

                                                                                                          (20marks)

                                                                                                     Total (25 marks)

 

 

Question 11.

 

a) With reference to IS/LM/EB macroeconomic theory locate the current position of the UK economy.

                                                                                                            (5 marks)

b) Assuming that the rate of inflation is under control and unemployment is seen as the main concern, what policy options would you expect to be implemented by the Government and what will be the impact of your suggested policy options upon current account, capital account, exchange rate, interest rate, National Debt, Government bonds, commercial bonds and equities?

                                                                                                           (20marks)

                                                                                                  Total (25 marks)

 

Question 12.

 

If the USA $ weakens against other major currencies what will be the impact on bond yield curves in the USA and the UK?                                                                                                                                                                                                                                                           (17 marks)      

China’s foreign exchange reserves now total more than $1,000billion. Why is this development a danger to bond holder in the USA and the UK?

                                                                                                            (8 marks)

                                                                                                  Total (25 marks)

 

 

 

Question 13.

 

How does the Markowitz portfolio theory reduce risk for any given return?

                                                                                                         (15 marks)

Why is the issue of “dominance” so prominent in Sharpe’s contribution to portfolio theory and what are the implications for portfolio structure?

                                                                                                         (10 marks)

                                                                                               Total (25 marks)

 

 

Question 14.

 

Security market line reliability depends upon accurate measurement of beta value. What problems might arise in computation of beta value?

                                                                                                           (15 marks)

How does security market line theory guide pricing of the equity in question and what factors influence both its height and slope?

                                                                                                            (10 marks)

                                                                                                   Total (25 marks)

 

 

 

Question 15.

 

How is money stock generated and what might inhibit its generation?

                                                                                                           (15 marks)

Inflation in the UK, as measured by CPI, has risen above three percent.

What are the implications for both money supply and bond market activity?

                                                                                                                                                                                                                                                 

                                                                                                        (10 marks)

                                                                                                  Total (25 marks)

 

Question 16.

 

What is the connection between Options Markets and the principle of insurance?   

                                                                                                            (15 marks)

What is the difference in risk attached to buying both a “put” and a “call” rather than buying a “put” or a “call”?

                                                                                                            (10 marks)

                                                                                                    Total (25 marks)

 

Question 17.

 

With reference to IS/LM/EB macroeconomic theory locate the current position of the UK economy.

                                                                                                          (5 marks)

Inflation at over three percent is currently the most pressing problem in the UK. What policy options would you expect to be implemented by the Bank of England and the Government and what will be the impact of your suggested policy options upon current account, capital account, exchange rates, interest rates, National Debt, Government bonds, commercial bonds and equities?

                                                                                                           (20marks)

                                                                                                   Total (25 marks)

 

Question 18.

 

a) Critically assess the view that measurement of beta is problem free and that equity valuation based on the security market line is reliable.

                                                                                                           (18 marks)

b) What does the alternative of Arbitrage Pricing Theory involve and why might it not be employed as an alternative to security market line theory?

                                                                                                            (7 marks)

                                                                                                  Total (25 marks)

 

Question 19.

 

a) What determines the shape, height and relative positions of yield curves for both government bonds and commercial bonds?

                                                                                                      (17 marks)

b) What considerations go into making a bid for a long dated UK government bond? Explain with reference to yield to maturity and internal rate of return.

                                                                                                        (8 marks)

                                                                                            Total  (25 marks)

 

 

Question 20.

 

a) Why is the concept of dominance so important in the identification of the capital market line in portfolio theory and why does it apply to only a part of the Markowitz/Sharpe supply side frontier?

                                                                                                             (20 marks)

b) Critically assess the suggestion that all investors will rearrange their portfolios should the risk free interest rate fall.

                                                                                                       (5 marks)

                                                                                                 Total   (25 marks)   

 

 

Question 21.

 

a) With reference to macroeconomic theory identify the current position of the UK economy. What policy measures might the UK Government take if reducing inflation is the main priority and what would be the implications of such measures for employment?

                                                                                               (12 marks)

b) If the Government took the measures that you suggest how would equity and bond markets be affected? Explain with reference to both government and commercial bonds, highly geared company equities and the equities of companies competing with imports.

                                                                                                      (13 marks)

                                  Total (25 marks)

 

 

Question 22.

 

a) The Federal Reserve of the USA has recently cut interest rates. Why did the Federal Reserve do this and how will this action impinge upon the market for both USA Government bonds and USA commercial bonds?                                                                                                                                                                                                                                             (17 marks)      

b) How do current problems faced by the USA economy transmit to bond markets outside of the USA?

                                                                                                           (8 marks)

                                                                                                     Total (25 marks)

 

Question 23.

 

How is money stock generated and how is money base controlled?

                                                                                                           (18 marks)

 What action might the Bank of England have to take, and why, in view of         the current liquidity crisis?                                                                                                                                                                                                                                           

                                                                                                              (7 marks)

                                                                                                   Total (25 marks)

 

 

Question 24.

 

With reference to IS/LM/EB macroeconomic theory locate the current position of the UK economy.

                                                                                                           (5 marks)

What priorities would you expect the Government to set in view of the current circumstances of the UK economy? What policy measures would you expect the government to take? How would the policy measures affect the location of the IS/LM/EB schedules and what would be the impact, and why, upon the equity price of companies in banking, exporting machinery, air travel, supermarkets and long dated AAA rated Government bonds?

                                                                                                          (20marks)

                                                                                                 Total (25 marks)

 

Question 25.

 

Why are Government long bond prices currently high and what problem does this cause for annuity companies and pension funds?

                                                                                                   (18 marks)

If the Bank of England becomes concerned about the rate of inflation how will possible action by the Bank impinge upon future pension payments?

                                                                                                           (7 marks)

                                   Total (25 marks)

 

 

 

Question 26.

 

Since diversifiable risk is minimized by combining equities having negative correlation of expected returns why does portfolio theory suggest that diversification generally reduces risk?

                                                                                                              (17 marks)

To what extent does Sharpe’s contribution to portfolio theory render Markowitz theory redundant?

                                                                                                                (8 marks)

                                                                                                  Total (25 marks)      

 

Question 27.

 

Why is the concept of correlation central to the derivation of the Markowitz supply side in portfolio theory and how does inclusion of the risk free interest rate further reduce risk?

                                                                                                         (20 marks)

Why does the level of investor risk aversion dictate the investor’s portfolio structure?  

                                                                                                            (5 marks)

                                                                                               Total   (25 marks)  

 

Question 28.

 

What determines the investor’s minimum demand for L2 speculative money balances according to Tobin theory?

                                                                                                             (18 marks)

Why is Tobin L2 theory held to be an improvement on Keynesian L2 theory?

                                                                                                                (7marks)

                                                                                                  Total  (25 marks)  

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