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Chapter13InternationalEquityMarkets
True/FalseQuestions
1.
Inadealermarket,thebrokertakesthetradethroughthedealer,whoparticipatesintradesasaprincipalbybuyingandsellingthesecurityforhisownaccount.
True
False
2.
Publictradersdonottradedirectlywithoneanotherinadealermarket.
True
False
MultipleChoiceQuestions
3.
Thesaleofnewcommonstockbycorporationstoinitialinvestorsoccursin
A.
theprimarymarket.
B.
thesecondarymarket.
C.
theOTCmarket.
D.
thedealermarket.
4.
Thesaleofpreviouslyissuedcommonstocktradedbetweeninvestorsoccursin
A.
theprimarymarket.
B.
thesecondarymarket.
C.
theon-the-runmarket.
D.
thedealermarket.
5.
A"primary"stockmarketis
A.
abiginternationally-importantmarketliketheNYSE.
B.
amarketwherecorporationsissuenewsharestoinitialinvestors.
C.
wherebrokersandmarketmakerstrade.
D.
noneoftheabove
6.
Themarketcapitalizationofthedevelopedworld
A.
isabout90percentofthemarketcapitalizationoftheentireworld.
B.
isabout80percentofthemarketcapitalizationoftheentireworld.
C.
isabout70percentofthemarketcapitalizationoftheentireworld.
D.
isabout60percentofthemarketcapitalizationoftheentireworld.
7.
Themarketcapitalizationofthedevelopingworld
A.
isabout80percentofthemarketcapitalizationoftheentireworld.
B.
isabout60percentofthemarketcapitalizationoftheentireworld.
C.
isabout40percentofthemarketcapitalizationoftheentireworld.
D.
isabout20percentofthemarketcapitalizationoftheentireworld.
8.
Ingeneral,Standard&Poor'sEmergingMarketsDataBaseclassifiedastockmarketas"emerging"if
A.
itislocatedinalow-ormiddle-incomeeconomyasdefinedbytheWorldBank.
B.
itsinvestablemarketcapitalizationislowrelativetoitsmostrecentGNIfigures.
C.
eithera)orb)
D.
noneoftheabove
9.
Investmentinforeignequitymarkets
A.
isnolongerconsidereda"backwater"inthefieldofFinance.
B.
becamecommonpracticeinthe1980sasinvestorsdiversifiedtheirportfolios.
C.
duringthe1980swaslargelyconfinedtothedevelopedworld.
D.
alloftheabove
10.
Duringthe1980s,cross-borderequityinvestmentwaslargelyconfined
A.
totheequitymarketsofdevelopedcountries.
B.
totheemergingequitymarkets.
C.
totheequitymarketsoftheformerSovietUnion.
D.
noneoftheabove
11.
Inmutualfunds,investmentinemergingforeignequitymarkets
A.
representslessthanonepercentofinvestmentsinU.S.-basedmutualfunds.
B.
representsaboutfivepercentofinvestmentsinU.S.-basedmutualfunds.
C.
representsmorethantwentypercentofinvestmentsinU.S.-basedmutualfunds.
D.
declinedduringthe1990s.
12.
Onlyinthe_______didworldinvestorsstarttoinvestsizableamountsintheemergingequitymarkets,astheeconomicgrowthandprospectsofthedevelopingcountriesimproved.
A.
1960s
B.
1970s
C.
1980s
D.
1990s
13.
Whichinvestmentislikelytobethemostliquid?
A.
AshareofpubliclytradedcompanytradingontheNYSE.
B.
AbondissuedbyaFortune500company.
C.
Ahouseinanicepartoftown.
D.
a)andb)areequallyliquid
14.
Whichinvestmentislikelytobetheleastliquid?
A.
AshareofpubliclytradedcompanytradingontheNYSE.
B.
AbondissuedbyaFortune500company.
C.
Ahouseinanicepartoftown.
D.
a)andb)areequallyliquid
15.
Aliquidstockmarket
A.
isoneinwhichpricesreflectallrelevantinformationquickly.
B.
isoneinwhichpricesreflectallpubliclyavailableinformationquickly.
C.
isoneinwhichpricesreflectpriceandvolumeinformationquickly.
D.
isoneinwhichinvestorscanbuyandsellstocksquicklyatclosetothecurrentquotedprices.
16.
Ameasureofliquidityforastockmarketistheturnoverratio;definedas
A.
theratioofstockmarkettransactionsoveraperiodoftimedividedbythesize,ormarketcapitalization,ofthestockmarket.
B.
theratioofthesize,ormarketcapitalization,ofthestockmarketdividedbythevalueofthestockmarkettransactionsoveraperiodoftime.
C.
theratioofaggregatecompanysalesoveraperiodoftimedividedbythesize,ormarketcapitalization,ofthestockmarket.
D.
noneoftheabove
17.
Generally,thehighertheturnoverratio,
A.
thelessliquidthesecondarystockmarket,indicatingeaseintrading.
B.
themoreliquidthesecondarystockmarket,indicatingeaseintrading.
C.
themoreliquidtheprimarystockmarket,indicatingeaseintrading.
D.
themoreefficientthestockmarketis.
18.
Theturnoverratiopercentagesfor27equitymarketsofdevelopedcountriesforthefiveyearsbeginningwith2002weremeasured.Mostnationalequitymarketshadveryhighturnoverratios,withthegreatmajorityinexcessof
A.
15percentturnoverperyear.
B.
25percentturnoverperyear.
C.
50percentturnoverperyear.
D.
75percentturnoverperyear.
19.
Theturnoverratiopercentagesfor36equitymarketsofemergingmarketsforthefiveyearsbeginningwith2002weremeasured.Manyofthesmallequitymarketsineachregion(e.g.,Peru,Venezuela,SriLanka,SlovakRepublic,Croatia,andZimbabwe)haverelativelylowturnoverratios,
A.
indicatingpoorliquidityatpresent.
B.
indicatinggoodliquidityatpresent.
C.
indicatingstronginvestmentperformanceovertheperiod.
D.
noneoftheabove
20.
Ameasureof"liquidity"forastockmarketis
A.
thetimesinterestearnedratio.
B.
theratioofstockmarkettransactionsoveraperiodoftimedividedbythesize,ormarketcapitalization,ofthestockmarket.
C.
theLIBORrate.
D.
botha)andb)
21.
Asameasureof"liquidity",
A.
generally,thelowertheturnover,thegreatertheliquidityofasecondarystockmarket.
B.
generally,thehighertheturnover,thegreatertheliquidityofasecondarystockmarket.
C.
themoreafinancialassetgurgleswhenshookthegreatertheliquidity.
D.
noneoftheabove
22.
Generally,thelowertheturnoverratio,
A.
thelessliquidthesecondarystockmarket,indicatingdifficultyintrading.
B.
themoreliquidthesecondarystockmarket,indicatingdifficultyintrading.
C.
themoreliquidtheprimarystockmarket,indicatingdifficultyintrading.
D.
themoreefficientthestockmarketis.
23.
Manyofthesmallforeignequitymarkets(e.g.Chile,SriLanka)
A.
havepoorliquidityatpresent.
B.
areveryliquidstockmarkets,sincethepoorpeoplelivingthereareeagertoselltheirsecurities.
C.
havefairlyhighturnoverratiosindicatingstrongliquidity.
D.
noneoftheabove
24.
Ingeneralifaninvestment
A.
haspoorliquidityitshouldofferinvestorsaliquiditypremium.
B.
canbesoldfairlyquicklyatafairprice,ithasgoodliquidity.
C.
botha)andb)
D.
noneoftheabove
25.
Manyofthelargeremergingequitymarkets(e.g.Korea,India)
A.
havepoorliquidityatpresent.
B.
aremoreliquidstockmarketsthanthedevelopedworld,sincethepoorpeoplelivinginthedevelopingworldareeagertoselltheirsecurities.
C.
havehighturnoverratios.
D.
noneoftheabove
26.
Inwhichtypeofmarketcanliquidity"dryup"?
A.
Abullmarket
B.
Abearmarket
C.
Aspeculativebubble
D.
Afinancialpanic
27.
InwhichtypeofpolicyactionsbytheFedcanliquidity"dryup"?
A.
Easymoney
B.
Tightmoney
C.
Decreaseinthereserverequirement
D.
Decreaseinthediscountrate
28.
Thesmallertheconcentrationpercentage,
A.
themoreconcentratedamarketisinafewstockissues.
B.
thelessconcentratedamarketis.
C.
themoreliquidthesecondarystockmarketis.
D.
noneoftheabove
29.
Overthelastfewyears,turnoverratiosinmanyemergingmarketsremainedlowandmarketconcentrationratiosremainedhigh,indicating
A.
thatinvestmentopportunitiesinthesemarketshavebeenimproving.
B.
thatinvestmentopportunitiesinthesemarketshavenotbeenimproving.
C.
thatinvestmentopportunitiesinthesemarketsareabouttoimprove.
D.
noneoftheabove
30.
In2002,24stockmarketshadconcentrationratiosof40percentormore,16had50percentormore,and6had60percentormore.Bycomparison,in2006,27stockmarketshadconcentrationratiosof40percentormore,21had50percentormore,and11had60percentormore.Thus,onemustconclude
A.
thatthenumberofequityinvestmentopportunitiesinmajorstockmarketsindevelopedcountrieshasnotbeenimprovinginrecentyears.
B.
thatthenumberofequityinvestmentopportunitiesinemergingstockmarketsindevelopingcountrieshasbeenimprovinginrecentyears.
C.
thatthenumberofequityinvestmentopportunitiesinemergingstockmarketsindevelopingcountrieshasnotbeenimprovinginrecentyears.
D.
noneoftheabove
31.
Themoreconcentratedanationalstockmarketis
A.
thegreateropportunityaglobalinvestorhastoincludesharesfromthatcountyinaninternationallydiversifiedportfolio.
B.
thelessopportunityaglobalinvestorhastoincludesharesfromthatcountyinaninternationallydiversifiedportfolio.
C.
thebroadertheinvestorbaseacrossanumberofdifferentsharesandindustries.
D.
noneoftheabove
32.
Thesecondarystockmarkets
A.
arethemarketsfor"pre-owned"or"used"sharesofstock
B.
providemarketabilitytoshares.
C.
providepricediscoveryorsharevaluation.
D.
alloftheabove
33.
Thesecondaryequitymarketsoftheworldservetwomajorpurposes.Theyprovide
A.
marketabilityandsharevaluation.
B.
liquidityandpricesupport.
C.
pricediscoveryandarbitrage.
D.
safetyandstability.
34.
Pricediscoveryinthesecondarystockmarkets
A.
occursduetothecompetitivetradingbetweenbuyersandsellers,justlikeoneBay.
B.
issetonceadayattheclose.
C.
issetbytheinvestmentbankersattheIPO.
D.
alloftheabove
35.
Anall-or-noneorderisalimitordereithertobuyortosellasecurityinwhichthebrokerisdirectedtoattempttofilltheentireamountoftheorderornoneofit.Anall-or-noneorderdiffersfromafill-or-killorderinthat
A.
withanall-or-noneorderimmediateexecutionisnotrequired.
B.
withanall-or-noneorderimmediateexecutionisrequired.
C.
withanall-or-noneorderoversubscriptionisallowed—fillingtheorderformoreshares.
D.
noneoftheabove
36.
Amarketorder
A.
isaninstructionfromacustomertoabrokertobuyorsellatthebestpriceavailablewhentheorderisreceived(immediately).
B.
isaninstructionfromacustomertoabrokertobuyorsellinaparticularmarket(e.g.NYSE).
C.
isalwaysandeverywhere"fillorkill".
D.
isalwaysandeverywhere"goodtillcancelled".
37.
Alimitorder
A.
isaninstructionfromacustomertoabrokertobuyorsellinataparticularprice(orbetter).
B.
canbea"dayorder"—thatistheorderiscancelledifnotexecutedduringthatday'strading.
C.
canbe"goodtillcancelled".
D.
alloftheabove
38.
Astop-limitorderisanordertobuyorsellastockthatcombinesthefeaturesofastoporderandalimitorder.Oncethestoppriceistouchedinthemarket,thestop-limitorderbecomesalimitordertobuyortosellatthelimitprice.Whichofthefollowingaretrue?
A.
Thebenefitofastop-limitorderisthattheinvestorcancontrolthepriceatwhichthetradewillgetexecuted.
B.
Astop-limitordermaynevergetfilledifthestock'spriceneverreachesthespecifiedlimitprice.Thismayhappenespeciallyinfast-movingmarketswherepricesfluctuatewildly.
C.
Theuseofstoplimitordersismuchmorefrequentforstocksthattradeonanexchangethanintheover-the-counter(OTC)market.
D.
Inaddition,yourbroker-dealermaynotallowyoutoplaceastoplimitorderonsomesecuritiesoracceptastoplimitorderforOTCstocks.
E.
Alloftheabovearetrue
39.
Whichofthefollowingaretrue?
A.
Unlessyougiveyourbrokerspecificinstructionstothecontrary,orderstobuyorsellastockaredayorders.
B.
Ordersthathavebeenplacedbutnotexecutedduringregulartradinghourswillautomaticallycarryoverintoafter-hourstradingbutnotthenextregulartradingday.
C.
Similarly,dayordersplacedduringafter-hourstradingwillautomaticallycarryoverintothenextregulartradingday.
D.
Ifyourorderisnotexecutedduringatradingsession,youarenotallowedtoplaceaneworderinthenexttradingsession.
E.
Alloftheabovearetrue
40.
Astoporderisanordertobuyorsellastockoncethepriceofthestockreachesaspecifiedprice,knownasthestopprice.Whenthespecifiedpriceisreached,yourstoporderbecomes
A.
amarketorder.
B.
agood-til-cancelled(GTC)order.
C.
adayorder.
D.
noneoftheabove
41.
Unlikedayorders,agood-til-cancelled(GTC)orderisanordertobuyorsellasecurityataspecificorlimitpricethatlastsuntiltheorderiscompletedorcancelled.Whichofthefollowingaretrue?
A.
AGTCorderwillnotbeexecuteduntilthelimitpricehasbeenreached,regardlessofhowmanydaysorweeksitmighttake.
B.
InvestorsoftenuseGTCorderstosetalimitpricethatisfarawayfromthecurrentmarketprice.
C.
SomebrokeragefirmsmaylimitthetimeaGTCordercanremainineffectandmaychargemoreforexecutingthistypeoforder.
D.
Alloftheabovearetrue
42.
Toavoidbuyingastockatapricehigherthanyourintention,youneedtoplace________ratherthanamarketorder.
A.
stop-lossorder
B.
adayorder
C.
agood-til-cancelledorder
D.
alimitorder
43.
Astoporderisanordertobuyorsellastockoncethepriceofthestockreachesaspecifiedprice,knownas
A.
thestopprice.
B.
thelimitprice.
C.
thelastprice.
D.
thesellprice.
44.
Theadvantagesofamarketorderincludethefactthat
A.
youareprettymuchguaranteedthatyourorderwillbeexecuted(assumingthattherearewillingbuyersandsellers).
B.
amarketordertypicallyhaslowercommissionsthanalimitorder.
C.
marketordersincreaseyourliquidity.
D.
botha)andb)
45.
Astoporderisanordertobuyorsellastockoncethepriceofthestockreachesaspecifiedprice,knownasthestopprice.Whenthespecifiedpriceisreached,yourstoporderbecomesamarketorder,Theadvantageofastoporderis
A.
youdon'thavetomonitorhowastockisperformingonadailybasis.
B.
thestoppricecanbeactivatedbyashort-termfluctuationinastock'sprice.
C.
onceyourstoppriceisreached,yourstoporderbecomesamarketorderandthepriceyoureceivemaybemuchdifferentfromthestopprice,especiallyinafast-movingmarketwherestockpricescanchangerapidly.
D.
alloftheaboveareadvantages
46.
DealersinanOTCmarket
A.
standreadytobuyatthebidandsellattheaskprice.
B.
settheirownbidandaskprices.
C.
donotchargecommissions.
D.
alloftheabove
47.
TheOTCmarket
A.
doesnotacceptcredit—thedealers"onlytakecash".
B.
isadealermarket.
C.
includestheNASDAQintheU.S.
D.
bothb)andc)
48.
A"specialist"
A.
makesamarketbyholdinganinventoryofaparticularsecurity,likeIBMorIntel.
B.
isaparticipantontheflooroftheexchange,liketheNYSE.
C.
hasadesignatedstationontheflooroftheexchange.
D.
alloftheabove
49.
AcrowdoffloortradersontheNYSE
A.
mayarriveatamorefavorablepricefortheirclients"inside"thespecialist'sbidandaskquotes.
B.
areobligedtoexecutetheirtradesthroughaspecialist.
C.
areallowedto"frontrun"theirowntradesaheadofcustomertrades.
D.
alloftheabove
50.
AspecialistontheNYSE
A.
isobligedtofilllimitordersiftheyaremorefavorablethanthespecialist'spostedbidandaskquotes.
B.
isobligedtofilllimitordersatthespecialist'spostedbidandaskquotes.
C.
isactuallyacomputerprogram,notahuman.
D.
botha)andc)
51.
A"callmarket"
A.
isOTCandover-the-phone.
B.
featuresanagentoftheexchangethataccumulatesabatchofordersthatareperiodicallyexecutedbywrittenorverbalauctionthroughouttheday.
C.
providestraderswithexecutionatcertainprices.
D.
bothb)andc)
52.
TheTorontoStockexchange
A.
isfullyautomated.
B.
featureselectronicmatchingofpublicorders.
C.
hascontinuousorderflow.
D.
alloftheabove
53.
Inanagencymarket,thebrokertakestheclient'sorderthroughtheagent,whomatchesitwithanotherpublicorder.Theagentcanbeviewedas
A.
adealer.
B.
aspecialist.
C.
abroker'sbroker.
D.
noneoftheabove
54.
Inanagencymarket,thebrokertakestheclient'sorderthroughtheagent,whomatchesitwithanotherpublicorder.Namesfortheagentare
A.
officialbroker.
B.
centralbroker.
C.
abroker'sbroker.
D.
alloftheabove
55.
TheParisBoursewastraditionallyacallmarket.Inacallmarket,anagentoftheexchangeaccumulates,overaperiodoftime,abatchofordersthatareperiodicallyexecutedbywrittenorverbalauctionthroughoutthetradingday.Bothmarketandlimitordersarehandledinthisway.Themajordisadvantageofacallmarketisthat
A.
tradersarenotcertainaboutthepriceatwhichtheirorderswilltransactbecausebidandaskquotationsarenotavailablepriortothecall.
B.
tradersarenotcertainabouthowmanyshareswillbeabletosellorbuyatthepricetheyquotebecauseordervolumeisnotavailablepriortothecall.
C.
thereisalackofliquidityintercall.
D.
noneoftheabove
56.
Atypeofnoncontinuousexchangetradingsystemiscrowdtrading.
A.
Unlikeacallmarketinwhichthereisacommonpriceforalltrades,severalbilateraltradesmaytakeplaceatdifferentpricesincrowdtrading.
B.
Unlikeacontinuousmarketinwhichthereisacommonpriceforalltrades,severalbilateraltradesmaytakeplaceatdifferentprices.
C.
Unlikeacallmarketinwhichseveralbilateraltradesmaytakeplaceatdifferentpricesthereisacommonpriceforalltradesinacallmarket.
D.
Noneoftheabove
57.
Whichtypeoftradingsystemisdesirableforactivelytradedissues?
A.
Continuoustradingsystems
B.
Calltradingsystems
C.
Crowdtradingsystems
D.
Noneoftheabove
58.
Callmarketsandcrowdtradingofferadvantagesfor__________becausetheymitigatethepossibilityofsparseorderflowovershorttimeperiods.
A.
thinlytradedissues
B.
activelytradedissues
C.
stocksbutnotbonds
D.
Noneoftheabove
59.
Theover-the-counter(OTC)marketisadealermarket.AlmostallOTCstockstradeontheNationalAssociationofSecurityDealersAutomatedQuotationSystem(NASDAQ),whichisacomputer-linkedsystemthatshows
A.
thelimitordersofallavailablecounterparties.
B.
thelastpriceatwhichasecuritywassold.
C.
thebid(buy)andask(sell)pricesofalldealersinasecurity.
D.
thebid(sell)andask(buy)pricesofalldealersinasecurity.
60.
OntheNYSE,limitorderpricesreceivepreferenceinestablishingthepostedbidandaskpricesiftheyaremorefavorablethanthespecialist's.Therefore
A.
aspecialistmustfillalimitorder,ifpossible,fromhisownaccountbeforetradingtheflowofpublicorders.
B.
specialistsmustfillalimitorder,ifpossible,fromtheflowofpublicordersbeforetradingforhisownaccount.
C.
aspecialistmustchangehispostedbidandaskpricestoreflecttheavailablelimitorders.
61.
ThelargeexchangemarketsintheUnitedStatesare
A.
agencymarkets.
B.
callmarkets.
C.
auctionmarkets.
D.
agency/auctionmarkets.
62.
"Callmarket"and"crowdtrading"takeplaceon
A.
anon-continuousexchangetradingsystem.
B.
acontinuoustradingexchangesystem.
C.
non-continuousmarketsandcontinuousmarkets,respectively.
D.
continuousmarketsandnon-continuousmarkets,respectively.
63.
Comparingagencyversusdealermarkets,whichcombinationofthefollowingstatementsistrue?
(i)-Ina"dealermarket,"thebrokertakestheclient'sorderthroughtheagent,whomatchesitwithanotherpublicorder.
(ii)-Inan"agencymarket,"thebrokertakesthetradethroughthedealer,whoparticipatesintradesasaprincipalbybuyingandsellingthesecurityforhisownaccount.
(iii)-Inan"agencymarket,"thebrokertakestheclient'sorderthroughtheagent,whomatchesitwithanotherpublicorder.
(iv)-Ina"dealermarket,"thebrokertakesthetradethroughthedealer,whoparticipatesintradesasaprincipalbybuyingandsellingthesecurityforhisownaccount.
(v)-Anagentcanbeviewedasa"broker'sbroker."
(vi)-Adealercanbeviewedasa"broker'sbroker."
A.
(i),(ii),and(v)
B.
(i),(ii),and(vi)
C.
(iii),(iv),and(v)
D.
(iii),(iv),and(vi)
64.
Amarket-valueindex
A.
iscalculatedsuchthattheproportionoftheindexastockrepresentsisdeterminedbyitsproportionofthetotalmarketcapitalizationofallstocksintheindex.
B.
iscalculatedastheaveragepriceofallthestocksintheindexthattradethatday,oneexampleistheNASDAQ.
C.
iscalculatedliketheDJIA.
D.
noneoftheabove
65.
TransactionsinsharesoftheiSharesFundswilltypicallygeneratetaxconsequences.Thisisbecause
A.
iSharesFundsareobligedtodistributeportfoliogainstoshareholders.
B.
iSharesFundsarenotallowedtobeheldintax-qualifiedaccountssuchasIRAs.
C.
iSharesFundsfeaturedailyresettlement.
D.
noneoftheabove
66.
iSharesMSCIare
A.
exchangetradedfundsthataresubjecttoU.S.SECandIRSdiversificationrequirements.
B.
open-endmutualfundssoldOTC.
C.
exchangetradedfundsthatareNOTsubjecttoU.S.SECandIRSdiversificationrequirements.
D.
noneoftheabove
67.
Afirmmaycross-listitsshareto
A.
establishabroaderinvestorbaseforitsstock.
B.
establishnamerecognitioninforeigncapitalmarkets,thuspavingthewayforthefirmtosourcenewequityanddebtcapitalfrominvestorsindifferentmarkets.
C.
exposethefirm'snametoabroaderinvestorandconsumergroups.
D.
alloftheabove
68.
StockinDaimlerAG,thefamousGermanautomobilemanufacturertradesonboththeFrankfurtStockExchangeinGermanyandontheNewYorkStockExchange.OntheFrankfurtbourse,Daimlerclosedatapriceof€54.34onWednesday,March5,2008.Onthesameday,DaimlerclosedinNewYorkat$83.55pershare.Topreventarbitragetradingbetweenthetwoexchanges,thesharesshouldtradeatthesamepricewhenadjustedfortheexchangerate.The$/€exchangerateonMarch5was$1.5203/€1.00.Thus,€54.34$1.5203/€=$82.61,whiletheclosingpriceinNewYorkwas$83.55.Thedifferenceiseasilyexplainablebythefactthat
A.
transactionscostsexceededthepricedifference,sonoarbitragewaspossibleevenformarketmakers.
B.
noonenoticedthearbitragethatday,butinadayorsotheopeningpricewilladjust.
C.
theNewYorkmarketclosesseveralhoursaftertheFrankfurtexchange,andthusmarketpricesorexchangerateshadchangedslightly.
D.
noneoftheabove
69.
Companiesdomiciledincountrieswithweakinvestorprotectioncanreduceagencycostsbetweenshareholdersandmanagement
A.
bymovingtoabettercounty.
B.
bylistingtheirstocksincountrieswithstronginvestorprotection.
C.
byvoluntarilycomplyingwiththeprovisionsoftheU.S.Sarbanes-OxleyAct.
D.
havingapressconferenceandpromisingtobenicetotheirinvestors.
70.
Benetton,anItalianclothier,islistedontheNewYorkStockExchange.
A.
ThisdecisionprovidestheirshareholderswithahigherdegreeofprotectionthanisavailableinItaly.
B.
Thisdecisioncanbeasignalofthecompany'scommitmenttoshareholderrights.
C.
ThismaymakeinvestorsbothinItalyandabroadmorewillingtoprovidecapitalandtoincreasethevalueofthepre-existingshares.
D.
Alloftheabove
71.
"Yankee"stockofferingsare
A.
sharesinforeigncompaniesoriginallysoldtoU.S.investors.
B.
dollar-denominatedsharesinforeigncompaniesoriginallysoldtoU.S.investors.
C.
U.S.stocksheldabroad.
D.
noneoftheabove
72.
Whichfactorsfuelthesaleof"Yankee"stockofferings?
A.
PrivatizationbymanyLatinAmericanandEasternEuropeangovernment-ownedcompanies.
B.
Therapidgrowthintheeconomiesofthedevelopingworld.
C.
TheexpectedlargedemandfornewcapitalbyMexicancompaniesnowthatNAFTAhasbeenapproved.
D.
Alloftheabove
73.
WhichfactorsappeartobefuelingthesaleofYankeestocks?
A.
ThepushforprivatizationbymanyLatinAmericanandEasternEuropeangovernment-ownedcompanies.
B.
Therapidgrowthintheeconomiesofthedevelopingcountries.
C.
ThelargedemandfornewcapitalbyMexicancompaniesfollowingapprovaloftheNorthAmericanFreeTradeAgreement.
D.
Alloftheabove
74.
Followingmonetaryunionandtheadventoftheeuro:
A.
ThecountriesoftheEuropeanunionhaveenactedcommonsecuritiesregulation.
B.
Apan-EuropeanstockexchangehasdevelopedinLondon,similartotheNYSEinscopeandtradingpractices.
C.
Developmentofacommonsecuritiesregulations,evenamongthecountriesoftheEuropeanUnion,hasnotasyetoccurred.
D.
Noneoftheabove
75.
TheEuropeanStockExchange,comparableinvolumetotheNYSE
A.
islocatedinMilan.
B.
islocatedinLondon.
C.
islocatedinFrankfurt.
D.
noneoftheabove
76.
ThefirstADRsbegantrading________asameansofeliminatingsomeoftherisks,delays,inconveniences,andexpensesoftradingtheactualshares.
A.
in1997
B.
in1987
C.
in1977
D.
in1927
77.
AmericanDepositoryReceipt(ADRs)representforeignstocks
A.
denominatedinU.S.dollarsthattradeonEuropeanstockexchanges.
B.
denominatedinU.S.dollarsthattradeonaU.S.stockexchange.
C.
denominatedinaforeigncurrencythattradeonaU.S.stockexchange.
D.
non-registered(bearer)securities.
78.
Yankeestocks
A.
oftentradeasADRsandhavehigherrisksthantradingtheactualshares.
B.
oftentradeasADRsandhavelowerrisksthantradingtheactualshares.
C.
arebankreceiptsrepresentingamultipleofforeignsharesdepositedinaU.S.bank.
D.
bothb)andc)
79.
ADRs
A.
areAmericanDepositoryReceipts.
B.
denominatedinU.S.dollarsthattradeonaU.S.stockexchange.
C.
aredepositoryreceiptsforforeignstocksheldbytheU.S.depository'scustodian.
D.
alloftheabove
80.
SponsoredADRs
A.
arecreatedbyabankattherequestoftheforeigncompanythatissuedtheunderlyingsecurity.
B.
cantradeontheNASDAQ.
C.
cantradeontheNYSE.
D.
alloftheabove
81.
ADRtrades
A.
clearinthreedays,justliketradesinU.S.shares.
B.
settleonlyafterthetradeintheunderlyingstocksclear,whichcantaketimedependingontheclearingpracticesofthenationalmarket.
C.
arepriceinthecurrencyoftheunderlyingsecurity.
D.
alloftheabove
82.
OntheParisbourse,sharesofAvionelletradeat€45.Thespotexchangerateis$1.40=€1.00.Whatistheno-arbitrageU.S.dollarpriceofanA
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