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复旦大学金融硕士复试专业英语方面
(一)英语复试题目及题库汇总
1. How to define the aggregate price level?如何衡量价格指数?
Three measures of the aggregate price level are commonly encountered in economic data.(1) The first is the GDP deflator (GDP 平减指数)， which is defined as nominal GDP divided by real GDP.
(2) Another popular measure of the aggregate price level is the Producer Price Index(生产者价格指数) which is a measure of the cost of a basket of goods and services bought by firms.
(3) The measure of the aggregate price level that is most frequently reported in the pres is the Consumer Price Index(消费者价格指数)，which is measured by pricing a basket of goods and services bought by a typical urban household.
2. What's the disadvantage and advantage of holding equity rather than debt?持 有股权的优劣?
(1) The main disadvantage of owning a corporation's equities rather than its debt is that an equity holder is aresidual claimant (剩余求偿权) ，that is, the corporation must pay all its debt holders before it pays its equity holders.
(2) The main advantage of holding equities is that equity holders beneft directly from any increases in the corporation's profitabiliy or asset value because equities confer ownership rights on the equity holders. Debt holders do not share in this benefit, because their payments are fixed.
3. What's the dfference between primary and secondary market?-级市场与二 级市场的区别?
(1) A primary market is a financial market in which new isues of a security, such as a bond or a stock, are sold to initial buyers by the corporation or goverment agency borrowing the funds.
(2) A secondary market is a financial market in which securities that have been previously issued can be resold.
4. What's the difference between foreign bond and Eurobond?外国债券和欧洲 债券的区别?
(1) Foreign bonds are sold in a foreign country and are denominated in that country's currency. For example, a bond issued by a Chinese company denominated in U.S. dollars sold in New York.
(2) Eurobond is a bond denominated in a curency other than that of the country in which it is sold. For example, a bond denominated in U.S. dollars sold in China.
5. What's asset transformation and diversification?资产转换和分散化
（1) Financial intermediaries create and sell assets with risk characteristics that people are aomfortable with, and the intermediaries then use the funds they acquire by selling these assets to chase other assets that may have far more risk. This process of risk sharing is referred as asset Punsformation, because in a sense, risky assets are turned into safer assets for investors.
(2) Diversification entails investing in a portfolio of assets whose returns do not always yove together with the result that overall risk is lower than for individual assets. It also refers to“You shouldn't put all your eggs in one basket" . Diversification can eliminate frm-specific risk the uncertainty associated with the specific companies. But diversification cannot eliminate market risk- the uncertainty associated with the entire economy, which affects all companies traded on the stock market. For example, when the economy goes into a recession, most companies experience falling sales, profit and low stock returs. Diversification reduces the risk of holding stocks, but it does not eliminate it.
6. Explain the following concepts: asymmetric information, adverse selection and moral hazard.
(1) Asymmetric information(信息不对称)refers to that one party often does not know enough about the other party to make accurate decisions. For example, a borrower who takes out a loan usually has better information about the potential returns and risk associated with the investment projects for which the funds are invested than the lender does.
(2) Adverse selection(逆向选择) is the problem created by asymmetric information before the transaction occurs. Adverse selection in financial markets occurs when the potential borrowers who are the most likely to default are the ones who most actively seek out a loan and are thus most likely to be selected.
(3) Moral hazard (道德风险 ) is the problem created by asymmetric information after the transaction occurs. Moral hazard in financial markets is the risk that the borrower might engage in activities that are undesirable from the lenders point of view, because they make it less likely that the loan will be paid back.
7. What's the function of money?货币的职能?
Money has three primary functions in any economy: as a medium of exchange, as a unit of account, and as a store of value.
(1) When money is used to pay for goods and services, it plays the role of a medium of exchange (流通手段) . The use of money as a medium of exchange promotes economic eficiency by minimizing the time spent in exchanging goods and services.
(2) The second role of money is to provide a unit of acount (价值尺度) ，that is, itis used to measure value of goods and services in the economy.
(3) Money also functions as a store of value (储藏手段) .A store of value is used to save purchasing power from the time income is reive until the time it is spent. This function of money is useful, because most of us do not want to spend our income immediately upon reeivig it but rather prefer to wait until we have the time or the desire to shop.
B. What's the Fisher equation and Fisher efet? 费雪等式与费雪效应?
(1 ) The Fisher equation states that the nominal interest rate equals the real interest rate plus the expected xpected rate of inflation. The equation tells us that all else equal, a rise in a country's expected iflation rate will eventually cause an equal rise in the nominal interest rate. Similarly, a fall in the expected inflation rate will eventually cause a fall in the nominal interest rate.
(2) This long-run relationship between inflation and interest rates is called the Fisher effect. The Fisher effect implies, for example, that ifu.S. inflation were to rise permanently from a constant level of5 percent per year to a constant level of 10 percent per year, dollar interest rates would eventually catch up with the higher infation, rising by 5 percentage points per year from their initial level. These changes would leave the real rate of retum on dollar assets unchanged. The Fisher ffect is therefore another example of the general idea that in the long run, purely monetary developments should have no effect on an economy's real variables.
9. How to explain the negative relation between the quantity of money demanded and the interest rate?
We can explain that the quantity of money demanded and the interest rate should be negatively related by using the concept of opportunity cost (机会 成本)，the amount of revenue sacrificed by taking one course of action rather than another. As the interest rate on bonds rises, the opportunity cost of holding money rises, thus money is less desirable and the quantity of money demanded must fall.
10. Risk Premium风险溢价
The spread between the interest rates on bonds with default risk and defaul-free bonds, both of the same maturity, called the risk premium, indicates how much additional interest people must ear to be willing to hold that risky bond.
11. Briefly introduce expectations theory, segmented markets theory and liquidity premium theory.
(1) The expectations theory ( 预期假说) of the term structure states the following proposition: the interest rate on a long-term bond will equal an average of the short-term interest rates that people expect to occur over the life of the long-term bond.
(2) The segmented markets theory ( 市场分割假说) of the term structure sees markets for different-maturity bonds as completely separate and segmented. The interest rate for each bond with a different maturity is then determined by the supply of and demand for that bond, with no effects from expected returns on other bonds with other maturities.
(3) The liquidity premium theory (流动性溢价假说) of the term structure states that the interest rate on a long-term bond will equal an average of short-term interest rates expected to occur over the life of the long-term bond plus a liquidity premium. It is also called preferred habitat theory (偏好停 留假说).
2. What's the difference between adaptive expectation and rational expectation?
(1) Adaptive expectation (适应性预期) states that expectations form from past experience only and changes in expectations will occur slowly over time as past data change. For example, expecations of inflation is tpially viewed as being an average of past iflation rates.
so if inflation nad 1ormerly been steady at a 5%rate,expectations of future inflation would be 5% also.
（2）Rational expectation（理性预期）can be stated as follows: expectations will be jdentical to optimal rorecasts ithe best guess of the future）using all available information.
13. Efficient Market Hypothesis有效市场假说
The efficient market hypothesis states that current prices in a financial market will be set so that the optimal forecast of a security's return using all available information equals the security's equilibrium return, because in an efficient market all unexploited profit opportunities will be eliminated by arbitrager（套利者）.
14.“Lemons Problem”次品问题
A particular aspect of the way the adverse selection problem interferes with the efficient functioning of a market is called"lemons problem”.
We can use the used-car market to illustrate this concept. Potential buyers of used cars are frequently unable to assess the quality of the car, that is,they can't tell whether a particular used car is a good car or a lemon（次品）.The price that a buyer pays must therefore reflect the average quality of the cars in the market,somewhere between the low value of a lemon and the high value of a good car. The owner of a used car, by contrast,is more likely to know whether the car is a good car or a lemon. If the car is a lemon, the owner is more than happy to sell it at the price the buyer is willing to pay,which, being somewhere between the value of a lemon and a good car,is greater than the lemons value. However,if the car is a good car,the owner knows that the car is undervalued at the price the buyer is willing to pay, and so the owner may not want to sell it.As a result of this adverse selection, few good used cars will come to the market.Because the average quality of a used car available in the market will be low and because few people want to buy a lemon,there will be few sales.The used-car market will function poorly or even disappear.
15. Principal-agent Problem 委托一代理问题
Principal-agent problem refers to that the managers in control （the agents） may act in their own interest rather than in the interest of the stockholder (the principals） because the managers have less incentive to maximize profits than the stockholder do.The principal-agent problem, which is an example of moral hazard, arises only because a manager has more information about his activities than the stockholder does. So, there is asymmetric information.
16. What's“irrational exuberance" proposed by Alan Greenspan?非理性繁荣 Irrational exuberance refers to a phenomenon that asset prices,in the stock market and real estate,are driven well above their fundamental economic values by investor psychology.The result is an asset-price bubble（资产价格泡沫）, such as the tech stock market bubble of the late 1990s or the recent housing price bubble in subprime crisis.
17. How to solve asymmetric information problems?如何解决信息不对称的问 题?
