贴两道题让大家看看。

 

 

 

 

 Question ID: 25907

Which of the following parties is least likely to benefit from risky strategies that increase risk and expected return for a company?
 

 

 

 

 

 

 

 

 

 A.

 Creditors

 

 

 

 

 

 

 

 

 

 B.

 Chief executive officers
 

 

 

 

 

 

 

 

 

 C.

 Stockholders
 

 

 

 

 

 

 

 

 

 D.

 Chief financial officers
 

 

 

 

 

 
 

 

 

 

 
 

 

 

 

 

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Explanation: Correct answer: A

Creditors bear the responsibility for bankruptcy in that they will not receive the principal back from their investment. If the project is a great success, creditors’ returns will not increase; they will only receive the money loaned plus interest. On the other hand, stockholders could see the value of their shares rise many times over, while the reputation of the managers (and their bonuses) is likely to rapidly increase.

 

 

 

 

 Question ID: 25905

Which of the following statements about agency problems is TRUE?
 

 

 

 

 

 

 

 

 

 A.

 As long as managers stay within the law, there are no effective controls that stockholders can implement to control managerial actions.
 

 

 

 

 

 

 

 

 

 B.

 Agency conflicts are common.

 

 

 

 

 

 

 

 

 

 C.

 Bond covenants are used to motivate managers to act in the interests of shareholders.
 

 

 

 

 

 

 

 

 

 D.

 The agency conflict between bondholders and stockholders cannot exist if managers are attempting to maximize share price.
 

 

 

 

 

 
 

 

 

 

 
 

 

 

 

 

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Explanation: Correct answer: B

Anytime there is a publicly held corporation and in any business that issued debt, there is the potential for agency problems. An agency relationship is created when decision-making authority is delegated to an agent without the agent being fully responsible for the decision that is made. Agency relationships occur in two common corporate scenarios: 1) stockholders give responsibility to managers who do not receive the full costs and benefits of their performance, and 2) debtholders delegate authority to managers who act on the behalf of stockholders. There are several legal means to reduce agency problems. Bond covenants motivate mangers to act in the interests of bondholders. In the process of attempting to maximize share price, companies may take risks that put them at a risk of default, thereby putting bondholders at risk.

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 A.

 As long as managers stay within the law, there are no effective controls that stockholders can implement to control managerial actions.
 

 

 

 

 

 

 

 

 

 B.

 Agency conflicts are common.

 

 

 

 

 

 

 

 

 

 C.

 Bond covenants are used to motivate managers to act in the interests of shareholders.
 

 

 

 

 

 

 

 

 

 D.

 The agency conflict between bondholders and stockholders cannot exist if managers are attempting to maximize share price.
 

 

 

 

 

 
 

 

 

 

 
 

 

 

 

 

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Explanation: Correct answer: B

Anytime there is a publicly held corporation and in any business that issued debt, there is the potential for agency problems. An agency relationship is created when decision-making authority is delegated to an agent without the agent being fully responsible for the decision that is made. Agency relationships occur in two common corporate scenarios: 1) stockholders give responsibility to managers who do not receive the full costs and benefits of their performance, and 2) debtholders delegate authority to managers who act on the behalf of stockholders. There are several legal means to reduce agency problems. Bond covenants motivate mangers to act in the interests of bondholders. In the process of attempting to maximize share price, companies may take risks that put them at a risk of default, thereby putting bondholders at risk.

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总共18套，每套160页左右吧。

[此贴子已经被angelboy于2008-7-23 13:56:01编辑过]