答案和详解如下： LOS b: Explain an interest rate as the sum of a real risk-free rate, expected inflation, and premiums that compensate investors for distinct types of risk. 1、The real risk-free rate can be thought of as: A) approximately the nominal risk-free rate plus the expected inflation rate. B) approximately the nominal risk-free rate reduced by the expected inflation rate. C) exactly the nominal risk-free rate reduced by the expected inflation rate. D) exactly the nominal risk-free rate plus the expected inflation rate. The correct answer was B) The approximate relationship between nominal rates, real rates and expected inflation rates can be written as: Nominal risk-free rate = real risk-free rate + expected inflation rate. Therefore we can rewrite this equation in terms of the real risk-free rate as: Real risk-free rate = Nominal risk-free rate – expected inflation rate The exact relation is: (1 + real)(1 + expected inflation) = (1 + nominal) 2、T-bill yields can be thought of as: A) real risk-free rates because they contain an inflation premium. B) real rates because they contain an inflation premium. C) nominal risk-free rates because they contain an inflation premium. D) nominal risk-free rates because they do not contain an inflation premium. The correct answer was C) T-bills are government issued securities and are therefore considered to be default risk free. More precisely, they are nominal risk-free rates rather than real risk-free rates since they contain a premium for expected inflation. 3、Which one of the following statements best describes the components of the required interest rate on a security? A) The real risk-free rate, the expected inflation rate, the default risk premium, a liquidity premium and a premium to reflect the risk associated with the maturity of the security. B) The real risk-free rate, the default risk premium, a liquidity premium and a premium to reflect the risk associated with the maturity of the security. C) The real risk-free rate, the expected inflation rate and a liquidity premium. D) The nominal risk-free rate, the expected inflation rate, the default risk premium, a liquidity premium and a premium to reflect the risk associated with the maturity of the security. The correct answer was A) The required interest rate on a security is made up of the nominal rate which is in turn made up of the real risk-free rate plus the expected inflation rate. It should also contain a liquidity premium as well as a premium related to the maturity of the security. | 
发表于 2008-4-2 11:50
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