2008 CFA Level 1 － Sample 样题(3)－Q52 function, following, direct, describes, class

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52、Which of the following describes the most direct function of:

     primary capital markets?     secondary capital markets?

A.   Source of liquidity Security underwriting

B.    Source of liquidity Source of new capital

C.   Source of new capital  Source of liquidity

D.   Source of new capital  Security underwriting

A. Answer A

B. Answer B

C. Answer C

D. Answer D

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答案和详解如下：

52、Correct answer is C

"Organization and Functioning of Securities Markets," Frank K. Reilly and Keith C. Brown

2008 Modular Level I, Vol. 5, pp. 8-15

Study Session 13-52-b

distinguish between primary and secondary capital markets, and explain how secondary markets support primary markets

New issues of securities, which provide initial and/or additional capital for governmental units and corporations, are underwritten and sold in the primary market; secondary capital markets provide liquidity to the owners of existing securities.

 

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a

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kankanbaba

d

zhujjing

c

ZhenWANG

谢谢