INTRODUCCION A LOS NEGOCIOS Y A LAS RELACIONES INTERNACIONALES

PREGUNTAS DE SELECCION MULTIPLE

MERCADOS GLOBALES DE CAPITALES

1. La función de un mercado de capitales es:

a) Dar la oportunidad a las empresas y a los individuos de intercambiar dinero.
b) Reunir aquellos que quieren invertir dinero con los que quieren pedir prestado
dinero.
c) hacer de la especulación una forma atractiva para diversificar un portafolio
financiero.
d) Suministrar a los vendedores de bienes de capital una manera de hallar
compradores potenciales.
e) Ninguna de las anteriores.

2. Los préstamos del mercado de capitales a las corporaciones son ___ o ____.
a) Eurodólares; petrodólares.
b) Deducibles de impuestos; que pagan impuestos a una tasa mínima.
c) Amortizables a una tasa spot; amortizables a una tasa de cambio forward.
d) de patrimonio; de deuda.
e) Ninguna de las anteriores.

3. Las ventajas de un mercado global de capitales incluyen:

a) Un incremento en la oferta de fondos a los que piden prestado.
b) Un incremento a las oportunidades de los inversionistas.
c) Generalmente costos de capital más bajos.
d) Todas las anteriores.

4. Dos factores que ayudaron al crecimiento de los mercados globales de capitales en

la última década del siglo XX fueron:
a) La privatización y la caida del comunismo.
b) El crecimiento de los tigres asiáticos y el atractivo del mercado de los E.U. a pesar
de su déficit comercial.
c) Los computadores personales y los celulares.
d) La tecnología de la información y la desregulación de los mercados.
e) Ninguna de las anteriores.

5. Un ______ es cualquier moneda comercializada en bancos (bancarizada) fuera de

su país de origen:
a) euro
b) petrodólar
c) dólar internacional
d) eurodivisa
e) Ninguna de las anteriores.
6. Los bonos son un importante medio de financiamiento de muchas compañías. Cuál
de las siguientes opciones no es verdad acerca de los bonos?
a) La clase más común de bonos son los de tasa de interés fija.
b) El inversionista que compra un bono de tasa de interés fija recibe una serie de
pagos fijos de efectivo.
c) El inversionista que compra un bono se convierte en propietario de la empresa,
aunque pueden existir muchos otros propietarios.
d) Además de los pagos de interés, en la madurez, el tenedor del bono recibe el valor
nominal del bono.
e) Ninguna de las anteriores.

7. Una empresa internacional que pide prestado puede protegerse de los riesgos en
movimientos en las tasas de cambio por medio de:
a) transacciones con contratos de forward (futuros).
b) Ajustar el momento de los pagos y los cobros con el fin de estar adelante de los
movimientos especulativos.
c) Restringir las transacciones al mercado de Londres, debido a su regulación más
favorable.
d) Pedir prestado al FMI y al Banco Mundial en lugar de utilizar mercados globales de
capitales más volátiles.
e) Ninguna de las anteriores.

8. Los siguientes son ejemplos de activos financieros de renta fija, excepto:

a) bonos
b) Papeles comerciales
c) Certificados de depósito
d) La aceptaciones bancarias
e) Ninguna de las anteriores

9. La actual bolsa de valores de Colombia –BVC se conformó en el año 2001 con la

unión de las siguientes tres bolsas de valores:
a) Bogotá, Cali y Medellín
b) Bogotá, Cali y Barranquilla
c) Bogotá, Medellín y Bucaramanga.
d) Cali, Medellín y Barranquilla.
e) Bogotá, Occidente y Medellín.

10. La diferencia central entre los mercados monetarios y los mercados de capitales se
encuentra en:
a) el plazo original de los instrumentos que se negocian.
b) Los costos de transacción.
c) los impuestos que se pagan por las transacciones.
d) Ninguna de las anteriores.

11. As an investor increases the number of stocks in her portfolio, the portfolio's risk: 
A. Increases initially
B. Does not change
C. Declines rapidly in the beginning
D. Increases exponentially beyond a point

12.  _____ refers to movements in a stock portfolio's value that are attributable to

macroeconomic forces affecting all firms in an economy, rather than factors specific
to an individual firm. 
A. Financial risk
B. Portfolio risk
C. Systematic risk
D. Unplanned risk

13. Market makers are 

A. Financial service companies that connect investors and borrowers
B. Those who want to borrow money including individuals, companies and governments
C. Nonbank financial institutions who want to invest money
D. High net worth individuals with surplus cash to reinvest

14. Which of the following are among the best examples of market makers? 
A. Individuals
B. Regulatory agencies
C. Governments
D. Commercial banks

15. An equity loan 

A. Such as a share of stock does not give its holder a claim to a firm's profit stream
B. Is made when a corporation sells stock to investors
C. Includes cash loans from banks and funds raised from the sale of corporate bonds to
investors
D. Requires the corporation to repay a predetermined portion of the loan amount at
regular intervals regardless of how much profit it is making

16. All of the following are benefits of global capital markets, except that they 
A. Increase the supply of funds available to borrowers
B. Lower the cost of capital
C. Provide a wider range of investment opportunities to investors
D. Have higher cost of capital as compared to purely domestic capital markets

17. The relatively low correlation between the movements of stock markets in different
countries reflects all of the following basic factors except 
A. Countries pursue different macroeconomic policies and face different economic
conditions, so their stock markets respond to different forces and can move in
different ways
B. Different stock markets are still somewhat segmented from each other by capital
controls
C. Restrictions on cross-border capital flows still separate different stock markets
D. Barriers to cross-border capital flows drastically increase the ability of capital to roam
the world freely in search of the highest risk-adjusted return

18. All of the following statements regarding the effects of exchange rates on

international portfolio diversification are true, except 
A. The volatile exchange rates associated with the current floating exchange rate
regime increase the risk-reducing effects of international portfolio diversification
B. Floating exchange rates introduce an additional element of risk into investing in
foreign assets
C. Adverse exchange rate movements can transform otherwise profitable investments
into unprofitable investments
D. Uncertainty engendered by volatile exchange rates may act as a brake on the
otherwise rapid growth of the international capital market

19. Which of the following statements about the financial services industry is not true? 
A. It is an information-intensive industry
B. It has been revolutionized more than any other industry by advances in information
technology since the 1970s
C. It is now technologically possible for financial services companies to engage in 24-
hour-a-day trading
D. It saw the real cost of recording, transmitting and processing information increase by
25 percent between 1964 and 1990

20. The international capital market boom in the 1980s, 1990s and 2000s can be
attributed to the 
A. Advances in information technology
B. Increased regulations by governments
C. Increase in real cost of recording, transmitting and processing information
D. Decreased acceptance of the free market ideology

21. The global trend toward the deregulation of financial markets has been facilitated by
all of the following developments, except 
A. The development of the Eurocurrency market
B. Pressure from financial services companies wanting to operate in a less regulated
environment
C. Increasing rejection of the free market ideology associated with an individualistic
political philosophy
D. Changes In the U.S. that allowed foreign banks to enter the U.S. capital market and
domestic banks to expand their operations overseas

22. Analysts who believe that the globalization of capital has serious inherent risks
argue that 
A. Due to deregulation and reduced controls on cross-border capital flows, individual
nations are becoming more vulnerable to speculative capital
B. Most of the capital that moves internationally is pursuing long term gains and it does
not shift in and out of countries as quickly as conditions change
C. "Hot money" is still relatively rare, primarily because although capital is free to move
internationally, its owners and managers still prefer to keep most of it at home
D. The lack of short-term capital is due to the relative paucity of information that
investors have about foreign investments

23. Economist Martin Feldstein argues that the lack of patient money is due to the 
A. Relative paucity of information that investors have about foreign investments
B. Relative abundance of hot money
C. Restrictions on international capital movements
D. Increasing trend of excessive intra-day volatility in global capital markets

24. Which event was initially responsible for London becoming the leading center of
eurocurrency trading? 
A. Regulations that discouraged British banks from trading in the eurocurrency market
B. Strengthening of the British pound against major European currencies in the 1960s
C. Collapse of the Bretton Woods system
D. Prohibition of British banks from lending British pounds to finance non-British trade

25. The main factor that makes the eurocurrency market attractive to both depositors
and borrowers is that 
A. It allows banks to offer lower interest rates to cash depositor on home currency
deposits than on deposits made in eurocurrency
B. It lacks government regulation and banks are given much more freedom in their
dealings in foreign currencies
C. It allows banks to charge borrowers a lower interest rate for borrowings in the home
currency than for borrowings in eurocurrency
D. The spread between the eurocurrency deposit rate and lending rate is more than the
spread between the domestic deposit and lending rates

26. A bank based in New York faces a 10 percent reserve requirement, has annual
operating costs of $1 per $100 of deposits and it charges 10 percent interest on
loans. The highest interest this bank can offer to a depositor, making a $100 deposit
and still cover its costs is 8 percent per year. A euro bank in the same position but
with no reserve requirements regarding dollar deposits can offer an interest of _____
percent per year, after covering its costs. 
A. 7
B. 8
C. 9
D. 10

27. Which of the following is a drawback of the eurocurrency market? 

A. High reserve ratio requirements
B. Higher cost of transaction
C. Lower interest rates on deposits
D. It exposes a company to foreign exchange risk

28.  _____ are sold outside of the borrower's country and are denominated in the
currency of the country in which they are issued. 
A. Eurobonds
B. Convertible bonds
C. Foreign bonds
D. Regulatory bonds

29. These are international bonds, normally underwritten by an international syndicate

of banks and placed in countries other than the one in whose currency the bond is
denominated. 
A. Eurobonds
B. Convertible bonds
C. Foreign bonds
D. Regulatory bonds

30. All of the following are features of the eurobond market that make it an appealing
alternative to most major domestic bond markets, except 
A. An absence of regulatory interference
B. Ability to offer to residents of the country, in whose currency they are denominated
C. Less stringent disclosure requirements than in most domestic bond markets
D. A favorable tax status

31. Companies with historic roots in one nation are broadening their stock ownership by
listing their stock in the equity markets of other nations because of all of the following
reasons, except 
A. Listing stock on a foreign market is often a prelude to issuing stock in that market to
raise capital
B. They can tap into the liquidity of foreign markets, thereby increasing the funds
available for investment and lowering the firm's cost of capital
C. It facilitates future acquisitions of foreign companies
D. It helps in decreasing the company's visibility with local employees, customers,
suppliers and bankers