A、500 μ.S
B、1200 μ.S
C、300 μ.S
D、Cannot be determined from the information given
第2题
(i) Faoilean Co is involved in the exploration and extraction of oil and gas. Recently there have been indications that there could be significant deposits of oil and gas just off the shores of Ireland. The government of Ireland has invited companies to submit bids for the rights to commence the initial exploration of the area to assess the likelihood and amount of oil and gas deposits, with further extraction rights to follow. Faoilean Co is considering putting in a bid for the rights. The speaker leading the discussion suggested that using options as an investment assessment tool would be particularly useful to Faoilean Co in this respect.
(ii) The speaker further suggested that options were useful in determining the value of equity and default risk, and suggested that this was why companies facing severe financial distress could still have a positive equity value.
(iii) Towards the end of the discussion, the speaker suggested that changes in the values of options can be measured in terms of a number of risk factors known as the ‘greeks’, such as the ‘vega’. The CEO is unclear why option values are affected by so many different risk factors.
Required:
(a) With regard to (i) above, discuss how Faoilean Co may use the idea of options to help with the investment decision in bidding for the exploration rights, and explain the assumptions made when using the idea of options in making investment decisions. (11 marks)
(b) With regard to (ii) above, discuss how options could be useful in determining the value of equity and default risk, and why companies facing severe financial distress still have positive equity values. (9 marks)
(c) With regard to (iii) above, explain why changes in option values are determined by numerous different risk factors and what ‘vega’ determines. (5 marks)
第3题
For many of us, the concept of family is a lot narrower than it used to be. Today children go away to college, and take up careers wherever opportunity seems greatest. So instead of growing up in an extended family, with grandparents, aunts, uncles and cousins involved in our day-to-day lives, many of us are truly connected only to our parents and siblings. Many kids today knew little of the lives of relatives outside the nuclear family, and don't care deeply about them.
Whether we're aware of it or not, this estrangement creates a void. "People have an inherent need to feel connected," says Joy Browne, a psychologist and talkshow host in the U.S. "And they'll do it in what- ever ways are easiest for them. "When family members are distant, what could be easier than forming a connection to celebrities--especially glamorous, public- spirited ones like the Kennedys".
This sort of false intimacy isn't new, of course. People wept when Rudolph Valentime died in 1926 and when the Lindberghs lost their baby in 1932. It's natural and in most ways harmless to identify with the famous. But todays combination of busy lives, fragmented families and saturation media coverage of celebrities. means this is the only intimacy many of us experience outside our immediate family. And that's unhealthy, because these celebrity relationships are not two way.
For that, we need to stay connected to our own families. We'll never turn back the clock to keep families from scattering. But parents can help by telling their kids stories about their grandparents, aunts and cousins, and by keeping the relatives informed of the kids'latest activities and interests.
Technology can encourage more frequent, more casual contact. It's no chore to dash off an email to Granddad.
Better yet, take a vacation with members of your extended family--and not at anyone's home. A week or so of relaxed interaction can be a great way to turn up family ties. And when tragedy happens, there's no substitute for family. Because no matter how much we cry for the Kennedys, they can't be there to cry for us.
Thank you for today's program. Now let's listen to a song.
The author is ______.
A.talking on the phone
B.talking on the television
C.talking on the radio
D.talking on the platform
第5题
Some say that France has been Americanized. This is because the United States is a world symbol of the technological society and its consumer products. The so-called Americanization of France has its critics. They fear that "assembly-line life" will lead to the disappearancg of the pleasures of the more graceful and leisurely (bout less proiuctive) old French style. What will happen, they ask, to taste, elegance, and the cultivation of the good things in life—to joy in the smell of a freshly picked apple, a stroll by the river, or just happy hours of conversation in a local cafe?
Since the late 1950's life in France has indeed taken on qualities of rush, tension, and the pursuit of material gain. Some of the strongest critics of the new way of life are the young, especially university students. They are concerned with the future, and they fear that France isthreatened by the triumph of this competitive, goods-oriented culture. Occasionally, they have reacted against the trend with considerable violence.
In spite of the critics, however, countless Frenchmen are committed to keeping France in the forefront of the modern economic world. They find that the present life brings more rewards, conveniences, and pleasures than that of the past. They believe that a modern, industrial France is preferable to the old.
Which of the following is a feature of the old French way of life?
A.Leisure, elegance, and efficiency.
B.Elegance, efficiency, and taste.
C.Leisure, elegance, and taste.
D.Elegance, efficiency, and taste.
第6题
A.the value to us today of future cash flows.
B.the rate of return on an investment when we take account of cash inflows and outflows
C.the current estimates of our project budget
D.the dollars worth of work accomplished as of today
E.All of the above.
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