The membrane's permeability to sodium ions is at its maximum at label _____.
Answer
Correct Answer:
B
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An american call option gives the buyer the right to _________.
Answer
Correct Answer:
Buy the underlying asset at the exercise price on or before the expiration date
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All else the same, an american-style option will be ______ valuable than a ______ style option.
Answer
Correct Answer:
More; European-
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The nyse acquired the ecn _______, and nasdaq recently acquired the ecn ________.
Answer
Correct Answer:
Archipelago; Instinet
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A stock's alpha measures the stock's ____________________.
Answer
Correct Answer:
Abnormal return
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__________ funds stand ready to redeem or issue shares at their net asset value.
Answer
Correct Answer:
Open-end
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According to the capital asset pricing model, in equilibrium _________.
Answer
Correct Answer:
All securities' returns must lie on the security market line
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__________ portfolio construction starts with asset allocation.
Answer
Correct Answer:
Bottom-up
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What was the government trying to prove in the Stewart case?
Answer
Correct Answer:
Sean Stewart received some kind of personal benefit.
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How did Wells Fargo start to restore their reputation?
Answer
Correct Answer:
The bank refunded customers.
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What was the reason for the Wells Fargo investigation?
Answer
Correct Answer:
Bankers were opening unauthorized accounts.
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Julie Tishkoff, a whistle-blower in the Wells Fargo sales scam, was ______ for reporting fraudulent behavior in 2009.
Answer
Correct Answer:
Terminated
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Why were these sales tactics not picked up by internal auditors?
Answer
Correct Answer:
Bank branches were given 24-hour notice before internal monitors arrived.
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Why did employees at Wells Fargo open phony accounts?
Answer
Correct Answer:
They felt pressured to meet sales goals.
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What are the two complex financial tools central to the Goldman case?
Answer
Correct Answer:
The credit default swap and collateralized debt obligations
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Why is there a need for transparency in the world of investment banking?
Answer
Correct Answer:
To keep investment banks from deceiving clients for profit
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In the Barclays case, what are the two distinct phases of LIBOR fixing?
Answer
Correct Answer:
Submit higher or lower LIBOR rates that benefit their own trading positions, and engage in lowering its LIBOR submissions in response to negative media comments about the bank.
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Why is LIBOR an important rate in finance?
Answer
Correct Answer:
It is the key benchmark to set borrowing rates between banks.
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In reference to the Stewart case, who would be considered the tippee?
Answer
Correct Answer:
Robert Stewart
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Why was Texas Gulf Sulphur under investigation?
Answer
Correct Answer:
Because an insider purchased investments that were not made public
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The laws on insider trading have evolved over the years and are ______.
Answer
Correct Answer:
Still ambiguous
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In the United States v. O’Hagan case, why was O’Hagan held liable for the purchase of Pillsbury stock and call options, even though his purchase was not considered insider trading under the classical theory of insider trading?
Answer
Correct Answer:
He breached a duty of loyalty to the source of the information under the misappropriation theory.
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How are corporate insiders and temporary insiders related?
Answer
Correct Answer:
Both have a fiduciary obligation to the corporation.
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Accountants, lawyers, and investment bankers employed on a contract basis and privy to inside information in the performance of their professional services are called ______.
Answer
Correct Answer:
Temporary insiders
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What is it called when marketing materials for investments contain incomplete information, as in the case of Goldman Sachs?
Answer
Correct Answer:
Fraud
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Information that has not yet been made available to the public is called ______.
Answer
Correct Answer:
Nonpublic information
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Directors and managers have a fiduciary duty to the ______.
Answer
Correct Answer:
Corporation
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How is material information related to nonpublic information?
Answer
Correct Answer:
Both have a significant effect on the market value of corporate securities.
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What refers to trading in securities that is based on material, nonpublic information and violates fiduciary duty?
Answer
Correct Answer:
Insider trading
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What is the Security and Exchange Commission?
Answer
Correct Answer:
An independent federal government agency responsible for protecting investors
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What type of conduct is imperative for the entire financial services industry?
Answer
Correct Answer:
Ethical and honest
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A person who is trusted by others because of his or her superior knowledge is called a ______.
Answer
Correct Answer:
Fiduciary
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What do financial ethics focus on?
Answer
Correct Answer:
Preserving fairness and honoring trust
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A______ person who receives information from a tipper (a corporate or temporary insider) also inherits a fiduciary duty to shareholders?
Answer
Correct Answer:
Tippee
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Persons such as accountants, lawyers, and investment bankers who become privy to outside information in the performance of their general services?
Answer
Correct Answer:
False
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Any _______ information that has not yet been made available to the trading markets.
Answer
Correct Answer:
Nonpublic
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Any Material information that if made public would not have a significant effect on the market value of a corporation’s securities.?
Answer
Correct Answer:
False
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London Interbank Offered Rate lIBOR stands for :London Interbank Offered Rate?
Answer
Correct Answer:
True
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Insider trading of participation in trading in securities that are based on material,______information in violation of a fiduciary or similar duty to a corporation and its shareholders or to the source of the information?
Answer
Correct Answer:
Nonpublic
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The______ requirement of executives and managers to act in the best interests of the company and its shareholders ?
Answer
Correct Answer:
Fiduciary
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A person within a corporation with a ____ obligation to act in the best interests of the corporation and its shareholders.
Answer
Correct Answer:
Fiduciary
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