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Section A – This ONE question is compulsory and MUST be attemptedCocoa－Mocha－Chai （CMC) Co

Section A – This ONE question is compulsory and MUST be attempted

Cocoa-Mocha-Chai (CMC) Co is a large listed company based in Switzerland and uses Swiss Francs as its currency. It imports tea, coffee and cocoa from countries around the world, and sells its blended products to supermarkets and large retailers worldwide. The company has production facilities located in two European ports where raw materials are brought for processing, and from where finished products are shipped out. All raw material purchases are paid for in US dollars (US$), while all sales are invoiced in Swiss Francs (CHF).

Until recently CMC Co had no intention of hedging its foreign currency exposures, interest rate exposures or commodity price fluctuations, and stated this intent in its annual report. However, after consultations with senior and middle managers, the company’s new Board of Directors (BoD) has been reviewing its risk management and operations strategies.

The following two proposals have been put forward by the BoD for further consideration:

Proposal one

Setting up a treasury function to manage the foreign currency and interest rate exposures (but not commodity price fluctuations) using derivative products. The treasury function would be headed by the finance director. The purchasing director, who initiated the idea of having a treasury function, was of the opinion that this would enable her management team to make better decisions. The finance director also supported the idea as he felt this would increase his influence on the BoD and strengthen his case for an increase in his remuneration.

In order to assist in the further consideration of this proposal, the BoD wants you to use the following upcoming foreign currency and interest rate exposures to demonstrate how they would be managed by the treasury function:

(i) a payment of US$5,060,000 which is due in four months’ time; and

(ii) a four-year CHF60,000,000 loan taken out to part-fund the setting up of four branches (see proposal two below). Interest will be payable on the loan at a fixed annual rate of 2·2% or a floating annual rate based on the yield curve rate plus 0·40%. The loan’s principal amount will be repayable in full at the end of the fourth year.

Proposal two

This proposal suggested setting up four new branches in four different countries. Each branch would have its own production facilities and sales teams. As a consequence of this, one of the two European-based production facilities will be closed. Initial cost-benefit analysis indicated that this would reduce costs related to production, distribution and logistics, as these branches would be closer to the sources of raw materials and also to the customers. The operations and sales directors supported the proposal, as in addition to above, this would enable sales and marketing teams in the branches to respond to any changes in nearby markets more quickly. The branches would be controlled and staffed by the local population in those countries. However, some members of the BoD expressed concern that such a move would create agency issues between CMC Co’s central management and the management controlling the branches. They suggested mitigation strategies would need to be established to minimise these issues.

Response from the non-executive directors

When the proposals were put to the non-executive directors, they indicated that they were broadly supportive of the second proposal if the financial benefits outweigh the costs of setting up and running the four branches. However, they felt that they could not support the first proposal, as this would reduce shareholder value because the costs related to undertaking the proposal are likely to outweigh the benefits.

Additional information relating to proposal one

The current spot rate is US$1·0635 per CHF1. The current annual inflation rate in the USA is three times higher than Switzerland.

The following derivative products are available to CMC Co to manage the exposures of the US$ payment and the interest on the loan:

Exchange-traded currency futures

Contract size CHF125,000 price quotation: US$ per CHF1

Section A – This ONE question is compulsory and MU

It can be assumed that futures and option contracts expire at the end of the month and transaction costs related to these can be ignored.

Over-the-counter products

In addition to the exchange-traded products, Pecunia Bank is willing to offer the following over-the-counter derivative products to CMC Co:

(i) A forward rate between the US$ and the CHF of US$ 1·0677 per CHF1.

(ii) An interest rate swap contract with a counterparty, where the counterparty can borrow at an annual floating rate based on the yield curve rate plus 0·8% or an annual fixed rate of 3·8%. Pecunia Bank would charge a fee of 20 basis points each to act as the intermediary of the swap. Both parties will benefit equally from the swap contract.

Required:

(a) Advise CMC Co on an appropriate hedging strategy to manage the foreign exchange exposure of the US$ payment in four months’ time. Show all relevant calculations, including the number of contracts bought or sold in the exchange-traded derivative markets. (15 marks)

(b) Demonstrate how CMC Co could benefit from the swap offered by Pecunia Bank. (6 marks)

(c) As an alternative to paying the principal on the loan as one lump sum at the end of the fourth year, CMC Co could pay off the loan in equal annual amounts over the four years similar to an annuity. In this case, an annual interest rate of 2% would be payable, which is the same as the loan’s gross redemption yield (yield to maturity).

Required: Calculate the modified duration of the loan if it is repaid in equal amounts and explain how duration can be used to measure the sensitivity of the loan to changes in interest rates. (7 marks)

(d) Prepare a memorandum for the Board of Directors (BoD) of CMC Co which:

(i) Discusses proposal one in light of the concerns raised by the non-executive directors; and (9 marks)

(ii) Discusses the agency issues related to proposal two and how these can be mitigated. (9 marks)

Professional marks will be awarded in part (d) for the presentation, structure, logical flow and clarity of the memorandum. (4 marks)

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更多“Section A – This ONE question …”相关的问题
第1题
Directions: This part is to test your ability to construct grammatically correct sentences
. It consists of 2 sections.

Section A

Directions: In this section, there are 10 incomplete sentences. You are required to complete each one by deciding on the most appropriate word or words from the 4 choices marked A), B), C) and D). Then you should mark the corresponding letter on the Answer Sheet with a single line through the center.

16. We must find a way to cut prices ________ reducing our profits too much.

A) without

B) despite

C) with

D) for

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第2题
4 At an academic conference, a debate took place on the implementation of corporate govern
ance practices in

developing countries. Professor James West from North America argued that one of the key needs for developing

countries was to implement rigorous systems of corporate governance to underpin investor confidence in businesses

in those countries. If they did not, he warned, there would be no lasting economic growth as potential foreign inward

investors would be discouraged from investing.

In reply, Professor Amy Leroi, herself from a developing country, reported that many developing countries are

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principles-based approach. She pointed to evidence highlighting a reduced number of small and medium sized initial

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attributed to the costs of complying with Sarbanes-Oxley in the United States and that over-regulation would be the

last thing that a developing country would need. She concluded that a principles-based approach, such as in the

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Professor Leroi drew attention to an important section of the Sarbanes-Oxley Act to illustrate her point. The key

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argued, far too ambitious for small and medium companies that tended to dominate the economies of developing

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Professor West countered by saying that whilst Sarbanes-Oxley may have had some problems, it remained the case

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(i) Describe the essential features of a rules-based approach to corporate governance; (3 marks)

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第3题
Section ADirections: In this section, there is a passage with ten blanks. You are required

Section A

Directions: In this section, there is a passage with ten blanks. You are required to select one word for each blank from a list of choices given in a word bank following the passage. Read the passage through carefully before making your choices. Each choice in the bank is identified by a letter. Please mark the corresponding letter for each item with a single line through the center. You may not use any of the words in the bank more than once.

Every social experience we have affects us in at least some small ways. Family, schooling, peers, and mass media all have an【S1】______on how we are socialized as children. Each of these factors has the power to shape our thoughts, feelings, and actions. The family is the most important because it【S2】______the center of children's lives. Babies are almost totally【S3】______on others, and the responsibility of meeting their needs almost falls on parents and other family members. At least until the start of schooling, the family is responsible for teaching children cultural【S4】______and attitudes. Schooling【S5】______children's social world to include people with backgrounds that differ from their own. Formally, schooling teaches children a wide range of knowledge and skills. School is also most children's first experience with rigid【S6】______. Children are encouraged to conform. to roles and be on time. Another factor that【S7】______children is their peer group. Unlike the family and school, the peer group allows young people to【S8】______from the direct control of adults. Peer groups also give young people the【S9】______to discuss interests that may not be shared by adults. The fourth major influence on social development is the mass media--【S10】______ television. Years before children learn to read, watching television has become a regular habit. Indeed, children spend as much time watching television as they do interacting with their parents.

A) obviously B) opportunity C) relevant D) represents

E) impact F) dominant G) especially H) discipline

I) stretches J) values K) solution L) escape

M) vary N) affects O) dependent

【S1】

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第4题
阅读理解：阅读下面的短文，根据文章内容进行判断，正确为“T”，错误为“F”。The world’s longest hig

阅读理解：阅读下面的短文，根据文章内容进行判断，正确为“T”，错误为“F”。

The world’s longest high-speed railway route, running from Beijing to Guangzhou, has been in operation for a few years. It cuts travel time between the two cities from 22 hours to only 8 hours. With comfortable seats and quiet cabins, this high-speed line offers a pleasant journey for thousands of travelers.

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5.These 350 kilometer per hour high-speed railway trains have made the country’s vast territory “considerably smaller”, and changed the country economically.{T、F}

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第5题
Peter Chang is an employee of the U. S. Department of Agriculture in the northern sect
ion of the San Joaquin Valley in California-one of the most productive agricultural areas in the world. Recently, Peter was promoted to the position of agricultural loan clerk.

In his new position, he has many reports to read-reports from farmers who are applying for loans; status reports from farmers who have received loans; and reports from his employer, the federal government, on new loan programs.

After reading so many reports, Peter wonders,“Why are reports so different？"Some are long, some are short. Some are simple, some are complex. Some are easy to read, some are difficult to read. Some are coherent， some are. not. Some make recommendations, some do not. Why are reports so different？

1.The San Joaquin Valley in California is one of the most().

A.famous industrial areas

B.popular tourist attractions

C.productive agricultural areas

2. What does Peter do in his new position？ ()

A.He reads many reports from several aspects

B.He writes many reports for farmers and banks

C.He is in charge of investment and marketing

3. Why the farmers write reports to Peter？()

A.To make conclusions

B.To apply for loans

C.To do business with him

4. From reading reports, Peter finds that().

A.most of the reports are well written

B.farmers are good at writing reports

C.the reports show great difference

5.What do you think the author will talk later？()

A.The difficulty of the farmers

B.The position of Peter' s supervisor

C.The reasons causing difference of reports

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第6题
The most interesting architectural phenomenon of the 1970's was the enthusiasm for refurbi
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Butler Square, in Minneapolis, exemplifies major changes in its complex of offices, commercial space, and public amenities carved out of a massive pile designed in 1906 as a hardware warehouse. The exciting interior timber structure of the building was highlighted by cutting light courts through the interior and adding large skylights.

San Antonio, Texas, offers an object lesson for numerous other cities combating urban decay. Rather than bringing in the bulldozers, San Antonio's leaders rehabilitated existing structures, while simultaneously cleaning up the San Antonio River, which menders through the business district.

What is the main idea of the passage？

A．During the 1970's, old buildings in many cities were recycled for modern use.

B．Recent interest in ecology issues has led to the cleaning up of many rivers.

C．The San Antoino example shows that bulldozers are not the way to fight urban decay.

D．Strong government support has made adaptive rehabilitation a reality in Boston.

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第7题
People often say that the Englishman's home is his castle. They mean that the home is very
important and personal. Most people in Britain live in houses rather than flats, and many people own their homes. This means that they can make them personal, and change them in any way they like. Most houses have a garden, even if it is a small one, and the garden is usually loved. The house and the garden are the private space of a person. In a crowded city a person knows that he or she has a private space which is only for himself or herself and for invited friends. People usually like to mark their space. If you are on the beach you may have spread your towels around you; in the rain you may have put your coat or small bag on the seat beside you; in a library you may spread your books around you. Once I was traveling on a train to London. I was on a section for four people and there was a table between us. The man opposite to me had his briefcase on the table. There was no space on my side of the table at all. I was unhappy. I thought he thought that he owned the whole table. I had been reading a book about nonverbal(非语言的) communication so I took various papers out of my bag and put them on his case! When I did this he suddenly became angry and his eyes nearly popped out(突出) of his head. I had taken up his space! A few minutes later I took my papers off in order to read them. He immediately moved his case to his side of the table. What does the first sentence in Paragraph 1 mean？A. The home matters greatly to Englishmen

B. The castle is more important than the home

C. The home is more important than the castle

D. Englishmen usually live in homes instead of castle

Which of the following is NOT the reason for most British to live in homes？A.They can make changes in houses in which they live

B.They love houses more than gardens

C.They can own private space like the house and the garden

D.They can keep the private space to themselves and friends

According to Paragraph 2, if you spread your books around you in a library, it means:__________A.you want to spread your towels around you further

B.you want to put your coat on the table

C.you can find no space for your books on the seat

D.you wait to tell others the space belongs to you

The writer tried to get back his space by__________A.moving the case off the table

B.taking all his papers out

C.taking up the space of the man opposite

D.showing the books concerned to the man

How did the man opposite to the writer show he owned the whole table？A.He sat in a section for four people

B.He placed his briefcase on the table

C.He was traveling on a train to London

D.He was reading a book

请帮忙给出每个问题的正确答案和分析，谢谢！

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第8题
生成实心体模型的截面的命令是_____。

A.SLICE

B.SECTION

C.VIEW

D.MVSETUP

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第9题
How many addresses are available for the address section with the mask of 27 bits？（)

A.14

B.16

C.30

D.32

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第10题
In the last two hundred years there have been great changes in the method of production of
goods. This is now also true of the building industry; for mechanization has been introduced. System building can save both time and money. The principle of system building is that the building is made from a set of standard units. These are either made at the building-site or at a factory. Some designers, in fact, are standardizing the dimensions of rooms. They are made in multiples of a single fixed length, usually ten centimeters. This is called a modular (标准件的) system, and it means that manufactures can produce standardized fittings at a lower cost. The most important fact about system building is its speed. A ten-storey flat, for example, can be completed in four months. There are several new methods of system building. One is the panel method. In this case, the construction company sometimes erects a factory on the site. The walls and floors of the building, called panels, are cast in a horizontal or vertical position. Conduits for electrical wires and sleeves for pipes are cast in the panels when they are being made. The moulds for making these castings are situated all around the building. After the concrete panels are cast, they are allowed to set and harden for a week. Next they are lifted by a tower crane on to any section of the building. There the panels are cemented together at their joints and the floor covering is laid. After the panels have been cemented together, the crane lifts a case into the area. It contains all the fittings to be installed, such as wash-basins, radiators and pipes. Finishing tradesmen, such as plumbers, plasterers, painters and electricians, follow behind to complete the work. In some building developments, in some countries, whole flats with internal features like their bathrooms, bedrooms and connecting stairs, and weighing as much as twenty tons, are carried to the building-site ready-made. A giant overhead crane is used to lift them into position. In the future, this method may become more widespread. The main difference between panel method and the method discussed in the last paragraph is_______.

A.the latter uses ready-made internal features

B.panels are cast in a level position

C.the former is used to build walls and floors while the latter to construct bathrooms or bedrooms

D.the former is more expensive than the latter

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