课程名称︰投资银行管理
课程性质︰财金系选修
课程教师︰苏永成
开课学院：管理学院
开课系所︰财金系
考试日期（年月日）︰2016/6/21
考试时限（分钟）：180 min
试题 :
General instructions:
1.This is a close book exam. Try your best to answer the following three
questions.
2.Good luck!!!!
Question I
Show by graph and explain the possible LBO structures (20%). During LBO
process, junk bond and mezzanine issue are the most important financing
tools. Discuss the characteristics of junk bond and mezzanine issue (10%).
Question II
Show by graph and example on the participants, price settings and
equilibrium conditions in three basic types of market making. (30%)
Question III
How do market makers adjust inventory in return-order imbalance relation
(5%). Discuss in detail price-volume relation in hedging and speculative
trading strategies (10%). In financial literatures, how many state variables
are available in developing trading strategies to beat the market? Discuss
(25%).