1. Please write down briefly what “fiduciary ownership” is. In which capital markets instrument does the Capital Markets Law refer to this sort of relationship?

2. What is registered capital? How it provide benefits to the issuers who want to raise new capital?

3. What are the differences and similarities between options and warrants?

4."Derivative markets are nothing more than legalized gambling casinos and serve no economic function." Comment on this statement.

5."All financial intermediaries provide the same economic functions. Therefore, the same investment strategy should be used in the management of all financial intermediaries." Indicate whether you agree or disagree with this statement. 

6. Whose liabilities are harder to predict, life insurers or property and casualty insurers? Explain why.

7. What are the pros and cons of investing in the following assets? Make comparison. 

a.A unit trust?

b.A closed-end fund? 

c.A stock of a company?

8. What is the difference between a firm commitment underwriting arrangement and a best-efforts arrangement? 

9. What factors affect the interest rate used to discount the cash flow expected from a financial asset?