Question 4. a) What characteristics define the money markets? (2 Marks) b) Which of the money market securities is the most liquid and considered the most risk-free? Why? (2 Marks) c) Why are banker's acceptances so popular for international transactions? (2 Marks) d) Describe the two ways whereby capital market securities pass from the issuer to the public. (6 Marks) e) Identify the cash flows available to an investor in stock. How reliably can these cash flows be estimated? Compare the problem of estimating stock cash flows to estimating bond cash flows. Which security would you predict to be more volatile? (8 Marks)