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Question 96
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1 X' w& y. @* V5 z1 w5 xGourmet and Company has the following information:9 ]4 D( r$ l. D; S
Current market value = $250 million. `# |' Q! }0 z/ `
Current book value = $225 million1 x% H t" F+ V! a
Sales = $750 million
* ?$ E1 F& {! b R% Y( HEarnings = $75 million8 v4 D' o0 Z' q7 s D" e1 _
Cash flow = $125 million
$ r" |3 h9 T1 L/ c# E. V) N tStock price = $7.50
: o2 E( ]' K& Q7 b5 |) pWhich of the following statements regarding Gourmet and Company is most accurate?0 S+ z2 T8 b P1 L7 a: L8 N' L
A) The price/book ratio is 0.90.
|7 G+ c" w# }0 y6 @B) The price/cash flow ratio is 0.50.
- U! O; q+ _( z9 ^% E" Y% H. a5 pC) The price/sales ratio is 0.33.3 D% c3 N9 ~# T4 Q) w5 y
D) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：! o) }8 m( \! ?
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, _ G7 r- A. E4 ^3 ZQuestion 97
: L( J7 z7 p) c. A& @ C EAn inverse floater is least accurately described as a floating-rate issue: c& d8 J" R$ }/ } j, W4 p
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
6 f8 f+ v( g' |0 W7 G5 B$ yB) that may, under certain circumstances, require the bondholder to make payments to the issuer.* \' J! L1 f* I7 b! x* b( X
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.1 L# S \+ w8 m' h" |; A
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.5 Q3 x3 d, ?8 N
, I9 @* y8 g, X答案和详解如下：
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* Z+ u) \) v: p# S% h W. OQuestion 986 l! I! T( r# K8 i- e
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Which of the following statements about embedded call options is most accurate?
& o" K& K$ ^) r5 u, aA) The call price acts as a floor on the value of a callable bond.
, u3 x2 {- Z5 kB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
5 Q# V* `6 d9 `: Q* H) i. R% B& RC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond., ]9 t" f$ `2 t1 w. \8 t7 V! @
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond., I. T$ v! S7 L" x+ s- F& t! ~0 H' ~: q
( [5 o: b4 e4 \- n答案和详解如下：
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Question 99: i( n8 J& E9 R6 o1 r3 I
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:9 E* N0 D% ?" S! |; B6 w& }% O
A) 6.5%., X" w" t# }1 x# n" H$ i. Z
B) 7.4%.& @) b; U! [7 a& i4 J
C) 8.6%.
$ F1 K' w+ k7 R* S! L3 A* HD) 8.0%.
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. _' R! M2 e a# K1 y! i答案和详解如下：
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. [# a4 K$ L r7 W% D. K9 }' SQuestion 100
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$ q2 z( _" N$ s& c! O* f* ]All other things being equal, which of the following bonds has the greatest duration?
, O& M& D' x0 [. O- WA) 5-year, 8% coupon bond.
/ v) u+ i3 i1 E& a1 m, vB) 15-year, 12% coupon bond.1 d) I4 |' @1 G& P0 m5 y' f2 [
C) 5-year, 12% coupon bond.
9 I F3 ]$ q% C9 V cD) 15-year, 8% coupon bond. F/ e1 J! j4 N8 q. d: i; G
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答案和详解如下：
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发表于 2015-7-21 08:59:22
