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Question 96
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( i# o2 K7 A8 @ k; {% G* z" C9 W( Z% _Gourmet and Company has the following information:1 ^5 Y0 e# H" Z J1 F+ p5 l! V
Current market value = $250 million
" ]0 [$ |0 j; R" X# v7 @Current book value = $225 million8 \" [3 I! s6 H, l
Sales = $750 million& y% V9 P+ g5 n
Earnings = $75 million h8 P9 m* q, @4 y' e
Cash flow = $125 million, G) ~2 k* A r9 d: q
Stock price = $7.50( R, t8 _5 {$ a$ D) ]8 r
Which of the following statements regarding Gourmet and Company is most accurate?3 D9 R: e6 f; G% c( A! j- C5 U
A) The price/book ratio is 0.90.
) i. \/ C$ E$ R& f2 D0 sB) The price/cash flow ratio is 0.50.* f, g1 E: j; O, a# d! ^
C) The price/sales ratio is 0.33.8 a. x6 O- Z2 q
D) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：6 Y2 R1 \7 z+ B' H V4 G& V4 i' U# b
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/ J' `% s$ P: q+ K3 R9 IQuestion 97& o' [! \6 ]* Y8 J' h
An inverse floater is least accurately described as a floating-rate issue:2 C/ Q) U3 O# q
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
- R+ c# \% f1 b% {; \7 m) aB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
" c8 e7 G4 }: z6 L) J3 x# @, w* J. ]C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
. y+ e0 u* a$ h) G% x+ z% uD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.- |9 L6 S/ p. U
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答案和详解如下：
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Question 98$ @/ a& n0 |, d
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Which of the following statements about embedded call options is most accurate?
2 T% _' P u! K1 c$ V7 k" _7 cA) The call price acts as a floor on the value of a callable bond.
9 d8 a+ l0 T: J! UB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
: y8 [- _2 O. ^1 C6 \C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.; F; c W) s* g( C, H3 c
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.1 f F+ z- L0 G5 [1 R
, Q" N$ m, ]: R5 _* p; V7 V答案和详解如下：
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3 p+ ^/ M' R* R: oQuestion 99
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$ l) i6 m l" ]( Q2 h+ v$ x! F+ }A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:7 C/ ?0 c! h" L& F. D1 S' \
A) 6.5%.
3 M5 N5 T3 D# p- o$ w2 z2 R- pB) 7.4%." I' h, {8 x+ x) A' d( s
C) 8.6%.
2 _, o0 |* v0 a- N8 h! JD) 8.0%.! a: J, }4 C0 l, M
* W/ `3 _1 t$ a, O0 X4 K答案和详解如下：8 L& G6 P6 F6 e# N: a( Q
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2 l2 @/ b9 Q" jQuestion 100 \3 I `9 Y# C
9 {5 v/ ]8 b* IAll other things being equal, which of the following bonds has the greatest duration?
1 {: V! L( H3 K3 ]# |+ HA) 5-year, 8% coupon bond.
3 h0 D; C' D. X# _9 QB) 15-year, 12% coupon bond.
3 T, D8 Y6 p/ M! p! VC) 5-year, 12% coupon bond.! m9 ]4 \4 V# F+ E @9 ~
D) 15-year, 8% coupon bond./ w1 U1 N' G* i% a) `: G$ L [
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答案和详解如下：
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发表于 2015-7-21 08:59:22
