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Question 966 d, }* ~: O6 c" ~; N. O
0 U! Y- N: ?+ {* N3 a9 @& `: D+ V, JGourmet and Company has the following information:
% P. A( r" s- q0 |Current market value = $250 million
- [' O* t+ d X |) dCurrent book value = $225 million9 R9 U+ d" A5 I; u8 q
Sales = $750 million
6 [4 v. s- t; p3 YEarnings = $75 million, E$ M5 c/ [$ h0 y k
Cash flow = $125 million8 v# V! G& g6 X/ |4 R4 Z
Stock price = $7.50, i* d. l: d4 C* ^) @) O6 A# C* y1 y4 y
Which of the following statements regarding Gourmet and Company is most accurate?
+ h3 V2 k0 x& [A) The price/book ratio is 0.90., t4 u" o) F( F
B) The price/cash flow ratio is 0.50.% P6 f8 Q" O, d$ e5 h
C) The price/sales ratio is 0.33.
6 _$ Q! H* f, e1 d% g& ID) The price to earnings (P/E) ratio is 33.3.
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7 ~" ]# y; g% sQuestion 97
$ O8 t# M( D3 S; a5 yAn inverse floater is least accurately described as a floating-rate issue:
" l. [2 I3 A5 SA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.( e# |' W# h2 P2 o0 m5 ]2 b
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
6 k N# o# M1 d0 O$ a/ @C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.6 m7 t* |% E/ a2 ?4 L7 T/ O5 q4 n0 T
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.. H9 d% W$ o( H, H, p1 ]1 p
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& X S, D& a4 ?: x- IQuestion 98' g9 s' o3 d& R0 ?+ r
( g3 {$ N) b3 JWhich of the following statements about embedded call options is most accurate?
$ N' z9 G6 n8 t8 n4 sA) The call price acts as a floor on the value of a callable bond.1 p) \, k1 a9 Y6 R6 y. I4 ?; D
B) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.+ d/ K# t' u9 }
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
7 w3 Z, a1 Z5 n: c9 pD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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6 U+ L; s2 {+ X0 z9 q答案和详解如下：
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Question 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:- I: n% m4 h& }4 l: q
A) 6.5%.
y; c: v, I) P# e8 ?- nB) 7.4%./ i, \3 n1 T! \& k2 e
C) 8.6%.: s& T6 A1 s* z" v
D) 8.0%./ \* K: M v0 E; f$ d0 P
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答案和详解如下：
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% D+ C! S! F1 a9 YQuestion 100
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4 B7 ]& l$ b' G5 X% n+ f1 {All other things being equal, which of the following bonds has the greatest duration?
3 T# G" |! h' \$ W9 c! {A) 5-year, 8% coupon bond.
) D1 T$ v' h9 s. |4 nB) 15-year, 12% coupon bond.
( l' y I! I3 N1 T3 W. b$ |7 p* MC) 5-year, 12% coupon bond.8 o* B& H. b. g. G2 A8 ~ l
D) 15-year, 8% coupon bond.
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答案和详解如下：
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发表于 2015-7-21 08:59:22
