|
|
Question 96
, r) E3 S- v3 q2 E' G8 B& h' \1 s
Gourmet and Company has the following information:
6 k9 i' ^5 C# w w; d% q8 ECurrent market value = $250 million
: ]( D' t* M# d* kCurrent book value = $225 million: I* F8 h! f4 l2 H& N
Sales = $750 million9 E+ L2 f5 p8 @- ]; W
Earnings = $75 million
% f3 s! K6 _3 `7 X8 A5 KCash flow = $125 million
7 D4 y% A7 \5 E! c9 L& B7 zStock price = $7.50
! y. h8 l4 g9 H* LWhich of the following statements regarding Gourmet and Company is most accurate?
& u, }2 p7 S/ D9 iA) The price/book ratio is 0.90.
; K _; C& ]; VB) The price/cash flow ratio is 0.50.+ {" h9 ?4 W* s' p; x
C) The price/sales ratio is 0.33.6 K) z0 u0 V! k
D) The price to earnings (P/E) ratio is 33.3.+ F( [* C' w$ @: Z* k
" a* e0 q' M% h& N0 V
答案和详解如下：! P; E) p0 w" n) I- j7 S% ^/ d
* I6 W& K: m& B; Q+ k: y
1 s% L% J' g/ J" u8 F& \Question 97
: h* _; x& N( j: v& BAn inverse floater is least accurately described as a floating-rate issue:, V" F, m9 U7 H& Z0 `
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
+ b! t4 y6 k9 UB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
3 l/ Z, }* |* BC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
% I9 \9 K- @+ m9 v& {4 \( }D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.7 f5 P' X3 T$ P E5 ^, | c
- d/ G2 p& a l9 k1 `
答案和详解如下：
- L) z- t' S. m
) u* _' L9 E6 W, ]5 D( J- o7 t
3 Z7 w7 I9 J8 F9 sQuestion 98
! t5 S$ j& B$ w0 w8 e: e* a' q& T: J% t. y8 E" D
Which of the following statements about embedded call options is most accurate?
. B3 j2 B' a3 M1 F. r1 o3 _A) The call price acts as a floor on the value of a callable bond.5 u! K4 F- d0 c0 L2 F5 z: p5 F) w
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.
. J. B; x; q- A% x% Z5 O' N0 SC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
" y; E* |, w/ f8 \" `$ U+ c: ED) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.! Q. Q3 p. s6 O9 h
, s! B" n3 R* Y7 q答案和详解如下：/ L& K& @1 j5 Z6 i: R' x
" w% H; Z1 v3 t! g5 o) ^$ }% G
" J4 z1 t T( YQuestion 99
7 ?, k8 Z! F( L" `
! C' V& u" e- ]4 v% tA 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:" X* n: Z) f& i9 X! E i( z3 B
A) 6.5%.) A+ _0 p3 A4 i- v
B) 7.4%.
8 V: i+ m; P/ l4 g1 A/ pC) 8.6%.# ~6 S4 h- W m% A- D/ ?
D) 8.0%.
$ G- K/ E0 H8 z( ^
- W* o. r9 U4 C9 y; D答案和详解如下：3 ~3 m* v- f/ S% x' ~
9 `" U- I# v# I- I( F. I
' n% k" t# T- s- C$ D' z, {; n+ vQuestion 100
R. X: j$ r3 r) Y' O8 Y+ S( }- v; T% A1 T1 J; A/ z
All other things being equal, which of the following bonds has the greatest duration? h1 N* b ^! o: a+ Y' S8 P0 U
A) 5-year, 8% coupon bond., G% ]2 g u. p7 w# X* I
B) 15-year, 12% coupon bond.
( {, S- ?) T$ {6 n9 AC) 5-year, 12% coupon bond., y3 h6 \; L# b5 s9 y9 \* Q$ E$ l1 d6 ?
D) 15-year, 8% coupon bond.
" Z# P7 t1 {; W! n6 i2 C4 e1 p9 r4 e6 }3 l) \2 R
答案和详解如下： G' s; L( Z! C! R3 R# i
|
|
发表于 2015-7-21 08:59:22
