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Question 96
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$ Z! x' g& x! N8 y& x& ^( k. VGourmet and Company has the following information:
& o+ f7 z- K4 u& S: UCurrent market value = $250 million: p7 A6 Y) `% v+ Q
Current book value = $225 million
/ `& U7 N+ X9 P# W, P: XSales = $750 million$ t1 e3 k% U4 i+ E+ a: B
Earnings = $75 million2 s! G6 k$ `3 t% m/ }, R. V; L
Cash flow = $125 million! g9 @/ q2 P) P# O/ l
Stock price = $7.50& X& X" w4 \; h* e) ]7 A
Which of the following statements regarding Gourmet and Company is most accurate?
0 ], l" m/ X: \! C) g! WA) The price/book ratio is 0.90.: e$ x% ~7 q+ Z) m1 y' F7 d
B) The price/cash flow ratio is 0.50./ W- v/ R0 L0 R# p0 _+ S
C) The price/sales ratio is 0.33.
0 S% A) B9 u3 UD) The price to earnings (P/E) ratio is 33.3.
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* c7 ?" \$ h& M7 O答案和详解如下：3 i$ c( ]! ^5 P: p3 S, s6 N8 B
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+ a" c; z$ A7 n9 M$ I0 p4 CQuestion 97
7 z1 M# i- y' L0 _' P1 QAn inverse floater is least accurately described as a floating-rate issue:
: g' f, Z% E; |& o. V3 e, M1 {) e8 SA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
# Z9 i R$ o# I7 i$ bB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
0 Y* a3 \) f" A& Z( aC) whose coupon is determined by subtracting a reference rate from some stated maximum rate., ` r9 O& j- \5 k& ~( L
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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答案和详解如下：
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Question 98
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3 H6 S6 D; \2 W( E3 pWhich of the following statements about embedded call options is most accurate?
1 p& i5 ~9 |! FA) The call price acts as a floor on the value of a callable bond.
6 R2 b& {" n0 a% @7 NB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.9 l* c3 t1 @ f7 U
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
- A$ ]& g0 I n1 j; y0 SD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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" Y$ u2 z! v1 p& j7 g答案和详解如下：9 M9 } q5 v' Y) _" K U
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Question 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
0 m& F% N- d" e) B- O- [A) 6.5%.
3 L- J8 }- r4 o& `& cB) 7.4%.% W9 B' _# i+ V$ R
C) 8.6%.+ G* y o( Q% T0 e* `( E. ~
D) 8.0%.2 m/ r: @, H% M' a
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答案和详解如下：
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0 A! [* ?' L% L1 Z7 m; z) s. sQuestion 100
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9 c$ Q# z4 o- _0 }) _$ ?1 J k/ lAll other things being equal, which of the following bonds has the greatest duration?
& ?) d* e: ?# ?" } V: v6 `* aA) 5-year, 8% coupon bond.$ g7 S$ W% e. g' {
B) 15-year, 12% coupon bond.
o0 [. I& r, PC) 5-year, 12% coupon bond.
% d g* _# {2 R, SD) 15-year, 8% coupon bond." W8 n" B9 b# m( \
1 F1 c6 f: ^5 i5 L, U. t答案和详解如下：2 q5 g, D; U2 x9 ?; C7 \
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发表于 2015-7-21 08:59:22
