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Question 96
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2 @6 D' C3 R- w/ U0 Z6 RGourmet and Company has the following information:
; W# A2 s- |, R H5 h: fCurrent market value = $250 million
! N3 V2 ]; @: i8 m7 [Current book value = $225 million
. A9 y) }! U# |8 VSales = $750 million
! i( W2 Y; D6 m; c+ d2 T; AEarnings = $75 million! l/ a4 A w( O4 m6 N1 v
Cash flow = $125 million
2 ~, y' ~" {3 q, x tStock price = $7.50! L: H T4 o- T/ b+ s' d+ ?# f: O% {
Which of the following statements regarding Gourmet and Company is most accurate?7 R# C9 R+ l$ s' [
A) The price/book ratio is 0.90.4 g) B# T3 U* M3 @, X; D" Z' r" z$ U N
B) The price/cash flow ratio is 0.50.
1 ?2 L7 I) c. n x( Z8 v9 Y ]& IC) The price/sales ratio is 0.33.4 V7 Q6 w9 h/ x. ~1 V: o
D) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：: @( c1 @5 A& q! C& r
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Question 97& M# }7 r: U }) j3 m8 i2 Z
An inverse floater is least accurately described as a floating-rate issue:
" f) ^8 _6 Y& }% s, x+ fA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.9 r7 ^- f1 c$ @5 u6 w5 `
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
" T$ @7 w* P+ x. NC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.: x4 J0 B: K7 y( L- X
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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# v8 ^) o/ g/ O$ {3 g: B: EWhich of the following statements about embedded call options is most accurate?
" o5 C) T, w! L9 c; D; X) f; dA) The call price acts as a floor on the value of a callable bond.7 Q m0 W$ `" i5 s8 u& V
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.
6 _! w8 x8 P, lC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.- c0 J) H9 y9 Y4 h( ~3 l3 H- A
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.& u# e% u3 J! {# M
" f1 w0 B. d# o# |& e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 $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:3 q9 C- x7 m1 `4 c6 |
A) 6.5%.
# I& R# L- @+ M5 q/ D0 pB) 7.4%. p( K* v% A! }1 p; m+ O0 y
C) 8.6%.+ S( m1 ~3 V {: |, f9 y+ B8 Z
D) 8.0%.. K! P5 E [$ g( ?' \6 g
% N/ V9 X7 a* |* v9 q) f: D% t答案和详解如下：
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2 x# C2 e6 p; M6 v' ]Question 100
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All other things being equal, which of the following bonds has the greatest duration?
$ a, i7 {9 m( [& W r2 pA) 5-year, 8% coupon bond." l' w4 H' P: H6 X! o1 n8 E I
B) 15-year, 12% coupon bond.
$ z+ ] w+ D4 y- @C) 5-year, 12% coupon bond.
* o. |3 A+ z$ C0 jD) 15-year, 8% coupon bond.
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7 r9 p/ s Y7 k+ j$ i答案和详解如下：* |* q$ S) g# L3 w4 ~" O* |
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发表于 2015-7-21 08:59:22
