|
|
Question 96& a0 q! X+ A( G* z$ i
5 u+ `' n, F" Z8 I$ eGourmet and Company has the following information:0 x( w6 b6 E, H8 s6 Y
Current market value = $250 million; Q3 `) `& V- L: ?4 |) a& A4 B; k; V
Current book value = $225 million5 N6 D# M8 ?1 c w6 [
Sales = $750 million
% F/ U5 W6 N/ \8 [% A- C' |Earnings = $75 million
4 j, M" F$ U# ^' H; FCash flow = $125 million
* K1 s. g, F0 z- i( W% i2 wStock price = $7.50
; l1 e% t3 a [1 m b6 d1 m; ]; tWhich of the following statements regarding Gourmet and Company is most accurate?
, ` }6 i8 H' V' m7 x1 AA) The price/book ratio is 0.90.4 Q E7 [9 N& z2 W
B) The price/cash flow ratio is 0.50.
1 I( u0 ]3 P# k. X7 M2 KC) The price/sales ratio is 0.33.
: c' [ c8 [: y. z9 }2 L; ID) The price to earnings (P/E) ratio is 33.3.0 Z( \. D0 c3 k- g+ x- V
' P+ W+ ~: E9 W答案和详解如下：4 `# z+ s+ G/ p/ \1 V5 T- U
! s4 w0 P/ @3 r7 R/ Z* r1 l% w0 d7 _4 e" t8 S
Question 97' q. n" ?% g1 w+ w" l0 [! \- p
An inverse floater is least accurately described as a floating-rate issue:
. H) ~8 H8 f% uA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
; Z( h: G- m; y/ L AB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
- m; d7 B& ]6 rC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.6 z' U/ U9 O% ^0 c
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.4 `/ }& Y* Q+ i0 l+ e+ Y
C7 ?8 C+ {9 Y- @- E* w
答案和详解如下：
5 v* z: U3 w7 C% T5 ]3 C/ M" q3 a: @
. A, t7 z k) P MQuestion 98 |2 ~2 \/ F" v( w: o
1 J2 w1 e: n O, HWhich of the following statements about embedded call options is most accurate?
0 e9 [: Z8 b' Q/ w/ x4 L) k0 e1 xA) The call price acts as a floor on the value of a callable bond.# I0 c5 G4 v+ t8 q
B) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
; G7 x8 i8 t6 ?+ ?7 @C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
I. W2 m' i: s7 X, SD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.4 n8 M( ^6 k( _$ l( b% h$ m
1 d/ r' j* }( K答案和详解如下：
; R5 ]+ [1 X+ c! \8 T- ~1 j* b8 O4 K) U+ `* `, B+ J- j
* `( U* \7 _; R3 v6 X0 p
Question 99
: h' i( Z r7 P7 z S# A. d9 e2 ]) Y) ^
A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
. w* S y8 w* H: w* {$ ^A) 6.5%.3 z0 Z- ^6 d! Q, g H# O1 E
B) 7.4%.
, @+ `3 K, c$ }+ \! J; j& yC) 8.6%.
1 T2 d4 P! H0 K9 H* @" jD) 8.0%.3 F9 Q( b! p' i& \/ J, E; r# O
1 S x" d5 G' Z5 r答案和详解如下：3 y$ T5 q3 _, ]& B* c3 ?0 S
: U5 P' B9 b5 m) \% ]2 _/ v9 J" w
/ Y4 z( a8 Y3 y& TQuestion 100
( O! D" j' k- h G8 x+ V5 Z6 C* z+ X- @% @
All other things being equal, which of the following bonds has the greatest duration?
+ V, s4 c/ S, C9 P* @# dA) 5-year, 8% coupon bond.
; L& m- u) j+ M/ ^B) 15-year, 12% coupon bond.8 ?$ ]0 t3 x; L. p" \( Q
C) 5-year, 12% coupon bond.7 w9 T' B# Y8 ?: c W/ r# j* `
D) 15-year, 8% coupon bond." P7 U) F4 E1 S5 ^0 C- s6 F# b
6 w9 h" V$ ]4 F& p答案和详解如下：# U& t; w5 u* \5 y* l; O
|
|
发表于 2015-7-21 08:59:22
