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Question 96
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+ j' Q& ~# s& S; sGourmet and Company has the following information:
: R: M4 D8 w0 N' r: kCurrent market value = $250 million+ t/ Q3 _) b5 I, ^) s. X9 ^
Current book value = $225 million& z! g% g" J, ?
Sales = $750 million# ^1 g1 E# O- p7 C, u# l2 N
Earnings = $75 million; R k, H0 S; b' S0 X
Cash flow = $125 million8 j$ G1 |1 G4 F2 o: K1 h" J. E
Stock price = $7.50
3 e, n& M: E! x. M* `Which of the following statements regarding Gourmet and Company is most accurate?
. k; v" y* S8 [0 NA) The price/book ratio is 0.90.7 F% h4 R# ^9 ~/ ]1 u; _' d
B) The price/cash flow ratio is 0.50.
% K: A; R3 Q0 s/ TC) The price/sales ratio is 0.33.2 X C3 o [. s" A) y. j" R
D) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：1 T% n- c. m2 N. s+ _: D& ~9 \
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5 K3 m n! Z2 t7 t! ]4 \Question 977 z y* {5 y( G7 ]" `+ e7 X
An inverse floater is least accurately described as a floating-rate issue:, p( F# x2 H- J9 M# |
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.4 e+ [9 y2 C: c/ k+ ]
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.* C8 P) B' B0 e; a) g6 _
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
% m. A: b8 _0 q2 D' dD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.) w4 ]8 |% o+ U$ v
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答案和详解如下：) k0 g$ @+ g2 ^7 d
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Question 98
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Which of the following statements about embedded call options is most accurate?
: E+ t* n: g8 \4 }0 HA) The call price acts as a floor on the value of a callable bond.
6 F) ^0 |7 j9 v$ Y" L$ x# s+ J; y" ]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.
# g: \6 ?% P* H! V* P0 AC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond. M% l* w4 k& U7 B+ f# o, p
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.$ {. w |1 v9 V G ] _: O
3 Y# i# r) v! \: \0 h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:
/ C x1 v0 L8 I, p/ c( u: _7 qA) 6.5%.
$ X5 L# I! l" t, PB) 7.4%.! ~: ?' \1 o M; C
C) 8.6%.- h0 P5 I: _! @" a$ U- ]
D) 8.0%.
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答案和详解如下：; L" j3 [3 M! B3 x/ k: q
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Question 1001 a; S) y; v9 t- C: I
8 m$ k3 u2 X; c/ y/ j7 sAll other things being equal, which of the following bonds has the greatest duration?
2 o1 b1 R0 e4 I. ~A) 5-year, 8% coupon bond.
2 Y Q" t' b: U/ |" N2 yB) 15-year, 12% coupon bond.
% h' ?- C/ L+ u: B$ l& yC) 5-year, 12% coupon bond.! q' {8 y- h3 V, q' U7 o( f
D) 15-year, 8% coupon bond.
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! C4 H2 n C( s0 ]2 V( H3 ~; m答案和详解如下：
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发表于 2015-7-21 08:59:22
