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Question 963 N. W) V+ i- s" m& S. k; _
* M8 z. F- T$ y7 e3 Z! [Gourmet and Company has the following information:0 A! t* }5 _# \8 A" E
Current market value = $250 million
) b* S# Q7 \9 E" ]3 _+ p( TCurrent book value = $225 million
* e( ?8 S* G' g; Z% \ @. Z9 oSales = $750 million
# i% g/ h4 G7 b( n! {/ r* kEarnings = $75 million) z6 N8 G* b& R6 f" K! X1 E# E S
Cash flow = $125 million$ \% y) t2 a& [- N, T, u1 I
Stock price = $7.50
2 F( W) t1 ?7 J9 P3 }Which of the following statements regarding Gourmet and Company is most accurate?
4 B% |3 {) C' b6 W9 y* PA) The price/book ratio is 0.90.
9 ^ W+ P0 F7 ~! n$ z5 t3 CB) The price/cash flow ratio is 0.50.: T! h! M% R! @ t& C4 H. v
C) The price/sales ratio is 0.33.
! }, b/ H4 h" o$ Q0 o X9 kD) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：
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/ Q" K y# M# E& i; |! X; H3 Y9 ~Question 97
0 c( V" `! | u$ [. A6 _0 {" gAn inverse floater is least accurately described as a floating-rate issue:4 A( M0 X5 s& U W# s& A5 C) I" k0 x
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.4 _3 y$ {$ C M M
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
4 c6 g8 b- r8 i* u7 M% j# AC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
* T6 P4 `( e+ q5 A+ }* J f7 TD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.% S2 f" r1 ^7 I' A. N
% [! Y4 _6 L" a2 W" G) u答案和详解如下：# z& z% @" |9 @8 Z
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Question 98* B% g" |) y- C- U. J$ ^7 e
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Which of the following statements about embedded call options is most accurate?* k) k0 F6 I$ w/ d9 r' X+ g
A) The call price acts as a floor on the value of a callable bond.! R4 F5 _; e( e# r
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.
# u, Y0 q# ]. G+ v, Y. g0 C8 zC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.( a2 j6 B8 M+ G7 p1 O9 q* Y
D) 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+ N( ~- R4 q4 ~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 $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:2 P$ V8 F ?- [/ l: B9 r
A) 6.5%.
8 X) r$ `. R8 Z; _- AB) 7.4%.
/ q, h( T! P+ x+ N* |C) 8.6%.
3 Q+ @+ [( O) B6 i7 F/ [D) 8.0%.
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答案和详解如下：3 m. e9 B( A0 M2 s3 c, L/ z0 i
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Question 100
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: v. w. T8 V, @1 W, Y- g) qAll other things being equal, which of the following bonds has the greatest duration?4 _* c; w) y8 |" I- g s
A) 5-year, 8% coupon bond.( Z7 ?$ s0 ?& h9 ^" D7 |( A
B) 15-year, 12% coupon bond.5 {) c% ~. f. [
C) 5-year, 12% coupon bond.
' w6 r+ M. {; O5 [D) 15-year, 8% coupon bond.% E- X- L( F, x1 g
: w" ~6 `, z* |/ [7 C1 ]& s& V( f答案和详解如下：
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发表于 2015-7-21 08:59:22
