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Question 96& q" p( n5 y% s$ D3 p" q
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Gourmet and Company has the following information:
. T' v* v& y5 W) r+ G2 B1 p$ a! xCurrent market value = $250 million- R- S4 r) a. K3 J
Current book value = $225 million0 ^5 R' F( s5 \ E% t
Sales = $750 million
P! T, S9 H: K2 Q2 {& \: |Earnings = $75 million, _$ Z5 \* t! D: M8 X
Cash flow = $125 million, K6 I5 Y8 f) Z& u1 {
Stock price = $7.50
7 t! o, y% W" d, n. a _Which of the following statements regarding Gourmet and Company is most accurate?
( \( n& |5 i& z F/ jA) The price/book ratio is 0.90.$ S/ n) K2 \% ` n- E5 t6 {3 Y8 X
B) The price/cash flow ratio is 0.50.
9 j' _4 ^0 X9 DC) The price/sales ratio is 0.33., K0 h# [3 E* \
D) 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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Question 97$ [5 }3 S' o0 L2 s) L6 w1 z
An inverse floater is least accurately described as a floating-rate issue:: _, O0 N, F6 ]
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.1 \0 L" u+ G" A$ W
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.0 {3 S' p. {* c* P. Q
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.5 b% \# I: B- _4 ~
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.$ u# P1 W. e# y: z; a: W
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答案和详解如下：- P j) R* u+ N
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5 y' R0 _/ u+ L' AQuestion 98( G. }0 K( ^: _9 k
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Which of the following statements about embedded call options is most accurate?
, K/ I% L# L+ ]( L# _. [5 g" nA) The call price acts as a floor on the value of a callable bond.( W0 e4 J. s0 W2 R' B$ ~, H/ Z
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./ z+ i9 O1 j; }5 H" C* X. X. z! S
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.( C! p# b0 a7 L: ]' a
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond." g4 J& P- G* A9 x$ Y
. S- `4 a& g) c( \5 i$ z# {答案和详解如下：
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Question 997 J/ a5 ?3 F* [" b( @
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
5 T7 [( n7 i* qA) 6.5%.
% h, y3 B0 t0 C$ P- [) lB) 7.4%.
# ^' u7 v5 Z4 Y/ v- c+ p2 N1 a3 bC) 8.6%.; l# ^' L+ q8 o3 O$ O
D) 8.0%., Y8 @. V$ ]" T/ |( v, g! G) Y
, x3 k- N$ {" E+ T0 `答案和详解如下：2 F$ f+ e7 {9 z; w0 A1 r( R8 E
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Question 1009 E1 Z" r4 I% J. \0 y5 u2 p7 j7 z
5 K! |- ?9 T! M, v( P0 aAll other things being equal, which of the following bonds has the greatest duration?! L8 }( t! x& h7 ] Z6 c) l, A4 l# D
A) 5-year, 8% coupon bond.2 C1 f0 M. K/ M. o* c
B) 15-year, 12% coupon bond.
$ R% l! o0 |/ y6 [. B0 aC) 5-year, 12% coupon bond.% [4 X j& N4 D
D) 15-year, 8% coupon bond.
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答案和详解如下：
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发表于 2015-7-21 08:59:22
