|
|
Question 966 n% e0 d3 W2 v% ~: f: N0 `$ B
* E3 p" t8 W. A( j4 }! j( Q$ |Gourmet and Company has the following information:
% B$ e# ?) W, R* q: l5 ~% BCurrent market value = $250 million
$ O4 a& ?" q0 XCurrent book value = $225 million3 n6 u8 [9 C K( B) E
Sales = $750 million
9 J* T% P( F, S' \Earnings = $75 million
8 C6 `: [+ E* Y! r) P1 ~ QCash flow = $125 million8 V: o0 R6 }, K! `6 H
Stock price = $7.50
9 A5 h! q% t/ z. KWhich of the following statements regarding Gourmet and Company is most accurate?
' a* @. Q; w# I R' XA) The price/book ratio is 0.90.- r+ `( o' [, W) C! b9 l1 h2 R
B) The price/cash flow ratio is 0.50.. ], n7 R' x A; ^- o: k6 n) _
C) The price/sales ratio is 0.33.
. N4 S P& Z& N* Q( g X3 ]4 DD) The price to earnings (P/E) ratio is 33.3.
. W" i r, t; X D" u+ U
9 h E- S% k; z! L$ r( _* s- W答案和详解如下：0 b- X) j( O7 Y
* R* `( A) B. `4 {$ f% ^+ b
9 y5 j$ O0 V9 _: g( hQuestion 97( n* u; s& G& k8 C# |
An inverse floater is least accurately described as a floating-rate issue:5 Z: S% R0 W2 t3 M: Q1 I1 x
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
# w( J; @2 _" r, X3 F- OB) that may, under certain circumstances, require the bondholder to make payments to the issuer.$ V% [) ^7 |! b5 ~6 h
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
, w6 |$ E# U* R( SD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
1 ]! \2 Y3 [! K
b) j0 g- K6 r# Y$ I: A, T& U% t% R& i答案和详解如下：1 j2 n9 k- o, \) g) E
( i+ v, H* I7 W( e/ s' }+ T" `
|- c: i' o# w5 o2 V; jQuestion 98
9 z0 |2 F+ ]/ T/ Z# ^
. Q5 r6 G2 n" I! XWhich of the following statements about embedded call options is most accurate?
, E' [2 k {) v) W( d- L' tA) The call price acts as a floor on the value of a callable bond.
; ~2 a( [& {0 ]) h+ }# M* N* }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 j% i9 y% j9 k7 K1 [9 m6 Z* D) p% ?C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.& V) @3 _6 |# N, I$ I3 O2 I9 k- M2 k
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.; G; C; W f3 y: b" o; k6 p1 N3 v) B
* F0 _% T9 h: `% ]7 u3 n) Y8 r答案和详解如下：: }$ E& d, R% U7 W
3 e8 ?" M) S7 k6 Z5 `
$ j0 O6 b( O' d" Z: EQuestion 99" N5 [* L7 z. R2 b2 b
d5 P n( h5 n V: O" TA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
( T5 K' X& h# J1 i) z2 @- [A) 6.5%.
( C* j/ V) U# H {6 [B) 7.4%.
; Q2 I5 S& B! A' w+ q3 Y8 KC) 8.6%.
4 \# @, \' r& SD) 8.0%.
: c- t* ?3 X4 b# W1 i+ ]" D% W! q! I0 ]7 K
答案和详解如下：+ j6 f q2 O4 I' @- B8 U9 Q
5 ^$ V5 s0 @0 O9 A" j6 Z. |9 y, q6 n
Question 100
3 G% p/ U) Y- \
% f" z5 q7 g1 @! CAll other things being equal, which of the following bonds has the greatest duration?* H; N" b: o9 M/ ?' W8 A
A) 5-year, 8% coupon bond.
7 w2 c x% K1 _. w: aB) 15-year, 12% coupon bond. a: x1 ?1 y: g" C* t3 y* p3 T
C) 5-year, 12% coupon bond.4 v" W; G) \6 a( E% }
D) 15-year, 8% coupon bond.! c; A0 l$ w9 O1 Y, d
( H. ~4 A$ N! J+ N$ }
答案和详解如下：6 [. x5 H6 H/ a: b7 }0 j
|
|
发表于 2015-7-21 08:59:22
