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Question 96
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4 ]* b& I: \( N, }Gourmet and Company has the following information:2 g) ~" q) F# W
Current market value = $250 million
" ^0 u: r* q' i. w/ h8 y( d3 Z/ T: g4 @Current book value = $225 million; I! H6 n |+ k0 K0 a% b* J4 i
Sales = $750 million7 Z- R% J( Z* w/ Z& z3 b
Earnings = $75 million
1 j! N4 K' v$ x9 z" FCash flow = $125 million* p% W; Q. Z6 |& k3 [ t7 B# ^
Stock price = $7.50& q# R% ]" b# \# H2 y r4 X
Which of the following statements regarding Gourmet and Company is most accurate?9 o$ Y" \$ K! d9 ?8 H
A) The price/book ratio is 0.90.
8 B) t9 U: C, u- b1 l7 hB) The price/cash flow ratio is 0.50.
3 w( Z% O7 x4 j+ _8 _C) The price/sales ratio is 0.33.
& e! ~3 M, O) WD) 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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- m( H7 f6 p) @# G7 fQuestion 97; A6 d& O7 e( v3 ^
An inverse floater is least accurately described as a floating-rate issue:
: h' m, `4 v- o: P/ fA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
2 K8 x0 O2 [5 F+ j9 QB) that may, under certain circumstances, require the bondholder to make payments to the issuer.& f6 V# O( i1 A
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.) q q9 M. @' A2 H9 Q
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.0 z. Y2 l3 J% [" Q/ w
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答案和详解如下：- h/ l/ @$ ]" Q1 M
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' t! T) X& r# A! MQuestion 98& E* F# u( p$ B/ ? f; y
x- G- ^; M" L# fWhich of the following statements about embedded call options is most accurate?$ s& J, m+ Y: s" Q6 B3 v( E
A) The call price acts as a floor on the value of a callable bond.0 y7 t# Z& ^7 D' h0 Q, 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.
, q9 K/ f+ o( Y% PC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.3 N8 s+ W/ d% I" p+ G0 s
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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答案和详解如下：
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Question 99
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4 d2 U: {* z; e) i7 SA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
* Y5 U5 P+ f) RA) 6.5%.; f4 v4 u) V+ ]: {; R
B) 7.4%.
3 w; \+ ?% P) L% k7 x$ R) vC) 8.6%.2 ]( y" @. z ]
D) 8.0%.1 w' O: h- }6 H$ j2 r
0 @9 M5 [% }, {% v答案和详解如下：
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$ D$ J8 r+ X/ |+ c# i: a7 `Question 1004 G) q5 c J7 ^% i
7 [$ n% g0 R; V' iAll other things being equal, which of the following bonds has the greatest duration?
% G- V9 y1 a* |; cA) 5-year, 8% coupon bond.5 C2 i: D3 D/ h/ @& ` V$ j
B) 15-year, 12% coupon bond.
& D0 p) ]# r+ k5 Y1 pC) 5-year, 12% coupon bond.( q: U, Q( K2 q
D) 15-year, 8% coupon bond.
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答案和详解如下：) z) _2 ~ n1 ]+ k3 n4 C3 s
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发表于 2015-7-21 08:59:22
