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Question 96. W& f& y( x* `( q6 I7 C3 ^
0 {! X7 I: F, Q& k1 d) T' o8 n7 }Gourmet and Company has the following information:; K* ?8 S* i4 @' O" b1 f0 h* u* E
Current market value = $250 million
+ k* ?% [6 x. Z$ sCurrent book value = $225 million
/ Z( v3 X6 T* SSales = $750 million, e- j$ J4 t% J
Earnings = $75 million& e1 K3 c4 P! f5 s6 y& u6 ^
Cash flow = $125 million
3 w5 a% e. T: R1 ^9 i fStock price = $7.505 L# q8 F) Z4 v& X7 r6 _
Which of the following statements regarding Gourmet and Company is most accurate?
3 m* B3 r' {0 F5 M- eA) The price/book ratio is 0.90.- Z$ D; |, E9 n: ~$ P
B) The price/cash flow ratio is 0.50.
9 D* F% J8 {4 V0 OC) The price/sales ratio is 0.33.- d0 k. z$ P! a- O6 E
D) The price to earnings (P/E) ratio is 33.3./ {3 q- e9 V+ A/ h# ?7 S
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答案和详解如下：
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Question 972 s& }* G0 _7 [" ^( o+ v
An inverse floater is least accurately described as a floating-rate issue:1 ]# x- }3 _$ F* f( c1 |7 c
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
* u+ B# Z- M1 V; Q, EB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
' e. T2 \+ o) |- C1 k: ~* }C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.1 Q6 [; @" O! h, P: a5 }
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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: v# Y% {/ K$ F+ W ^3 y答案和详解如下：: M. O+ { _, v) }& w" U
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: T1 `3 t# D c+ h1 kQuestion 98
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( {& R9 [/ i0 V5 nWhich of the following statements about embedded call options is most accurate?
+ a' I0 q# K* g3 h2 S) EA) The call price acts as a floor on the value of a callable bond.. f: @, b, `8 F# _# M8 v ?( u* }6 i
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.7 p+ A) E0 ?/ r2 J1 {. R
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
, F* z4 q, Y {, ?D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.0 ]8 z1 J6 d& }' F
6 i. Y. p+ ?% S5 y. x答案和详解如下：. E0 ~2 |+ l/ v) N' {' `3 N8 c
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Question 99. ]! W' P, S: _+ e \! M2 @. v
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:7 e2 e3 F2 z4 a0 ?7 R! l
A) 6.5%., n( D4 O7 I& w# U- T8 f. g5 E
B) 7.4%.6 f0 i9 y4 L1 k$ A5 T& o; u* G
C) 8.6%.: @. z/ c- x% d) }# r
D) 8.0%.
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* N8 t$ q5 ~- V: `- A答案和详解如下：( V6 g6 W; q" y8 Z* h& I5 m6 l( B
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) B# J g9 w5 _Question 100
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' g0 p( A) K; @' ^: QAll other things being equal, which of the following bonds has the greatest duration?
* X7 z" V+ M. z4 VA) 5-year, 8% coupon bond.$ k# k8 J' y+ G4 {8 ]
B) 15-year, 12% coupon bond." J- Z, M4 m# p K& E
C) 5-year, 12% coupon bond.: u# ?% {6 ~3 c) R8 t) X0 W! L
D) 15-year, 8% coupon bond.5 H* z; O, ? O
9 r& b) \ Z. {, E( U0 e8 [% Q答案和详解如下：
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发表于 2015-7-21 08:59:22
