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Question 965 F: q, W* s* }. ~) L
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Gourmet and Company has the following information:5 v3 f5 p4 z3 L) P2 t ~$ C4 R
Current market value = $250 million
* v8 y9 s+ p- v0 _( A4 X' UCurrent book value = $225 million K% t* _; ?7 N4 g
Sales = $750 million
E. k) C5 o/ O" [0 r3 m1 G. mEarnings = $75 million
_/ \7 _- O1 o% s7 ^* _Cash flow = $125 million, p2 k+ N: X# E' q1 K1 v
Stock price = $7.50
) C6 F) W: W' rWhich of the following statements regarding Gourmet and Company is most accurate?! t& I1 T" ^: m; _. O, E4 j6 j
A) The price/book ratio is 0.90.
/ d5 w. H w* }B) The price/cash flow ratio is 0.50.
/ T' F/ Y. o2 G, \) Y9 P) WC) The price/sales ratio is 0.33.' h% |3 f: F2 \+ S( j
D) The price to earnings (P/E) ratio is 33.3.7 Y R, t4 x. ~
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答案和详解如下：
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Question 97
$ O: x! x5 v1 k& v4 vAn inverse floater is least accurately described as a floating-rate issue:; z0 I! [: F9 _
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
8 C5 B' m+ N) q# E* VB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
1 M# ~& V* m# V |1 H- U. PC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
. x: F2 _9 I: g- v ^3 u8 h, rD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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答案和详解如下：" Z, I) D) a6 C& V
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9 v; {+ c B) {. n5 h7 ~Question 98& j+ }7 ^( L* N( ^% ?& H; |9 ~
9 N9 k. J! x9 {- u: u2 i1 h" QWhich of the following statements about embedded call options is most accurate?
& A8 n- I; U0 W wA) The call price acts as a floor on the value of a callable bond.7 p) T& w! ]+ Z w
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.
/ b1 z4 D7 _ Z/ p/ k: A7 i) m& b: g, [C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.% |/ [5 }+ R/ z( u
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond. @/ S% x: x. R! U
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答案和详解如下：7 G5 v) f0 z2 G6 O6 B% C
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) ]) _9 e6 ~9 W; R/ {8 IQuestion 99, b( Y; [8 m! k' |
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
+ T, D( e$ J7 Q/ r' o, LA) 6.5%.
6 T& t5 C+ c0 R2 j" }- D; P, F; GB) 7.4%./ Q8 z0 N! z4 A4 \" s8 B
C) 8.6%.
$ P( U8 D: G9 f9 }6 R; lD) 8.0%.
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3 u0 y3 \: D" P3 c- S答案和详解如下：
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, H* Q2 G/ Y+ h. ?; _+ K; ~Question 1000 W7 t1 a. Z& ]0 F+ S3 H7 v
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All other things being equal, which of the following bonds has the greatest duration?
: ~' R; {/ o! Z3 d0 kA) 5-year, 8% coupon bond.4 M6 _; n% s4 M4 k9 V
B) 15-year, 12% coupon bond.
- y H0 A- T( A$ F/ QC) 5-year, 12% coupon bond.
! u# N" A3 t" zD) 15-year, 8% coupon bond.
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/ p8 b# ?/ O. n9 p/ S) K* P7 T9 h) O4 x答案和详解如下：* N) ^7 a" O6 y) _; m3 z7 D* @) S! h
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发表于 2015-7-21 08:59:22
