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Question 1010 ^' M8 x; v8 c! k5 w, g8 J, s, H
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Consider the following two statements about putable bonds:
; k2 t* j$ d& q, X$ D# D- N% c tStatement #1: As yields rise, the price of putable bonds will fall less quickly than similar option-free bonds (beyond a critical point) due to the increase in value of the embedded put option.' H7 z5 U& H( p: ^; p8 L
Statement #2: As yields fall, the price of putable bonds will rise more quickly than similar option-free bonds (beyond a critical point) due to the increase in value of the embedded put option.2 \- g c' }4 v' }: X/ b
Are these statements correct or incorrect?: }+ K Y6 v s+ ?6 u
Statement 1 Statement 2
! @- N5 E0 a) V. `! g' s- E @8 @A) Correct Incorrect* |0 z& Z) c' s% e& \
B) Correct Correct
" N; D R* F+ D6 I4 G& jC) Incorrect Incorrect
) `5 S9 Y9 a6 K1 c2 M: s' g# bD) Incorrect Correct p& ?0 B8 r2 M4 p+ W
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答案和详解如下:
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$ i; m( \, p0 O4 y% d! k$ _Question 102; F+ l0 d" ^5 y$ T6 q; o: E
( K; w3 o0 k) B
Jane Walker has set a 7% yield as the goal for the bond portion of her portfolio. To achieve this goal, she has purchased a 7%, 15-year corporate bond at a discount price of 93.50. What amount of reinvestment income will she need to earn over this 15-year period to achieve a compound return of 7% on a semiannual basis?4 ?' W" B4 d& w2 i
A) $624.
5 |% ^+ V4 v1 w8 a9 H7 I% v3 J6 m, i8 l6 [B) $724.6 Z! O; b0 M9 r
C) $459.( E( O- c) l- L7 X9 l3 {
D) $574.
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答案和详解如下:
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6 p" |8 T* [/ \9 ~# lQuestion 103
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Pam Williams is evaluating whether she should purchase a particular bond. She is primarily concerned with the effective duration of the measure. The bond is a 15-year semiannual pay bond with a 9% coupon that is currently priced at $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:# Z7 O0 \7 Y9 n
A) 12.25.
9 `8 c' m$ I" W; {0 KB) 8.41.6 l( u7 `& a/ r1 ~7 I8 C
C) 7.42.
) W2 e) N: H/ ~6 | KD) 9.53./ d1 b, v; c- J7 ^9 x! U) W
+ e, M* J8 j( [+ U答案和详解如下:* |* B& n& S# t; v' {
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' X& I; z$ H3 i4 m. NQuestion 104
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The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
+ n# C2 A% ]) j5 [' Y5 v% rA) market segmentation theory.
$ F% i; Y7 Q/ x) y! \8 _& MB) preferred habitat theory.5 V$ O: x/ ?$ B
C) liquidity preference theory." w$ S3 X0 h! N% C' N4 ~
D) pure expectations theory.' ]2 H& A1 A4 H+ S0 ]5 T- O/ J
6 M/ h' i" a+ j' Z6 {: T答案和详解如下:
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2 h& G/ O: h- J A9 ?0 f0 KQuestion 105
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
* z# a2 N- [, X4 `A) increase by 22.5%., a9 U3 ^2 a1 [- b
B) increase by $4.00.; l; I& Z+ k3 u0 s4 a
C) decrease by $22.50.
& P" o5 G0 \1 l1 p! m3 A) Y% I: PD) increase by $34.00.* N# r9 x, T$ |" n! P% \5 P
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答案和详解如下:
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发表于 2015-7-21 09:02:51
