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Question 101: V* v: m8 M5 x- g {
' g4 e3 D/ k8 jConsider the following two statements about putable bonds:
" S( v5 ?+ ^0 aStatement #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.) r0 J0 [! S( |. M: [7 h: d9 Y
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.( D4 F& F5 O2 _+ P B* o; G" W
Are these statements correct or incorrect?
8 J- C8 _5 }3 c5 y' l8 z Statement 1 Statement 2
& n& N+ |* e! ~7 ^3 K1 XA) Correct Incorrect! ~- U m* A2 y$ f
B) Correct Correct+ x7 {7 B/ ?6 w) a D o% q/ d$ i6 s
C) Incorrect Incorrect' v' v" @9 H) P n0 Z. B* Y. P. C1 Q9 I
D) Incorrect Correct
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: k' |% j( z& C3 G4 K答案和详解如下:) d. l1 |9 y, b
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- R. d9 Y! k/ N" ^( h. t4 wQuestion 102
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; s9 U' g. l6 I/ kJane 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?5 F' D3 I C1 G. L Z8 c: u3 s1 y1 a
A) $624.# I1 A ^' w7 U* S! X
B) $724.1 { k9 r. l7 B
C) $459.. n. d) U7 b* K& m0 f/ Y" K
D) $574.
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' H( d2 d* M! _# i答案和详解如下:
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Question 103
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! s/ r4 g1 l* a5 ]" l1 @3 `( ~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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:% [" X N2 N+ P. V/ \
A) 12.25.. q5 A4 m7 s4 }6 B
B) 8.41.
! W* }# Y; j2 q. zC) 7.42.
; b1 f* d e P1 C( K1 R$ pD) 9.53.
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% w# R5 @% R& ~6 L6 Y答案和详解如下:4 d2 j) e( c& [& l' ~
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8 j* W" P" |# C1 x! ?8 M% yQuestion 104
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( F: t+ N$ V9 ]: }% jThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
) l% j; g6 h* N& _$ K$ ~9 HA) market segmentation theory.
# J8 P }5 `& _B) preferred habitat theory.4 k' W+ i$ U, B- x9 U$ b
C) liquidity preference theory.
* f9 p8 U" L% O3 z2 _5 J' ?- `! SD) pure expectations theory.$ _9 Y2 H) t7 O% t7 s
/ Y4 Y$ @+ c* s/ r答案和详解如下:1 c( |, `5 g; ~8 G2 z9 m5 |0 P
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, V, Z( [ t C. Y$ [) G3 @Question 1053 o9 b- o# e0 n4 B
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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:7 o6 p; t3 A% }8 `5 \
A) increase by 22.5%.
" b) o* F8 F; Z1 M# |6 oB) increase by $4.00.
, m; q9 C, h' wC) decrease by $22.50.
! {# k9 U; X! y: s/ `D) increase by $34.00.0 D: p# f) e7 y; ]+ J
1 B6 l, P0 B9 H L$ S答案和详解如下:
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发表于 2015-7-21 09:02:51
