|
|
Question 96
& d4 Z. Y0 i x1 K2 O3 p2 H2 p
/ j3 k, N# h. ~" R& ? UGourmet and Company has the following information:
7 ?% x v# M9 q! E. SCurrent market value = $250 million/ y8 A+ ~* r$ h
Current book value = $225 million
* V6 e" \: o- ]- {! Y- d$ a9 ^Sales = $750 million' ]# _0 A$ p% K8 _* N" |
Earnings = $75 million4 ^+ f% `% C1 N; j* a2 Q
Cash flow = $125 million
5 I+ ^8 S4 |/ LStock price = $7.50
4 s. ~! y9 h3 T3 VWhich of the following statements regarding Gourmet and Company is most accurate?
( F4 C1 ]( _' b/ }" jA) The price/book ratio is 0.90.
( X% N8 D Z: t, \" C& DB) The price/cash flow ratio is 0.50.! I% N( t/ o' f( K8 x/ i
C) The price/sales ratio is 0.33.
) g6 r/ C% i! `; z% x2 b0 BD) The price to earnings (P/E) ratio is 33.3.
) Z" _' E! J& o& n
! \% t; ?$ U* z3 k9 `答案和详解如下：- M/ A: O! g% o" k4 o
: ^8 S# a* k4 [8 X, w1 z
1 {9 A8 V5 F) m f+ |Question 97
, z; `' v. _8 Y1 UAn inverse floater is least accurately described as a floating-rate issue:" W2 N3 A7 D- f4 a5 k% F
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
2 ]" h* o) k* ?B) that may, under certain circumstances, require the bondholder to make payments to the issuer.6 z2 z) ^+ @+ S- f
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.( u! R- }7 d. k- I0 n7 X5 S
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
+ x2 T P4 K; n. ]5 ?
9 J2 s& e- t& u @" J5 P答案和详解如下：
, N x+ X$ x0 K3 S8 X
" R- Y5 I* t3 X+ M8 D& q4 E" L: H3 E9 z" E
Question 987 Q1 @3 m) L/ f4 s6 a& x
+ H4 y6 I+ j$ m# r5 V$ X! hWhich of the following statements about embedded call options is most accurate?# Q( o) z+ d' {. j& \
A) The call price acts as a floor on the value of a callable bond.& J6 b. p3 e0 S/ e8 A% r
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.6 L' B* { h* k3 e* d: \( x
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
9 z! R8 Q2 z, X3 AD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.2 c% n+ e# k" m% v5 v( a0 f6 L2 d
- K& x. V: J& G2 {/ W& E答案和详解如下：
$ Y# L; z" G& `2 X9 k* |6 @ a c6 X' \2 p* G7 }
4 j9 E& j! z. I6 pQuestion 99& u! J7 x* V0 e, E' [
" g% {/ \/ E; d- D) u& i9 y
A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
- h9 W- y7 M7 Y ?9 fA) 6.5%.0 l3 u: a5 ~* m
B) 7.4%.: y; J K1 \% }0 ]0 X s4 c
C) 8.6%.5 o) z Z0 I( w( v; U
D) 8.0%.
( T1 J* q! F( C9 L4 H3 L, d0 x; {3 }1 Y8 Q8 m# R( D$ Y s
答案和详解如下：; [6 q( }8 E/ ~6 O( j
9 n1 G, s6 w$ K7 m( p9 V2 {* S
- [5 B: M" k$ o" ?) EQuestion 100
& |# v3 }$ s0 I' q0 k- B, r9 h" }+ U, e; o$ C# Y& r
All other things being equal, which of the following bonds has the greatest duration?+ Q& r% O3 `0 M" J/ I
A) 5-year, 8% coupon bond.
5 i9 [' Z4 m& n( O) _; b/ BB) 15-year, 12% coupon bond.; x% @5 @+ |5 ^
C) 5-year, 12% coupon bond.
, @$ Z% o+ U! }; d3 n4 \D) 15-year, 8% coupon bond.4 y) f9 S, o+ g" c
. n2 s' }: R9 _" Q0 f0 h
答案和详解如下：9 E6 D( ~- j7 k# e2 b7 W) p+ L0 [0 b7 P
|
|
发表于 2015-7-21 08:59:22
