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Question 96
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6 E1 X8 K+ ?6 eGourmet and Company has the following information:
1 C4 L, z2 f7 p" J$ zCurrent market value = $250 million% |5 y& {/ u) ?4 S K5 R+ X4 ~) d
Current book value = $225 million
( \6 m" V4 X. g- S5 f7 RSales = $750 million
: T) S1 z$ m* u5 H; t& GEarnings = $75 million& {0 ?1 ^' B' V& f5 Z( W
Cash flow = $125 million
- |, m+ Q3 |( ^Stock price = $7.50) m0 q7 j2 C/ Y& O
Which of the following statements regarding Gourmet and Company is most accurate?
2 L8 Q/ k: w% y3 k( L# P& FA) The price/book ratio is 0.90.3 d$ I( n5 W: T0 m8 o: Y7 j
B) The price/cash flow ratio is 0.50./ `( o; m' |4 o* T9 w D& ~: [' f& n
C) The price/sales ratio is 0.33.
. V$ z, r3 ?, h9 H0 I$ r& ^D) The price to earnings (P/E) ratio is 33.3.& B6 h" U: m% D C2 X; {
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答案和详解如下：; R5 a& c5 M$ }- C' m' b6 ?* F% L
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Question 97' H7 c C# T9 f' ` u' F
An inverse floater is least accurately described as a floating-rate issue:
# P2 I' G8 y; Z* p% IA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.2 @% J1 b5 ]; j- E# b4 J9 f
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
; I, G/ l# s: ^C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
0 T. N" K# n; o0 @. sD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.2 l/ A, }8 U; D2 I
$ {- n: Q }# i! q( k答案和详解如下：. T1 v# X1 M) f8 P0 y
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: H6 p, F2 _: r6 ^Question 98
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3 r( q8 ?' K; AWhich of the following statements about embedded call options is most accurate?5 T! I3 F) H$ k' _9 X
A) The call price acts as a floor on the value of a callable bond.+ U J9 i. R. P
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.
& a2 v# Y1 Y2 D! q8 y2 b; s4 f. t& s% o IC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
; A0 T5 ?( z! a' D& Y' `$ \" I+ VD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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答案和详解如下：
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2 ^ c( A% H- }! L0 h' g% L: h% E l% uQuestion 99% X1 s5 _+ y# ~& y X8 r
& P1 M2 G* l8 T$ ^; W6 kA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
' T, ]) q$ z, R- ?! A( ~A) 6.5%.' m B# \1 T- k2 {) Z$ W% ]0 |
B) 7.4%.
/ e; U/ ]' H9 r0 }& E" AC) 8.6%.2 |4 X; A7 j. n2 ]+ [+ W. e
D) 8.0%.
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答案和详解如下：0 y, j0 o# a7 h& u6 j
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Question 100: u0 O# \7 D, H1 H4 H
$ V1 [' K% l. _ v2 ]# [. `- z) l1 `All other things being equal, which of the following bonds has the greatest duration?) _2 W. j, ?, k( ]+ u! {: N; S
A) 5-year, 8% coupon bond.
5 M. A. U# m( |* m% A1 w ?, PB) 15-year, 12% coupon bond.
( I% a$ V8 n5 _' R/ R$ j& Z0 V+ rC) 5-year, 12% coupon bond.
9 V# W) }; D* F7 a% n% T2 P, dD) 15-year, 8% coupon bond.
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2 \) [" C3 x# E* N' H, Q: T答案和详解如下：, J9 Q I, t5 W
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发表于 2015-7-21 08:59:22
