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Question 96
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Gourmet and Company has the following information:) T! e i t( Z1 [
Current market value = $250 million: Z: _! ?0 {( Z* D k: W( K* g
Current book value = $225 million# Y Q$ t' z8 a$ O' u$ Q8 C5 N1 o
Sales = $750 million u) y$ ~/ B5 i; T0 `
Earnings = $75 million
0 [/ K1 J( H6 M3 D' c9 v+ u; aCash flow = $125 million
7 Y4 C* Q/ y( a7 O+ t$ OStock price = $7.508 p2 F) Q7 \, z+ w! {! j5 n0 R. A
Which of the following statements regarding Gourmet and Company is most accurate?
4 b3 q+ I2 x% `$ L7 QA) The price/book ratio is 0.90.4 l: {2 }* \5 _( w1 R- J
B) The price/cash flow ratio is 0.50.
* u" N) O+ s* K# DC) The price/sales ratio is 0.33.' K8 L- h+ E6 n/ C$ _7 _
D) The price to earnings (P/E) ratio is 33.3." a/ L- l1 U" ^1 G5 V0 y
' w8 p6 }; q9 r2 l答案和详解如下：1 n& m: b9 c8 x) R. P
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1 @1 n& i; Y) D7 F4 p6 JQuestion 97
; [9 [( f5 ?# j' i4 ~( EAn inverse floater is least accurately described as a floating-rate issue:4 a w$ d0 ^2 ~% |2 I
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
# ?. f# z3 l+ F" k; TB) that may, under certain circumstances, require the bondholder to make payments to the issuer.6 `0 l6 X& b6 k3 A0 [3 Q8 g
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.2 S: }: l8 K+ J4 y+ e! Z5 \; T4 ^
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.( r7 l/ C9 W# l9 l' ]
( @- J3 Q4 r: R答案和详解如下：8 O/ @1 F2 E% ^) v' q
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Question 98
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, Y3 k0 h4 K: NWhich of the following statements about embedded call options is most accurate?% Q- p! d' h$ q% @2 w
A) The call price acts as a floor on the value of a callable bond.0 ^" z; a* s# J: d" ]/ m' k4 z% U
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.9 T% F4 k5 ~2 V% w
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
! D: o/ C |$ q9 xD) 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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Question 99
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, T3 `, ^" s- @; j+ o9 X ]A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
}. k7 _# @8 y/ ~- j: ~A) 6.5%.( U4 \$ d, q1 q* D
B) 7.4%.+ o$ P p( @5 D" _/ z
C) 8.6%.
! ]3 n+ |6 i+ c& y$ ^D) 8.0%.
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) {' c4 ^" K% l$ J- D5 [答案和详解如下：+ _' _# M/ m, M' y; B/ y, p2 H
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8 N+ b! X/ ], `! ZQuestion 100; M. u* k+ |7 Y
0 D- \" C! t' p9 l* ?) ~. x# p8 wAll other things being equal, which of the following bonds has the greatest duration?( ?4 @/ V2 g3 `6 ~. \
A) 5-year, 8% coupon bond., V- N N: A# \5 b
B) 15-year, 12% coupon bond.
" ?4 w$ z% s; l' aC) 5-year, 12% coupon bond.* }: o5 c( A: o7 M
D) 15-year, 8% coupon bond.6 B5 n0 n+ _8 b$ D+ t/ {! M
) @ c. F' v; h1 V# u+ c$ A答案和详解如下： n6 T8 F" x5 D
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发表于 2015-7-21 08:59:22
