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Question 96
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: d$ _) w5 Q9 z3 r$ ~, e5 tGourmet and Company has the following information:# w( U$ @$ G6 ~% ~" W
Current market value = $250 million9 U1 E `8 ~3 _7 N" F( k
Current book value = $225 million! I1 x( t- Z+ k# O
Sales = $750 million
/ D6 m/ D+ W1 s; F2 P9 yEarnings = $75 million# q8 @6 i: ?( ^0 c" f! a
Cash flow = $125 million; A. Y/ R" p$ q( Z$ ~, @
Stock price = $7.506 V+ A6 y" c. b
Which of the following statements regarding Gourmet and Company is most accurate?
! u. {8 M1 ]( O8 ^; v/ oA) The price/book ratio is 0.90.* M+ W7 m0 F( A
B) The price/cash flow ratio is 0.50.* m# u4 z% j2 m* h% R. Q9 o8 U Z
C) The price/sales ratio is 0.33.
5 b9 z0 H. L& y' xD) The price to earnings (P/E) ratio is 33.3.3 v, H& o# E! {9 Q+ w: q% e
' [, A. r% S0 E7 `答案和详解如下：& J) G9 }/ E0 l' v- q8 n
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Question 97# {: }0 x4 s/ ~3 h; y
An inverse floater is least accurately described as a floating-rate issue:- }; N% L' b7 w) L
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase. Y4 t; B2 e6 r7 { I# E
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.% {" @# B3 c8 [2 R
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.$ y: s" Z7 [ F9 P. o, o
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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. L) s5 i, d6 u' X答案和详解如下：1 D; m8 d/ v+ t- f8 I$ z" r
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Question 986 \0 l3 i* T+ y8 ~8 N5 P0 o$ n
: V7 k/ Y1 D2 u4 @& wWhich of the following statements about embedded call options is most accurate?+ F; @* Y. V; z% B
A) The call price acts as a floor on the value of a callable bond.
9 h* K- N. E; U$ hB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
- S. ^. i5 m) k, j6 t* zC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
. J8 }7 ?6 {( g. q E' [0 h. K$ qD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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7 F: R8 i1 v- {' k) z答案和详解如下：
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Question 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:- }, a0 `8 w5 t. v/ ]' J
A) 6.5%.1 M* O; l9 t9 v+ J& s5 ~
B) 7.4%. r0 u7 @8 }1 E; B( _! [
C) 8.6%.) Y! ]. X8 z2 d- n5 I. E
D) 8.0%.: b+ _% M# @5 ]1 _$ x
/ v @# ?* K7 @0 k答案和详解如下：
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Question 100; C0 e. v7 `$ I9 V' W9 p5 N
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All other things being equal, which of the following bonds has the greatest duration?
# v' Y# a# e7 @$ K( z* b {' aA) 5-year, 8% coupon bond.
& w3 ~: l) u! I, z4 g2 [) p! x8 T) tB) 15-year, 12% coupon bond.6 O; K$ i Y6 k$ }
C) 5-year, 12% coupon bond.
" w4 s3 b( e b. k0 J& l# ^D) 15-year, 8% coupon bond.* Z& d5 _" p; t5 c( E( \
, H/ z7 s) C+ G* c答案和详解如下：" |) b4 C5 v! }6 P( Q/ V, [+ k9 u
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发表于 2015-7-21 08:59:22
