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Question 96
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; ]9 u4 }& j% F& ^8 _Gourmet and Company has the following information:
6 l! t# z$ A" m' y( vCurrent market value = $250 million
* R- j! k" C. t n9 TCurrent book value = $225 million# g, h" M/ k5 i+ u# @
Sales = $750 million
% C, f7 n6 n: b3 g7 W/ [4 j. fEarnings = $75 million2 m% a( M+ ~! v7 i$ I: u4 @0 \9 Q
Cash flow = $125 million; q1 v+ m6 }+ \8 O* _0 r7 K
Stock price = $7.50
+ R$ V( L( |3 K, u' VWhich of the following statements regarding Gourmet and Company is most accurate?
, B7 S0 d5 C+ w0 ~. V5 ZA) The price/book ratio is 0.90.
4 w8 N) w" w$ W; Y4 u) I ~B) The price/cash flow ratio is 0.50., |# N: _. `) _1 @4 w
C) The price/sales ratio is 0.33.% f' C) ^, P: g# b U6 \4 i _+ q
D) The price to earnings (P/E) ratio is 33.3.
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2 p# G# e; ^9 v* v7 O6 O答案和详解如下：9 a3 t: f/ {& P/ F; Z3 A, G- X
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+ T$ Q; V9 x0 \5 ]% R& IQuestion 97
8 v" o* p( }8 t6 YAn inverse floater is least accurately described as a floating-rate issue:
# v5 _+ w l6 I* A; w3 UA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
2 _& U& q% O- \' {. G) P1 fB) that may, under certain circumstances, require the bondholder to make payments to the issuer.0 S& ~" d9 X: }7 O5 c
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
5 @/ l7 Y+ f, n1 \2 w' D$ Z. b; OD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.8 d9 |& Q. |$ J# B) |/ p* X
7 ]* o- _' y" K. q/ z* u/ k答案和详解如下：
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Question 984 P# Z, R, |1 g8 i) q% E
" P8 \2 J$ C& I$ }$ v% m: I# b+ WWhich of the following statements about embedded call options is most accurate? A" u! e+ B; |* J5 c F
A) The call price acts as a floor on the value of a callable bond.7 z6 j4 b6 U3 N) d! Q$ _
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.
) v* p& _1 G+ R1 v) [C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
; ? f, t! R0 B& w$ z# B: K: ]! E7 sD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.- k; _5 {( F6 ^ m( l. e( v
7 v+ K- w. y0 z; n/ a% P+ j4 y答案和详解如下：8 i( J" i Q' k) z% g! u% R1 [( @! ?4 f
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Question 99. p+ q! Y! ?0 |( f2 j7 ?+ G8 j4 {
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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:* O9 ?. P% E% f0 p
A) 6.5%.
( G7 `9 C4 C5 e+ P# {" PB) 7.4%.8 f; @/ |# A4 S8 p5 p1 M
C) 8.6%.
# e3 C5 T/ a( c* R. [0 rD) 8.0%.9 G, k: G7 J& e7 \+ k+ k8 R! _3 |
% l2 n N& T- {* S- O; ?( R答案和详解如下：
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Question 100
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All other things being equal, which of the following bonds has the greatest duration?2 e+ j4 R2 r0 o5 ^ i4 F
A) 5-year, 8% coupon bond." w, Q0 t- n, M; I3 j5 d5 m' K
B) 15-year, 12% coupon bond.; g9 C3 C1 f9 z4 N
C) 5-year, 12% coupon bond.3 U. W; |/ Z6 L& L
D) 15-year, 8% coupon bond.
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& T' I0 K2 `6 U: u0 m答案和详解如下：" M8 L! P3 }7 p& @, p& a% o6 h% c/ J
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发表于 2015-7-21 08:59:22
