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Question 96
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0 G$ q0 D4 A/ A7 g- a+ hGourmet and Company has the following information:8 k( O" E( V: J0 \; y
Current market value = $250 million
$ y; w0 \+ B: ?6 y8 e9 wCurrent book value = $225 million
' x, G* W2 d8 D0 u4 j& c) z BSales = $750 million
1 R h, N% Q+ G$ QEarnings = $75 million
+ H2 x+ y2 r# e2 M, NCash flow = $125 million& w1 D T# w; U* t% D# C
Stock price = $7.50
$ a. G7 b+ I, m* N4 w. ZWhich of the following statements regarding Gourmet and Company is most accurate?
# ]9 r/ ]% r0 \! v7 y, dA) The price/book ratio is 0.90.1 T- u% P$ }0 G6 \7 \. F/ m
B) The price/cash flow ratio is 0.50.- P& D0 \9 }& e5 e$ a$ { h$ ^
C) The price/sales ratio is 0.33.
) I4 k$ x' R: y1 pD) The price to earnings (P/E) ratio is 33.3.
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" L3 q3 p+ W' T- l% N# X& m答案和详解如下：
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Question 97
( k4 d) e0 U) B, S& f. g" C1 wAn inverse floater is least accurately described as a floating-rate issue:% l- o. b) n( \' n0 a; U
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
" V# [2 \& T0 Y- l! [) BB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
$ `9 V# C6 x5 [7 ^1 f GC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.7 {' M5 ?1 r5 P2 f5 K
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.) _# K5 y; S5 j6 a, W
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答案和详解如下：
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Question 98+ F. s6 B3 r. k" E/ b
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Which of the following statements about embedded call options is most accurate?3 U% q: N0 L8 q1 `) C# A4 {
A) The call price acts as a floor on the value of a callable bond.4 y/ O, m) @9 _. K8 ^
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.
" g& U% X `, C0 l" z5 sC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.1 }8 ?, p8 D. I( ] Z0 d3 a2 |
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.& [) ? L/ K9 z
, h/ m* ]+ j: y8 w: J- F答案和详解如下：
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8 }# |" U, C9 P) j$ @" U/ w2 FQuestion 998 A, o* r) \+ w" H. Y( F$ [
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
+ \* F z; u* }8 |3 [A) 6.5%.
0 G, q5 Z7 Q4 Z, k. `6 QB) 7.4%.% s5 K1 C; j& V# _
C) 8.6%.+ Y. P: \. L4 l" Y
D) 8.0%.* t# l* g* Z7 R& p4 N# i
# x& y9 Z, Y' L2 W3 e m答案和详解如下：
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Question 100$ j; ~( f0 X7 u; H: T8 f
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All other things being equal, which of the following bonds has the greatest duration?
, H3 E+ ~+ a4 D8 [. LA) 5-year, 8% coupon bond.
( O4 R' u( q+ O( E( n: gB) 15-year, 12% coupon bond.* @, n) ] Q q) z
C) 5-year, 12% coupon bond.& {- N" o& h5 n( j) K }% G2 g
D) 15-year, 8% coupon bond.
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答案和详解如下： d% \: |, q0 c! w. y6 p3 z
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发表于 2015-7-21 08:59:22
