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Question 96
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$ f# q$ C/ z1 E. v3 t1 JGourmet and Company has the following information:
6 Z4 H$ n C1 B' ~) ^- W2 S; sCurrent market value = $250 million
8 f. s( v3 j3 _Current book value = $225 million
% @, d* L( i/ n! n) }Sales = $750 million
) j6 C+ i! V% z& n5 x/ m5 O VEarnings = $75 million
+ r& F: c% `7 F/ NCash flow = $125 million# M. s9 x( k: |/ ]% U
Stock price = $7.50$ A% G: t. h* A3 D; a! v* L
Which of the following statements regarding Gourmet and Company is most accurate?
8 ^- I7 w( N3 [& |A) The price/book ratio is 0.90.( A* S0 c Q' m W2 _! r8 c
B) The price/cash flow ratio is 0.50.( O, {( g; q+ z/ m: C! G/ m
C) The price/sales ratio is 0.33.* q! O: k# i+ S
D) The price to earnings (P/E) ratio is 33.3.0 P$ ^% k6 D/ N
. _) V5 r5 h7 g. i答案和详解如下：3 S# ]4 y& [- g
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Question 97
: C# x$ m z" q- h6 C& q5 HAn inverse floater is least accurately described as a floating-rate issue:
$ @8 O& P. [! E; A" WA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.% T x. ]9 L% V. ]5 _6 v
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.! @4 c# C o& {- {6 {) T8 a+ \
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.; X+ c+ f9 u; T& K% g, Z) O+ v9 a
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.& U( t: k, S( @$ p6 I5 j' J
4 @ k7 l6 H% c. I答案和详解如下：* K- |: x/ U# A/ U
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Question 988 J& @; t \5 M' d; }$ T
; ]+ m4 I1 @1 ^* b0 ^Which of the following statements about embedded call options is most accurate?3 V( R4 A, Z- J0 r" M- E
A) The call price acts as a floor on the value of a callable bond.
& u. [, A2 G' U. F; a& [6 \* fB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.% Q1 F' F) A$ S# d+ q
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
N* o. |; U+ SD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.6 u0 E: \/ `! x# P; c3 O
0 D, t0 r2 z3 k8 {1 ?1 R答案和详解如下：: B, k. A" e% _, Q5 X6 W0 J
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9 M' a6 f0 _$ u/ vQuestion 99
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! X1 `2 ]8 a8 M( T' B0 a! o# b6 SA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:9 Y( V' Q1 p! v& C4 y
A) 6.5%.3 g8 E4 n' r) T. p7 w2 {) w
B) 7.4%., S* U i- @: b3 }) ^4 v6 a
C) 8.6%.
2 l2 d' O# y) [ H$ G! YD) 8.0%.
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; i# I0 {' o& t& A4 c2 R) t答案和详解如下：/ p1 v5 @% J* D" e, a8 `% u6 V
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# h! O* E7 s. }* m7 n; WQuestion 100
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8 p' \! p7 E3 l8 D# w6 y3 w0 { b+ u1 @6 ^All other things being equal, which of the following bonds has the greatest duration?0 }/ I/ q. I( P
A) 5-year, 8% coupon bond.6 x1 ~ F$ d- k
B) 15-year, 12% coupon bond.
, J3 q6 ]( p# o; P0 A: f; XC) 5-year, 12% coupon bond.. H4 D$ p, R* Y: I$ `# {
D) 15-year, 8% coupon bond.+ Z2 t/ d& B) c4 P
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答案和详解如下：
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发表于 2015-7-21 08:59:22
