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Question 96
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% k1 ]! H5 c8 M9 JGourmet and Company has the following information:
$ J, A" g! M+ ]7 h$ \9 ICurrent market value = $250 million
1 Q' {0 C. o7 u% y- YCurrent book value = $225 million
; F7 A# E: \ d1 pSales = $750 million
% k: F1 q& X3 i/ {! ]Earnings = $75 million) _6 \+ f" T* k; [+ p( b
Cash flow = $125 million
3 C* {1 E% j- P# W6 x6 |( gStock price = $7.50* x1 n3 Z/ l8 a1 b; t. J
Which of the following statements regarding Gourmet and Company is most accurate?2 C- m" \: B/ g. C6 r
A) The price/book ratio is 0.90. S; M& c- [& T
B) The price/cash flow ratio is 0.50.
. F6 Y/ _ ^# C2 t- fC) The price/sales ratio is 0.33.
0 h" z4 W& T% s; C; R9 g. FD) The price to earnings (P/E) ratio is 33.3." k: @$ e; ]3 Z, g/ N- L
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答案和详解如下：7 d) b; t5 Q) u+ G `
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Question 97" [: U: L: V9 n0 z" |4 t: N
An inverse floater is least accurately described as a floating-rate issue:
0 s5 h( {: W- R, R0 q" \, R1 SA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
) W" l6 i5 c) F' T$ C& a9 w, I+ dB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
" s+ l) p8 W, vC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
4 p% U# ^9 ^0 U( g& q! S# U- ED) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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答案和详解如下：
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4 V' f. C" K; C) ^! N( t EQuestion 981 A; B! e: [/ j. e1 R, \& Q
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Which of the following statements about embedded call options is most accurate?
3 ]6 G7 B3 O1 j9 k" a ?A) The call price acts as a floor on the value of a callable bond.
# f3 O/ A: N1 GB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.! W& a0 G o, |
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.5 k& `( e2 j0 f) a, I) }; l
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.( E# i1 [- [- a6 h8 {* A$ r
! P5 N1 i2 Q& ~, j/ h0 S6 z$ x答案和详解如下：
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Question 99: i0 S( H; G7 c/ i
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:( [3 x- n4 @% m" O* H6 G Z3 K7 S$ {
A) 6.5%.
) P/ _8 l/ W( HB) 7.4%.
# [! I$ }# C0 t( b- M( \C) 8.6%.+ N* z" R! Y7 @2 \8 P3 V
D) 8.0%.' y' p( W6 C* h
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答案和详解如下：
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5 H( H2 g( i0 m: J1 |Question 100
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: s& L: v% }* @ CAll other things being equal, which of the following bonds has the greatest duration?3 \- D+ b+ v4 `5 j% \
A) 5-year, 8% coupon bond.
0 s% u. e4 B$ ~B) 15-year, 12% coupon bond.8 d1 Z5 E8 i, D5 q* c' ?, {9 S
C) 5-year, 12% coupon bond.
6 A1 P6 i2 z1 B& W) \D) 15-year, 8% coupon bond.9 P+ L9 F |& h7 O
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答案和详解如下：3 B# _4 w0 O1 h0 ]8 V9 e/ M
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发表于 2015-7-21 08:59:22
