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Question 967 X4 U! I+ `9 K) x+ v0 ]4 b
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Gourmet and Company has the following information:& T& g4 b" L( T7 F- y9 B# c
Current market value = $250 million8 Y* e3 h4 K9 u V e$ N
Current book value = $225 million
9 A5 z' O4 j. R* E9 V3 ?4 SSales = $750 million
2 F* L) q1 {* y* H9 vEarnings = $75 million
( f# O: Y7 k5 x' zCash flow = $125 million
5 J: M! D* Y! Z: b* }5 `! N9 f$ dStock price = $7.50
. s5 s# U a- ?0 j+ I- q5 jWhich of the following statements regarding Gourmet and Company is most accurate?
( g' ^: V2 E; `2 lA) The price/book ratio is 0.90.
6 j* q# F0 }/ j9 j* r( UB) The price/cash flow ratio is 0.50.
% W% e& _- D! w* m& \( Y7 m WC) The price/sales ratio is 0.33.% s1 t) H2 ?* n& T x1 j
D) The price to earnings (P/E) ratio is 33.3.
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/ Q. H3 h: q' Q# m& ~ ?+ r5 `! p答案和详解如下：
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& e. t$ Q6 V7 ]/ _2 {9 j, MQuestion 97
& `, U/ V- P! D2 J6 N ZAn inverse floater is least accurately described as a floating-rate issue:
; p, m2 W" l3 u' l4 y2 ]( rA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
& i- v+ \1 Q# s4 ~5 mB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
4 ^# k/ y8 D5 D& z Z5 jC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
& M( i3 \) G6 DD) 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：1 z0 {- y( h% o; W c* X
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% N+ }$ }' i! o8 V4 M j9 R1 y$ _0 CQuestion 98- j+ X& P: r ` N' a P
8 `+ R4 T, q! ]1 o. u8 [Which of the following statements about embedded call options is most accurate?# H% C/ b( s, k- ]5 Z
A) The call price acts as a floor on the value of a callable bond.
) [% ^7 L" d. |0 V# G& e, F1 F4 rB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
1 l2 S3 z7 r9 B: [- HC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
4 }) S. O1 F0 F) S, B1 RD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond. I8 X( G, f+ N
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答案和详解如下：% O: D1 ~; @) D. e3 Y7 t/ k- g
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Question 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
7 D+ n4 U& z# g7 N$ QA) 6.5%.* f2 }( p- U1 o5 L; @: {9 g4 {+ ?
B) 7.4%.8 i( s g$ @+ _% `
C) 8.6%.( s7 N) ?/ {% f/ j5 Y
D) 8.0%./ B4 A j* o* K( {+ d
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答案和详解如下：
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Question 100
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9 _0 l8 G r8 D+ U; i) _' \" cAll other things being equal, which of the following bonds has the greatest duration?
% t" {4 f8 R- S0 l( a+ OA) 5-year, 8% coupon bond.
9 t0 T) J. Z5 J! \) b1 d6 a- ZB) 15-year, 12% coupon bond.
( E3 e, F& V& d& B1 \" PC) 5-year, 12% coupon bond.
6 r, v( y. u; O0 ^3 f* ]7 fD) 15-year, 8% coupon bond.
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/ S6 T8 Q2 {, d; M1 b, A* C/ B$ {答案和详解如下：
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发表于 2015-7-21 08:59:22
