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Question 96& ^8 ]% v& k, C; J' p6 e) q: A
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Gourmet and Company has the following information:5 F0 l7 z3 Y3 e( A9 c3 b
Current market value = $250 million
) s, O6 L& A8 w9 F: Z+ tCurrent book value = $225 million
8 P$ {5 Y4 r, hSales = $750 million+ U" }& M. `5 v. R( `9 t6 n+ U
Earnings = $75 million
7 h6 x8 l/ b) ^* `4 E0 W, G" ]Cash flow = $125 million* x3 k) L }1 ~9 U0 q) R
Stock price = $7.50: W- v# y- ]; w& u& b8 L: }7 D
Which of the following statements regarding Gourmet and Company is most accurate?
$ `% O) b5 n/ K( n! o/ E9 XA) The price/book ratio is 0.90.* W! J5 d0 h/ _5 d/ Z* t$ [
B) The price/cash flow ratio is 0.50.
/ N5 K2 h$ u4 D6 Y$ b K: M/ MC) The price/sales ratio is 0.33./ g8 E2 N* U% w7 B
D) The price to earnings (P/E) ratio is 33.3.
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3 A! q, C0 O4 G% T* G7 [* e答案和详解如下：' D: P. H" }4 X8 X
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Question 97; O4 X( ]. i2 Y3 Q
An inverse floater is least accurately described as a floating-rate issue:4 \7 ^( c7 \9 t9 \
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
, f3 y1 x. p( UB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
3 Y8 Q/ Q: U, u/ XC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
3 d" Z' }2 E6 f1 PD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.9 {$ n. u9 c f3 Y1 f- }
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答案和详解如下：
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Question 981 k/ t, r' j* o) X# r
% N; n4 m6 v, m- ^( l' t# Q/ y _% qWhich of the following statements about embedded call options is most accurate?( R, T) O- q& A3 q6 `& w' M! b, ?
A) The call price acts as a floor on the value of a callable bond.' m) E0 F4 N3 A3 W$ w1 u/ Q; u: J
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.
' X: i, W8 K% t1 E1 Q- H5 U, nC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.- R; ]5 S/ I* \0 n6 `
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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8 H8 w7 a7 k# P* _答案和详解如下：
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Question 99
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& N0 O+ x: @! l% PA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:3 W0 A/ l7 D4 o( S- e% g
A) 6.5%.
9 {, y( ^- r5 _' E. u1 ?: l$ B+ WB) 7.4%.8 W2 [) {* a6 o* D& g
C) 8.6%.
0 G) }! w8 ~7 ED) 8.0%.) @) x" S- Z5 ]$ d* r- Z; \0 W
# m5 h: r. p9 d0 C答案和详解如下：
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3 \8 W$ u! Y: dQuestion 100( {& H6 w, I3 g
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All other things being equal, which of the following bonds has the greatest duration?' R) [% w2 i! k, X2 W5 t
A) 5-year, 8% coupon bond.2 k+ V1 z5 J; W7 z; `* I
B) 15-year, 12% coupon bond.
6 S- s! r( ^' K2 i# g/ OC) 5-year, 12% coupon bond.% t8 R4 N* H- O1 s* Q
D) 15-year, 8% coupon bond.
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# T% T! e6 `* y5 N0 q答案和详解如下：" R8 Y1 Y3 ~( Y: l3 N- d
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发表于 2015-7-21 08:59:22
