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Question 96/ K/ G) `' j1 {# v8 g
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Gourmet and Company has the following information:* [0 }! v2 x) D: F3 k4 g
Current market value = $250 million
3 ^/ y& [8 W3 v, @7 a: Q) VCurrent book value = $225 million; s! s f8 m9 P4 n1 g0 k) N- C
Sales = $750 million8 O3 Q4 [9 o4 I/ @" Z) c, f- R4 N
Earnings = $75 million F' I. i4 s1 N9 _( B9 b
Cash flow = $125 million
0 x7 R: d- O' M% Y* L4 K5 }' q+ jStock price = $7.50
- o4 m% g1 [( b3 p0 [Which of the following statements regarding Gourmet and Company is most accurate?
3 p& W6 B- T2 e6 F; G9 z: {A) The price/book ratio is 0.90.
( \; h' }: X- v/ \B) The price/cash flow ratio is 0.50.
8 d, F" [ V4 F! y+ TC) The price/sales ratio is 0.33." {, w& E3 ^' z6 V7 `' z. o# M
D) The price to earnings (P/E) ratio is 33.3.6 x3 o# N2 X& J1 S
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答案和详解如下：
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# i' L4 ]$ ]: k6 c# Z' n$ ~Question 97
- M7 D4 ^3 P/ Y1 _$ J& xAn inverse floater is least accurately described as a floating-rate issue:
$ F: ^8 \1 s4 U5 W* J7 K. w' h1 cA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.) I( a: ~' c* d
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
2 q6 Z# E8 y2 \% f' r: sC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.2 h0 s9 c, l# }. L# ^9 {
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.' Q1 v% [7 v& Q) }
0 s: {& v' e. [答案和详解如下：
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% F' |2 ^2 {* R3 kQuestion 98
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Which of the following statements about embedded call options is most accurate?
( T$ k8 d+ j' F4 D! X1 XA) The call price acts as a floor on the value of a callable bond.( m3 `1 I5 Y8 z2 _7 M0 l
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.
2 u( L- V6 o/ g2 B! [+ VC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
; K$ g2 ?) G+ n$ D# CD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.% F+ D3 I4 T: d; k2 K( y
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答案和详解如下：
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2 c: I9 n2 H- [Question 99- Y2 ?5 }6 B, D+ o5 \' ~. {
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:3 K l2 `& D1 f8 k: R/ v
A) 6.5%.
' U. h J" P7 O4 d% V x( \4 Y' y8 }B) 7.4%.
( q* P2 `- C1 Y2 PC) 8.6%.
& C5 T. a. X$ s* g! k0 }8 LD) 8.0%.
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答案和详解如下：
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4 ?. `9 C. N4 c. _: Z+ ?, V: qQuestion 100) I4 E+ ?) o4 }9 {+ e
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All other things being equal, which of the following bonds has the greatest duration?
! K6 t4 `2 w" Y9 qA) 5-year, 8% coupon bond.' @2 w7 k$ S; E
B) 15-year, 12% coupon bond.- O8 P9 w' e) K$ d+ g) U
C) 5-year, 12% coupon bond.0 ~0 l8 U" k X! ^! [
D) 15-year, 8% coupon bond.: z/ c& R$ ^9 [' D0 h9 F0 L0 J
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答案和详解如下：9 x$ K) L! m. ^( C$ T' r* p, b
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发表于 2015-7-21 08:59:22
