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Question 96
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Gourmet and Company has the following information:" H1 ~9 x- K6 b* C8 Z3 {
Current market value = $250 million9 b& t' u5 d) V; x$ F2 r* E
Current book value = $225 million( ]' {1 p% L' @( r
Sales = $750 million5 Z; Y# n5 \4 U% ?2 {4 b
Earnings = $75 million
- i, f e) D% I8 s6 R% eCash flow = $125 million* C/ l* Z' ]% D: x) M0 t
Stock price = $7.505 c0 \; q! B& X, r* X6 I: f' C
Which of the following statements regarding Gourmet and Company is most accurate?- b7 w9 R% S3 ]7 N
A) The price/book ratio is 0.90." L4 t/ Q F+ m9 x
B) The price/cash flow ratio is 0.50.: a; H$ @. H( Q( y! S: E/ Y+ f
C) The price/sales ratio is 0.33.
! E; c( x8 C9 I9 d0 B: VD) The price to earnings (P/E) ratio is 33.3.7 N. `: y' G! [; \' c
( C5 s. }7 \0 V, t答案和详解如下：
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/ l' ?0 ?3 A3 p# v' B3 A7 M OQuestion 97
0 M& K0 v# ?+ ^; Z+ N( t3 _( lAn inverse floater is least accurately described as a floating-rate issue:
' u. c; W' R0 o% {- B6 J( r& i- X0 pA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.& ?* q: F( I% H) M' e6 _4 Q
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.$ Y( M' C0 V; |) A, x$ I) Q. ~: g
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
3 W" A& [: D6 P8 ?( r kD) 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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Question 98" b# X9 q( z6 z" O. F& w& n- q
+ h8 U, Z' J! A) _, h0 sWhich of the following statements about embedded call options is most accurate?5 I) N. y; W# X. G5 C. f' Q
A) The call price acts as a floor on the value of a callable bond.
6 l1 }, Y( N) [1 z- bB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
& A1 z9 B- |+ T" r. u8 mC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.) z4 L2 G0 @: D/ M
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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7 t* g) y1 j# N$ \答案和详解如下：3 s% ?# l8 Y5 c% V2 Z# a2 R
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" _6 p0 s7 F; V P* SQuestion 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
9 V5 o; z- f/ t) H( g6 f( UA) 6.5%.
' d$ a& z. I* n6 P4 U$ @B) 7.4%.
- |( [1 R7 |. r' H$ _5 |C) 8.6%.7 u W7 b& j1 l; G
D) 8.0%.
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答案和详解如下：& L9 G9 w1 C U
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Question 1009 [ i0 m# w! X; ?( l
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All other things being equal, which of the following bonds has the greatest duration?, k9 D% P1 V/ O& z. u
A) 5-year, 8% coupon bond.
2 Q% [' Z$ J5 U6 Z# XB) 15-year, 12% coupon bond.
6 _' A" ]9 E/ \" S9 hC) 5-year, 12% coupon bond.
& n( ~5 H, @8 ?3 vD) 15-year, 8% coupon bond.
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( ^# v4 e) y. ?* D答案和详解如下：
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发表于 2015-7-21 08:59:22
