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Question 96
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. C# u3 A8 U5 T3 D% iGourmet and Company has the following information:8 W( c. i0 `* Q8 z* Y# B; v
Current market value = $250 million
: Q$ M' `+ D# A% {! SCurrent book value = $225 million
+ Z$ Q$ I! S1 \# o2 Z. N7 k* I: pSales = $750 million
7 l. W+ T/ t7 k5 ~1 G/ J( PEarnings = $75 million
' O j) z( W. p, c8 ZCash flow = $125 million# Y- E o. K7 z; Z
Stock price = $7.50
5 t1 ?! A; Y* KWhich of the following statements regarding Gourmet and Company is most accurate?6 L* L/ r; O' A8 |: L8 U- V
A) The price/book ratio is 0.90.
- t1 M6 g0 F# y3 [; b, r1 u( n* eB) The price/cash flow ratio is 0.50.
1 a. K, v5 ~5 g* zC) The price/sales ratio is 0.33.
/ M7 ~- s/ G o& aD) The price to earnings (P/E) ratio is 33.3.
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2 a) i; q. t( e! k- Y, m' P答案和详解如下：: v. A: E! k0 M' n: u# H
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Question 97
0 L% L0 E/ j) B( `, W* Q3 h: }; b( ZAn inverse floater is least accurately described as a floating-rate issue:
' d" {# d7 B9 ~A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
3 `5 |2 ?- w b" X6 VB) that may, under certain circumstances, require the bondholder to make payments to the issuer.+ G3 r" b- o2 Z# `; H
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate." {, H2 G3 I2 D. ]
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate., W3 R, P" z. g, w: Q- V
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答案和详解如下：% y8 Q% M7 }2 d6 C) d' ^6 t
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8 c+ \- h& u4 ?" b4 v# yQuestion 98
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, x" u2 [0 ~% w2 ~. [) DWhich of the following statements about embedded call options is most accurate?0 p' w/ S7 B J9 Y, X0 o
A) The call price acts as a floor on the value of a callable bond.
- x3 S: R) Z2 g4 C& tB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option." C f: _5 m& E$ B& m c! Y7 s
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
1 d. B; ^3 o! ^" }3 z$ u3 ~% k; r; p/ GD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.2 l; G9 R& s" J4 I1 c6 X. G9 m7 u
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答案和详解如下：
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! S; u7 r8 m* p% OQuestion 99" j3 q* I5 g! f& w4 j
0 \4 c d4 P4 m2 c$ `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:1 w6 ]9 [' M8 \' R2 R
A) 6.5%." P9 A8 `! }* L% M) n4 `1 B4 w
B) 7.4%.4 a& p. ~! j5 h0 C' K
C) 8.6%.
$ B/ L9 x3 U" g# I3 eD) 8.0%.
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! E! ^% B. g5 I- d( y" A答案和详解如下：
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Question 100
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) }5 @3 J5 k( \- L) zAll other things being equal, which of the following bonds has the greatest duration?
/ w. g% y8 K; `A) 5-year, 8% coupon bond.. I* U4 y2 [% `, T$ v0 R
B) 15-year, 12% coupon bond.
) V$ @# n$ h$ o% N) z! J- |( l) QC) 5-year, 12% coupon bond.9 M2 t" M9 q* c- w* Q/ `
D) 15-year, 8% coupon bond.
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答案和详解如下：& y* r3 o' b& Q
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发表于 2015-7-21 08:59:22
