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Question 96
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5 ~, f8 _' d. z. NGourmet and Company has the following information:& V( f0 f/ V. L2 g/ K
Current market value = $250 million! z# l9 U, f$ E& Y- G: I
Current book value = $225 million
' b- }: E) o6 W9 n. F9 ^5 y* oSales = $750 million0 h; \$ Y6 J2 Z3 L8 f t D
Earnings = $75 million2 b3 ^* l: A' a4 s5 n
Cash flow = $125 million/ {- R0 C* i) v! Q2 S, J3 G
Stock price = $7.50
" i0 f- L) v [8 R [& |; d: RWhich of the following statements regarding Gourmet and Company is most accurate?
: T: Z3 _4 f8 x$ v5 l9 tA) The price/book ratio is 0.90.: U+ q& B6 n$ U- G/ _1 Y/ f
B) The price/cash flow ratio is 0.50.3 [( `* [+ O- N/ F9 F3 @5 _( [
C) The price/sales ratio is 0.33.4 F7 W a( o+ \$ m# o1 l6 y
D) The price to earnings (P/E) ratio is 33.3.' [/ Q0 S3 }3 A* `& W
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答案和详解如下：* d# n2 I: M3 g% `
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+ B e2 h% Z' U( B# j1 sQuestion 97
( g: S) L9 d5 t( S. ]An inverse floater is least accurately described as a floating-rate issue:
1 E# J6 k! Y v2 z( Y& nA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.1 X6 f6 J1 j, n8 m/ s0 x
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.# K9 s5 x# h/ g: i; T. l
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.8 @0 |! i& d, I
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.: w7 u \4 X6 k- L3 U* e
' x: Z! E. C3 Y# q( Z; I答案和详解如下：8 z# p$ v7 A9 R& y, H
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0 V Z. @& J* K- n% R# hQuestion 98
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Which of the following statements about embedded call options is most accurate?. x- K+ V# n# N
A) The call price acts as a floor on the value of a callable bond.2 s7 x) C0 _! F
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.
5 @# w. s+ E$ g, {& ^6 vC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.. C/ t& S% R# U! S
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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, C( i% h- ]+ n* N' i, m答案和详解如下：3 ]9 n1 s7 O n. I3 U7 T
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; R. V2 ~' D* BQuestion 999 _; J' e7 s' ~0 l2 q+ i
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
- t d& ?0 d) i9 D6 R$ m3 jA) 6.5%.$ p" g8 b6 k; e, S# Q0 M& q
B) 7.4%.
8 O# @, ~0 n7 D+ KC) 8.6%.
3 |% S% Q5 j; ^9 _, |D) 8.0%.1 w4 t# r# K* j6 E5 r* S
8 v+ P, W- V0 e+ ]& ^& }答案和详解如下：
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2 R' ~, v' H" e# kQuestion 100* Y5 ?- x. S" J3 g8 s
2 f9 J5 ^% a( |) a& O. }: eAll other things being equal, which of the following bonds has the greatest duration?
( j: Q) p$ X7 ]; [A) 5-year, 8% coupon bond.+ g _3 _9 b) Z: G5 X1 O; l& F
B) 15-year, 12% coupon bond.1 n, i2 n; h2 q8 I" b
C) 5-year, 12% coupon bond.
+ F; w2 t0 V, t* mD) 15-year, 8% coupon bond.
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$ H9 @5 p# N0 ]9 y答案和详解如下：$ t6 |8 D# _) E
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发表于 2015-7-21 08:59:22
