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Question 96
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Gourmet and Company has the following information:
0 |1 u+ x! |+ _8 N/ n+ GCurrent market value = $250 million- Z0 t4 e6 v( ~* d0 r$ {$ k
Current book value = $225 million T+ J( u* Z! P. W7 h3 s
Sales = $750 million
9 Z. u5 Q& }4 }, i4 ?Earnings = $75 million
: ^0 u# U' o" B# ZCash flow = $125 million
6 A! F& x* f, ]! N8 CStock price = $7.50; y9 d5 {, p5 f$ k: s l
Which of the following statements regarding Gourmet and Company is most accurate?
" G' y; F0 ~5 z% {$ E4 CA) The price/book ratio is 0.90.4 z, u+ L1 }! t8 K
B) The price/cash flow ratio is 0.50.
& b9 i' o- E- p" ^# iC) The price/sales ratio is 0.33.
5 f7 g |0 R/ _2 a, cD) The price to earnings (P/E) ratio is 33.3.
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5 s8 x, h f' P, W6 I答案和详解如下：
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Question 97
4 a. o4 F( a, R9 PAn inverse floater is least accurately described as a floating-rate issue: i8 U2 J; t2 c- B8 F1 c
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.- h3 D! L+ X5 I, V/ h
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.+ ]5 J# s; ? T( r
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.3 N) r" d$ s/ S; U V
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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- n$ ^* O6 X- B, p2 k; X* Z8 e答案和详解如下：+ P0 p5 A8 T; J0 ], h% D
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" r0 ~, h# W7 d4 M/ j. S2 r4 ~/ TQuestion 98
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Which of the following statements about embedded call options is most accurate?
# F. p: S1 e$ IA) The call price acts as a floor on the value of a callable bond.% Q; M% _" V+ j* r8 f' H
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.6 X8 [3 h' g: \8 V* R& }
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
* l% O5 V" P7 i/ `; ~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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答案和详解如下：
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Question 99) x' ~/ l0 S- J: }( r/ z9 F3 q r
* i; X; D4 s) [. ^9 {( V! ]! ?A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:1 M/ ~! K. W5 G5 I! D; I( E
A) 6.5%.
- s& K' x% c* f! sB) 7.4%.6 g8 x/ m2 \/ N1 D7 G) E# r0 W# s
C) 8.6%." _$ Q8 d7 {) v4 B6 h: q* B5 W0 G
D) 8.0%.
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; }" A2 J, {# {答案和详解如下：4 E9 ?. a5 H* r) P7 ` Z. }) {
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U1 p6 k& l7 S8 YQuestion 100
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5 \& Q3 ?5 i5 \' u# c' f( ?All other things being equal, which of the following bonds has the greatest duration?1 \3 k3 `# W3 B+ \' A) ], c* F
A) 5-year, 8% coupon bond.
/ m4 v* u1 d4 N. f' {' wB) 15-year, 12% coupon bond.1 s. X+ g9 e! d1 X! e
C) 5-year, 12% coupon bond.
+ w- K" m+ D( ?D) 15-year, 8% coupon bond.5 u+ H' D0 @) C* N5 L
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答案和详解如下：
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发表于 2015-7-21 08:59:22
