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Question 965 E# j p4 w- w! L9 g. d. l; F; E
) O/ W% X1 m; x. P7 [1 gGourmet and Company has the following information:
/ M% h! w' L$ ~7 g* _8 O# ECurrent market value = $250 million4 ^8 n0 R9 R* r* [3 |: R1 P+ f9 R
Current book value = $225 million" n9 U( }2 Y, I5 [ E! t9 v
Sales = $750 million
! @4 I2 {0 T8 KEarnings = $75 million! F( K2 _# e9 y: K
Cash flow = $125 million5 E* |5 D* ?( G+ K" b
Stock price = $7.509 D. J; w) y* z* _* U
Which of the following statements regarding Gourmet and Company is most accurate?' g& p# k$ z& }) u6 g
A) The price/book ratio is 0.90.5 ^! M: C+ b6 W! f* [
B) The price/cash flow ratio is 0.50.$ P; A: d, w7 M* F2 ]/ j
C) The price/sales ratio is 0.33. v6 _2 f% f) S
D) The price to earnings (P/E) ratio is 33.3.: c7 E% @4 P# x$ F$ ^
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答案和详解如下：& f& B- p. o- F. G+ k
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Question 97- F8 j, @! k+ j) I. y( t* w6 q8 K# F
An inverse floater is least accurately described as a floating-rate issue:! J7 g d$ G+ R5 u- u' g" y
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
, q) ]& e6 ?0 i* T" [( M. l1 tB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
0 |6 I3 T7 {& Y# G5 b3 bC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.) k! t( Y5 V7 x6 I$ w
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.3 }' V% G) u$ H- O, V8 d
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答案和详解如下：% u2 R8 C3 A+ i1 x( i3 N( V$ L7 `& A
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, g- U% Z& R; R) T" g9 \+ gQuestion 98
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1 r1 p$ D$ T7 @' n8 ]% \9 tWhich of the following statements about embedded call options is most accurate?8 D$ L2 D2 P" _1 Q9 |+ t8 ], {
A) The call price acts as a floor on the value of a callable bond.
) U! \! E; c8 j" e# iB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
0 Z7 f1 B. z# j, W3 N. g9 `' `C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
5 o( y: x, a6 x4 B2 R$ V F; JD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.% K6 A" t8 T2 h* A8 x0 h8 w, h
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答案和详解如下：
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Question 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
& x# W9 Y5 Z& G7 jA) 6.5%.: \0 @0 d, }& Y1 r* n- ]
B) 7.4%.- Y) f$ `5 y- c) M( I2 S
C) 8.6%.8 e: u! Y9 C* v. a4 C
D) 8.0%.
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答案和详解如下：
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( m& ~. E% [: s( D4 Y A h4 a; Q& rQuestion 100
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& y8 d5 y- y ^: S* \All other things being equal, which of the following bonds has the greatest duration?
: l. |9 O$ S, cA) 5-year, 8% coupon bond.
4 g6 K6 [- y" G, E C# R% c8 gB) 15-year, 12% coupon bond.
7 K& D2 c$ R t) t/ ]( M# RC) 5-year, 12% coupon bond.
% D9 W2 |& n5 p+ ~D) 15-year, 8% coupon bond.; n7 t Y/ |' E9 O0 f" u& e; |
) ]. m6 B7 B3 U- \% U4 @答案和详解如下：! g) C5 V+ O7 [ P
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发表于 2015-7-21 08:59:22
