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Question 101+ Z+ ^5 \3 w; G E8 }
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Consider the following two statements about putable bonds:$ `& \8 W( m2 w
Statement #1: As yields rise, the price of putable bonds will fall less quickly than similar option-free bonds (beyond a critical point) due to the increase in value of the embedded put option.6 ?6 {% o: \4 ~6 a4 f& f. \- K$ b
Statement #2: As yields fall, the price of putable bonds will rise more quickly than similar option-free bonds (beyond a critical point) due to the increase in value of the embedded put option.' ]' W$ m. ]8 U! z( q3 Y& _% T7 h
Are these statements correct or incorrect?
( K& G T- B4 z1 M. n7 w Statement 1 Statement 2% f0 v P7 j) l/ c+ u
A) Correct Incorrect
* v7 w1 Z! h6 R) H+ Q3 cB) Correct Correct6 K. f( n6 |8 A) W' {# I
C) Incorrect Incorrect) H" d0 Z( p: F
D) Incorrect Correct' _6 v3 C; q1 q1 j
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答案和详解如下:
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Question 102
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Jane Walker has set a 7% yield as the goal for the bond portion of her portfolio. To achieve this goal, she has purchased a 7%, 15-year corporate bond at a discount price of 93.50. What amount of reinvestment income will she need to earn over this 15-year period to achieve a compound return of 7% on a semiannual basis?+ R" t1 b2 _9 K
A) $624., E+ x: y1 v" [. \+ }4 v
B) $724.: ^- J( ]9 T* z
C) $459.
2 z% t$ S! D# O( I) n$ jD) $574.' @" R7 @/ R# H g4 m: S
8 o6 h; J& C. B0 |' Z答案和详解如下:; ?4 b, P. ~% f; C
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Question 1031 J4 Z% s& J5 b$ g5 d( M$ D% X
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Pam Williams is evaluating whether she should purchase a particular bond. She is primarily concerned with the effective duration of the measure. The bond is a 15-year semiannual pay bond with a 9% coupon that is currently priced at $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
. Y: |5 H/ g6 j9 {( r, tA) 12.25.
) [, a, }8 k$ ~! ? zB) 8.41.& |+ z, `7 k6 ]- s- M
C) 7.42.
1 w. r5 K0 s) N8 n2 _. v# lD) 9.53.; x* Q# h I) e. X
% R7 \. Z8 H; [/ A! V6 _, M5 {答案和详解如下:
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Question 104 u2 |' x F" s/ I
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The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
8 V% x( d D, l8 vA) market segmentation theory.* h) I W2 `# y" s
B) preferred habitat theory.: `: T* B) H1 H- I
C) liquidity preference theory.. |8 }# ]* t- |. a( q2 J
D) pure expectations theory.
: A0 e) G* u5 s9 m5 A* E
# h' \2 d' ^; Y7 b# v' [8 x2 i6 R5 x; P答案和详解如下:
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$ ~, }# S0 G* M- L7 |3 M5 \) pQuestion 105$ c$ r+ h+ R' e: H1 x
; Z D3 z: W4 X9 Z+ z# D" l2 uAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
' C, m; A, U3 B3 Y& u' H7 m' ]A) increase by 22.5%.
# x# y. e7 Z' B/ }B) increase by $4.00.% {9 @( o* B( [! O3 o* E6 R
C) decrease by $22.50.
+ v# |+ L3 m1 p7 d. vD) increase by $34.00.$ T) Z% v& X: L+ u6 u+ q! s
9 a4 }, q, K/ l5 p8 x' C
答案和详解如下:
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发表于 2015-7-21 09:02:51
