投资学第7版TestBank答案080336Word格式.docx
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投资学第7版TestBank答案080336Word格式.docx
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E)
>
EDifficulty:
70/975=・
3.Ifa6%couponbondistradingfor$,ithasacurrentyieldof
A
BDifficulty:
60/950=・
4.Ifan8%couponbondistradingfor$,ithasacurrentyieldof_
80/1025=・
5.Ifa%couponbondistradingfor$,ithasacurrentyieldofpercent.
A)
<
CDifficulty:
75/1050=.
6・Acouponbondpaysannualinterest,hasaparvalueof$1,000,maturesin4years,hasacouponrateof10%,andhasayieldtomaturityof12%・Thecurrentyieldonthisbondis.
A)%
B)%
C)%
D)%
%
Moderate
FV=1000,n=4,PMT=100,i=12,PV=;
$100/$=%・
7.Acouponbondpaysannualinterest,hasaparvalueof$1,000,maturesin12years,
hasacouponrateof11%,andhasayieldtomaturityof12%・Thecurrentyieldonthisbondis.
DDifficulty:
FV=1000,n=12,PMT=110,i=12,PV=;
8.Ofthefollowingfourinvestments,isconsideredthesafest・
A)commercialpaper
B)corporatebonds
C)U・S・Agencyissues
D)Treasurybonds
E)Treasurybills
Rationale:
OnlyTreasuryissuesareinsuredbytheU・S・government;
theshorter-termtheinstrument,thesafertheinstrument.
9.Toearnahighratingfromthebondratingagencies,afirmshouldhave
A)alowtimesinterestearnedratio
\
B)alowdebttoequityratio
C)ahighquickratio
D)BandC
E)AandC
J
Highvaluesforthetimesinterestandquickratiosandalowdebttoequityratioaredesirableindicatorsofsafety.
10.Atissue,couponbondstypicallysell・
A)aboveparvalue
)
B)belowpar
C)atornearparvalue
D)atavalueunrelatedtopar
Iftheinvestmentbankerhasappraisedthemarketandthequalityofthebondcorrectly,thebondwillsellatornearpar(unlessinterestrateshavechangedverydramaticallyandveryquicklyaroundthetimeofissuance)・
11.Accruedinterest
A)isquotedinthebondpriceinthefinancialpress・
B)mustbepaidbythebuyerofthebondandremittedtothesellerofthebond.
C)mustbepaidtothebrokerfortheinconvenienceofsellingbondsbetweenmaturitydates・
D)AandB・
E)AandC・
Accruedinterestmustbepaidbythebuyer,butisnotincludedinthequotationspageprice・
12.Theinvoicepriceofabondthatabuyerwouldpayisequalto
A)theaskedpriceplusaccruedinterest・
j
B)theaskedpricelessaccruedinterest・
C)thebidpriceplusaccruedinterest・
D)thebidpricelessaccruedinterest・
E)thebidprice・
Thebuyerofabondwillbuyattheaskedpriceandwillalsobeinvoicedforanyaccruedinterestduetotheseller.
13.An8%couponU・S.TreasurynotepaysinterestonMay30andNovember30andis
tradedforsettlementonAugust15.Theaccruedinterestonthe$100,000facevalueofthisnoteis・
A)$
Y
B)$
C)$
D)$1,
76/183($4,000)=$1,.Approximation:
.08/12*100,000=permonth,month*months=14.Acouponbondisreportedashavinganaskpriceof113%of
the$1,000parvalueintheWallStreetJournal.Ifthelastinterestpaymentwasmadetwomonthsagoandthecouponrateis12%,theinvoicepriceofthebondwillbe・
A)$1,100
B)$1,110
C)$1,150
D)$1,160
$1,130+$20(accruedinterest)=$1,150.
15.ThebondsofFordMotorCompanyhavereceivedaratingof"
D11byMoody'
s・The
nABC
ratingindicates
thebondsareinsured
thebondsarejunkbonds
thebondsarereferredtoas"
highyield11bonds
D)AandB
E)BandC
Dratingsareriskybonds,oftencalledjunkbonds(orhighyieldbondsbythosemarketingsuchbonds).
16.Thebondmarket
A)canbequite"
thin"
.
B)primarilyconsistsofanetworkofbonddealersintheoverthecountermarket.
C)consistsofmanyinvestorsonanygivenday・
D)AandB.
E)BandC.
Thebondmarket,unlikethestockmarket,canbeaverythinlytradedmarket.Inaddition,mostbondsaretradedbydealers・
¥
17.Ceterisparibus,thepriceandyieldonabondare
A)positivelyrelated・
B)negativelyrelated・
C)sometimespositivelyandsometimesnegativelyrelated・
■
E)notrelated・
E)indefinitelyrelated・
Bondpricesandyieldsareinverselyrelated・
18.Theisameasureoftheaveragerateofreturnaninvestorwillearn讦the
investorbuysthebondnowandholdsuntilmaturity・
A)currentyield
B)dividendyield
C)P/Eratio
D)yieldtomaturity
E)discountyield
DD讦ficulty:
Thecurrentyieldistheannualinterestasapercentofcurrentmarketprice;
theotherchoicesdonotapplytobonds.
19.Thegivesthenumberofsharesforwhicheachconvertiblebondcanbe
exchanged・
A)conversionratio
B)currentratio
D)conversionpremium
E)convertiblefloor
Theconversionpremiumistheamountforwhichthebondsellsaboveconversionvalue;
thepriceofbondasastraightbondprovidesthefloor.Theothertermsarenotspec讦icallyrelevanttoconvertiblebonds・
20.Acouponbondisabondthat・
A)paysinterestonaregularbasis(typicallyeverysixmonths)
B)doesnotpayinterestonaregularbasisbutpaysalumpsumatmaturity
C)canalwaysbeconvertedintoaspecificnumberofsharesofcommonstockintheissuingcompany
D)alwayssellsatpar
Acouponbondwillpaythecouponrateofinterestonasemiannualbasisunlessthefirmdefaultsonthebond・Convertiblebondsarespec讦ictypesofbonds・
21.Abondisabondwherethebondholderhastherighttocashinthe
bondbeforematurityataspecifiedpriceafteraspecificdate.
A)callable
B)coupon
C)put
D)Treasury
E)zero-coupon
Anybondmayberedeemedpriortomaturity,butallbondsotherthanputbondsareredeemedatapricedeterminedbytheprevailinginterestrates・
$
22.Callablebonds
A)arecalledwheninterestratesdeclineappreciably.
B)haveacallpricethatdeclinesastimepasses・
C)arecalledwheninterestratesincreaseappreciably.
Callablebondsoftenarerefunded(called)wheninterestratesdeclineappreciably.Thecallpriceofthebond(approximatelyparandoneyear'
scouponpayment)declinestoparastimepassesandmaturityisreached・
23.ATreasurybonddueinoneyearhasayieldof%;
aTreasurybondduein5yearshasayieldof%・AbondissuedbyFordMotorCompanyduein5yearshasayieldof%;
abondissuedbyShellOildueinoneyearhasayieldof%・ThedefaultriskpremiumsonthebondsissuedbyShellandFord,respectively,are
A)%and%
B)%and%
C)%and%
(
D)%and%
Shell:
%-%=.8%;
Ford:
%-%=%・
24.ATreasurybonddueinoneyearhasayieldof%;
aTreasurybondduein5yearshasayieldof%・AbondissuedbyLucentTechnologiesduein5yearshasayieldof%;
abondissuedbyMobildueinoneyearhasayieldof%・ThedefaultriskpremiumsonthebondsissuedbyMobilandLucentTechnologies,respectively,are:
B)%and.7%
Mobil:
%-%=%;
LucentTechnologies:
it
25.ATreasurybonddueinoneyearhasayieldof%;
aTreasurybondduein5yearshasayieldof%・AbondissuedbyXeroxduein5yearshasayieldof%;
abondissuedbyExxondueinoneyearhasayieldof%・ThedefaultriskpremiumsonthebondsissuedbyExxonandXerox,respectively,are
Exxon:
Xerox:
7.9%-%=%・
26.Floating-ratebondsaredesignedtowhileconvertiblebondsare
designedto.
A)minimizetheholders1interestraterisk;
givetheinvestortheabilitytoshareinthepriceappreciationofthecompanyfsstock
B)maximizetheholders'
interestraterisk;
givetheinvestortheabilitytoshareinthepriceappreciationofthecompany'
sstock
C)minimizetheholders1interestraterisk;
givetheinvestortheabilitytobenefitfrominterestratechanges
D)maximizetheholders'
giveinvestortheabilitytoshareintheprofitsoftheissuingcompany
Floatingratebondsallowtheinvestortoearnarateofinterestincometiedtocurrentinterestrates,thusnegatingoneofthemajordisadvantagesoffixedincomeinvestments.Convertiblebondsallowtheinvestortobenefitfromtheappreciationofthestockprice,eitherbyconvertingtostockorholdingthebond,whichwillincreaseinprice
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- 投资 TestBank 答案 080336