簡單的投資學財管英文選擇題-20點

底下有四題選擇題~

請問1.答案~2.題目翻中~3.還有簡單的解釋

拜託了~~~感激不盡

1.The following questions appeared in past CFA examination.

a. Which set of conditions will result in a bond with the greatest price volatility?

(1) A high coupon and a short maturity.

(2) A high coupon and a long maturity.

(3) A low coupon and a short maturity.

(4) A low coupon and a long maturity.

b. An investor who expects declining interest rates would be likely to purchase a bond that has a ╴ coupon and a ╴ term to maturity.

(1)Low, long

(2)Hight, short

(3)Hight, long

(4)Zero, long

c. With a zero-coupon bond:

(1)Duration equals the weighted average term maturity.

(2)Term to maturity equals duration.

(3)Weighted average term to maturity equals the term to maturity.

(4)All of the above.

d. As compared with bonds selling at par, deep discount bonds will have:

(1) Greater reinvestment risk.

(2) Grester price volatility.

(3) Less call protection.

(4) None of the above.

2 個解答

評分
  • 阿楓
    Lv 6
    1 0 年前
    最佳解答

    債券特性之一:票面利率coupon rate越小,到期期間term to maturity越長,其存續期間duration越大→風險(price volatility)越大

    因此a.答案是(4) A low coupon and a long maturity.

    b.投資人預期利率下跌,因此要購買coupon高及term to maturity長的債券!(3)Hight, long.

    c.要記住!零息債券的存續期間duration就是到期期間term to maturity!!!(2)Term to maturity equals duration.

    d.與面額發行的債券相比,折價債券會面臨:

    折價表示票面利率<市場利率,所以不會有Greater reinvestment risk

    同上述,票面利率較低的債券會有Grester price volatility

    因此答案為(2) Grester price volatility

    參考資料: 自己!債券特性要記住喔^^(CFA不會考這麼簡單的問題吧...)
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  • 1 0 年前

    How could a bond w/ high coupon possibly have long maturity....

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