第三章利率與估值英文習(xí)題及答案-資料下載頁(yè)
2025-06-25 02:04本頁(yè)面
【正文】 m bonds are less volatile than those for shortterm bonds. A) (I) is true, (II) false. B) (I) is false, (II) true. C) Both are true. D) Both are false. 58) (I) Prices of longermaturity bonds respond less dramatically to changes in interest rates. (II) Prices and returns for longterm bonds are less volatile than those for shorterterm bonds. A) (I) is true, (II) false. B) (I) is false, (II) true. C) Both are true. D) Both are false. 59) The riskiness of an asset39。s return that results from interest rate changes is called A) interestrate risk. B) couponrate risk. C) reinvestment risk. D) yieldtomaturity risk. 60) If an investor39。s holding period is longer than the term to maturity of a bond, he or she is exposed to A) interestrate risk. B) reinvestment risk. C) bondmarket risk. D) yieldtomaturity risk. 61) Reinvestment risk is the risk that A) a bond39。s value may fall in the future. B) a bond39。s future coupon payments may have to be invested at a rate lower than the bond39。s yield to maturity. C) an investor39。s holding period will be short and equal in length to the maturity of the bonds he or she holds. D) a bond39。s issuer may fail to make the future coupon payments and an investor will have no cash to reinvest. 62) (I) The average lifetime of a debt security39。s stream of payments is called duration. (II) The duration of a portfolio is the weighted average of the durations of the individual securities, with the weights reflecting the proportion of the portfolio invested in each. A) (I) is true, (II) false. B) (I) is false, (II) true. C) Both are true. D) Both are false. 63) The duration of a tenyear, 10 percent coupon bond when the interest rate is 10 percent is years. What happens to the price of the bond if the interest rate falls to 8 percent? A) it rises 20 percent B) it rises percent C) it falls 20 percent D) it falls percent 64) When the lender provides the borrower with an amount of funds that must be repaid to the lender at the maturity date, along with an additional payment for the interest, it is called a ______. A) fixedpayment loan B) discount loan C) simple loan D) none of the above 65) A discount bond A) is also called a coupon bond. B) is also called a zerocoupon bond. C) is also called a fixedpayment bond. D) is also called a corporate bond. 66) The interest rate that is adjusted for actual changes in the price level is called the A) ex post real interest rate. B) expected interest rate. C) ex ante real interest rate. D) none of the above. 67) The change in the bond39。s price relative to the initial purchase price is A) the current yield. B) coupon payment. C) yield to maturity. D) rate of capital gain. 68) The return on a bond is equal to the yield to maturity when A) the holding period is longer than the maturity of the bond. B) the maturity of the bond is longer than the holding period. C) the holding period and the maturity of the bond are identical. D) none of the above. 69) Bonds whose term to maturity is shorter than the holding period are also subject to A) default. B) reinvestment risk. C) both of the above. D) none of the above. 70) A _____ is a type of loan that has the same cash flow payment every year throughout the life of the loan. A) discount loan B) simple loan C) fixedpayment loan D) interestfree loan 答案：15：BBADC 610:DDBAA 1115:ABBCB 1620:ACCBC2125:DCBDA 2630:CDDEA 3135:BDCBA 3640:BACCD4145:ADDCD 4650:ABDDC 5155:DCDEA 5660:CADAB6165:BCBCB 6670：ADCBC
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