注册金融分析师-固定收益证券投资：基本概念(一)

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1、固定收益证券投资：基本概念（一）单项选择题Whichofthefollowingstatementsaboutthevaluationofanoption-freebondismostlikelycorrect?Otherthingsequal:A.whetherthebond'svaluewillincreaseordecreasewhenratesincreasedependsonwhetherthebondissellingatadiscount,atpar,oratapremium.B.

2、thevalueofalong-termbondismoresensitivetointerestratechangesthanthevalueofashort-termbond•C.thevalueofalow-couponbondislesssensitivetointerestratechangesthanthevalueofahigh-couponbond.2、Aportfolioofoption-freebondsisleastlikelytobeexposedtoA.reinvest

3、mentrisk•B.interestraterisk.C.volati丄ityrisk•3^Whichofthefollowingstatementsaboutreinvestrnentriskofasecurityisleastaccurate?Reinvestmentrisk:A.isminimizedwithzero-couponbondissues.B•becomesmoreproblematicforthoseinvestorswithlongertimehorizons.C.bec

4、omesmoreproblematicwhenthecurrentcouponsbeingreinvestedarerelativelysmall•4、JohnHarrisearns$800000,andpays$200000intaxes.Hismarginaltaxrateis40%.Whatwouldthetaxable-equivalentyieldbeforJohnifheweretopurchaseamunicipalbondwithayieldof3•25%?A.4.33%.B・5

5、.42%.C・3・25%・5^Whichofthefollowingstatementsaboutspecialpurposevehicles(SPVs)ismostaccurate?A.SPVshavenoroleintheassetbackedcreditratingprocess•B•SPVsareusedexclusivelyforassetbackedtransactions•C.Ifbankruptcyoccurs,ajudgecouldrulethattheSPVsassetsca

6、nbeconsideredgeneralassetsofthecorporation.6^Supposeatreasuryinf1ationprotectivesecurity(TIPS)iscurrentlytr^dingatitsparvalueof$100000,andhasa4percentcouponratepaidsemi-annually.Iftheannualinflationis2.5percent,whatisthecouponpaymentAftersixmonthshas

7、passed?A.$2000.B・$2025・C・$2050・7、Whichofthefollowingisageneralproblemassociatedwithexternalcreditenhancements?Externalcreditenhancements:A•onlyprovideprotectionagainstsystematicrisk,notagainstidiosyncraticrisk.B•areverylong-termagreementsandaretheref

8、orerelativelyexpensive.C.aresubjecttothecreditriskofthethird-partyguarantor.8^Theliquiditypreferencetheoryholdsthat:A.rationalinvestorsshouldshownopreferencesfor©ithershort-orlong-termdebtsecurities•B•theyieldcurveshouldbeupward-sloping•C-cashshouldb