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[主观题]

A U.S. investor has purchased a tax-exempt 10-year municipal bond at a yield of 3.75% w

hich is 100 basis points less than the yield on a 10-year option-free U.S. Treasury. If the investor’s marginal tax rate is 33.5%, then taxable equivalent yield and the yield ratio is closest to:

Taxable equivalent yield Yield ratio

A. 7.14 0.79

B. 5.64 0.79.

C. 5.64 1.19.

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更多“A U.S. investor has purchased …”相关的问题

第1题

Suppose that instead of a forward contract on the Treasury bond, a similar futures contract was being

Monica Lewis, CFA, has been hired to review data on a series of forward contracts for a major client. The client has asked for an analysis of a contract with each of the following characteristics:

A forward contract on a U.S. Treasury bond

A forward rate agreement (FRA)

A forward contract on a currency

Information related to a forward contract on a U.S. Treasury bond: The Treasury bond carries a 6 percent coupon and has a current spot price of $1,071.77 (including accrued interest). A coupon has just been paid and the next coupon is expected in 183 days. The annual risk-free rate is 5 percent. The forward contract will mature in 195 days.

Information related to a forward rate agreement: The relevant contract is a 3 x 9 FRA. The current annualized 90-day money market rate is 3.5 percent and the 270-day rate is 4.5 percent. Based on the best available forecast, the 180-day rate at the expiration of the contract is expected to be 4.2 percent.

Information related to a forward contract on a currency: The risk-free rate in the U.S. is 5 percent and 4 percent in Switzerland. The current spot exchange rate is $0.8611 per Swiss France (SFr). The forward contract will mature in 200 days.

Part 3)

Suppose that instead of a forward contract on the Treasury bond, a similar futures contract was being considered. Which one of the following alternatives correctly gives the preference that an investor would have between a forward and a futures contract on the Treasury bond？

A)The futures contract will be preferred to the forward contract.

B)An investor would be indifferent between the two types of contracts.

C)It is impossible to say for certain because it depends on the correlation between the underlying asset and interest rates.

D)The forward contract will be preferred to the futures contract.

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第2题

根据下列短文，回答下列各题。 Imagine waking up and finding the value of your assets has

been halved. No, youre not an investor in one of those hedge funds that failed completely. With the dollar slumping to a 26-year low against the pound, already- expensive London has become quite unaffordable. A coffee at Starbucks, just as unavoidable in England as it is in the United States, runs about $8. The once all-powerful dollar isnt doing a Titanic against just the pound. It is sitting at a record low against the euro and at a 30-year low against the Canadian dollar. Even the Argentine peso and Brazilian real are thriving against the dollar. The weak dollar is a source of humiliation (屈辱), for a nations self-esteem rests in part on the strength of its currency. Its also a potential economic problem, since a declining dollar makes imported food more expensive and exerts upward pressure on interest rates. And yet there are substantial sectors of the vast U.S. economy--from giant companies like Coca-Cola to morn-and-pop restaurant operators in Miami--for which the weak dollar is most excellent news. Many Europeans may view the U.S. as an arrogant superpower that has become hostile to foreigners. But nothing makes people think more warmly of the U.S. than a weak dollar. Through April, the total number of visitors from abroad was up 6.8 percent from last year. Should the trend continue, the number of tourists this year will finally top the 2000 peak. Many Europeans now apparently view the U.S. the way many Americans view Mexico--as a cheap place to vacation, shop and party, all while ignoring the fact that the poorer locals cant afford to join the merrymaking. The money tourists spend helps decrease our chronic trade deficit. So do exports, which, thanks in part to the weak dollar, soared 11 percent between May 2006 and May 2007. For the first five months of 2007, the trade deficit actually fell 7 percent from 2006. If you own shares in large American corporations, youre a winner in the weak-dollsr gamble. Last week Coca-Colas stock bubbled to a five-year high after it reported a fantastic quarter. Foreign sales accounted for 65 percent of Cokes beverage (饮料) business. Other American companies profiting from this trend include McDonalds and IBM. American tourists, however, shouldnt expect any relief soon. The dollar lost strength the way many marriages break up--slowly, and then all at once. And currencies dont turn on a dime. So if you want to avoid the pain inflicted by the increasingly pathetic dollar, cancel that summer vacation to England and look to New England. There, the dollar is still treated with a little respect. Why do Americans feel humiliated？

A.Their economy is plunging.

B.Their currency has slumped.

C.They cant afford trips to Europe.

D.They have lost half of their assets.

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第3题

Which one of the following cases or events can be considered as resulting from operational risk?()

A.A bank reports losses on a diversified portfolio of stocks during the stock market decline.

B.The bank becomes embroiled in a high profile lawsuit with a customer that accuses it of improper selling practices.

C.The bank reports the loss of $1.5 billion due to rises in interest rates.

D.A U.S. investor makes a loss as the Japanese yen depreciates relative to the dollar.

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第4题

（题干） Imagine waking up and finding the value of your assets has been halved. No， you’re

not an investor in one of those hedge funds that failed completely. With the dollar slumping to a 26-year low against the pound， already-expensive London has become quite unaffordable. A coffee at Starbucks， just as unavoidable in England as it is in the United States， runs about ￥8. The once all-powerful dollar isn’t doing a Titanic against just the pound. It is sitting at a record low against the euro and at a 30-year low against the Canadian dollar. Even the Argentine peso and Brazilian real are thriving against the dollar. The weak dollar is a source of humiliation， for a nation’s self-esteem rests in part on the strength of its currency. It’s also a potential economic problem， since a declining dollar makes imported food more expensive and exerts upward pressure on interest rates. And yet there are substantial sectors of the vast U.S. economy from giant companies like Coca-Cola to mom-and-pop restaurant operators in Miami for which the weak dollar is most excellent news. Many Europeans may view the U.S. as an arrogant superpower that has become hostile to foreigners. But nothing makes people think more warmly of the U.S. than a weak dollar. Through April， the total number of visitors from abroad was up 6.8 percent from last year. Should the trend continue， the number of tourists this year will finally top the 2000 peak？ Many Europeans now apparently view the U.S. the way many Americans view Mexico as a cheap place to vacation， shop and party， all while ignoring the fact that the poorer locals can’t afford to join the merrymaking. The money tourists spend helps decrease our chronic trade deficit. So do exports， which thanks in part to the weak dollar， soared 11 percent between May 2006 and May 2007. For first five months of 2007， the trade deficit actually fell 7 percent from 2006. If you own shares in large American corporations， you’re a winner in the weak-dollargamble. Last week Coca-Cola’s stick bubbled to a five-year high after it reported a fantastic quarter. Foreign sales accounted for 65 percent of Coke’s beverage business. Other American companies profiting from this trend include McDonald’s and IBM. American tourists， however，shouldn’t expect any relief soon. The dollar lost strength the way many marriages break up slowly， and then all at once. And currencies don’t turn on a dime. So if you want to avoid the pain inflicted by the increasingly pathetic dollar， cancel that summer vacation to England and look to New England. There， the dollar is still treated with a little respect. 问题： Why do Americans feel humiliated？A.Their economy is plunging.

B.They can’t afford trips to Europe.

C.Their currency has slumped.

D.They have lost half of their assets.

How do many Europeans feel about the U.S with the devalued dollar？A.They think of it as a good tourist destination.

B.They feel contemptuous of it.

C.They regard it as a superpower on the decline.

D.They are sympathetic with it.

请帮忙给出每个问题的正确答案和分析，谢谢！

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第5题

If an investor holds a fiveyear IBM bond, it will give him a return very close to the return of the following position: ().

A.A fiveyear IBM credit default swap on which he pays fixed and receives a payment in the event of default

B.A fiveyear IBMcredit default swap onwhich he receives fixed andmakes a payment in the event of default

C.A fiveyear U.S. Treasury bond plus a fiveyear IBM credit default swap on which he pays fixed and receives a payment in the event of default

D.A fiveyear U.S. Treasury bond plus a fiveyear IBM credit default swap on which he receives fixed and makes a payment in the event of default

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第6题

A portfolio has an expected rate of return of 0.15 and a standard deviation of0.15.The risk-free rate is 6 percent.An investor has the following utility function: U = E(r)- (A/2)s 2.Which value of A makes this investor indifferent between the risky portfolio and the risk-free asset?（）

A.5

B.6

C.7

D.8

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第7题

A T-bill quote sheet has 90-day T-bill quotes with a 4.92 bid and a 4.86 ask.If the bill has a $10,000 face value,an investor could buy this bill for（）.

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第8题

The housing market has been for two years propping up consumers' spirits while the rest of

the economy lies exhausted on the floor, still trying to struggle to its feet. According to the National Association of Realtors, the national median existing-home price ended the year at $164,000, up 7.1 percent from 2001. That's the strongest annual increase since 1980.

Although residential real estate activity makes up less than 8% of total U.S. GDP, a housing market like this one can make the difference between positive and negative growth. Most significantly, consumer spending is 66% of GDP, and the purchase of a new home tends to have an "umbrella effect" on the homeowner's spending as he has to stock it with a washer/ dryer, a new big-screen TV, and maybe a swing set for the yard.

The main factor in housing's continued strength is a classic economic example of zero-sum boom: the persistent weakness everywhere else. As the 2003 recovery continues to be more forecast than reality. Falling stock prices raised investor appeal for U.S. Treasury Bonds, which in turn, allowed most interest rates to drift even lower. But there are not many signs that there's a bubble ready to burst.

December's new record in housing starts, for example, was nicely matched by the new record in new home sales. If you build it, they will buy and even if an economic pickup starts to reduce housing's relative attractiveness, there's no reason why modest economic growth and improved consumer mood can't help sustaining housing's strength. "The momentum gained from low mortgage interest rates will carry strong home sales into 2003, with an improving economy offsetting modestly higher mortgage interest rates as the year progresses", said David Lereah, chief economist at the National Association of Realtors.

Just as housing has taken up much of the economic slack for the past two years, both as a comforting investment for fretting consumers and a driver of consumer spending itself, a big bump elsewhere in the economy in 2003 could be housing's downfall. If stocks roar back this spring, capital inflows could steal from the bond market, pushing up long-term interest rates. Or Alan Greenspan and the Fed could do the same to short-term rates, as a way to hit the brakes on a recovery that is heating up too fast. In other words, if everything possible goes wrong for housing, homeowners should have plenty to compensate them in terms of job security and income hikes.

The author draws a sharp contrast between the housing market and the rest of the economy so as to show

A．the boom of real estate activity.

B．the statistics on home prices.

C．the role of housing market.

D．the degree of consumer spirits.

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第9题

Sheila extensively buys and sells securities.The IRS has determined upon examination th

A.a broker

B.an active trader

C.an active investor

D.a securities' dealer

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第10题

A bond portfolio manager is considering three Bonds – A, B, and C – for his portfolio. B

ond A allows the issuer to call the bond before stated maturity, Bond B allows the investor to put the bond back to the issuer before stated maturity, and Bond C contains no embedded options. The bonds are otherwise identical. The manager tells his assistant, “Bond A and Bond B should have larger nominal yield spreads to a U.S. Treasury than Bond C to compensate for their embedded options.” Is the manager most likely correct？

A. Yes.

B. No, Bond A’s nominal yield spread should be less than Bond C’s.

C. No, Bond B’s nominal yield spread should be less than Bond C’s.

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