The yield on a U.S. Treasury STRIPS security is also known as the Treasury:A. spot rate
The yield on a U.S. Treasury STRIPS security is also known as the Treasury:
A. spot rate.
B. forward rate.
C. yield spread.
The yield on a U.S. Treasury STRIPS security is also known as the Treasury:
A. spot rate.
B. forward rate.
C. yield spread.
A. 3.12%.
B. 172.06%.
C. 72.06%.
Using the BEY (bond-equivalent yield) spot rates for U.S. Treasury yields provided in the following table, the 6-month forward rate one year from now on a bond-equivalent yield basis is closest to:
A. 4.41%
B. 2.20%
C. 2.30%
Taxable equivalent yield Yield ratio
A. 7.14 0.79
B. 5.64 0.79.
C. 5.64 1.19.
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.
It was used by suicide bombers in Israel and chosen as a detonator in 2001 by would-be shoe bomber Richard Reid. Reid, who attempted to bomb a plane as it crossed the Atlantic Ocean, has claimed he used an Internet recipe to make his sneaker bomb. The ingredients in TATP---hydrogen peroxide obtained from local pharmacies, the paint thinner acetone, and a little hydrochloric or sulphuric acid ----can be mixed to manufacture TATP, which packs the same punch as plastic explosives such as RDX. TATP, used by terrorists in the Middle East and elsewhere, is considered so unstable that it can be set off by clapping one's hands to detonate it or stomping on it with one's foot and usually is used with other ingredients as a booster or detonator component.
What is the feature of TATP?
A.It is an simple explosive.
B.It is a military explosive.
C.It is made in U.S. factories.
D.It can be easily made indoors.
It was used by suicide bombers in Israel and chosen as a detonator in 2001 by would-be shoe bomber Richard Reid. Reid, who attempted to bomb a plane as it crossed the Atlantic Ocean, has claimed he used an Interact recipe to make his sneaker bomb. The ingredients in TATP--hydrogen peroxide obtained from local pharmacies, the paint thinner acetone, and'a little hydrochloric or sulphuric acid--can be mixed to manufacture TATR which packs the same punch as plastic explosives such as RDX. TATP, used by terrorists in the Middle East and elsewhere, is considered so unstable that it can be set off by clapping one's hands to detonate it or stomping on it with one's foot and usually is used with other ingredients as a booster or detonator component.
What is the feature of TATP?
A.It is an simple explosive.
B.It is a military explosive.
C.It is made in U.S. factories.
D.It can be easily made indoors.
James Sigmund, CFA, is the Head of International Equity for Pell Global Advisors (PGA). Sigmund is considering investing in the country of Zuflak as part of an emerging market portfolio. Sigmund is aware of the risks in investing in emerging markets and is preparing a valuation report regarding this investment. He estimates that Zuflak government debt would be rated BB, and has gathered the following market information for use in analyzing Zuflak.
Local Government Bond Yield= 11.50%
U.S. 10 year Treasury Bond Yield= 4.50%
U.S. BB rated Corporate Bond Yield= 7.75%
Local Inflation Rate= 6.50%
U.S. Inflation Rate= 3.00%
To assist in his analysis of Zuflak, Sigmund has asked Stefano Testorf, CFA, to estimate a value for Kiani Corporation (Kiani), Oleg Industries (Oleg), and Malik Incorporated (Malik) - the three primary companies domiciled in Zuflak that Sigmund has determined to have adequate liquidity for inclusion in PGA’s client portfolios. Testorf gives Sigmund a rough draft of his report and tells Sigmund that in order to account for country specific emerging market risks, he used a probability-weighted scenario analysis to adjust cash flows. Sigmund asks him, “Why didn’t you simply adjust the discount rate?” Testorf replies with three reasons:
Reason 1: The country risk attributable to Zuflak can be diversified away according to modern finance theory, and should not be included in the cost of capital.
Reason 2: Companies in emerging markets tend to exhibit wild price swings both up and down, therefore adjusting cash flows is the best way to account for these symmetrical country risks.
Reason 3: Although Kiani, Oleg, and Malik are all domiciled in Zuflak, each of these companies will tend to respond differently to country risks. This makes it virtually impossible to adjust the discount rate for country specific risk and come up with an accurate valuation estimate.
After careful analysis by Sigmund and his team, Sigmund decides that he wants to have exposure to Zuflak in his international portfolios. He is still unsure however, what the best way would be to establish the exposure. Sigmund discusses his concerns with Steve Solak, another portfolio manager with PGA. Solak suggests that Sigmund consider using a closed-end country fund to invest in Zuflak. Solak hands Sigmund a copy of a note that he had provided to a client listing facts about country-specific closed end funds. The note contained the followingstatements:
Closed-end country funds provide an excellent means to access local foreign markets. Even nations that have restrictions on foreign investment are sometimes accessible using closed-end country funds.
Closed-end country funds issue a fixed number of shares and are a great way to diversify a U.S.-dollar stock portfolio because of their low correlation with the U.S. stock market.
Sigmund thanks Solak for the information and heads back to his office. As he is leaving, Solak asks him if he would have time later that afternoon to discuss the use of American Depository Receipts (ADRs).
Part 1)
What is the best estimate of the country risk premium for Zuflak?
A)0.25%.
B)1.50%.
C)2.75%.
D)6.00%.
听力原文: A key component in the explosives used in last week' s London bombings is triacetone triperoxide (TATP), a U.S. law enforcement official tells U.S. News. TATP is a sophisticated or "high yield" explosive that' s easily mixed at home with recipes available on the Internet.
It was used by suicide bombers in Israel and chosen as a detonator in 2001 by would-be shoe bomber Richard Reid. Reid, who attempted to bomb a plane as it crossed the Aflamic Ocean, has claimed he used an Internet recipe to make his sneaker bomb. The ingredients in TATP — hydrogen peroxide obtained from local pharmacies, the paint thinner acetone, and a little hydrochloric or sulphuric acid-- can be mixed to manufacture TATP, which packs the same punch as plastic explosives such as RDX. TATP, used by terrorists in the Middle East and elsewhere, is considered so unstable that it can be set off by clapping one' s hands to detonate it or stomping on it with one' s foot and usually is used with other ingredients as a booster or detonator component.
What is the feature of TATP?
A.It is an simple explosive.
B.It is a military explosive.
C.It is made in U.S. factories.
D.It can be easily made indoors.
The guaranteed interest rate on some U.S. savings bonds was ______.
A.6%.
B.6.5%.
C.5%.
D.7.5%.
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