有几个问题不明白，高手帮忙看看吧，顺便自己复习一下。谢谢啦！ 另外，怎么感觉很多答案是错的？就是明明解释的是B，但给的答案是C那种，当然不是每套题都是这样，好像第二套很多？？？ 1）Sample1 Afternoon Q61 Which of the following is FALSE? B. For a discount coupon bond, CFO will decrease by the amount of the periodic coupon payment. D. A bond issued at a discount has lower cash flow from operations and higher cash flow from financing than a bond issued at a premium. 答案选D，可我觉得B也不对呀！CFO不是应该减interest payment吗？怎么成了periodic coupon payment了？ 2）Sample 1 Afternoon Q78 Under which of the following conditions would a firm be least likely to issue variable-rate debt? A. The yield curve is sloping sharply upward. B. The yield curve is sloping sharply downward. C. Operating cash flows are positively correlated with short-term interest rates. D. Operating cash flows are negatively correlated with short-term interest rates. 这个为什么选D？完全不知道怎么下手。。 3) Sample 2 Morning
25 答案是不是错了？解答上明明说left tail 16%，但给出的选项是A，即32% 4) Sample 2 Morning 70 Project X has a IRR of 14%, Y has IRR of 17%. Both have simple cash flow (all +ve after initial one). Which is most likely correct? D. 10%, both projects will have a positive NPV, and the NPV of Project Y will exceed NPV of Project X. 答案是A。没看懂为什么D不对，但A肯定是对的。 5) Sample 2 Morning 73 Xanos Corp faced a 50% marginal tax rate last year and showed: Deferred tax asset of $1000 Deferred tax liability of $5000 If there's a tax rate decline to 40%, which one is TRUE? B. DTL reduced by $1000 and income tax expense by $800 C. DTA is reduced by $200, and income tax expense is reduced by $1000 答案选B，可我觉得C是对的？难道不是after tax cut, DTL=800, DTA=400？ 3) Sample 2 Morning 111 Purchase one American put option chontract for $4 per option share; Owns 100 shares. X=60, Stock price on the date of option purchase=60, stock price today=52, Time to option expiry from today=1 Month. 答案给的B，-$400 可这个题明明是买了put，后来stock price 跌了，所以exercies the put and gain 60-52 per share，除去cost of $4 per option share，应该是gain $400？答案(B)错了吧！？ | 
发表于 2007-6-1 22:16
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