投资学10版习题答案14.doc

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1、Chapter14-BondPricesandYieldsCHAPTER14:BONDPRICESANDYIELDSPROBLEMSETS1.a.Catastrophebond—Abondthatallowstheissuertotransfer“catastropherisk”fromthefirmtothecapitalmarkets.Investorsinthesebondsreceiveacompensationfortakingontheriskintheformofhighercoup

2、onrates.Intheeventofacatastrophe,thebondholderswillreceiveonlypartorperhapsnoneoftheprincipalpaymentduetothematmaturity.DisastercanbedefinedbytotalinsuredlossesorbycriteriasuchaswindspeedinahurricaneorRichterlevelinanearthquake.b.Eurobond—Abondthatisd

3、enominatedinonecurrency,usuallythatoftheissuer,butsoldinothernationalmarkets.c.Zero-couponbond—Abondthatmakesnocouponpayments.Investorsreceiveparvalueatthematuritydatebutreceivenointerestpaymentsuntilthen.Thesebondsareissuedatpricesbelowparvalue,andth

4、einvestor’sreturncomesfromthedifferencebetweenissuepriceandthepaymentofparvalueatmaturity(capitalgain).d.Samuraibond—Yen-dominatedbondssoldinJapanbynon-Japaneseissuers.e.Junkbond—Abondwithalowcreditratingduetoitshighdefaultrisk;alsoknownashigh-yieldbo

5、nds.f.Convertiblebond—Abondthatgivesthebondholdersanoptiontoexchangethebondforaspecifiednumberofsharesofcommonstockofthefirm.g.Serialbonds—Bondsissuedwithstaggeredmaturitydates.Asbondsmaturesequentially,theprincipalrepaymentburdenforthefirmisspreadove

6、rtime.h.Equipmentobligationbond—Acollateralizedbondforwhichthecollateralisequipmentownedbythefirm.Ifthefirmdefaultsonthebond,thebondholderswouldreceivetheequipment.i.Originalissuediscountbond—Abondissuedatadiscounttothefacevalue.j.Indexedbond—Abondtha

7、tmakespaymentsthataretiedtoageneralpriceindexorthepriceofaparticularcommodity.k.Callablebond—Abondthatgivestheissuertheoptiontorepurchasethebondataspecifiedcallpricebeforethematuritydate.14-14Copyright©2014McGraw-HillEducation.Allrightsreserved.Norepr

8、oductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.Chapter14-BondPricesandYieldsl.Puttablebond—Abondthatgivesthebondholdertheoptiontosellbackthebondataspecifiedputpricebeforethematuritydate.2.Thebondcallableat105shouldse