《投资学》第七版 英文版 (Zvi Bodie) 课后习题答案 机械工业出版社

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CHAPTER2:ASSETCLASSESAND
FINANCIALINSTRUMENTS
1.(d)
2.Theequivalenttaxableyieldis:6.75%/(1−0.34)=10.23%3.(a)Writingacallentailsunlimitedpotentiallossesasthestockpricerises.4.
a.
Youwouldhavetopaytheaskedpriceof:
94:30=94.9375%ofpar=$949.375
b.Thecouponrateis3.625%implyingcouponpaymentsof$36.25annuallyor,moreprecisely,$18.125semiannually.c.
Currentyield=(Annualcouponincome/price)
=$36.25/$949.375=0.0382=3.82%
5.
Preferredstockislikelong-termdebtinthatittypicallypromisesafixedpaymenteachyear.Inthisway,itisaperpetuity.Preferredstockisalsolikelong-termdebtinthatitdoesnotgivetheholdervotingrightsinthefirm.Preferredstockislikeequityinthatthefirmisundernocontractualobligationtomakethepreferredstockdividendpayments.Failuretomakepaymentsdoesnotsetoffcorporatebankruptcy.Withrespecttothepriorityofclaimstotheassetsofthefirmintheeventofcorporatebankruptcy,preferredstockhasahigherprioritythancommonequitybutalowerprioritythanbonds.

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