C adecrease in the strike price of the option a negative prospect of the underslying D The real value of the stock.. ] ~ caused by 1% decline in its yield to maturity based an investor p
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TRƯỜNG ĐẠI HỌC NGÂN HÀNG TP HỎ CHÍ MINH
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Thứ hai:
Part I Multiple choice (4 points)
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2
3
4
5
16
17
18
20
1) Which of the following statements are out of 2) The value of a put option on a stock is
Technical Analysis? least likely to increase as a results of:
A) Prices fluctuate in trends A) an increase in asset price volatility
B) Market volatility eliminates objective and B) a decrease in market price of the
subjective factors underlying stock |
C) Analyze price movements in the past C) adecrease in the strike price of the option
a negative prospect of the underslying D) The real value of the stock D) stock os oes |
3) Anestimate of the price change fora coupon bond | 4) When the underlying stock price is 395 ]
~ caused by 1% decline in its yield to maturity based an investor pays $2 for a call option with
only on its modified duration will result in an an exercise price of $95 If the stock
anwer that: price moves to $97, the intrinsic value ot
the call option would be:
A) — is smaller than the actual price change A) -$I
B) _ is larger than the actual price change B) $0 |
C) in exactly equal to the actual price change C) $i |
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If money supply and demand are in |
—
sensitivity |
5) _ Which ofthe following statements is true about 6)
company pricing? equilibrium and the central bank sells securities in the open market: | | The valuation is a subjective action the result of the Te
valuation depends on the appraiser
B) The valuation is immutable, it does not depend on B) firms and households will sell securities the change of information and time for cash
C) The outcome of a valuation is 100% certain C) — short-term interest rates will decrease
The more complex the pricing model is, the more 8
D) exact the intrinsic price có P ‘ P g D) non of the above
7) In Dow Theory, the secondary wave (trend) 8) An inversion head and shoulders pattern normally lasts: is indicative: | A) Less than 3 weeks A) Price increases
D) More than | year D) Price does not increase, does not decrease | 9) In technical analysis, which price is most 10) Mistakes in investment include:
important?
A) High A) "Fear" to cut losses
C) Open C) Realizing profits too early
11) The current YTM is 5% and the price of the bond is | 12) An analyst values stocks using a dividend |
$100 Suppose that the yield decreases by 100 bps discount model Holding all other factors (that is to 4%) and the bond price increases by constant which of the following ts /ecast
$10 Suppose that the YTM then decreases further, likely to increase the estimated value of a
by another 100 bps (that is to 3%) The bond price stock?
will
; An increase in the next period's expected A) _ rise by less than $10 7 A) dividend 4 : pee | B) rise by more than $10 B) A decease in the stock's symtematic risk
; - A decrease in the expected growth rate of
D) decline by more than $10 D) An decrease in the stock's specific risk 13) A derivative is most accurately defined as a 14) For which of the following bonds is the financial instrument that provides: price more sensitive to changes in Y 1M?
30-year bond with 5% coupon rate and A) areturn based on the return of an underlying asset 2 A) semiannual coupon payment 5 ° P
B) an adjustment to another asset's level of risk B) zero coupon bond with 15-year maturity C) an agreement between two parties to provide C) (A) and (B) have the same price
something for each other
Ề cannot determine which has higher price
sensitivity without further Information
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15) Which of the following valuation methods is the 16) Stock valuation is the determining the most appropriate for SOE equalization? intrinsic value or fair value of stock to
serve the following tasks:
Ai Asset-peluation A) Make investment decisions to buy, sell
or hold |
€) — Discount cash flow model C) Exploit the potential of firm
D) None of above D) AandB
17) What is the intrinsic value of a company's stock if 18) Based on perspective: Compared to the | dividends are expected to grow at 6%, last year's value of other firms Which pricing
dividend was $1, and investors's required rate of method do we have?
return for this stock is 10%? | A) $19 A) Discount Cash Flow Model
B) $20 B) Asset valuation
D) $26.50 D) Dividend discount model
19) To reduce the negative economic impact of Covid- | 20) Company X earns 10 billion VND in
19 pandemic crisis, the State bank of Vietnam cut 2007 On Jan 1, 2007 X has | million its benhmark policy rates by 50 basis points on outstanding shares On July 1, 2007, X October 1 2020 Which of the following is most issues 200.000 additional common shares likely the result of the SBV's rate cut at the price of 20,000 VND/share
Calculate EPS? | A) an increase in business investment in fixed assets A) 9,524 VND | B) an increase in consumer spending on durable goods | B) 9.091 VND
C) depreciation of the Wiemain dong increases foreign C) 10.233 VND
demand for Vietnam's exports
Part II: Writing test (6 points)
1 A 10% nominal interest rate bond, 3-year term to maturity, face value of US $ 100, sold for $
107.87, discount rate of 7%
a) (3 points) Calculate the Duration (Duration and Modified duration)
b) (1 point) If interest rates rise to 7.1%, what is the bond’s new price?
Trang 4XYZ is a new company and currently pays no dividends and is not expected to pay dividend tor the next six years The company recently reported earnings of $2 per share The firm is expected
to grow ata 16% rate for the next six years Starting in year 7, XYZ is expected to distribute 30%
of its earnings in the form of dividends and to have a constant growth rate of 5% The required rate of return is 12%
a (1 point) Calculate the expected earning by the starting of year 7
b (1 point) Calculate the value of XYZ shares today