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yydlut · 2024年03月23日

为什么债券收益小于股票收益

NO.PZ2023040701000086

问题如下:

Gillette makes the following comments to Bianchi: “My belief is that, over the next year, Raffarin’s share price will appreciate toward the conversion price but not exceed it.”

Exhibit 4. Selected Data for RI Convertible Bond

Based on Exhibit 4 and Gillette’s forecast regarding Raffarin’s share price, the return on the RI bond over the next year is most likely to be:

选项:

A.

lower than the return on Raffarin’s common shares.

B.

the same as the return on Raffarin’s common shares.

C.

higher than the return on Raffarin’s common shares.

解释:

Correct Answer: A

Over the next year, Gillette believes that Raffarin’s share price will continue to increase towards the conversion price but not exceed it. If Gillette’s forecast becomes true, the return on the RI bond will increase but at a lower rate than the increase in Raffarin’s share price because the conversion price is not expected to be reached.

为什么债券收益小于股票收益

1 个答案

品职答疑小助手雍 · 2024年03月23日

同学你好,期权里学过的,没超过strike price的虚值期权,delta必然是小于1的。所以可转债价值的增加没有股票快。

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NO.PZ2023040701000086 问题如下 Gillette makes the following comments to Bianchi: “My belief is that, over the next year, Raffarin’s share priwill appreciate towarthe conversion pribut not exceeit.”Exhibit 4. Selecteata for RI Convertible Bonasen Exhibit 4 anGillette’s forecast regarng Raffarin’s share price, thereturn on the RI bonover the next yeis most likely to be: A.lower ththe return on Raffarin’s common shares. B.the same the return on Raffarin’s common shares. C.higher ththe return on Raffarin’s common shares. CorreAnswer: AOver the next year, Gillette believes thRaffarin’s share priwill continue to increase towar the conversion pribut not exceeit. If Gillette’s forecast becomes true, the return on the RI bonwill increase but a lower rate ththe increase in Raffarin’s share pribecause the conversion priis not expecteto reache 老师,只要是股票上涨的情况下(不论股价是否超过可转债),可转债收益都要小于股票?只要是股票下降的情况(不论股价是否超过可转债),可转债收益都要大于股票?

2024-07-13 23:03 1 · 回答

NO.PZ2023040701000086问题如下 Gillette makes the following comments to Bianchi: “My belief is that, over the next year, Raffarin’s share priwill appreciate towarthe conversion pribut not exceeit.”Exhibit 4. Selecteata for RI Convertible Bonasen Exhibit 4 anGillette’s forecast regarng Raffarin’s share price, thereturn on the RI bonover the next yeis most likely to be: A.lower ththe return on Raffarin’s common shares.B.the same the return on Raffarin’s common shares.C.higher ththe return on Raffarin’s common shares. CorreAnswer: AOver the next year, Gillette believes thRaffarin’s share priwill continue to increase towar the conversion pribut not exceeit. If Gillette’s forecast becomes true, the return on the RI bonwill increase but a lower rate ththe increase in Raffarin’s share pribecause the conversion priis not expecteto reache 怎么比较债券收益和股票收益的大小?股价在持续上涨,说明股票收益在变大,股价没有超过转换价格,也就是不会把债券转换成股票,那债券有什么收益?coupon的收益?

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