NO.PZ202304070100008301
问题如下：
If the market price of Pro Star’s common stock falls from its level on 19 October 20X0, the price of the convertible bond will most likely:
选项：
A.
fall at the same rate as Pro Star’s stock price.
B.
fall but at a slightly lower rate than Pro Star’s stock price.
C.
be unaffected until Pro Star’s stock price reaches the conversion price.
解释：
Correct Answer: B
The market price on 19 October 20X0 ($37.50) is above the conversion price of $1,000/31 = $32.26 per share. Thus, the convertible bond exhibits mostly stock risk-return characteristics, and a fall in the stock price will result in a fall in the convertible bond price. However, the change in the convertible bond price is less than the change in the stock price because the convertible bond has a floor—that floor is the value of the straight bond.
convertible bond又保底价时straight bond，但是入股股价下跌的部分不足以触及到straight bond的程度，这部分的股价下跌是否与普通call on stock一样？如果是，对于convertible bond的影响是不是应该是一样的？
