问题如下:
The relevant information about convertible bond issued by Pro Star is given below.
The market prices of Pro Star’s convertible bond and common stock today are $1,060 and $37.50, respectively
If the market price of Pro Star’s common stock falls from its level today, the price of the convertible bond will:
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:
B is correct.
考点:考察对可转债的理解
解析:
可转债的兑换价值为31×37.50美元或1,162.50美元 , 代表其最低价值 。 因此 , 可转换债券主要表现出股票风险回报特征 , 而股票价格的下跌将导致可转换债券价格下跌 。 然而 , 可转换债券价格的变化小于股票价格的变化 , 因为可转换债券价格下跌有底限 ( floor ) ; 该底限是不含权债券的价值 。
老师好,这题答案没看懂。 1) min value of convertible bond 看懂了 是民max of (1162.5 and 1000) , 但后面说可转换债券价格的变化小于股票价格的变化, 这是个已知的可以直接用的结论 还是 通过min value of convertible bond of 1162.5 可以推导出来的结论?
2) 如果用conversion price 直接和market stock price 去比较,conversion price = 1000/31 = 32.25 vs. stock market price of 37.5. convrsion price 指 32.25可义卖一支stock , 低于市场价37.5, 没想通为啥可以推出convertible price's price drop is slower than stock price's drop. 谢谢。