FINA exam #3

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____ refers to how quickly info is reflected in the available prices for trading

Information efficiency

The ______ is the market of first sale in which companies first sell their authorized shares to the public

Primary Market

Which of the following are issued with the shortest time to maturity?

Treasury bills

When the ______ is less than the yield to maturity, the bond sells at a/the ______ the par value

coupon rate; discount

The ______ is the annual coupon payment divided by the current price of the bond and is not always an accurate indicator

current yield

Stocks are different from bonds because

stocks, unlike bonds, represent residual ownership

As the rating of a bond increases, it generally means

the credit rating increases, the default risk decreases, and the required rate of return decreases

The _____ is the yield an individual would receive if the individual purchased the bond today and held the bond to the end of its life

yield to maturity

The appropriate rate to use to discount the cash flows of a bond in order to determine the current price is the __________

yield to maturity


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