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标题: Reading 71: Swap Markets and Contracts- LOSb(part 4)～ Q1 [打印本页]

作者: yanghon 时间: 2009-3-2 12:16 标题: [2009] Session 17 - Reading 71: Swap Markets and Contracts- LOSb(part 4)～ Q1

LOS b, (Part 4): Define and give examples of equity swaps.

Q1. An equity swap can specify that one party pay any of the following EXCEPT:

A) the return on a specific portfolio of three stocks including dividends.

B) the total return on a corporate bond.

C) the return on a single stock.

Q2. When one party pays a fixed rate of interest in an equity swap, which of the following is least accurate?

A) The equity-return payer will gain if the equity return is zero.

B) The fixed-rate receiver will never get more than the fixed rate.

C) Unlike other swaps, in an equity swap the one-quarter-ahead payment is not known at the end of the previous quarter.

Q3. A contract in which one party pays a fixed rate of interest on a notional amount in return for the return on a single stock, paid quarterly for four quarters, is a(n):

A) equity swap.

B) returns swap.

C) plain vanilla swap.

作者: yanghon 时间: 2009-3-2 12:17 标题: [2009] Session 17 - Reading 71: Swap Markets and Contracts- LOSb(part 4)～ Q1

LOS b, (Part 4): Define and give examples of equity swaps. fficeffice" />

Q1. An equity swap can specify that one party pay any of the following EXCEPT:

A) the return on a specific portfolio of three stocks including dividends.

B) the total return on a corporate bond.

C) the return on a single stock.

Correct answer is B)

A swap involving the return on a bond would not be an equity swap.

Q2. When one party pays a fixed rate of interest in an equity swap, which of the following is least accurate?

A) The equity-return payer will gain if the equity return is zero.

B) The fixed-rate receiver will never get more than the fixed rate.

C) Unlike other swaps, in an equity swap the one-quarter-ahead payment is not known at the end of the previous quarter.

Correct answer is B)

If the periodic return on the equity is negative, the fixed-rate payer must pay the fixed rate plus the percentage of (negative) equity return, times the notional principal.

Q3. A contract in which one party pays a fixed rate of interest on a notional amount in return for the return on a single stock, paid quarterly for four quarters, is a(n):

A) equity swap.

B) returns swap.

C) plain vanilla swap.

Correct answer is A)

A swap contract in which at least one party makes payments based on the return on an equity, portfolio, or market index, is called an equity swap.

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