公司财务原理Principles of Corporate Finance(11th edition)_课后习题答案Chap003.docVIP

CHAPTER 3 Valuing Bonds Answers to Problem Sets 1. a. Does not change. The coupon rate is set at time of issuance. b. Price falls. Market yields and prices are inversely related. c. Yield rises. Market yields and prices are inversely related. Est. Time: 01-05 2. a. If the coupon rate is higher than the yield, then investors must be expecting a decline in the capital value of the bond over its remaining life. Thus, the bond’s price must be greater than its face value. Conversely, if the yield is greater than the coupon, the price will be below face value and it wil