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Chapter 8—Bond Valuation and Risk
1. The appropriate discount rate for valuing any bond is the

a. bond's coupon rate.
b. bond's coupon rate adjusted for the expected inflation rate over the life of the bond.
c. Treasury bill rate with an adjustment to include a risk premium if one exists.
d. yield that could be earned on alternative investments with similar risk and maturity.
ANS: D PTS: 1 DIF: Moderate OBJ: FMAI.MADU.15.08.01
NAT: BUSPROG.FMAI.MADU.15.03 STA: DISC.FMAI.MADU.15.01
KEY: Bloom's: Comprehension
2. The valuation of bonds is generally perceived to be ____ the valuation of equity securities.
a. more difficult than
b. easier than
c. just as difficult as
d. none of the above
ANS: B PTS: 1 DIF: Easy OBJ: FMAI.MADU.15.08.01
KEY: Bloom's: Knowledge
3. A bond with a $1,000 par value has an 8 percent annual coupon rate. It will mature in 4 years, and
annual coupon payments are made at the end of each year. Present annual yields on similar bonds are 6
percent. What should be the current price?
a. $1,069.31
b. $1,000.00
c. $9712
d. $927.66
e. none of the above
ANS: A PTS: 1 DIF: Challenging OBJ: FMAI.MADU.15.08.01
KEY: Bloom's: Application
4. A bond with a ten percent coupon rate bond pays interest semi-annually. Par value is $1,000. The bond
has three years to maturity. The investors' required rate of return is 12 percent. What is the present
value of the bond?
a. $1,021
b. $1,000
c. $981
d. $951
ANS: D PTS: 1 DIF: Challenging OBJ: FMAI.MADU.15.08.01
5. A bond with a 12 percent quarterly coupon rate has a yield to maturity of 16 percent. The bond has a
par value of $1,000 and matures in 20 years. Based on this information, a fair price of this bond is
$____.
a. 1,302
b. 763
c. 761
© 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted
in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
d. 1,299
ANS: C PTS: 1 DIF: Moderate OBJ: FMAI.MADU.15.08.01
6. From the perspective of investing institutions, the most attractive foreign bonds offer a ____ and are
denominated in a currency that ____ over the investment horizon.
a. high yield; appreciates
b. high yield; remains stable
c. low yield; appreciates
d. low yield; depreciates
ANS: A PTS: 1 DIF: Moderate OBJ: FMAI.MADU.15.08.05
7. The value of ____-risk securities will be relatively ____.

a. high; high
b. high; low
c. low; low
8. The larger the investor's ____ relative to the ____, the larger the ____ of a bond with a particular par
value.
a. discount rate; required rate of return; discount
b. required rate of return; discount rate; discount
c. required rate of return; discount rate; premium
9. If the coupon rate equals the required rate of return, the price of the bond
a. should be above its par value.
b. should be below its par value.
c. should be equal to its par value.
d. is negligible.
10. When financial institutions expect interest rates to ____, they may ____.
a. increase; sell bonds and buy short-term securities
b. increase; sell short-term securities and buy bonds
c. decrease; sell bonds and buy short-term securities
d. B and C
ANS: A PTS: 1 DIF: Easy OBJ: FMAI.MADU.15.08.02
11. For a given par value of a bond, the higher the investor's required rate of return is above the coupon
rate, the
a. greater is the premium on the price.
b. greater is the discount on the price.
c. smaller is the premium on the price.
d. smaller is the discount on the price.
ANS: B PTS: 1 DIF: Moderate OBJ: FMAI.MADU.15.08.01
12. Zero coupon bonds with a par value of $1,000,000 have a maturity of 10 years, and a required rate of
return of 9 percent. What is the current price?
a. $363,212
b. $385,500
c. $422,400
d. $424,100
13. If the coupon rate ____ the required rate of return, the price of a bond ____ par value.
a. equals; equals
b. exceeds; is less than
c. is less than; is greater than
d. B and C
14. As interest rates increase, long-term bond prices

a. increase by a greater degree than short-term bond prices.
b. increase by an equal degree as short-term bond prices.
c. decrease by a greater degree than short-term bond prices.
d. decrease by an equal degree as short-term bond prices.
e. decrease by a smaller degree than short-term bond prices.
ANS: C PTS: 1 DIF: Easy OBJ: FMAI.MADU.15.08.03
15. The prices of bonds with ____ are most sensitive to interest rate movements.
a. high coupon payments
b. zero coupon payments
c. small coupon payments
d. none of the above (The size of the coupon payment does not affect sensitivity of bond
prices to interest rate movements.)
16. A(n) ____ in the expected level of inflation results in ____ pressure on bond prices.
a. increase; upward
b. increase; downward
c. decrease; downward
17. Other things held constant, bond prices should increase when inflationary expectations rise.
a. True
b. False
ANS: F PTS: 1 DIF: Easy OBJ: FMAI.MADU.15.08.02

18. An expected ____ in economic growth places ____ pressure on bond prices.
a. increase; downward
b. increase; upward
c. decrease; downward
19. Assume that the price of a $1,000 zero coupon bond with five years to maturity is $567 when the
required rate of return is 12 percent. If the required rate of return suddenly changes to 15 percent, what
is the price elasticity of the bond?
a. −.980
b. +.980
c. −.494
d. +.494
20. If a financial institution's bond portfolio contains a relatively large portion of ____, it will be ____.
a. high coupon bonds; more favorably affected by declining interest rates
b. zero or low coupon bonds; more favorably affected by declining interest rates
c. zero or low coupon bonds; more favorably affected by rising interest rates
d. high coupon bonds; completely insulated from rising interest rates
21. The prices of ____-coupon and ____ maturities are most sensitive to changes in the required rate of
return.
a. low; short
b. low; long
c. high; short
d. high; long
22. An insurance company purchases corporate bonds in the secondary market with six years to maturity.
Total par value is $55 million. The coupon rate is 11 percent, with annual interest payments. If the
expected required rate of return in 4 years is 9 percent, what will the market value of the bonds be
then?
a. $52,115,093
b. $55,341,216
c. $55,000,000
d. $56,935,022
23. A $1,000 par bond with five years to maturity is currently priced at $892. Annual interest payments are
$90. What is the yield to maturity?
a. 13 percent
b. 12 percent
c. 11 percent
d. 10 percent
24. A bank buys bonds with a par value of $25 million for $24,040,000. The coupon rate is 10 percent, and
the bonds pay annual payments. The bonds mature in four years. The bank wants to sell them in two
years, and estimates the required rate of return in two years will be 8 percent. What will the market
value of the bonds be in two years?
a. $24,113,418
b. $24,667,230
c. $25,000,000
d. $25,891,632
25. The price of short-term bonds are commonly ____ those of long-term bonds.
a. more volatile than
b. equally volatile as
c. less volatile than
d. A and C occur with about equal frequency
26. Assume that the value of liabilities equals that of earning assets. If asset portfolio durations are ____
than liability portfolio durations, then the market value of assets are ____ interest-rate sensitive than
the market value of liabilities.
a. greater; more
b. greater; equally
c. greater; less
d. less; equally
e. B and D
27. As interest rates consistently rise over a specific period, the market price of a bond you own would
likely ____ over this period. (Assume no major change in the bond's default risk.)
a. consistently increase
b. consistently decrease
c. remain unchanged
d. change in a direction that cannot be determined with the above information
28. As interest rates consistently decline over a specific period, the market price of a bond you own would
likely ____ over this period. (Assume no major change in the bond's default risk.)
a. consistently increase
b. consistently decrease
c. remain unchanged
d. change in a direction that cannot be determined with the above information
29. If analysts expect that the demand for loanable funds will increase, and the supply of loanable funds
will decrease, they would most likely expect interest rates to ____ and prices of existing bonds to
____.
a. increase; increase
b. increase; decrease
c. decrease; decrease
d. decrease; increase
30. If analysts expect that the demand for loanable funds will decrease, and the supply of loanable funds
will increase, they would most likely expect interest rates to ____ and prices of existing bonds to ____.
31. Consider a coupon bond that sold at par value two years ago. If interest rates are much lower now than
when this bond was issued, the coupon rate of that bond will likely be ____ the prevailing interest
rates, and the present value of the bonds will be ____ its par value.
a. above; above
b. above; below
c. below; below
d. below; above
32. Consider a coupon bond that sold at par value two years ago. If interest rates are much higher now
than when this bond was issued, the coupon rate of that bond will likely be ____ the prevailing interest
rates, and the present value of the bonds will be ____ its par value.
a. above; above
b. above; below
c. below; below
d. below; above
33. If bond portfolio managers expect interest rates to increase in the future, they would likely ____ their
holdings of bonds now, which could cause the prices of bonds to ____ as a result of their actions.
34. If bond portfolio managers expect interest rates to decrease in the future, they would likely ____ their
holdings of bonds now, which could cause the prices of bonds to ____ as a result of their actions.
35. Which of the following will most likely cause bond prices to increase? (Assume no possibility of
higher inflation in the future.)
a. reduced Treasury borrowing along with anticipation that money supply growth will
decrease
b. reduced Treasury borrowing along with anticipation that money supply growth will
increase
c. an anticipated drop in money supply growth along with increasing Treasury borrowing
d. higher levels of Treasury borrowing and corporate borrowing
36. If the United States announces that it will borrow an additional $10 billion, this announcement will
normally cause the bond traders to expect
a. higher interest rates in the future, and will buy bonds now.
b. higher interest rates in the future, and will sell bonds now.
c. stable interest rates in the future, and will buy bonds now.
d. lower interest rates in the future, and will buy bonds now.
e. lower interest rates in the future, and will sell bonds now.
37. The market value of long-term bonds is ____ sensitive to interest rate movements; as interest rates fall,
the market value of long-term bonds ____.
a. slightly; rises
b. very; rises
c. very; declines
d. slightly; declines
38. The bonds that are most sensitive to interest rate movements have
a. no coupon and a short-term maturity.
b. high coupons and a short-term maturity.
c. high coupons and a long-term maturity.
d. no coupon and a long-term maturity.
39. When two securities have the same expected cash flows, the value of the ____ security will be higher
than the value of the ____ security.
a. high-risk; low-risk
b. low-risk; high-risk
c. high-risk; high-risk
d. low-risk; low-risk
40. Morgan would like to purchase a bond that has a par value of $1,000, pays $80 at the end of each year
in coupon payments, and has 10 years remaining until maturity. If the prevailing annualized yield on
other bonds with similar characteristics is 6 percent, how much will Morgan pay for the bond?
a. $1,000.00
b. $1,147.20
c. $856.80
ANS: B PTS: 1 DIF: Challenging OBJ: FMAI.MADU.15.08.01
41. Sioux Financial Corp. has forecasted its bond portfolio value for one year ahead to be $105 million. In
one year, it expects to receive $10,000,000 in coupon payments. The bond portfolio today is worth
$101 million. What is the forecasted return of this bond portfolio?
a. 10 percent
b. 8.82 percent
c. 4.32 percent
d. 13.86 percent
ANS: D PTS: 1 DIF: Challenging OBJ: FMAI.MADU.15.08.APP
42. Hurricane Corp. recently purchased corporate bonds in the secondary market with a par value of $11
million, a coupon rate of 12 percent (with annual coupon payments), and four years until maturity. If
Bullock intends to sell the bonds in two years and expects investors' required rate of return at that time
on similar investments to be 14 percent at that time, what is the expected market value of the bonds in
two years?
a. $9.33 million
b. $11.00 million
c. $10.64 million
d. $9.82 million
ANS: C PTS: 1 DIF: Challenging OBJ: FMAI.MADU.15.08.01
43. Assume a bond with a $1,000 par value and an 11 percent coupon rate, two years remaining to
maturity, and a 10 percent yield to maturity. The duration of this bond is
a. 1.90 years.
b. 1.50 years.
c. 1.92 years.
maturity, and a 10 percent yield to maturity. The modified duration of this bond is
a. 1.73 years.
b. 1.71 years.
c. 1.90 years.
45. The relationship reflecting the actual response of a bond's price to a change in bond yields is
a. concave.
b. convex.
c. linear.
d. quadratic.
46. If the level of inflation is expected to ____, there will be ____ pressure on interest rates and ____
pressure on the required rate of return on bonds.
a. increase; upward; downward
b. decrease; upward; downward
c. decrease; upward; upward
d. increase; downward; upward
e. increase; upward; upward
ANS: E PTS: 1 DIF: Moderate OBJ: FMAI.MADU.15.08.02
47. Using a(n) ____ strategy, investors allocate funds evenly to bonds in each of several different maturity
classes.
a. matching
b. laddered
c. barbell
d. interest rate
48. With a(n) ____ strategy, funds are allocated to bonds with a short term to maturity and bonds with a
long term to maturity. Thus, this strategy allocates some funds to achieving a relatively high return and
other funds to covering liquidity needs.
a. matching
b. laddered
c. barbell
d. interest rate
49. Which of the following bonds is most susceptible to interest rate risk from an investor's perspective?
a. short-term, high-coupon
b. short-term, low-coupon
c. long-term, high-coupon
d. long-term, zero-coupon
ANS: D PTS: 1 DIF: Easy OBJ: FMAI.MADU.15.08.03
50. Which of the following is most likely to cause a decrease in bond prices?
a. a decrease in money supply growth and an increase in the demand for loanable funds
b. a forecast of decreasing oil prices
c. a forecast of a stronger dollar
d. an increase in money supply growth and no change in the demand for loanable funds
51. If the Treasury issues an unusually large amount of bonds in the primary market, it places ____ on
bond prices, and ____ on yields to be earned by investors that purchase bonds and plan to hold them to
maturity.
a. downward pressure; downward pressure
b. downward pressure; upward pressure
c. upward pressure; upward pressure
d. upward pressure; downward pressure
52. Assume bond portfolio managers actively manage their portfolios. If they expect interest rates to ____,
they would shift toward ____.
a. increase; long-maturity bonds with zero-coupon rates
b. decrease; short-maturity bonds with high-coupon rates
c. increase; high-coupon bonds with long maturities
d. decrease; long-maturity bonds with zero-coupon rates
53. The market price of a bond is partly determined by the timing of the payments made to bondholders.
a. True
b. False
ANS: T PTS: 1 DIF: Easy OBJ: FMAI.MADU.15.08.01

54. The appropriate price of a bond is simply the sum of the cash flows to be received.
a. True
b. False
55. The valuation of bonds is generally perceived to be more difficult than the valuation of equity
securities.
a. True
b. False

56. Bonds that sell below their par value are called premium bonds.
a. True
b. False

57. A zero-coupon bond makes no coupon payments.

a. True
b. False

58. If the coupon rate of a bond is above the investor's required rate of return, the price of the bond should
be below its par value.
a. True
b. False
ANS: F PTS: 1 DIF: Moderate OBJ: FMAI.MADU.15.08.01

59. An increase in either the risk-free rate or the general level of the risk premium on bonds results in a
higher required rate of return and therefore causes bond prices to increase.
a. True
b. False

60. The long-term, risk-free interest rate is driven by inflationary expectations, economic growth, the
money supply, and the budget deficit.
a. True
b. False

61. If the level of inflation is expected to decrease, there will be upward pressure on interest rates and on
the required rate of return on bonds.
a. True
b. False

62. Foreign investors anticipating dollar depreciation are less willing to hold U.S. bonds because the
coupon payments will convert to less of their home currency.
a. True
b. False

63. Any announcement that signals stronger than expected economic growth tends to increase bond prices.
a. True
b. False

64. Bond price elasticity is the percentage change in bond prices divided by the percentage change in the
required rate of return.
a. True
b. False

65. As interest rates increase, prices of short-term bonds will decline by a greater degree than prices on
long-term bonds.
a. True
b. False

66. Duration is a measure of bond price sensitivity.

a. True
b. False

67. A bond portfolio containing a large portion of zero-coupon bonds will be more favorably affected by
declining interest rates than a bond portfolio containing no zero-coupon bonds.
a. True
b. False

68. International diversification of bonds reduces the sensitivity of a bond portfolio to any single country's
interest rate movements.
a. True
b. False

69. In a laddered strategy, investors create a bond portfolio that will generate periodic income that can
match their expected periodic expenses.
a. True
b. False

70. Which of the following formulas best describes the value of a bond?
a.
b.
c.
d.

71. Stephanie would like to purchase a bond that has a par value of $1,000, pays $80 at the end of each
year in coupon payments, and has ten years remaining until maturity. If the prevailing annualized yield
on other bonds with similar characteristics is 6 percent, how much will Stephanie pay for the bond?
a. $1,000.00
b. $1,147.20
c. $856.80
ANS: B PTS: 1 DIF: Challenging OBJ: FMAI.MADU.15.08.01
72. Julia just purchased a $1,000 par value bond with a 10 percent annual coupon rate and a life of twenty
years. The bond has four years remaining until maturity, and the yield to maturity is 12 percent. How
much did Julia pay for the bond?
a. $1,063.40
b. $1,000
c. $939.25
ANS: C PTS: 1 DIF: Challenging OBJ: FMAI.MADU.15.08.01
73. To determine the present value of a bond that pays semiannual interest, which of the following
adjustments should not be made to compute the price of the bond?
a. The annualized coupon should be split in half.
b. The annual discount rate should be divided by 2.
c. The number of annual periods should be doubled.
d. The par value should be split in half.
e. All of the above adjustments have to be made.
74. A $1,000 par value bond, paying $50 semiannually, with an 8 percent yield to maturity and five years
remaining to maturity should sell for
a. $1,000.00.
b. $1,081.11.
c. $798.70.
d. $880.22.
e. none of the above.
75. If the level of inflation is expected to ____, there will be ____ pressure on interest rates and ____
pressure on the required rate of return on bonds.
a. increase; upward; downward
b. decrease; upward; downward
c. decrease; upward; upward
d. increase; upward; upward
e. increase; downward; upward
76. An economic announcement signaling ____ economic growth in the future will probably cause bond
prices to ____.
a. weak; decrease
b. strong; increase
c. weak; increase
d. strong; decrease
e. Answers C and D are correct.
ANS: E PTS: 1 DIF: Easy OBJ: FMAI.MADU.15.08.02
77. Because of a change in the required rate of return from 11 percent to 13 percent, the bond price of a
zero-coupon bond will fall from $1,000 to $860. Thus, the bond price elasticity for this bond is
a. 0.77.
b. −0.77.
c. −0.90.
d. −1.06.
e. none of the above.
78. The required rate of return on a certain bond changes from 12 percent to 8 percent, causing the price of
the bond to change from $900 to $1,100. The bond price elasticity of this bond is
a. −0.36.
b. −0.44.
c. −0.55.
d. −0.67.
e. 0.67.
maturity, and a 10 percent yield to maturity. The duration of this bond is ____ years.
a. 1.92
b. 1.50
c. 1.90
80. A bond has a $1,000 par value and an 8 percent coupon rate. The bond has four years remaining to
maturity and a 10 percent yield to maturity. This bond's modified duration is ____ years.
a. 1.33
b. 1.27
c. 3.24
d. 1.31
81. If investors rely strictly on modified duration to estimate the percentage change in the price of a bond,
they will tend to ____ the price decline associated with an increase in rates and ____ the price increase
associated with a decrease in rates.
a. underestimate; underestimate
b. overestimate; overestimate
c. underestimate; overestimate
d. overestimate; underestimate
82. In the ____ strategy, funds are allocated to bonds with a short term to maturity and bonds with a long
term to maturity.
a. matching
b. laddered
c. barbell
d. interest rate
83. Using a(n) ____ strategy, investors allocate funds evenly to bonds in each of several different maturity
classes.
a. matching
b. laddered
c. barbell
d. interest rate
84. Which of the following is not a factor affecting the market price of a foreign bond held by a U.S.
investor?
a. foreign interest rate movements
b. credit risk
c. exchange rate fluctuations
d. All of the above are factors affecting the market price of a foreign bond.
85. When holding other factors constant, increased borrowing by the Treasury can result in a _______
required return and therefore _______ prices on existing bonds.
a. higher; lower
b. higher; higher
c. lower; higher
d. lower; lower
86. Holding other factors constant, a higher budget deficit leads to ______ interest rates, and higher
inflationary expectations lead to _______ interest rates.
a. higher; lower
b. higher; higher
c. lower; higher
d. lower; lower
87. The credit risk premium tends to be larger for bonds that have longer terms to maturity.
a. True
b. False

88. The ____________ was recently established to identify risks in the U.S. financial system and make
regulatory recommendations that could reduce such risks.
a. Financial Risk Assessment Commission
b. Financial Markets Protection Agency
c. Financial Stability Oversight Council
d. Federal Bureau of Financial Markets
89. When the European Central Bank provides credit to a country that is experiencing debt repayment
problems, the ECB commonly:
a. allows the country’s government to conduct its own monetary policy.
b. recommends that the country withdraw from the eurozone.
c. urges the country’s government to increase spending and lower taxes to stimulate the
economy.
d. imposes austerity conditions to enable the government to reduce its budget deficit.
90. Although the European debt crisis has had substantial effects on European financial markets, the crisis
has been contained and has not affected markets and financial institutions outside Europe.
a. True
b. False

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POE’S TALES OF ADVENTURE, MYSTERY, AND IMAGINATION.
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COMEDIES BY MOLIERE: Including The Would-be Gentleman; The
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Hypochondriac; The Misanthrope; The Blue-Stockings; Tartuffe,
or the Hypocrite. Newly Translated by Charles Matthew, M.A.
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LANE’S MODERN EGYPTIANS: The Manners and Customs of the
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been said, the most remarkable description of a people ever
written.”—Glasgow Herald.
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Second Viscount Melbourne. By W. M. Torrens. With
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ever written.... For ourselves, we must admit we have read the book
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of tens of thousands of our middle and working classes.”—Daily
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THACKERAY’S VANITY FAIR. Vanity Fair: A Novel without a Hero.
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BARTH’S TRAVELS IN AFRICA: Travels and Discoveries in North
and Central Africa. Including Accounts of Tripoli, the Sahara, the
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VICTOR HUGO: SELECT POEMS AND TRAGEDIES. (“Hernani”
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Campbell, Bart., Bp. Alexander, Richard Garnett, LL.D.,
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DARWIN’S CORAL REEFS, VOLCANIC ISLANDS, AND SOUTH
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LOCKHART’S LIFE OF BURNS: The Life of Robert Burns. By John
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Bénuwé. By Henry Barth, Ph.D., D.C.L. With Full-page Plates
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LYRA ELEGANTIARUM: a Collection of some of the best
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The Lyra Elegantiarum, which is a standard and exhaustive
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The League of Lathom. Ainsworth.
Spanish Match. Ditto.
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Old Court. Ditto.
Myddleton Pomfret. Ainsworth.
Hilary St. Ives. Ditto.
Lord Mayor of London. Ainsworth.
John Law. Ditto.
Emma. Jane Austen.
Sense and Sensibility. Jane Austen.
Mansfield Park. Ditto.
Northanger Abbey. Ditto.
Pride and Prejudice. Jane Austen.
Prince of the House of David. J. H. Ingraham.
Throne of David. Ditto.
The Pillar of Fire. Ditto.
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*Cosette and Marius. Victor Hugo.
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Old Curiosity Shop. Ditto.
Barnaby Rudge. Ditto.
Martin Chuzzlewit. Ditto.
Mudfog Society, &c. Ditto.
*Waverley. Sir W. Scott.
Kenilworth. Ditto.
*Ivanhoe. Ditto.
The Antiquary. Ditto.
*Eugene Aram. Bulwer.
*Last Days of Pompeii. Do.
Pelham. Bulwer.
Midshipman Easy. Marryat.
Paul Clifford. Bulwer.
Japhet in Search of a Father. Marryat.
Jacob Faithful. Ditto.
Peter Simple. Ditto.
The King’s Own. Ditto.
Frank Mildmay. Ditto.
Pacha of Many Tales. Do.
Rattlin, the Reefer. Ditto.
Secret Dispatch. J. Grant.
Bernard Marsh. G. P. James.
Elsie Venner. O. W. Holmes.
Autocrat of the Breakfast Table. O. W. Holmes.
He Would be a Gentleman. Samuel Lover.
Irish Stories and Legends Handy
Ditto.
Andy.
Father Darcy. Mrs. Marsh.
Time, the Avenger. Ditto.
Emilia Wyndham. Ditto.
Tales and Sketches. Bret Harte.
The Heathen Chinee. Ditto.
Wan Lee, the Pagan. Ditto.
Bret Harte & Mark
Deadwood Mystery, &c.
Twain.
Lizzie Lorton. Mrs. Linton.
The Mad Willoughbys. Ditto.
*Virgin Soil. Turgenieff.
Smoke. Ditto.
Fathers and Sons. Ditto.
Dimitir Roudine. Ditto.
*Liza. Ditto.
The Blithedale Romance. Nathaniel Hawthorne.
No Sign. Mrs. Hoey.
Innocents Abroad. Twain.
American Drolleries. Ditto.
Mark Twain & O. W.
Funny Stories and Poems.
Holmes.
Mark Twain & Bret
The Mississippi Pilot, &c.
Harte.
The American. H. James, Jun.
Jack Brag. Theodore Hook.
Last of the Mohicans.
The Deerslayer. Cooper.
The Spy. Ditto.
The Prairie. Ditto.
Mary Seaham. Mrs. Grey.
Gambler’s Wife. Ditto.
The Daughters. Ditto.
Tom Cringle’s Log. Michael Scott.
Tragic Comedians. Geo. Meredith.
The Brownrigg Papers. Douglas Jerrold.
*Valentine Vox. Cockton.
Margaret Catchpole. R. Cobbold.
‘His Book’ & ‘His Travels.’ Artemus Ward.
Twelve Months of Matrimony. Emilie Carlen.
Squanders of Castle Squander. W. Carleton.
Evelina. Miss Burney.
Unrequited Affection. Honore de Balzac.
Scottish Chiefs. Porter.
The Improvisatore. Hans Andersen.
Genevieve. Lamartine.
Tales of Mystery, &c. Poe.
Helen. Maria Edgeworth.
Royston Gower. Miller.
Hagarene. Author of “Guy Livingstone.”
Margaret. S. Judd.
A Lease for Lives. A. de Fonblanque.
Backwoodsman. Wraxall.
Margaret’s Ordeal. E. Juncker.
Journey to Interior of the Earth. Jules Verne.
The Great Invasion. Erckmann-Chatrian.
*Waterloo. Ditto.
The Blockade. Ditto.
Citizen Bonaparte. Ditto.
Year One of the Republic.
Friend Fritz. Ditto.
The Conscript. Ditto.
*The French Revolution. Thomas Carlyle.
*Sartor Resartus, &c. Ditto.
*Cromwell’s Letters and Speeches. Carlyle.
Diary of a late Physician. Samuel Warren.
Ten Thousand a-Year. Do.
*Yellowplush Papers. W. M. Thackeray.
*Tales of the Border. Prof. Wilson. 4 vols.

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Financial Institutions and Markets International 10th

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14. As interest rates increase, long-term bond prices

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ANS: T PTS: 1 DIF: Easy OBJ: FMAI.MADU.15.08.02

ANS: F PTS: 1 DIF: Easy OBJ: FMAI.MADU.15.08.05

Volume IV.—Fourth Edition.

Volume V.—Fourth Edition.

Volume VI.—Third Edition.

Volume VII.—Fourth Edition.

Volume VIII.—Third Edition.

Volume X.—Second Edition.

Volume XI.—Second Edition.

Volume XII.—Second Edition.

Volume XIII.—Second Edition.

Volume XV.—Third Edition.

Volume XIX.—Second Edition.

1 Byron’s Poetical Works.

With Red Border Lines, Critical Memoir (mostly by William

MOXON’S LIBRARY POETS.

1 Goethe’s Faust. Bayard Taylor’s Trans. (Complete.)

A Series of Standard Works, including many of the acknowledged

Lady Anna. Trollope.

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