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　　1.Peter Stone is considering buying a $100 face value, semi-annual coupon bond with a quoted price of 105.19. His colleague points out that the bond is trading ex-coupon. Which of the following choices best represents what Stone will pay for the bond?
　　A. $105.19 plus accrued interest.
　　B. $105.19.
　　C. $105.19 minus accrued interest.
　　D. $105.19 minus the coupon payment.
　　2.Which of the following is TRUE in normal backwardation? Futures prices tend to:
　　A. fall over the life of the contract because hedgers are net short and have to receive compensation for bearing risk.
　　B. rise over the life of the contract because speculators are net long and have to receive compensation for bearing risk.
　　C. fall over the life of the contract because speculators are net short and have to receive compensation for bearing risk.
　　D. rise over the life of the contract because hedgers are net long and have to receive compensation for bearing risk.
　　3.When utilizing a proxy for one or more independent variables in a multiple regression model, which of the following errors is most likely to occur?
　　A. Model misspecification.
　　B. Heteroskedasticity.
　　C. Multicollinearity.
　　D. Serial correlation.
　　Answer:
　　1.B
　　Since the bond is trading ex-coupon, the buyer will pay the seller the clean price, or the price without accrued interest. So, Stone will pay the quoted price. The choice $105.19 plus accrued interest represents the dirty price (also known as full price). This bond would be said to trade cum-coupon.
　　2.B
　　Normal backwardation means that expected futures spot prices are greater than futures prices. It suggests that when hedgers are net short futures contracts, they must sell them at a discount to the expected future spot prices to get speculators to assume the risk of holding a net long position. The futures price rises over the life of the contract, which compensates speculators for the exposure of their long positions.
　　3.A
　　By using a proxy for an independent variable in a multiple regression analysis, there is some degree of error in the measurement of the variable.