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XYZ Ltd has issued a 20-year bond, $1000 face value with semi-annual coupon of 8% p.a. Calculate its current price if the current interest rate is 9.09% per annum. Discuss the three alternative hypotheses (or theories) explaining the term structure of interest rates. Which one do you think best explains the alternative shapes of a yield curve? Defend your choice. (5 + 6 + 9 = 20 marks) Show workings for your calculations. Question 3 a) b) c) Define and discuss the semi strong-form efficient market hypothesis (EMH). Describe the two sets of tests used to examine the semi strong-form EMH. What does the EMH imply for the use of technical analysis? In a world of efficient capital markets, what do you have to do to be a superior analyst? How would you test whether an analyst were superior?
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