54.
For a fixed-rate, option-free bond, as yields decrease, the price of the bond:
Select exactly 1 answers from the following:
A. increases at a constant rate.
B. increases at a decreasing rate.
C. decreases at a decreasing rate.
D. increases at an increasing rate.
答案和详解如下！
Feedback: Correct answer: D
Fixed Income Analysis for the Chartered Financial Analyst Program, 2nd edition, Frank J. Fabozzi (Frank J. Fabozzi Associates, 2004), pp. 221?24, 231?34 2006 Modular Level I, Vol. IV, pp. 226-230, 237-240 Study Session 15-68-c demonstrate the price volatility characteristics for option-free bonds when interest rates change (including the concept of 損ositive convexity?, the price volatility characteristics of callable bonds and prepayable securities when interest rates change (including the concept of 搉egative convexity?, and describe the price volatility characteristics of putable bonds
The shape of the price/yield relationship for an option-free bond is convex and the capital gain that will be realized if yields decrease is greater than the capital loss that will be realized if yields increase by the same number of basis points.
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发表于 2006-11-21 12:28
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