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Reading 54: Term Structure and Volatility of Interest Rates

 

Q10. Suppose the yield curve becomes steeper. Which of the following is a consequence of the steepening?

A)   Long-term bonds become less sensitive to interest rate changes.

B)   The yield spread between long and short-term securities increases.

C)   Long-term bonds become more sensitive to interest rate changes.

 

Q11. A yield curve undergoes a parallel shift. With respect to the bonds described by the yield curve, the shift has least likely changed the:

A)   durations.

B)   yield to maturities.

C)   yield spreads for bonds of different maturities.

 

Q12. Which of the following statements about yield curves is most accurate?

A)   A yield curve gets steeper when spreads widen.

B)   A negative butterfly means that the yield curve has become less curved.

C)   A twist refers to changes to the degree to which the yield curve is humped.

 

Q13. Which of the following statements about yield curves is least accurate?

A)   A positive butterfly means that the yield curve has become less curved.

B)   The slope of the yield curve changes slightly following a parallel shift.

C)   Twists and butterfly shifts are examples of nonparallel yield curve shifts.

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