2008 CFA Level 1 － Sample 样题(1)－Q53 black, 题

8586

53、Holding all other factors constant, an increase in expected yield volatility will cause the price of a(n):

A. putable bond to increase.

B. callable bond to increase.

C. embedded put option to decrease.

D. embedded call option to decrease.

      

[此贴子已经被作者于2008-11-7 15:14:40编辑过]

8586

Correct answer = A

"Risks Associated with Investing in Bonds," Frank J. Fabozzi
2008 Modular Level I, Vol. 5, p. 284
Study Session 15-63-n
explain how yield volatility affects the price of a bond with an embedded option and how changes in volatility affect the value of a callable bond and a putable bond
Increasing yield volatility increases the value of both put options and call options, which increases the value of a putable bond but decreases the value of a callable bond. 

 

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Riverview

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gening

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isaisaisa

a

oleander

a

clover

a