2008 CFA Level 1 － Sample 样题(2)－Q54 class, black, style

bingning

54、A portfolio of option-free bonds is least likely to be exposed to:

A. volatility risk.

B. yield curve risk.

C. interest rate risk.

D. reinvestment risk.

[此贴子已经被作者于2008-11-7 13:06:14编辑过]

bingning

54、A portfolio of option-free bonds is least likely to be exposed to:

A. volatility risk.

B. yield curve risk.

C. interest rate risk.

D. reinvestment risk.

 
Correct answer = A

"Risks Associated with Investing in Bonds," Frank J. Fabozzi
2008 Modular Level I, Vol. 5, p. 284
Study Session 15-63-a
explain the risks associated with investing in bonds
Volatility risk is the risk that the price of a bond with an embedded option will decline when expected yield volatility changes. By definition, option-free bonds are not affected by volatility risk. 

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