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immunication target rate of return
This is from curriculum, anyone can help me understand the relationship here? Thanks
"For an upward-sloping curve, the immunization target rate of return will be less than the yield to maturity because of the lower reinvestment return. Conversely, a negative or downward sloping yield curve will result in an immunization target rate of return greater than the yied to maturity because of the higher reinvestment return." |
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发表于 2011-7-11 19:48
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