2008 CFA Level 1 － Sample 样题(3)－Q1

face, price, style, class

1、Is an option-free bond's price sensitivity positively correlated with the:

bond's coupon rate? level of market interest rates?

A. No No

B. No Yes

C. Yes No

D. Yes Yes

A. Answer A

B. Answer B

C. Answer C

D. Answer D

答案如下：

1、Correct answer is A
"Risks Associated with Investing in Bonds," Frank J. Fabozzi
2008 Modular Level I, Vol. 5, pp. 266-268
Study Session 15-63-c
explain how features of a bond (e.g., maturity, coupon, and embedded options) and the level of a bond's yield affect the bond's interest rate risk
An option-free bond's price sensitivity (interest rate risk) is greater when both the coupon rate and level of market interest rates are low; price sensitivity is negatively correlated with both factors.

[此贴子已经被作者于2008-11-25 11:14:26编辑过]

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答案和详解如下：

1、Correct answer is A

"Risks Associated with Investing in Bonds," Frank J. Fabozzi

2008 Modular Level I, Vol. 5, pp. 266-268

Study Session 15-63-c

explain how features of a bond (e.g., maturity, coupon, and embedded options) and the level of a bond's yield affect the bond's interest rate risk

An option-free bond's price sensitivity (interest rate risk) is greater when both the coupon rate and level of market interest rates are low; price sensitivity is negatively correlated with both factors.