Bonds financed by repurchase agreement have less liquidity risk than bonds held as part of a "buy-and-hold" strategy.
答案认为这句话是错误的，因为repurchase agreement expose investors to liquidity risk as the collateral used in the repo is marked-to-market periodically. "buy-and-hold" strategy是什么意思呢？ 为什么这句话错了呢？不理解……
同学，你好！
你可以看一下Notes fixed income部分18页，有关repurchase agreement的解释。
其中有一句话，是the collateral position of the lender/buyer in a repo is better in the event of bankruptcy of the dealer, since the security is owned by lender. 也就是说他有利于lender，相反，它对于investor来说就有更大的风险。 同时，以后在买回时，是需要付比原始买价要高的价格，同时还要付利息。而rupurchase agreement作为抵押品是期间性盯价的，就是说market value改变，它的价格就要随之改变，所以风险更大。
