C为什么不对呢

NO.PZ2018120301000033 问题如下 ug,the newly hirechief ­financiofficer for the City of Raor asks theputy ­financimanager, Hui, to prepare analysis of the currentinvestment portfolio anthe city’s current anfuture obligations. The cityhmultiple liabilities of fferent amounts anmaturities relating to thepension fun infrastructure repairs, anvarious other obligations.Huiobserves ththe current ­fixeincome portfolio is structureto mattheration of ealiability. Previously, this structure causethe city toaccess a line of cret for temporary mismatches resulting from changes in theterm structure of interest rates. ugasks Hui for fferent strategies to manage the interest rate risk of thecity’s ­fixeincome investment portfolio against one-time shifts in the yielurve. Hui consirs two fferent strategies:Strategy 1: Immunization of the single liabilities using zero-coupon bon helto maturity.Strategy 2: Immunization of the single liabilities using coupon-bearing bon while continuously matching ration. Theeffects of a non-parallel shift in the yielcurve on Strategy 2 crecey: A.minimizing the convexity of the bonportfolio. B.maximizing the cash flow yielof the bonportfolio. C.minimizing the fferenbetween liability ration anbonportfolio ration. CorreAnswer: is correct. Minimizing the convexity of the bonportfolio minimizes the spersion of the bonportfolio. A non-parallel shift in the yielcurve mresult in changes in the bonportfolio’s cash flow yiel In summary, the characteristiof a bonportfolio structureto immunize a single liability are thit (1) hinitimarket value thequals or excee the present value of the liability, (2) ha portfolio Macaulration thmatches the liability’s e te, an(3) minimizes the portfolio convexity statisti 当收益率曲线变化的时候，核心是mac等于bonportfolio ration了，那最小化他们之间的差距为何不可？让mac次等于bonportfolio ration，不就又可以immunization了minimizing the fferenbetween liability ration anbonportfolio ration.

NO.PZ2018120301000033问题如下 ug,the newly hirechief ­financiofficer for the City of Raor asks theputy ­financimanager, Hui, to prepare analysis of the currentinvestment portfolio anthe city’s current anfuture obligations. The cityhmultiple liabilities of fferent amounts anmaturities relating to thepension fun infrastructure repairs, anvarious other obligations.Huiobserves ththe current ­fixeincome portfolio is structureto mattheration of ealiability. Previously, this structure causethe city toaccess a line of cret for temporary mismatches resulting from changes in theterm structure of interest rates. ugasks Hui for fferent strategies to manage the interest rate risk of thecity’s ­fixeincome investment portfolio against one-time shifts in the yielurve. Hui consirs two fferent strategies:Strategy 1: Immunization of the single liabilities using zero-coupon bon helto maturity.Strategy 2: Immunization of the single liabilities using coupon-bearing bon while continuously matching ration. Theeffects of a non-parallel shift in the yielcurve on Strategy 2 crecey: A.minimizing the convexity of the bonportfolio.B.maximizing the cash flow yielof the bonportfolio.C.minimizing the fferenbetween liability ration anbonportfolio ration. CorreAnswer: is correct. Minimizing the convexity of the bonportfolio minimizes the spersion of the bonportfolio. A non-parallel shift in the yielcurve mresult in changes in the bonportfolio’s cash flow yiel In summary, the characteristiof a bonportfolio structureto immunize a single liability are thit (1) hinitimarket value thequals or excee the present value of the liability, (2) ha portfolio Macaulration thmatches the liability’s e te, an(3) minimizes the portfolio convexity statisti这道题使用coupon bearing bonzero coupon bon论一样吗？有没有区别点？