NO.PZ2019011002000015
问题如下：
Li and Wang are two junior analysts in a wealth management company. In a discussion about the shape of credit curve, they made the following statements:
Li’s statement: Upward-sloping credit curves imply a greater likelihood of default in later years, whereas downward-sloping credit curves imply a greater probability of default in the earlier years.
Wang agrees with Li, and adds:
Wang’s statement: Downward-sloping curves are less common and often a result of severe near-term stress in the financial markets.
According to the information above, which statement is incorrect?
选项：
A.
Li’s statement is incorrect.
B.
Wang’s statement is incorrect.
C.
Neither of the statements is incorrect.
解释：
C is correct.
考点：Credit spread curve形状的理解
解析：
两个Statements都是正确的。一般来说Credit spread curve向上倾斜，代表着长期更大的违约可能；而向下倾斜，代表着短期更大的违约概率；因此Li的Statement正确。两种形状的Credit curve，更常见的是Upward-sloping的，向下倾斜的较少，代表着短期金融市场较大的风险。
在上一章中，何老师说high yield bond，当weaker的经济的时候，curve是向上倾斜且steeper的，而当经济好转的时候，curve是向下倾斜且steeper的。而这里说的是当经济不好的时候curve是向下倾斜的，不是矛盾了吗
