NO.PZ2019070101000065
问题如下:
Which of the following is incorrect about the effect of rating changes on bond prices?
选项:
A.
A downgrade could send bond prices lower.
B.
Upgrades have more impact than downgrades.
C.
The upgrade could send bond prices higher.
D.
Upgrades have less impact than downgrades.
解释:
B is correct.
考点:Potential Impact of Ratings Changes
解析:评级上升会导致债券价格上升,评级下降会导致债券价格下降,但是评级上升的影响要小于评级下降的影响。选项B说法不正确,入选。
选项ACD说法正确,不入选。
为什么评级上升的影响小于评级下降的影响?我开始考虑的是评级上升会使spread下降,债券价格
凸性的特点,会涨多跌少,为什么不对呢?