开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

tzdsgn · 2023年07月12日

illiquidity 提升ytm

NO.PZ2023061601000004

问题如下:

Danny Moynahan, CFA, is a fixed-income portfolio manager at Reagan Investment Advisory (Reagan). He agrees with his wife, a professor of investments class, to talk to her class about managing fixed-income portfolios. He plans to put together six pages for his discussion.

Moynahan titles page 3, “Liquidity in the Fixed-Income Market.” He wants to ensure that the class appreciates the differences in liquidity between fixed-income and equity securities. He stresses that liquidity across fixed-income securities varies greatly and that compared to equities, fixed-income markets are generally less liquid. Also, liquidity influences fixed-income pricing, but illiquidity enhances the portfolio’s yield to maturity. Lastly, dealers will narrow bid–ask spreads on thinly traded securities as a consequence of their illiquidity.

Are Moynahan’s comments regarding fixed-income liquidity most likely correct?

选项:

A.Yes.

B.No, with respect to fixed-income pricing and yield to maturity.

C.No, with respect to the bid–ask spread.

解释:

Correct Answer: C

C is correct. Moynahan’s comment on the bid–ask spread of thinly traded securities is incorrect. Dealers widen bid–ask spreads for thinly traded securities to reflect their illiquidity.

A is incorrect because Moynahan’s comment regarding fixed-income trading and narrowly traded securities is incorrect.

B is incorrect because the comment regarding fixed-income pricing and yield to maturity is correct.

illiquidity 可以提升ytm 是绝对的吗

1 个答案

pzqa015 · 2023年07月12日

嗨,从没放弃的小努力你好:


是的,如果债券流动性差,那么会要求一个流动性补偿liquidity spread,导致债券的折现率(投资者要求回报率提高),也就是ytm提高。

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

  • 1

    回答
  • 0

    关注
  • 375

    浏览
相关问题