NO.PZ2020033003000068
问题如下：
Regarding the estimation of default probability, which of the following is not correct?
选项：
A.Risk-neutral probabilities of default are significantly larger than the real-world default probabilities by empirical evidence.
The theoretical basis of transition matrices is consistent with risk-neutral approach.
C.Hazard rates, also called the default intensity, measures the marginal conditional default probability.
D.A Transition matrices of probabilities reflects the historical probabilities of credit rating migration for a certain period.
解释：
B is correct.
考点：probabilities of default
解析：transition matrices的本质上和风险中性是不一样的，风险中性的核心在于未来获得收益的期望等于无风险利率。而transition matrices是在历史数据中总结违约概率，并没有提及未来期望获得无风险利率的假设。
这个风险中性是啥意思，一直学的似懂非懂。
就是我的收益是不考虑风险补偿的？那为什么又是只考虑了credit risk
