NO.PZ202209060200004606
问题如下：
Is Neeson most likely correct in his assessment of the effects of a laddered bond portfolio approach on the Wharton and Lawson portfolios?选项：
A.Yes B.No, because the Lawson portfolio is a bullet portfolio where the duration of its assets are matched to the duration of its liabilities C.No, because the duration of the Wharton liabilities is greater than that of the Lawson liabilities owing to the younger age of its participants解释：
SolutionA is correct. A laddered portfolio has lower convexity and dispersion than a barbell portfolio but more than a bullet portfolio, given comparable duration and cash flow yields. Lower convexity and dispersion are desirable aspects in liquidity management. In a laddered portfolio, there is always a bond close to redemption enhancing liquidity. As bonds mature, the final coupon and principal are available for distribution or can be reinvested in a long-term bond at the back of the ladder. The Wharton portfolio is more of a barbell, has higher convexity than the Lawson portfolio, and would see a larger reduction in cash flow reinvestment risk with the reduction of convexity.
B and C are incorrect. Neither duration nor the projected life of the plan reveal the convexity or dispersion characteristics of the portfolio.
老师，原文中这段话“In general, a laddered bond portfolio approach would improve liquidity management for both, although the Lawson portfolio would experience an increase in cash flow reinvestment risk and the Wharton portfolio would experience a decrease in convexity.”可以理解是完全正确的，但是选项的B、C描述的好像不是这个问题，能具体解释一下选项吗？
