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Ella · 2024年02月15日

B选项不懂

NO.PZ2023090801000010

问题如下:

Which of the following statements best describes the relative performance of HY bonds over the economic cycle?

选项:

A.

HY bonds often have lower correlation with IG bonds and default riskfree interest rates.

B.

HY bond and equity prices tend to fluctuate similarly over the economic cycle, but HY bond returns exhibit more stability given their smaller income component versus stocks.

C.

Economic recovery or improved issuer-specific performance often has a similar positive impact on HY and IG bond prices.

解释:

A is correct. B is incorrect since HY exhibit more stability due to a higher income component versus stocks. C is incorrect since economic recovery or improved issuer-specific performance usually has a greater positive impact on HY versus IG bond prices.

B选项不懂

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已采纳答案

李坏_品职助教 · 2024年02月16日

嗨,爱思考的PZer你好:


在CFA官方教材的定义里,income component特指固定利息收益,HY bond应该是higher而不是smaller。

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努力的时光都是限量版,加油!

李坏_品职助教 · 2024年02月16日

嗨,努力学习的PZer你好:


B的意思是HY bond(高风险高收益的债券,或者叫垃圾债券)和股票价格在经济周期中的波动是高度相似的,因为HY bond相比股票有更小的固定收益。


这个是错误的,虽然HY bond风险大,但毕竟是bond,也是有固定利息的。股票的分红是不固定的,甚至可能没有分红,所以应该是股票有smaller income component。




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虽然现在很辛苦,但努力过的感觉真的很好,加油!

Ella · 2024年02月16日

income应该不单指分红吧,G/L应该也算吧 理论上不应该是风险越大收益越大吗

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