b选项

问题如下：

Which of the following benefits of securitization is most likely to be important for investors?

选项：

A.

Increased efficiency

B.

Reduced liquidity risk

C.

The ability to tailor interest rate and credit risk exposures

解释：

Correct Answer: C

Securitization provides a direct conduit between borrowers and investors. It also allows investors to tailor interest rate and credit risk exposures to suit their specific risk, return, and maturity needs. A is incorrect because securitization creates efficiency for issuers and financial markets more directly than for investors. Securitization allows issuers to sell illiquid assets and operate more efficiently on a risk-adjusted basis. Moreover, because securitization creates tradable securities with higher liquidity than the original underlying assets, it makes financial markets more efficient. B is incorrect because securitization improves overall liquidity in the financial system and reduces liquidity risk, which benefits participants in financial markets.