D小盘股

问题如下：

A group ofnewly hired analysts at a large pension fund are discussing how changes indifferent macroeconomic risk factors are likely to impact the fixed-income and equitypositions in the fund’s portfolios.The analysts consider the effects of some of the most commonly modeledmacroeconomic risk factors, including economic growth, inflation, andvolatility, on different classes of stocks and bonds. Which of the followingobservations is correct for the analysts to make?

选项：

A.

Governmentbonds tend to generate lower returns during recessionary periods than duringexpansionary periods.

B.

Corporate bondstend to be less volatile during periods of high real gross domestic product(GDP) growth than during periods of low real GDP growth.

C.

Large-capitalizationstocks tend to generate higher returns during periods of high inflation thanduring periods of low inflation.

D.

Small-capitalizationstocks tend to be more volatile during periods of high consumption growth thanduring periods of low consumption growth.

解释：

B is correct. When real GDP growth ishigh, both investment grade and high yield corporate bonds tend to exhibitlower volatility.

A is incorrect. Government bonds tendto generate higher returns during recessionary periods.

C is incorrect. Large capitalizationstocks tend to generate lower returns during periods of high inflation thanduring periods of low inflation.

D is incorrect. All stocks tend to beless volatile during periods of high consumption growth.