问一道题：NO.PZ201812020100001008 第8小题

Difference 2错误在这句话：

which results in a higher average recovery rate for defaulted senior unsecured bonds for EM markets

虽然EM的公司很多是Government-Owned，但是历史数据来看，EM的债券其Recovery rate是比Developed markets更低的：

Historically, recovery rates for emerging market bonds in default are lower than in developed markets

Difference 3错误在这句话：

to be more concentrated at the very high and very low portions of the credit spectrum

他这句话是说，EM的Bonds更多地集中在信用级别非常高和低的债券上。

但实际上原版书给定的结论是：

has a high concentration in both the lower portion of the investment-grade rating spectrum and the upper portion of high yield.

即：EM Bonds主要集中在投资级别中信用级别较低的部分和投机级债券中信用级别较高的部分。

这两句都是原版书给定的实证结论，没有太多的解释，了解记忆为主。