[CFA III] [Institutional IPS] CFA 3 2007 Q6答案冲突?
Q6-B中Reinvestment risk是负作用 结果在Q6-C中是POSITIVE
互相冲突呀？
Q6-B
Determine whether Pawtucket Mutual’s ability to take risk has increased or decreased based solely on the change in business mix.
Decreased
Reinvestment risk: As the fixed rate annuity product grows as a
percentage of Pawtucket Mutual’s business, reinvestment risk increases since contract rates are guaranteed using estimates of the rate at which interest payments will be reinvested. The fixed rate nature of the annuities reduces Pawtucket’s ability to take risk.
Q6-C
POSITIVE
The reinvestment risk/return of coupon and principal payments from corporate bonds and mortgage securities is influenced by interest rate volatility. Higher interest rates will lead to higher reinvestment rates, which would have a positive impact on surplus.
Q6-B而且按我理解 Reinvestment risk需要是Falling Interest Rate时才会Increase 从而Decrease ability to take risk吧，而在Rising Interest Rate时应该是Decrease从而Increase ability to take risk。
照答案的意思，感觉加了fixed rate product后就直接Decrease ability to take risk