问题如下：
Which of Kreming’s observations regarding actual and risk-neutral default probabilities is correct?
选项：
A.Only Observation 1
Only Observation 2
Both Observation 1 and Observation 2
解释：
B is correct. Observation 1 is incorrect, but Observation 2 is correct. The actual default probabilities do not include the default risk premium associated with the uncertainty in the timing of the possible default loss. The observed spread over the yield on a risk-free bond in practice does include liquidity and tax considerations, in addition to credit risk.
1为什么错
