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FrankSun · 2020年02月09日

问一道题:NO.PZ2016031001000107

问题如下:

A "buy-and-hold" investor purchases a fixed-rate bond at a discount and holds the security until it matures. Which of the following sources of return is least likely to contribute to the investor’s total return over the investment horizon, assuming all payments are made as scheduled?

选项:

A.

Capital gain

B.

Principal payment

C.

Reinvestment of coupon payments

解释:

A is correct.

A capital gain is least likely to contribute to the investor’s total return. There is no capital gain (or loss) because the bond is held to maturity. The carrying value of the bond at maturity is par value, the same as the redemption amount. When a fixed-rate bond is held to its maturity, the investor receives the principal payment at maturity. This principal payment is a source of return for the investor. A fixed-rate bond pays periodic coupon payments, and the reinvestment of these coupon payments is a source of return for the investor. The investor’s total return is the redemption of principal at maturity and the sum of the reinvested coupons.

B是为什么呢

1 个答案

吴昊_品职助教 · 2020年02月09日

嗨,努力学习的PZer你好:


题干的意思是,一个购买债券并持有至到期的投资者,假设所有的payment都是按时支付的,那么在投资期限中,最不可能包含在total return中的是以下哪一个部分?

total return一共包含三个部分,期间卖掉债券获得的capital gain,coupon以及coupon的再投资收入。由于投资者是持有至到期的,所以不存在当中把债券卖掉而获得的资本利得部分,所以选A。债券持有至到期,就会有本金的归还,所以不选B。


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虽然现在很辛苦,但努力过的感觉真的很好,加油!


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NO.PZ2016031001000107 问题如下 A \"buy-anhol" investor purchases a fixerate bona scount anhol the security until it matures. Whiof the following sources of return is least likely to contribute to the investor’s totreturn over the investment horizon, assuming all payments are ma schele A.Capitgain B.Princippayment C.Reinvestment of coupon payments A is correct.A capitgain is least likely to contribute to the investor’s totreturn. There is no capitgain (or loss) because the bonis helto maturity. The carrying value of the bonmaturity is pvalue, the same the remption amount. When a fixerate bonis helto its maturity, the investor receives the princippayment maturity. This princippayment is a sourof return for the investor. A fixerate bonpays perioc coupon payments, anthe reinvestment of these coupon payments is a sourof return for the investor. The investor’s totreturn is the remption of principmaturity anthe sum of the reinvestecoupons. 考点Sourof return解析题干的意思是,一个购买债券并持有至到期的投资者,假设所有的payment都是按时支付的,那么在投资期限中,最不可能包含在totreturn中的是以下哪一个部分?totreturn一共包含三个部分期间卖掉债券获得的capitgain,coupon以及coupon的再投资收入。由于投资者是持有至到期的,所以不存在当中把债券卖掉而获得的资本利得部分,故A正确。 我想问一下为什么零息债券没有captigain 和loss。当初买的价格跟我最后到期拿到的价格肯定是不一样的吧 那没有gain的话为啥我还要买这种债券呢?搞晕了

2023-04-26 08:01 1 · 回答

我可以理解持有至到期,capitgain是0,但是问题问totreturn,即总收益,那princippayment对totreturn的贡献又是什么呢?

2021-01-22 14:48 2 · 回答

老师 持有至到期后的收益应该归为那一类?

2020-11-09 12:30 1 · 回答

老师,好 这道题目是折价发行,理论上讲应该是持有至到期,return包括的是本金的归还。但是折价发行,到期的本金归还是有个capitgain啊,该怎么理解?

2020-08-26 23:05 1 · 回答