问题如下:
The difference between the yield on a zero-coupon, default-free nominal bond and the yield on a zero-coupon, default-free real bond of the same maturity reflects:
选项:
A.investors’ expectations about future inflation only.
B.a premium for the uncertainty of future inflation only.
C.both, investors’ expectations about future inflation and a premium for the uncertainty of future inflation.
解释:
C is correct.
The difference between the yield on a zero-coupon, default-free nominal bond and the yield on a zero-coupon, default-free real bond of the same maturity is known as the break-even inflation rate. This break-even inflation rate will incorporate the inflation expectations of investors over the investment horizon of the two bonds, plus a risk premium to compensate investors for uncertainty about future inflation. Breakeven inflation rates are not simply the markets’ best estimate of future inflation over the relevant investment horizon, as break-even inflation rates also include a risk premium to compensate investors for their uncertainty about future inflation.
考点:break-even inflation rate
解析:对于长期无风险零息债券而言,其名义利率包括实际利率、预期通货膨胀以及对非预期的通货膨胀的补偿;而实际无风险债券的收益率就是实际利率。二者的差就是预期通货膨胀和对非预期的通货膨胀的补偿两部分,这两部分之和即break-even inflation rate.
请问下这个题目说zero coupon有ST含义么
题目有没有zero copon都选C么?
我以为zero coupon是按时ST,一年0利息债券