问一道题：NO.PZ201812310200000202

NO.PZ201812310200000202 问题如下 Baseon Exhibit 1, the one-yeexpectereturn on the Entre Corp. bonis closest to: A.3.73%. B.5.50%. C.7.27%. A is correct. The expectereturn on the Entre Corp. bonover the next yeis its yielto maturity plus the expectepercentage prichange in the bonover the next year. In the table below, for eapossible transition, the expectepercentage prichange is the proof the bons mofieration of 7.54, multiplie–1, anthe change in the sprea weightethe given probability:Expectepercentage prichange = (0.0002 × 6.786%) + (0.0030 × 4.524%) + (0.0480 × 3.016%) + (0.8573 × 0.000%) + (0.0695 × –14.326%) + (0.0175 × –37.700%) + (0.0045 × –60.320%)= –1.76715%.So, the expectereturn on the Entre Corp. bonis its yielto maturity plus the expectepercentage prichange e to cret migration: Expectereturn = 5.50% – 1.77% = 3.73%. 用这个matrix算出来的是价格预计变动的百分比，既然价格预计会下跌，为什么expereturn还会上升呀？价格和利率不是反向变动吗

NO.PZ201812310200000202问题如下Baseon Exhibit 1, the one-yeexpectereturn on the Entre Corp. bonis closest to: A.3.73%. B.5.50%. C.7.27%. A is correct. The expectereturn on the Entre Corp. bonover the next yeis its yielto maturity plus the expectepercentage prichange in the bonover the next year. In the table below, for eapossible transition, the expectepercentage prichange is the proof the bons mofieration of 7.54, multiplie–1, anthe change in the sprea weightethe given probability:Expectepercentage prichange = (0.0002 × 6.786%) + (0.0030 × 4.524%) + (0.0480 × 3.016%) + (0.8573 × 0.000%) + (0.0695 × –14.326%) + (0.0175 × –37.700%) + (0.0045 × –60.320%)= –1.76715%.So, the expectereturn on the Entre Corp. bonis its yielto maturity plus the expectepercentage prichange e to cret migration: Expectereturn = 5.50% – 1.77% = 3.73%. 老师，我一开始想到的关于expectereturn肯定就是收益能够是多少？但是在这题里面，我看了答案，是关于信用转移矩阵的，这个也是被叫作expectereturn吗？我也看到了强化课PPT里面cret rating这一章写的是crei spremigration typically reces the expecteretrun, 这个就是用这个公式求出来的变化的值是吗？

expectereturn为啥不是△P/P？△P已经是一个期间收益了啊。