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Suechen · 2020年05月24日

问一道题:NO.PZ2018062010000025 [ CFA I ]

问题如下:

An investor buys a plain vanilla bond at a discount and decides to hold it to maturity. Assuming all payments made as scheduled, which of the following source of return is least likely contribute to the bondholder's total return over the investment horizon?

选项:

A.

Capital gain

B.

Principal payment

C.

Reinvestment of coupon payments

解释:

A is correct.

No capital gain when bond is held to maturity.

c选项也不对吧,老师

1 个答案

吴昊_品职助教 · 2020年05月25日

coupon再投资收入是有的。债券在balance sheet中按照amortized cost记账,持有至到期的债券没有capital gain,因此选A。建议记忆一下,很容易忽略这个结论。结论在基础班讲义P297页。