问题如下：
When the investor’s investment horizon is less than the Macaulay duration of the bond she owns:
选项：
A.the investor is hedged against interest rate risk.
B.reinvestment risk dominates, and the investor is at risk of lower rates.
C.market price risk dominates, and the investor is at risk of higher rates.
解释：
C is correct.
The duration gap is equal to the bond’s Macaulay duration minus the investment horizon. In this case, the duration gap is positive, and price risk dominates coupon reinvestment risk. The investor risk is to higher rates.
The investor is hedged against interest rate risk if the duration gap is zero; that is, the investor’s investment horizon is equal to the bond’s Macaulay duration. The investor is at risk of lower rates only if the duration gap is negative; that is, the investor’s investment horizon is greater than the bond’s Macaulay duration. In this case, coupon reinvestment risk dominates market price risk.
请问为什么市场价格上升有market price risk呢？这个怎么理解的
