基础讲义第几页

问题如下：

In a financial crisis, the volatility and correlations both increase, which mitigate the diversification benefits. What's the phenomenon?

选项：

Marginal effect.

Leverage effect.

Butterfly effect.

Contagion effect.

解释：

D is correct.

考点：Contagion Effect

解析：contagion effect（传染效应）指的是在金融危机中，资产的波动率上升，资产与资产之间的correlation也上升，使得资产之间的分散化效果降低。D选项正确。A选项边际效用、B选项杠杆效应、C选项蝴蝶效应均不正确。