NO.PZ2018062010000024
问题如下：
In securitization, what technique gives investors choice to distinguish extension and contraction risk?
选项：
A. Time tranching
B. Senior/subordinated structure
C. Credit tranching
解释：
A is correct.
Both senior/subordinated structure and credit tranching redistrubute credit risk.
Time tranching redistributes prepayment risk.
考点：Time tranching
解析：B和C选项重新分配信用风险，而A选项重新分配提前偿还风险，故A选项正确。
什么是扩张性风险和收缩性风险，帮忙展开讲下，还有为什么跟time相关?
