NO.PZ202112010200000704
问题如下：
Which of the following statements best describes the forward rate bias?
选项：
A.Investors tend to favor
fixed-income investments in currencies that trade at a premium on a forward basis.
Investors tend to hedge fixed-income investments in higher-yielding currencies given the potential for lower returns due to currency depreciation.
Investors tend to favor unhedged fixed-income investments in higher-yielding currencies that are sometimes enhanced by borrowing in lower-yielding currencies.
解释：
C is correct.
Forward rate bias is
defined as an observed divergence from interest
rate parity conditions under which active investors seek to benefit by
borrowing in a
lower-yield currency and investing in a higher-yield currency.
A is incorrect since lower-yielding currencies trade at a forward premium. B is incorrect due to covered interest rate parity; fully hedged foreign currency fixed-income investments will tend to yield the domestic risk-free rate.
老师关于B选项之前的回答
【B选项：还是假设A/B的汇率表达形式，A代表高利率，B代表低利率。B选项说投资者投资A，担心未来A的汇率贬值，那么会用forward currency rate来hedge，也就是covered interest parity所表达的意思。根据covered interest parity，跨国投资是无利可图的，所以，如果投资者认为未来A会贬值，那么也会有两种操作，一是A贬值到无利可图，那么投资者就不会做这个跨国投资了，所以谈不上hedged investment；如果未来虽然贬值，但考虑汇率调整后的RDC只要仍大于在本国投资的收益，投资者也会继续投资同时不用forward currency rate来hedge，仍然unhedged，所以，B的表述也是不正确的。】
但是不太明白，为什么认为货币A会贬值，就要么不投资，要么不hedge？
不是应该：A国的收益率高，所以投资A国，但是担心汇率下降，所以用hedge方式来锁定汇率，这样更保险啊
