开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

张书记 · 2022年06月12日

怎么看高估低估

NO.PZ2020042003000080

问题如下:

Yield curves provide a clue about overpriced and underpriced securities, Security A and B have the same investment risks. If security A’s yield lies below the current yield and security B’s yield lies above the current yield, which of the following statement is correct?

选项:

A.

Security A is currently undervalued, and security B is currently overvalued

B.

Security A is currently overvalued, and security B is currently undervalued

C.

Both Security A and Security B is currently overvalued

D.

Both Security A and Security B is currently undervalued

解释:

考点:对Maturity Management Tools的理解

答案:B

解析:

Security A的收益率在current yield下方,代表Security A相对被高估,Security B的收益率在Current yield的上方,代表Security B相对被低估。

理论上yield高应该代表它present value低啊,就像中债估值高证明这个债券不值钱

1 个答案

李坏_品职助教 · 2022年06月12日

嗨,爱思考的PZer你好:


债券的yield就是债券定价公式的分母——到期收益率。


价格等于未来现金流折现,用yield作为分母来折现,那么yield和价格就是呈反比的。


A资产的yield低于合理回报率(current yield),那么A的价格就会高于合理价格,A就是overvalued,被高估。

反之,B的yield高于current yield,所以B被低估了。

----------------------------------------------
就算太阳没有迎着我们而来,我们正在朝着它而去,加油!