以什么样的形式持有，就获得此种形式的收益。

NO.PZ201712110200000409 问题如下 Baseon Exhibit 4 anGillette’s forecast regarng Raffarin’s share price, the return on the RI bonover the next yeis most likely to be: A.lower ththe return on Raffarin’s common shares. B.the same the return on Raffarin’s common shares. C.higher ththe return on Raffarin’s common shares. A is correct.Over the next year, Gillette believes thRaffarin’s share priwill continue to increase towar the conversion pribut not exceeit. If Gillette’s forecast becomes true, the return on the RI bonwill increase but a lower rate ththe increase in Raffarin’s share pribecause the conversion priis not expecteto reache 视频讲解中提到，当股票价格向转换价格靠近时，可转债股性债性并存，处于一个涨跌幅均小于正股的情况，这个我可以理解。那如果题目问可转债当前out of money，正股价格预计继续下降，债相关的利率因素等不变，可转债价格应当如何变化？假设答案给了【A.可转债价格会下降但幅度更小】【B.可转债价格不变】。这种情况下应该怎么选择？是用“可转债out of money时偏债性，只受利率影响”的结论去选择B，还是用“可转债涨跌幅小于正股”的大原则去选择A？还请老师解惑。

老师如果这道题是股票价格下降，并远离conversion price，那是不是可转债的return就要大于stoprireturn了？因为这时候的可转债的return基本可以当做是straight bon价格变化，变化很小，可以认为股票下跌的要多于这个变化，就像这道题一样，对吗？

the same the return on Raffarin’s common shares. higher ththe return on Raffarin’s common shares. A is correct. Over the next year, Gillette believes thRaffarin’s share priwill continue to increase towar the conversion pribut not exceeit. If Gillette’s forecast becomes true, the return on the RI bonwill increase but a lower rate ththe increase in Raffarin’s share pribecause the conversion priis not expecteto reache老师请问，这里convertible bonreturn比标的storeturn难道不是因为可转债有premium吗？

    你好，为什么不用综合考虑RI bonconvertible callable putable这三个性质呢？谢谢！