NO.PZ2018062010000026
问题如下：
When everything else is equal, compared with a pure bond, the bond embedded with call or put option:
选项：
A.
has a shorter effective duration.
B.
has the same effective duration.
C.
has a longer effective duration.
解释：
A is correct.
The presence of an embedded call option reduces the effective duration of the bond, especially when rates are deceasing.
The presence of an embedded put option reduces the effective duration of the bond, especially when rates are inceasing.
考点：有效久期
解析：相比不含权债券，含权债券的有效久期更小。含权债券更有可能提前结束掉现金流，有效久期会更小，故A选项正确。
老师，我想问问哈，这道题我的理解是一般来说有行权的bond，holder一般会提前提前行权，那么duration就比较短，虽然不太准确，但似乎做题是对了，不知道可以这样理解吗。谢谢
