NO.PZ2020011303000215
问题如下：
What protection is provided by (a) DV01 hedging, (b) effective duration hedging, and (c) effective duration plus convexity hedging?
解释：
DV01 and effective duration hedging provide protection against small parallel shifts in the term structure. Effective duration plus convexity provides protection against larger parallel shifts.
题目问：a）DV01对冲，b）effectiveduration对冲，以及c）effectiveduration加convexity对冲，带来的保护都是什么？
DV01 和 effective duration对冲可以保护利率小幅平行移动所带来的价格变化。Effectiveduration 加convexity对冲可以保护利率大幅平行移动带来的价格变化。
为什么是平行移动而不是非平行移动
