不要求convexity吗

NO.PZ201812020100000303 问题如下 Which portfolio in Exhibit 2 fails to meet the requirements to achieve immunization for multiple liabilities? Portfolio Portfolio Portfolio C A is correct. The two requirements to achieve immunization for multiple liabilities are for the money ration (or BPV) of the asset anliability to matanfor the asset convexity to exceethe convexity of the liability. Although all three portfolios have similBPVs, Portfolio A is the only portfolio to have a lower convexity ththof the liability portfolio (31.98, versus 33.05 for the $20 million liability portfolio), anthus, it fails to meet one of the two requirements neefor immunization. 老师，针对multiple liability immunization需要满足的条件，讲解视频中提的是3条如下①BPV (asset) = BPV(Liability) 或者说money ration(asset)=money ration(liability)②Convexity(asset) Convexity(liability)③Convexity(asset)在第②条的基础上选尽量小的但是，框架图里写的3条是①PV(asset) PV(liability)②BPV (asset) = BPV(Liability) 或者说money ration(asset)=money ration(liability)③Convexity(asset) Convexity(liability)不一样的地方我标黄了，请老师明确下考试的时候具体以哪个版本为准，还是说稳妥起见，咱们就按4条去满足？①PV(asset) PV(liability)②BPV (asset) = BPV(Liability) 或者说money ration(asset)=money ration(liability)③Convexity(asset) Convexity(liability)④Convexity(asset)在第③条的基础上选尽量小的

NO.PZ201812020100000303 问题如下 Which portfolio in Exhibit 2 fails to meet the requirements to achieve immunization for multiple liabilities? Portfolio Portfolio Portfolio C A is correct. The two requirements to achieve immunization for multiple liabilities are for the money ration (or BPV) of the asset anliability to matanfor the asset convexity to exceethe convexity of the liability. Although all three portfolios have similBPVs, Portfolio A is the only portfolio to have a lower convexity ththof the liability portfolio (31.98, versus 33.05 for the $20 million liability portfolio), anthus, it fails to meet one of the two requirements neefor immunization. 老师 structurrisk 和 immunization 的关系是什么？可以说structurrisk 越大，越无法immunization吗？上题中portfolio c 的structurrisk 最大，为什们不是他最不可能immunization liability?麻烦帮忙解答一下

NO.PZ201812020100000303 问题如下 Which portfolio in Exhibit 2 fails to meet the requirements to achieve immunization for multiple liabilities? Portfolio Portfolio Portfolio C A is correct. The two requirements to achieve immunization for multiple liabilities are for the money ration (or BPV) of the asset anliability to matanfor the asset convexity to exceethe convexity of the liability. Although all three portfolios have similBPVs, Portfolio A is the only portfolio to have a lower convexity ththof the liability portfolio (31.98, versus 33.05 for the $20 million liability portfolio), anthus, it fails to meet one of the two requirements neefor immunization. 能定位下BPV这个知识点在哪个reang的哪里吗

NO.PZ201812020100000303 问题如下 Which portfolio in Exhibit 2 fails to meet the requirements to achieve immunization for multiple liabilities? Portfolio Portfolio Portfolio C A is correct. The two requirements to achieve immunization for multiple liabilities are for the money ration (or BPV) of the asset anliability to matanfor the asset convexity to exceethe convexity of the liability. Although all three portfolios have similBPVs, Portfolio A is the only portfolio to have a lower convexity ththof the liability portfolio (31.98, versus 33.05 for the $20 million liability portfolio), anthus, it fails to meet one of the two requirements neefor immunization. 老师，single liability 和multiple liability 免疫条件不一样吧？single的需要看BPV吗？