illiquidity 提升ytm

问题如下：

Danny Moynahan, CFA, is a fixed-income portfolio manager at Reagan Investment Advisory (Reagan). He agrees with his wife, a professor of investments class, to talk to her class about managing fixed-income portfolios. He plans to put together six pages for his discussion.

Moynahan titles page 3, “Liquidity in the Fixed-Income Market.” He wants to ensure that the class appreciates the differences in liquidity between fixed-income and equity securities. He stresses that liquidity across fixed-income securities varies greatly and that compared to equities, fixed-income markets are generally less liquid. Also, liquidity influences fixed-income pricing, but illiquidity enhances the portfolio’s yield to maturity. Lastly, dealers will narrow bid–ask spreads on thinly traded securities as a consequence of their illiquidity.

Are Moynahan’s comments regarding fixed-income liquidity most likely correct?

选项：

A.Yes.

B.No, with respect to fixed-income pricing and yield to maturity.

C.No, with respect to the bid–ask spread.

解释：

Correct Answer: C

C is correct. Moynahan’s comment on the bid–ask spread of thinly traded securities is incorrect. Dealers widen bid–ask spreads for thinly traded securities to reflect their illiquidity.

A is incorrect because Moynahan’s comment regarding fixed-income trading and narrowly traded securities is incorrect.

B is incorrect because the comment regarding fixed-income pricing and yield to maturity is correct.