NO.PZ2023052302000002
问题如下：
Which of the following risk premiums is most relevant in explaining the difference in yields between 30-year bonds issued by the US Treasury and 30-year bonds issued by a small, private US corporate issuer?
选项：
A.
Inflation
B.
Maturity
C.
Liquidity
解释：
C is correct. US Treasury bonds are highly liquid, whereas the bonds of small issuers trade infrequently and the interest rate includes a liquidity premium. This liquidity premium reflects the relatively high costs (including the impact on
price) of selling a position. As the two bond issues have the same 30-year maturity, the observed difference in yields would not be solely explained by maturity.
Further, the inflation premium embedded in the yield of both bonds is likely to be similar given they are both US-based bonds with the same maturity.
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