请问在判断可转债价格变动之前需要考虑in/out the money么？

NO.PZ201712110200000409问题如下Baseon Exhibit 4 anGillette’s forecast regarng Raffarin’s share price, the return on the RI bonover the next yeis most likely to be:A.lower ththe return on Raffarin’s common shares.B.the same the return on Raffarin’s common shares.C.higher ththe return on Raffarin’s common shares.A is correct.Over the next year, Gillette believes thRaffarin’s share priwill continue to increase towar the conversion pribut not exceeit. If Gillette’s forecast becomes true, the return on the RI bonwill increase but a lower rate ththe increase in Raffarin’s share pribecause the conversion priis not expecteto reache老师，我想确认一下，这边说的return 是指，如果可转债以债券形式持有的话，拿到的就是债券的收益， 比如，coupon 或者是利息收入； 如说是转为股票持有，就是拿到的 分红收益 或者是 capitgain 的收益 对吗？

老师如果这道题是股票价格下降，并远离conversion price，那是不是可转债的return就要大于stoprireturn了？因为这时候的可转债的return基本可以当做是straight bon价格变化，变化很小，可以认为股票下跌的要多于这个变化，就像这道题一样，对吗？

the same the return on Raffarin’s common shares. higher ththe return on Raffarin’s common shares. A is correct. Over the next year, Gillette believes thRaffarin’s share priwill continue to increase towar the conversion pribut not exceeit. If Gillette’s forecast becomes true, the return on the RI bonwill increase but a lower rate ththe increase in Raffarin’s share pribecause the conversion priis not expecteto reache老师请问，这里convertible bonreturn比标的storeturn难道不是因为可转债有premium吗？

    你好，为什么不用综合考虑RI bonconvertible callable putable这三个性质呢？谢谢！