NO.PZ2023040601000064
问题如下：
Morgan mentions to Chan that the uncertainty of future cash flows is reflected by the discount rate, which is composed of three key components. He asks Chan if he knows what they are. Chan responds that the three distinct components can be thought of as：
- 1: the additional return required from investing in a nominal default-free investment for investing in a real default-free investment;
- 2: the expected return on an inflation-linked bond issued by the government of a developed country; and
- 3: the increased premium for more actively traded securities relative to less actively traded securities.
选项：
A.3
B.2
C.1
解释：
B is correct. The expected return on an inflation-linked bond issued by the government of a developed country represents the return that an investor requires on a real default-free fixed-income security and is a key component of the discount rate.
A is incorrect because the required risk premium is an input in determining present value.
C is incorrect because the real risk-free rate is an input in determining present value.
经典题老师讲解，inflation-linked bond 为什么是real risk free bond?
inflation-linked 为什么不是 norminal rate bond？
