immunization

NO.PZ2018120301000025 问题如下 Leahinforms Molly thC ha single $500 million liability e in nineyears, anshe wants SR to construa bonportfolio thearns a rateof return sufficient to poff the obligation. Leexpresses concern aboutthe risks associatewith immunization strategy for this obligation. Inresponse, Molly makes the following statements about liability-iveninvesting:Statement 1: Although the amount ante of SR’s liability is known with certainty, measurement errors associatewith key parameters relative to interest rate changes maersely affethe bonportfolios.Statement 2: A cash flow matching strategy will mitigate the risk from non-parallel shifts in the yielcurve. Whichof Molly’s statements about liability-iven investing is (are) correct? A.Statement 1 only. B.Statement 2 only. C.Both Statement 1 anStatement 2. CorreAnswer: is correct. Molly is correthmeasurement error carise even in immunization strategies for Type 1 cash flows, whihave set amounts anset tes. Also, a parallel shift in yielcurves is a sufficient but not a necessary contion to achieve the sireoutcome. Non-parallel shifts well twists in the yielcurve cchange the cash flow yielon the immunizing portfolio; however, minimizing the spersion of cash flows in the asset portfolio mitigates this risk. a result, both statements are correct. 然后一般在计算资产的Macaulration时，是对组合内各成份债券的Macaulration进行了简单的加权平均。这种加权平均算出来的数据，并不准确。因为会产生衡量误差（Measurement errors），而该指标又是匹配时需要满足的条件，所以这个误差会影响到匹配的效果。-------上面摘自最新那个问题回答。我的问题是这种计算属于measurement error还是mol risk/error。还是都属于？或者说measurement error和mol risk/error是否有被包含的关系呢？

NO.PZ2018120301000025 问题如下 Leahinforms Molly thC ha single $500 million liability e in nineyears, anshe wants SR to construa bonportfolio thearns a rateof return sufficient to poff the obligation. Leexpresses concern aboutthe risks associatewith immunization strategy for this obligation. Inresponse, Molly makes the following statements about liability-iveninvesting:Statement 1: Although the amount ante of SR’s liability is known with certainty, measurement errors associatewith key parameters relative to interest rate changes maersely affethe bonportfolios.Statement 2: A cash flow matching strategy will mitigate the risk from non-parallel shifts in the yielcurve. Whichof Molly’s statements about liability-iven investing is (are) correct? A.Statement 1 only. B.Statement 2 only. C.Both Statement 1 anStatement 2. CorreAnswer: is correct. Molly is correthmeasurement error carise even in immunization strategies for Type 1 cash flows, whihave set amounts anset tes. Also, a parallel shift in yielcurves is a sufficient but not a necessary contion to achieve the sireoutcome. Non-parallel shifts well twists in the yielcurve cchange the cash flow yielon the immunizing portfolio; however, minimizing the spersion of cash flows in the asset portfolio mitigates this risk. a result, both statements are correct. 第一个statement哪里提到是ration matching呢能不能翻译一下这个statement。

NO.PZ2018120301000025问题如下 Leahinforms Molly thC ha single $500 million liability e in nineyears, anshe wants SR to construa bonportfolio thearns a rateof return sufficient to poff the obligation. Leexpresses concern aboutthe risks associatewith immunization strategy for this obligation. Inresponse, Molly makes the following statements about liability-iveninvesting:Statement 1: Although the amount ante of SR’s liability is known with certainty, measurement errors associatewith key parameters relative to interest rate changes maersely affethe bonportfolios.Statement 2: A cash flow matching strategy will mitigate the risk from non-parallel shifts in the yielcurve. Whichof Molly’s statements about liability-iven investing is (are) correct? A.Statement 1 only.B.Statement 2 only.C.Both Statement 1 anStatement 2. CorreAnswer: is correct. Molly is correthmeasurement error carise even in immunization strategies for Type 1 cash flows, whihave set amounts anset tes. Also, a parallel shift in yielcurves is a sufficient but not a necessary contion to achieve the sireoutcome. Non-parallel shifts well twists in the yielcurve cchange the cash flow yielon the immunizing portfolio; however, minimizing the spersion of cash flows in the asset portfolio mitigates this risk. a result, both statements are correct. single liability，matching中，asset的boncoupon和principrepayment可以完美匹配liab到期日和金额，随意没有RI risk和Pririsk。那如果是multiple liabilities呢，matching从后往前找每期bon配liab现金流的时候是否会受到市场利率变动的影响？

NO.PZ2018120301000025问题如下 Leahinforms Molly thC ha single $500 million liability e in nineyears, anshe wants SR to construa bonportfolio thearns a rateof return sufficient to poff the obligation. Leexpresses concern aboutthe risks associatewith immunization strategy for this obligation. Inresponse, Molly makes the following statements about liability-iveninvesting:Statement 1: Although the amount ante of SR’s liability is known with certainty, measurement errors associatewith key parameters relative to interest rate changes maersely affethe bonportfolios.Statement 2: A cash flow matching strategy will mitigate the risk from non-parallel shifts in the yielcurve. Whichof Molly’s statements about liability-iven investing is (are) correct? A.Statement 1 only.B.Statement 2 only.C.Both Statement 1 anStatement 2. CorreAnswer: is correct. Molly is correthmeasurement error carise even in immunization strategies for Type 1 cash flows, whihave set amounts anset tes. Also, a parallel shift in yielcurves is a sufficient but not a necessary contion to achieve the sireoutcome. Non-parallel shifts well twists in the yielcurve cchange the cash flow yielon the immunizing portfolio; however, minimizing the spersion of cash flows in the asset portfolio mitigates this risk. a result, both statements are correct. statement2，我记得讲课的时候何老师提到过说matching也会收到利率影响，但是。。。后面忘记了这个地方能再一下吗