NO.PZ202305230100005408
问题如下：
An investor’s well-diversified portfolio has $200,000 in cash. The investor aims to invest in short-term, one-year Large-Cap Company bonds, prior to using the cash to invest in an upcoming IPO. There are currently two Large-Cap Company bonds on the market to purchase, both with one-year maturities. One of the bonds, Bond A, is a non-callable bond, while Bond B is a callable bond. As a fixed-income analyst, you are asked to conduct an analysis.
What impact would a “flight to safety” (i.e., government bond yields falling and credit spreads widening) have on the analytical duration estimate of Bond A?
选项：
A.Decreased duration
Increased duration
No impact
解释：
C is correct. There would be no impact on the analytical duration estimate. However, an empirical duration estimate would be impacted. A flight to safety would result in an increase in the bond price due to the falling benchmark yield being offset by widening credit spread. This would lead to a lower empirical duration than analytical duration.
没太明白
