NO.PZ2023120801000091
问题如下：
In a low interest rate environment, the effective duration of a callable bond relative to a comparable non-callable bond, will most likely be:
选项：
A.lower.
the same.
higher.
解释：
Correct Answer: A
When interest rates are low, the callable bond's price will not increase as much because the presence of the call option will limit the price increase. Because the bond is likely to be called when interest rates are falling, the embedded call option will reduce the effective duration of the bond.
当利率较低时，可赎回债券的价格不会上涨太多，因为看涨期权的存在将限制价格上涨
什么叫看涨期权的存在会限制价格的上涨？
