NO.PZ2023052301000044
问题如下：
When an investor’s investment horizon is less than a bond’s Macaulay duration, the investor faces downside risk if, after the purchase of the bond, interest rates:
选项：
A.decrease.
increase.
either decrease or increase.
解释：
B is correct. If the investment horizon is less than the bond’s Macaulay duration, then the investor’s risk is higher interest rates. For such an investor, the market price risk dominates the coupon reinvestment risk.
A is incorrect because an investor faces risk due to a lower interest rate when the investment horizon is greater than the bond’s Macaulay duration.
C is incorrect because when the investment horizon is less than the Macaulay duration, the investor faces risk due to higher interest rates, not lower interest rates.
interest rate和coupon rate有什么区别？有点搞混了
