NO.PZ2023120801000070
问题如下：
An investor purchases a 12-year, 5.8% annual bond and intends to sell it after 10 years. The Macaulay duration of the bond is 8.97 years. If interest rates fall by 75 bps immediately after the purchase of the bond, the investor faces:
选项：
A.negative reinvestment risk
no reinvestment risk
positive reinvestment risk
解释：
Correct Answer: A
The investor has an investment horizon of 10 years, which is greater than the Macaulay duration of 8.97 years. Therefore, reinvestment risk dominates price risk.
positive/negative reinvestment risk，我看到negative/positive时理解的是risk的值为正、负。
比如positive reinvestment risk，那就是正的风险，意味着有风险。而风险不能为负，最低就是没风险。
解析说负面、正面风险，可是风险怎么有正面Positive的？风险都是negative负面的，所以大家才厌恶风险。
