NO.PZ2021120102000010
问题如下：
Which of the following statements best describes empirical duration?
选项：
A.A common way to calculate a bond’s empirical duration is to run a
regression of its price returns on changes in a benchmark interest rate.
A bond’s empirical duration tends to be larger than its effective duration.
The price sensitivity of high-yield bonds to interest rate changes is typically
higher than that of investment-grade bonds
解释：
A is correct. A bond’s empirical duration is often estimated by running a regression of its price returns on changes in a benchmark interest rate.
可否改为：The price sensitivity of high-yield bonds to interest rate changes is typically lower than that of investment-grade bonds because credit spreads dominate their yield composition.
高收益债券（High-Yield Bonds）通常对信用风险的敏感性更高，而非对利率变化的敏感性更高。
相比投资级债券（Investment-Grade Bonds），高收益债券的价格对利率变化的敏感性通常较低，因为其收益率中信用利差的比重较大，而利率波动的影响较小。