NO.PZ2025042401000024
问题如下:
In contrast to the preferred habitat theory of the term structure of interest rates, the segmented market theory assumes that:
选项:
A.borrowers and lenders have strong preferences for particular maturities.
B.investors will accept additional risk in return for additional expected returns.
C.yields are determined entirely by the supply and demand for funds of a particular maturity.
解释:
Solution
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A is incorrect because this applies to both theories. The preferred habitat theory is similar to the segmented markets theory in proposing that many borrowers and lenders have strong preferences for particular maturities, but it does not assert that yields at different maturities are determined independently of each other.
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B is incorrect because the preferred habitat theory is based on the realistic notion that agents and institutions will accept additional risk in return for additional expected returns. The theory contends that if the expected additional returns to be gained become large enough, institutions will be willing to deviate from their preferred maturities or habitats. On the other hand, the segmented markets theory assumes that market participants are either unwilling or unable to invest in anything other than securities of their preferred maturity.
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C is correct because this is a characteristic of the segmented markets theory. In summary, the segmented markets theory assumes that market participants are either unwilling or unable to invest in anything other than securities of their preferred maturity. It follows that the yield of securities of a particular maturity is determined entirely by the supply and demand for funds of that particular maturity.
- explain traditional theories of the term structure of interest rates and describe the implications of each theory for forward rates and the shape of the yield curve
可以解释一下habit 理论和segment理论的区别么