还是不明白为何A是对的

NO.PZ202209060200004505 问题如下 Ashley West is the Managing rector of Cret Strategies Mt. Pleasant Aisers (MPA). She oversees a group of strategists, analysts, antrars who contribute to managing more th$50 billion in fixeincome securities. She hgathereher group for their weekly investment strategy meeting, where they are currently focuseon higher expectevolatility in the markets. West makes the following comments:West begins a scussion with her trar, niel Islan regarng return compensation for investing in corporate bon. Islantells West, “When I evaluating the priof a corporate bon the screen on my Bloomberg terminshows severspremeasures. Some measures are better thothers. alers often will quote me a spreto Treasuries whose maturity es not matthe bons maturity.” Charles Stone joins the conversation. He is MPA’s cret strategist ancoornates the recommentions of the analysts to portfolio managers. The analysts have provihim with ta for three corporate bon in the mea sector thinclu the cret rating, spreration, z-sprea anexpecteloss severity. He asks the analysts to provi ta for three aitionmeasures thhe feels are requirefor the portfolio managers to selethe most attractive bonusing relative value analysis. The measures inclu expecteprobability of fault, rating agencret outlook, anhistoricsector fault rates. West likes to balanthe bottom-up approafor portfolio construction with a top-wn approach. She provis portfolio managers with a macro factors report containing two sections ththey use part of their investment process. Section 1 shows macro factors thshe consirs relevant for cret investing aninclus corporate profitability, economic growth, currenmovements, changes in expectemarket volatility, key rate rations, anfault rates. Section 2 contains risk measurements thare usefor cret portfolio management aninclus average cret rating, average spreration, ration times sprea average OAS, ration, aneffective convexity. West is concerneabout liquity risk in the cret markets. She believes thsinthe GreRecession, liquity hcline anshe asks Stone for his opinion on the topiStone replies, “First, trang volume hclineacross cret markets, even for higher-quality sectors. a result, liquity management hbecome less relevant to portfolio managers a means of aing alpha to portfolios. Secon sprechanges are more pronouncering times of outflows in high-yielmarkets relative to investment-gra markets, particularly ring times of stress. Therefore, macro forecasting of the economic ancret cycle woulaiin positioning the portfolio to compensate for liquity risk. Thir biask sprea cvary over time anare a gooincator of liquity. Wir biask sprea in a market wnturn create opportunities for portfolio managers to a value to portfolios.”Stone fiel a call from Esto PalmMPA portfolio manager in the Maioffice. Palma is frustratewith the negative interest rate environment present in the EuropeUnion (EU) markets resulting from the EuropeCentrBank’s quantitative easing programs. He tells Stone he is consiring buying securities outsi of the EU market to piup aitionyiel Stone informs Palma thhe is sympathetic with the situation but ththere are implications to buying securities outsi his EU benchmark, whether they are from velopeor emerging markets. Stone outlines three suggestions for PalmFirst, he shoulevaluate whether the spreaantage is negatethe cost of a currenhee. Secon he shoulavoiloccurreninvestments in countries where the exchange rate is pegge Thir he shoulensure ththe timing of the cret cycles across markets coincis. Question Stone’s comments to West regarng liquity risk in cret markets is most likely correwith regarto: A.sprechanges. B.liquity management. C.biask sprea. SolutionA is correct. Liquity management hbecome more relevant in generating alpha for portfolios sinthe financicrisis. Stone’s seconpoint regarng sprechanges relates to outflows, anits implications for portfolio management are correct. His thirpoint is correwith regarto biask sprea varying over time anbeing a gooincator of liquity but is incorreabout biask sprea benefiting portfolio managers, because trang costs are higher. More volatile market contions often have a negative effeon biask sprea, antherefore, trang costs ctrafrom portfolio performance.B is incorrebecause his first point is incorrect. Liquity management hbecome more relevant to portfolio managers a means of aing alpha to portfolios. C is incorrebecause his thirpoint is incorrect. More volatile market contions often have a negative effeon biask sprea, antherefore, trang costs ctrafrom portfolio performance. liquity risk越小，则liquity sprea小，反之越大。liquity risk越大，也会导致biask sprea大。市场不好的时候，流动性风险加剧，此时biask sprea大，为什么不能理解成可以获取更高的Illiquity Premium？

NO.PZ202209060200004505 问题如下 Stone’s comments to West regarng liquity risk in cret markets is most likely correwith regarto: A.sprechanges. B.liquity management. C.biask sprea. SolutionA is correct. Liquity management hbecome more relevant in generating alpha for portfolios sinthe financicrisis. Stone’s seconpoint regarng sprechanges relates to outflows, anits implications for portfolio management are correct. His thirpoint is correwith regarto biask sprea varying over time anbeing a gooincator of liquity but is incorreabout biask sprea benefiting portfolio managers, because trang costs are higher. More volatile market contions often have a negative effeon biask sprea, antherefore, trang costs ctrafrom portfolio performance.B is incorrebecause his first point is incorrect. Liquity management hbecome more relevant to portfolio managers a means of aing alpha to portfolios. C is incorrebecause his thirpoint is incorrect. More volatile market contions often have a negative effeon biask sprea, antherefore, trang costs ctrafrom portfolio performance. 相对于investment gra bon说，High yielbon是对 Cret Sprea及Benchmark rate的变化更加不敏感吗？为什么这段关于sprechanges的描述还是正确的呢？

NO.PZ202209060200004505 问题如下 Stone’s comments to West regarng liquity risk in cret markets is most likely correwith regarto: A.sprechanges. B.liquity management. C.biask sprea. SolutionA is correct. Liquity management hbecome more relevant in generating alpha for portfolios sinthe financicrisis. Stone’s seconpoint regarng sprechanges relates to outflows, anits implications for portfolio management are correct. His thirpoint is correwith regarto biask sprea varying over time anbeing a gooincator of liquity but is incorreabout biask sprea benefiting portfolio managers, because trang costs are higher. More volatile market contions often have a negative effeon biask sprea, antherefore, trang costs ctrafrom portfolio performance.B is incorrebecause his first point is incorrect. Liquity management hbecome more relevant to portfolio managers a means of aing alpha to portfolios. C is incorrebecause his thirpoint is incorrect. More volatile market contions often have a negative effeon biask sprea, antherefore, trang costs ctrafrom portfolio performance. 如题，谢谢

NO.PZ202209060200004505 问题如下 Ashley West is the Managing rector of Cret Strategies Mt. Pleasant Aisers (MPA). She oversees a group of strategists, analysts, antrars who contribute to managing more th$50 billion in fixeincome securities. She hgathereher group for their weekly investment strategy meeting, where they are currently focuseon higher expectevolatility in the markets. West makes the following comments:West begins a scussion with her trar, niel Islan regarng return compensation for investing in corporate bon. Islantells West, “When I evaluating the priof a corporate bon the screen on my Bloomberg terminshows severspremeasures. Some measures are better thothers. alers often will quote me a spreto Treasuries whose maturity es not matthe bons maturity.” Charles Stone joins the conversation. He is MPA’s cret strategist ancoornates the recommentions of the analysts to portfolio managers. The analysts have provihim with ta for three corporate bon in the mea sector thinclu the cret rating, spreration, z-sprea anexpecteloss severity. He asks the analysts to provi ta for three aitionmeasures thhe feels are requirefor the portfolio managers to selethe most attractive bonusing relative value analysis. The measures inclu expecteprobability of fault, rating agencret outlook, anhistoricsector fault rates. West likes to balanthe bottom-up approafor portfolio construction with a top-wn approach. She provis portfolio managers with a macro factors report containing two sections ththey use part of their investment process. Section 1 shows macro factors thshe consirs relevant for cret investing aninclus corporate profitability, economic growth, currenmovements, changes in expectemarket volatility, key rate rations, anfault rates. Section 2 contains risk measurements thare usefor cret portfolio management aninclus average cret rating, average spreration, ration times sprea average OAS, ration, aneffective convexity. West is concerneabout liquity risk in the cret markets. She believes thsinthe GreRecession, liquity hcline anshe asks Stone for his opinion on the topiStone replies, “First, trang volume hclineacross cret markets, even for higher-quality sectors. a result, liquity management hbecome less relevant to portfolio managers a means of aing alpha to portfolios. Secon sprechanges are more pronouncering times of outflows in high-yielmarkets relative to investment-gra markets, particularly ring times of stress. Therefore, macro forecasting of the economic ancret cycle woulaiin positioning the portfolio to compensate for liquity risk. Thir biask sprea cvary over time anare a gooincator of liquity. Wir biask sprea in a market wnturn create opportunities for portfolio managers to a value to portfolios.”Stone fiel a call from Esto PalmMPA portfolio manager in the Maioffice. Palma is frustratewith the negative interest rate environment present in the EuropeUnion (EU) markets resulting from the EuropeCentrBank’s quantitative easing programs. He tells Stone he is consiring buying securities outsi of the EU market to piup aitionyiel Stone informs Palma thhe is sympathetic with the situation but ththere are implications to buying securities outsi his EU benchmark, whether they are from velopeor emerging markets. Stone outlines three suggestions for PalmFirst, he shoulevaluate whether the spreaantage is negatethe cost of a currenhee. Secon he shoulavoiloccurreninvestments in countries where the exchange rate is pegge Thir he shoulensure ththe timing of the cret cycles across markets coincis. Question Stone’s comments to West regarng liquity risk in cret markets is most likely correwith regarto: A.sprechanges. B.liquity management. C.biask sprea. SolutionA is correct. Liquity management hbecome more relevant in generating alpha for portfolios sinthe financicrisis. Stone’s seconpoint regarng sprechanges relates to outflows, anits implications for portfolio management are correct. His thirpoint is correwith regarto biask sprea varying over time anbeing a gooincator of liquity but is incorreabout biask sprea benefiting portfolio managers, because trang costs are higher. More volatile market contions often have a negative effeon biask sprea, antherefore, trang costs ctrafrom portfolio performance.B is incorrebecause his first point is incorrect. Liquity management hbecome more relevant to portfolio managers a means of aing alpha to portfolios. C is incorrebecause his thirpoint is incorrect. More volatile market contions often have a negative effeon biask sprea, antherefore, trang costs ctrafrom portfolio performance. biask sprea流动性不是反向关系么？即win，sprea大，流动性差，流动性风险越大。

NO.PZ202209060200004505问题如下Stone’s comments to West regarng liquity risk in cret markets is most likely correwith regarto:A.sprechanges.B.liquity management.C.biask sprea.SolutionA is correct. Liquity management hbecome more relevant in generating alpha for portfolios sinthe financicrisis. Stone’s seconpoint regarng sprechanges relates to outflows, anits implications for portfolio management are correct. His thirpoint is correwith regarto biask sprea varying over time anbeing a gooincator of liquity but is incorreabout biask sprea benefiting portfolio managers, because trang costs are higher. More volatile market contions often have a negative effeon biask sprea, antherefore, trang costs ctrafrom portfolio performance.B is incorrebecause his first point is incorrect. Liquity management hbecome more relevant to portfolio managers a means of aing alpha to portfolios. C is incorrebecause his thirpoint is incorrect. More volatile market contions often have a negative effeon biask sprea, antherefore, trang costs ctrafrom portfolio performance.以及这个知识点在哪儿呀？