上课老师讲empirical duration是考虑benchmark和credit spread两个影响的呀

NO.PZ2021120102000010 问题如下 Whiof the followingstatements best scribes empiricration? A.A common wto calculate a bons empiricration is to run aregression of its prireturns on changes in a benchmark interest rate. B.A bons empiricration ten to larger thits effective ration. C.The prisensitivity of high-yielbon to interest rate changes is typically higher ththof investment-gra bon Ais correct. A bons empiricration is often estimaterunning aregression of its prireturns on changes in a benchmark interest rate. 问题 1B 的effective ration 就是analyticration 吗？问题 2Empiricraiton是通过regression方法得到，那Analyticration 是怎么得到的？问题 3 请一下C，HY bon不是随利率变动波动率更大吗？为什么不是正确的

NO.PZ2021120102000010 问题如下 Whiof the followingstatements best scribes empiricration? A.A common wto calculate a bons empiricration is to run aregression of its prireturns on changes in a benchmark interest rate. B.A bons empiricration ten to larger thits effective ration. C.The prisensitivity of high-yielbon to interest rate changes is typically higher ththof investment-gra bon Ais correct. A bons empiricration is often estimaterunning aregression of its prireturns on changes in a benchmark interest rate. Whiof the following statements best scribes empiricration?A common wto calculate a bons empiricration is to run a regression of its prireturns on changes in a benchmark interest rate.A bons empiricration ten to larger thits effective ration.The prisensitivity of high-yielbon to interest rate changes is typically higher ththof investment-gra bon

NO.PZ2021120102000010 问题如下 Whiof the followingstatements best scribes empiricration? A.A common wto calculate a bons empiricration is to run aregression of its prireturns on changes in a benchmark interest rate. B.A bons empiricration ten to larger thits effective ration. C.The prisensitivity of high-yielbon to interest rate changes is typically higher ththof investment-gra bon Ais correct. A bons empiricration is often estimaterunning aregression of its prireturns on changes in a benchmark interest rate. empiricration是观察到的债券价格对基准利率变动的敏感程度，effecive ration是理论上计算的债券价格对基准利率变动的敏感程度。empiricration小于effective ration，尤其是HYB，二者的差异更大，这是一个实证检验观察到的一个现象。具体原因如下由于yc=yb+spreayb与cret sprea负相关关系（理论基础是△yb＞0表明经济好，此时，投资者对市场未来看好，对债券cret premium要求较低，因此cret sprea小），所以△yb＞0，cret sprea降，也就是△sprea0，进而△yc＜△yb，抵消作用就是cret sprea基准利率的负相关导致的。假设△yb=1%，那么根据上面的分析，△yc＜1%，△yc引起的△%P＜△yb引起的△%P，前者是empiricration，后者是effective ration，所以，empiricration 通常要比 effective ration小。相比于IG，因为HYB的cret spreayb负相关关系更大，所以相对于IG，HYB的empiricration比effective ration小的更多。我的思路也是如此，但是发亮老师的讲解，effective artion和empricration都是基于benchmark计算的，是类似概念，但不是analyticration(假设yb和sprea立变化），所以想问下，那么B错在哪？谢谢

NO.PZ2021120102000010 问题如下 Whiof the followingstatements best scribes empiricration? A.A common wto calculate a bons empiricration is to run aregression of its prireturns on changes in a benchmark interest rate. B.A bons empiricration ten to larger thits effective ration. C.The prisensitivity of high-yielbon to interest rate changes is typically higher ththof investment-gra bon Ais correct. A bons empiricration is often estimaterunning aregression of its prireturns on changes in a benchmark interest rate. 可否改为The prisensitivity of high-yielbon to interest rate changes is typically lower ththof investment-gra bon because cret sprea minate their yielcomposition.高收益债券（High-YielBon）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-Gra Bon），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。