问题如下图：
选项：
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解释：
为什么可转债的投资者是short 了一个interest rate call option？
orange品职答疑助手 · 2019年01月25日
同学你好
callable convertible bond=bond - call option on bond + call option on stock
可赎回可转债的一般性态仍是债券，发行人有权利将其赎回，这一般是当债券的利率变低（也就是债券价格变高）时赎回，所以，这个赎回权，既可以看成是债券价格的call option，也可以看成是利率的put option。当利率的波动率下跌时，无论是债券的call option，还是利率的put option，它们的价格都会下降，而又因为你是short，所以对于callable convertible bond，价格是上升的。
或者换个角度来理解，callable convertible bond可以拆分为callable bond再加一个convertible的权利（也就是call option on stock)，这样要理解利率波动性对整个callable convertible bond的影响，只要看利率对callable bond的影响就可以了。站在发行人的角度来理解：利率的波动性下降，那利率下降的可能性、幅度就不会那么大，那我就需要一个“弱一点的”保护，所以callable bond的价格就可以更高一些了，因为保护越强，对发行人而言，价格就得越便宜。
orange品职答疑助手 · 2019年01月25日
站在投资者的角度，关于Interest rate option，应该说成是 short put option on interest rate更准确些，答案解析里有些问题，不过分析结果是一样的
NO.PZ2016070202000031问题如下 Whis the effeon the value of a callable convertible bonof a crease in interest rate volatility anstock privolatility? An increase in value e to both interest rate volatility anstoprice volatility An increase ancrease in value, respectively A crease anincrease in value, respectively A crease in value e to both A crease in stoprivolatility creases the value of the equity conversion option anthus the convertible bonprice. A crease in interest rate volatility creases the value of the interest rate call option. Because the boninvestor is short the interest rate option, this increases the value of the convertible. callable convertible bonboncall option on boncall option on stock
NO.PZ2016070202000031问题如下 Whis the effeon the value of a callable convertible bonof a crease in interest rate volatility anstock privolatility? An increase in value e to both interest rate volatility anstoprice volatility An increase ancrease in value, respectively A crease anincrease in value, respectively A crease in value e to both A crease in stoprivolatility creases the value of the equity conversion option anthus the convertible bonprice. A crease in interest rate volatility creases the value of the interest rate call option. Because the boninvestor is short the interest rate option, this increases the value of the convertible. 为什么利率波动变小，债券的call option会变便宜； 为什么股票波动变小，股票的call option会变便宜？
NO.PZ2016070202000031 Whis the effeon the value of a callable convertible bonof a crease in interest rate volatility anstoprivolatility? increase in value e to both interest rate volatility anstoprivolatility increase ancrease in value, respectively A crease anincrease in value, respectively A crease in value e to both A crease in stoprivolatility creases the value of the equity conversion option anthus the convertible bonprice. A crease in interest rate volatility creases the value of the interest rate call option. Because the boninvestor is short the interest rate option, this increases the value of the convertible. Whis the effeon the value of a callable convertible bonof a crease in interest rate volatility anstoprivolatility? Q1callable convertible bong 和converitible bon有什么区别呢。 Q2converitible bon是债转股，sigma (r) 减少，就说明这个可转债没那么有吸引力（r下降，velue上升）所以卖得贵 （答案是inrease the value)。sigma(P) 减少，说明没那么容易转成债去获得额外收益, 所以Value减少 (答案是crease the value) 老师帮忙看下理解得对吗
increase ancrease in value, respectively A crease anincrease in value, respectively A crease in value e to both A crease in stoprivolatility creases the value of the equity conversion option anthus the convertible bonprice. A crease in interest rate volatility creases the value of the interest rate call option. Because the boninvestor is short the interest rate option, this increases the value of the convertible. 利率波动下降会导致callable价值下降？为什么选b的上升呢？
Whis the effeon the value of a callable convertible bonof a crease in interest rate volatility anstoprivolatility? increase in value e to both interest rate volatility anstoprivolatility increase ancrease in value, respectively A crease anincrease in value, respectively A crease in value e to both A crease in stoprivolatility creases the value of the equity conversion option anthus the convertible bonprice. A crease in interest rate volatility creases the value of the interest rate call option. Because the boninvestor is short the interest rate option, this increases the value of the convertible. 请问call 是针对investor的，那为什么对于投资者来说，是short方呢？