问题如下图：为什么要乘以-2.75，不是正的2.75？
选项：
A. 
B. 
C. 
解释：
NO.PZ201812310200000105问题如下Bonwill have a mofieration of 2.75 the enof the year. Baseon the representative one-yecorporate transition matrix in Exhibit 7 of the reang anassuming no fault, how shoulthe analyst aust the bons yielto maturity (YTM) to assess the expectereturn on the bonover the next year?A 7.7 bps to YTM. Subtra7.7 bps from YTM. Subtra9.0 bps from YTM. B is correct. For eapossible transition, the expectepercentage prichange, computeas the proof the mofieration anthe change in the spreper Exhibit 7 of the reang, is calculateas follows: From to AAA: –2.75 × (0.60% – 0.90%) = +0.83% From to –2.75 × (1.10% – 0.90%) = –0.55% From to BBB: –2.75 × (1.50% – 0.90%) = –1.65% From to B–2.75 × (3.40% – 0.90%) = –6.88% From to –2.75 × (6.50% – 0.90%) = –15.40% From to –2.75 × (9.50% – 0.90%) = –23.65% The expected percentage change in the value of the ratebonis computemultiplying eaexpectepercentage prichange for a possible cret transition its respective transition probability given in Exhibit 7 of the reang, ansumming the procts: (0.0150 × 0.83%) + (0.8800 × 0%) + (0.0950 × –0.55%) + (0.0075 × –1.65%) + (0.0015 × –6.88%) + (0.0005 × –15.40%) + (0.0003 × –23.65%)= –0.0774%. Therefore, the expectereturn on the bonover the next yeis its YTM minus 0.0774%, assuming no fault. 可答案以bona 作为初始sprea 难道ration 对于不同评级的债券都是一样的？
NO.PZ201812310200000105 Subtra7.7 bps from YTM. Subtra9.0 bps from YTM. B is correct. For eapossible transition, the expectepercentage prichange, computethe proof the mofieration anthe change in the spreper Exhibit 7 of the reang, is calculatefollows: From to AA–2.75 × (0.60% – 0.90%) = +0.83% From to –2.75 × (1.10% – 0.90%) = –0.55% From to BB–2.75 × (1.50% – 0.90%) = –1.65% From to B–2.75 × (3.40% – 0.90%) = –6.88% From to –2.75 × (6.50% – 0.90%) = –15.40% From to –2.75 × (9.50% – 0.90%) = –23.65% The expectepercentage change in the value of the ratebonis computemultiplying eaexpectepercentage prichange for a possible cret transition its respective transition probability given in Exhibit 7 of the reang, ansumming the procts: (0.0150 × 0.83%) + (0.8800 × 0%) + (0.0950 × –0.55%) + (0.0075 × –1.65%) + (0.0015 × –6.88%) + (0.0005 × –15.40%) + (0.0003 × –23.65%)= –0.0774%. Therefore, the expectereturn on the bonover the next yeis its YTM minus 0.0774%, assuming no fault. 我理解算出来的答案是expectereturn of prichange，但它和调整YTM有什么关系？我转不过来了…
NO.PZ201812310200000105 Subtra7.7 bps from YTM. Subtra9.0 bps from YTM. B is correct. For eapossible transition, the expectepercentage prichange, computethe proof the mofieration anthe change in the spreper Exhibit 7 of the reang, is calculatefollows: From to AA–2.75 × (0.60% – 0.90%) = +0.83% From to –2.75 × (1.10% – 0.90%) = –0.55% From to BB–2.75 × (1.50% – 0.90%) = –1.65% From to B–2.75 × (3.40% – 0.90%) = –6.88% From to –2.75 × (6.50% – 0.90%) = –15.40% From to –2.75 × (9.50% – 0.90%) = –23.65% The expectepercentage change in the value of the ratebonis computemultiplying eaexpectepercentage prichange for a possible cret transition its respective transition probability given in Exhibit 7 of the reang, ansumming the procts: (0.0150 × 0.83%) + (0.8800 × 0%) + (0.0950 × –0.55%) + (0.0075 × –1.65%) + (0.0015 × –6.88%) + (0.0005 × –15.40%) + (0.0003 × –23.65%)= –0.0774%. Therefore, the expectereturn on the bonover the next yeis its YTM minus 0.0774%, assuming no fault. 0.015 0.095 0.0075……是怎么来的呢
问一道题：NO.PZ201812310200000105
问一道题：NO.PZ201812310200000105
