问题如下图：call的话是不是也是缩短呢？
选项：
A. 
B. 
C. 
解释：
NO.PZ2016031001000120 问题如下 Assuming no change in the cret risk of a bon the presenof embeeput option: A.reces the effective ration of the bon B.increases the effective ration of the bon C.es not change the effective ration of the bon A is correct.The presenof embeeput option reces the effective ration of the bon especially when rates are rising. If interest rates are low comparewith the coupon rate, the value of the put option is low anthe impaof the change in the benchmark yielon the bons priis very similto the impaon the priof a non-putable bon But when benchmark interest rates rise, the put option becomes more valuable to the investor. The ability to sell the bonpvalue limits the pripreciation rates rise. The presenof embeeput option reces the sensitivity of the bonprito changes in the benchmark yiel assuming no change in cret risk. 考点effective ration解析如果从平均还款期的角度来说，由于权利的存在，那么债券现金流更容易提前结束，平均还款期更短，麦考利久期更小，有效久期也更小。如果从债券价格对于利率变化的敏感程度来考虑，对于putable bon说，当利率上升的时候，价格下降有一个下限，债券价格下降幅度不如不含权债券，因此债券价格对于利率变化没有那么敏感。所以有效久期更小。故A正确。 Assuming no change in the cret risk of a bon the presenof embeeput option:您的回答正确答案是: A Areces the effective ration of the bonBincreases the effective ration of the bonC不正确es not change the effective ration of the bon
是否可以这样理解含权的存在使得债券价格波动变小，所以相比不含权债券的E小？
题干没看懂是什么意思
这是哪里的知识点不记得了，有相应的公式吗
