19mock上午 36

Reinvestment risk的排序：

Barbell > Laddered > Bullet

Convexity大小排序：

Barbell > laddered > bullet

Lawson原来的资产是Bullet；Wharton原来的资产是Barbell

although the Lawson portfolio would experience an increase in cash flow reinvestment risk

正确，把Lawson的Bullet组合换成Laddered组合，Reinvestment risk提升。

And the Wharton portfolio would experience a decrease in convexity

正确把Wharton原来的Barbell组合换成Laddered账户，Convexity数据降低。

答案的解释也没有问题：

The Wharton portfolio is more of a barbell, has higher convexity than the Lawson portfolio,

他是说，原来Wharton的账户是Barbell，相比Lawson有更高的Convexity。这点正确，符合三者的排序；

and would see a larger reduction in cash flow reinvestment risk with the reduction of convexity.

如果同时把Wharton的Barbell资产，与Lawson的Bullet资产，都调换成Laddered资产，那么Wharton账户的Convexity与Reinvestment risk降低程度更多，这点正确。

因为对于Lawson的账户，是从Bullet调到Laddered，convexity数据与Reinvestment risk是增加的。