问题如下：
Madison states her views on the term structure of interest rates:
Yields are reflection of expected spot rates and risk premiums. Investors demand risk premiums for holding long-term bonds, and these risk premiums increase with maturity.
Madison’s views on the term structure of interest rates are most consistent with the:
选项：
A. local expectations theory.
B. segmented markets theory.
C. liquidity preference theory.
解释：
C is correct.
考点：Liquidity Preference Theory, Segmented Market Theory and Preferred Habitat Theory
解析：根据流动性偏好理论，投资者若要投资一个长期债券，会要求以流动性溢价的形式补偿他们购买长期债券时所面临的额外利率风险。该理论还认为，流动性溢价会随着投资期限的增长而增加。根据题干的描述， C选项为正确答案。
老师请问，Local Expectation Theory不也是提到了long term period 也是有risk premium 吗？怎么不选local expectation theory？