九四年台大國企考古題兩問 - 經濟

來源: (九四年度台大國企研究所考式)

科目:經濟

問題:

Which of the following is generally true?

a.The only bond whose return equal the initial yield to maturity

is one whose time to maturity is the same as the holding period

b.A rise in interest rates is associated with a fall in bond,

resulting in capital gains on bonds whose terms to maturity

are longer than the holding periods

c.The longer a bond's maturity,the smaller is the size of the

price change associated with an interest rate change



參考書答案:a b 皆正確


我的想法:


我想請問一下我這樣的解釋是否正確

a.有一個債券的收益率等於其到期收益率(邊際收益率?)，

則要取回其債券價格的所需持有時間等於其到期時間(解釋的亂七八糟> <)

b.市場利率的上昇會使債卷價格降低，會使得若要取回債卷價格所

需持有的時間比債卷到期的時間更長(..這解釋應該一定是錯的QQ)

c.一個債卷的到期時間愈長，債卷價格隨市場利率波動而改變的幅度愈小

(參考書:到期日愈長，改變的幅度愈大)


主要想請問ab選項的意思為何

感激不盡!!



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