CFA二級(jí)考試備考的如何？考生備考CFA二級(jí)考試中知識(shí)點(diǎn)學(xué)習(xí)的如何？在二級(jí)備考中固收期限結(jié)構(gòu)與利率的動(dòng)態(tài)變動(dòng)知識(shí)點(diǎn)學(xué)習(xí)的如何？一起做一下考試題！


Which of the following statements about traditional term structure theories is incorrect?

A.Unbiased expectation theory argues that a forward interest rate corresponding to a certain future period is equal to the expected future zero interest rate for that period.

B.Under segmented market theory,a major investor such as a large pension fund or an insurance company invests in bonds of a certain maturity and does not readily switch from one maturity to another.

C.The basic assumption underlying the preferred habitat theory is that investors prefer to preserve their liquidity and invest funds for short periods of time.

答案：C

考點(diǎn)：無(wú)偏預(yù)期理論是傳統(tǒng)利率期限理論的一種，考生需熟悉其基本假設(shè)及特征。


解析：選項(xiàng)C的描述并不是期限優(yōu)先理論（preferred habitat theory）的基本假設(shè)，期限優(yōu)先理論的基本假設(shè)是只有當(dāng)預(yù)期的額外收益（expected additional returns）足夠高時(shí)，投資者才會(huì)偏離既定的投資期限偏好，因此，選項(xiàng)C描述錯(cuò)誤，符合題意，為正確選項(xiàng)

對(duì)于選項(xiàng)A，無(wú)偏預(yù)期理論（unbiased expectation theory）也被稱(chēng)為完全預(yù)期理論（pure expectation theory），其認(rèn)為遠(yuǎn)期利率是對(duì)未來(lái)即期利率的無(wú)偏估計(jì)，因此，描述正確，不符合題意，為錯(cuò)誤選項(xiàng)

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