问题 多项选择题

下列关于久期影响因素的说法,正确的是()。

A.久期法则一,零息债券的久期等于它的到期时间。零息债券未来只有一笔现金流,所以这笔现金流的权重为1,而且现金流发生的时间为到期时间,所以,零息债券的久期等于它的到期时间

B.久期法则二,到期时间和到期收益率不变,当息票利率降低时,债券的久期将变长,利率敏感性将增加

C.当息票利率不变时,债券的久期和利率敏感性通常随到期时间的增加而增加。对于所有的息票债券,当其到期时间增加1年时,它的久期增长少于1年

D.假设其他因素不变,当债券的到期收益率较低时,债券的久期和利率敏感性较高

E.无期限债券的久期为(1+y)/y

答案

参考答案:A, B, C, D, E

解析:久期的影响因素。根据债券定价公式我们知道利率的敏感性,而久期的概念使我们将利率敏感性量化,这已经大大提高了我们投资决策的能力。从久期的计算公式里我们看到影响债券久期的因素主要有到期时间、息票利率和到期收益率。这里,总结了一些法则可以在平时决策时更快地做出选择。(1)久期法则一,零息债券的久期等于它的到期时间。零息债券未来只有一笔现金流,所以这笔现金流的权重为1,而且现金流发生的时间为到期时间,所以,零息债券的久期等于它的到期时间。(2)久期法则二,到期时间和到期收益率不变,当息票利率降低时,债券的久期将变长,利率敏感性将增加。(3)当息票利率不变时,债券的久期和利率敏感性通常随到期时间的增加而增加。对于所有的息票债券,当其到期时间增加1年时,它的久期增长少于1年。(4)假设其他因素不变,当债券的到期收益率较低时,债券的久期和利率敏感性较高。(5)无期限债券的久期为(1+y)/y。

阅读理解

Open   adj., verb, nounadj.NOT CLOSED1 allowing things or people to go through: A wasp flew in the open window. She had left the door wide open.

2 (of sb’s eyes, mouth, etc.) with eyelids or lips apart: She had difficulty keeping her eyes open (=" because" she was very tired).He was breathing through his open mouth.3 spread out; with the edges apart: The flowers are all open now.

4 not blocked by anything: The pass is kept open all the year.NOT FASTENED5 not fastened or covered, so that things can easily come out or be put in: The bag burst open and everything fell out.

verbDOOR / WINDOW / LID1 [vn] to move a door, window, lid, etc.so that it is no longer closed: Mr Chen opened the car door for his wife. close2 [v] to move or be moved so that it is no longer closed: The door opened and Alan walked in. The doors of the bus open automatically.closeCONTAINER / PACKAGE3 [vn] to remove the lid, undo the fastening, etc.of a container, etc.in order to see or get what is inside: Shall I open another bottle? She opened her bag and took out her passport.EYES4 [vn, v] if you open your eyes or your eyes open, you move your eyelids upwards so that you can see closeCOMPUTING5 [vn, v] to start a computer program or file so that you can use it on the screenopen doors for sb to provide opportunities for sb to do sth and be successful open your / sb’s eyes (to sth) to realize or make sb realize the truth about sth: Travelling really opens your eyes to other cultures.open your / sb’s mind to sth to become or make sb aware of new ideas or experiences.

open the way for sb/sth (to do sth) to make it possible for sb to do sth or for sth to happen: The agreement could open the way for the country to pay off its debts.—more at heart, heaven open into / onto sth to lead to another room, area or place: This door opens onto the yard. The two rooms open into each other.open out to become bigger or wider: The street opened out into a small square.open out (to sb) to become less shy and more willing to communicate open up1 to talk about what you feel and think: It helps to discuss your problems but I find it hard to open up.2 to begin shooting: Anti-aircraft guns opened up.3 (often used in orders) to open a door, container, etc.: Open up or we’ll break the door down! open up1 to become or make sth possible, available or able to be reached: The new catalogue will open up the market for our products. The railway opened up the east of the country.

2 to begin business for the day; to start a new business: I open up the store for the day at around 8.30. close up3 to start a new business: There’s a new Thai restaurant opening up in town. close down

noun  the open [sing.] OUTDOORS1 outdoors; the countryside: Children need to play out in the open.NOT HIDDEN2 not hidden or secret: Government officials do not want these comments in the open.

1.Which of the following “open” is closest in the meaning with the “open” in the sentence “The book lay open on the table.”

A.She had left the door wide open. 

B.The bag burst open and everything fell out.

C.The flowers are all open now.    

D.He opened the letter and read it.

2.Fill in the blank in the sentence “He’s eager to __________different kinds of music.”

A.open the minds of his audience to         

B.open the eyes of his audience to   

C.open the way for his audience to listen to   

D.open doors for his audience to listen to

3.What does the phrase “ the open” mean in “ When you feel tired after a day’s hard work, you’d better invite some friends to the open to relax yourself.”

A.the gym       B.the cinema      C.the countryside       D.the music room

4.Choose one of the following to complete the sentence, “Exciting possibilities__________for her in the new job”.

A.were opening out        B.were opening into  

C.were opening onto       D.were opening up

多项选择题