问题
单项选择题
Why do bond portfolio managers use the concept of duration（）
A. It allows structuring a portfolio to take advantage of changes in credit quality.
B. It enables direct comparisons between bond issues with different levels of risk.
C. It assesses the time element of bonds in terms of both coupon and term to maturity.
答案
参考答案：C
解析：
Portfolio managers are very interested in a bond’s sensitivity to changes in interest rates. Bonds can be different in terms of maturity and coupon level, while both characteristics impact the change in the bond’s price given changes in interest rates. Duration is a measure that can assesses the time element of bonds in terms of both coupon and term to maturity.