问题
单项选择题
An analyst does research about difference between an option-free bond and a callable bond. Compared to an otherwise identical option-free bond, a callable bond is least likely to have:（）
A. a more uncertain cash flow pattem.
B. less price appreciation potential as interest rates fall.
C. more price depreciation potential as interest rates rise.
答案
参考答案：C
解析：
相对于不含权的债券，可赎回债券的现金流由于其可能被赎回而更加不确定。当利率下降时，价格上升的潜力有限(因为上升到赎回价格时，有可能被赎回)；但当利率上升时，其与不含权债券的价格变化是一样的。