问题
单项选择题
An analyst does research about duration. Which of the following measure is the lowest for a currently callable bond
A. Macaulay duration.
B. Effective duration.
C. Modified duration.
答案
参考答案：B
解析： 可赎回债券(callable bond)和可回售债券(putable bond)比不含权债券对于利率的敏感性更低，因此，用有效久期来衡量可赎回债券比用麦考林久期和修正久期来衡量的数值更小。有内嵌式权利的债券，都要用有效久期衡量。