问题
单项选择题
Which of the following statements about the value of a callable bond is FALSE （）
A. The value of the callable bond is less than the value of an option-free bond in an amount equal to the value of the call option.
B. The value of a callable bond equals the value of the bond without the option plus the option value.
C. The value of the call option is greater at lower yields so that as the yield falls, the difference in price between a straight bond and a callable bond increases.
答案
参考答案：B
解析：
The value of the call option is subtracted from the value of the bond without the option because the option is of value to the issuer, not the holder.