Which of the following statements about the risks associated with investing in bonds is most accurate（）
A. Corporate debentures are not subject to prepayment risk.
B. Liquidity risk is not relevant if the portfolio manager intends to hold the bond to maturity.
C. All fixed income securities except short-term Treasury bills are subject to volatility risk to some degree.
参考答案：A
解析：
Only amortizing securities with a prepayment option are subject to prepayment risk. Volatility risk only applies to bonds that have embedded options. Liquidity risk can be important even for a bond held to maturity if the portfolio manager needs to mark its holdings to market for performance reporting purposes. Low liquidity for the bond can mean the prevailing price is not an accurate measure of the bond’s value.