问题
单项选择题
Which of the following statements concerning arbitrage-free bond prices is FALSE（）
A. The riskier the bond, the greater is its credit spread.
B. It is not possible to strip coupons from U. S. Treasuries and resell them.
C. The determination of spot rates is usually done using risk-free securities.
答案
参考答案：B
解析：
It is possible to both strip coupons from U. S. Treasuries and resell them, as well as to aggregate stripped coupons and reconstitute them into U. S. Treasury coupon bonds. Therefore, arbitrage arguments ensure that U. S. Treasury securities sell at or very near their arbitrage free values.
