问题
单项选择题
Which of the following statements about duration and convexity is FALSE（）
A. duration to first call is longer than duration to maturity.
B. convexity of a callable bond is always lower than that of a noncallable bond when rates fall.
C. callable bonds’ convexity can be negative.
答案
参考答案：A
解析：
Duration to maturity is longer than duration to first call because one measure of duration is the time until maturity or until the bond is called. Since the time until the first call is shorter than if the bond was not called the duration to first call is shorter than duration to maturity.