原文答案"This statement only ture if the yield curve is upward sloping.
If the yield curve is downward-sloping, then this statement is not ture
as the immunization target rate of return would exceed the YTM because
of the higer reinvestment return."
※ 引述《wang78414 (wang)》之銘言：
: 在BOOK 3的P.342
: 他裡面有個問題提到
: "The immunization target rate of return is less than YTM?"
: 他提的答案是"只有在殖利率曲是正斜率才成立,若為負斜率則不成立,因為較高的再投資利率,故導致immunization target rate of return 將會大於YTM."
: 有人知道為什麼嗎?我書查了很久都沒看到相干的說法,請懂的人指點一下,謝謝
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