2. 外语
  3. According to the market segmentation theory of the term structure,______.

According to the market segmentation theory of the term structure,______.

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问题 According to the market segmentation theory of the term structure,______.
选项 A、investors’ strong preference for short-term relative to long-term bonds explains why yield curves typically slope downward
B、bonds of one maturity are not substitutes for bonds of other maturities; therefore, interest rates on bonds of different maturities do not move together over time
C、the interest rate for bonds of one maturity is determined by supply and demand for bonds of that maturity
D、all of the above
E、only B and C
答案E
解析 答案为E项。market segmentation theory“市场分隔理论”。该理论认为：各种期限的证券市场是彼此分隔、相互独立的；长期利率和短期利率由各市场供求关系决定；投资者大多偏好期限较短、利率风险较小的债券，对长期债券的需求相对较少，因此，长期债券的价格较低，利率较高，从而其回报率曲线大多呈递增状。本题中A项是错误的，B项和C项均正确，故选E项。
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