刘同学2018-05-08 14:42:15

James McDonald and Veasna Lu were discussing different ways of valuing a Treasury security. During their discussion Lu made the following statements: Statement 1: It is inappropriate to discount the cash flows of a Treasury security by a single discount rate because that is implicitly assuming that the yield curve is flat. Therefore, each individual cash flow should be discounted by its corresponding spot rate. Statement 2: The spot rates used for different time periods that produce a value equal to the market price of a Treasury bond are called forward rates or future expected spot rates. With regard to the statements made by Lu: A both are correct. B only one is correct. C both are incorrect. 第一句话不明白，应该不对吧，怎么能都用一个discount rate呢？