Doris2022-02-10 10:50:37

老师好！我在原版书中Reading 11, 读到Convexity, 看到这段话。 感觉前后矛盾。原版书第247页，" If a bond has positive convexity, the expected return of the bond will be higher than the return of an identical-duration, lower-convexity bond if interest rates change. This price behavior is valuable to investors, and therefore, a bond with higher convexity might be expected to have a lower yield to maturity than a similar-duration bond with less convexity." 第1句说Higher convexity has higher return; 第2句说, Higher convexity has lower yield to maturity. Single bond return 不就是yield to maturity 吗？ 谢谢