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想請問在原版書裡面reading 19 example 3 “Alfred Simonsson is assistant treasurer at a Swedish lumber company.”的例題解答中 “The cash flow matching portfolio is built by starting with the last liability of SEK 5,250,000 in June 2021. If there were no minimum denomination, that liability could be funded with the 5.50% bonds due May 2021 having a par value of SEK 4,976,303 (= SEK 5,250,000/1.0550).” 為什麼SEK 4,976,303 (= SEK 5,250,000/1.0550) 而不是 = SEK 5,250,000/(1+ 0.0550/12)。 這題目的設定reinvestment 的period 不是只有一個月嗎? 另外,我在reading 18 practice problem Q5 的解答裡看到 With this immunization approach, cash flows come from coupon and principal repayments that are expected to match and offset liability cash flows. Because bond cash inflows are scheduled to coincide with liability cash payouts, there is no need for reinvestment of cash flows. Cash flow matching 是“no need for reinvestment of cash flows” 但是在reading 19 的 example 3中又有reinvestment的狀況出現,想請問在現實中到底那個是對的?
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