单选题 An analyst does research about a floating rate securities. All else being equal, the price of a floating-rate security is most likely to react in the same way to changes in market interest rates as a fixed-rate coupon bond if market rates:
A. increase between coupon reset dates.
B. are substantially below the floating rate security's cap rate.
C. are substantially above the floating rate security's cap rate.

【正确答案】 C

【答案解析】[解析] 浮动利率证券的利率会随着市场利率的变化而进行调整，从而使利率风险减少，但是并不能完全消除。因为存在调整的时间间隔，如果时间间隔变长的话，浮动利率证券的利率风险就会升高。同时，还存在利率顶，限制利率调整的最高幅度，如果市场利率大大超过利率顶的话，该浮动利率证券只能一直提供利率顶的息票率，将使得浮动利率证券就像一个固定利率证券一样。