单选题 Which of the following statements regarding the different theories of the term structure of interest rates is FALSE?

A. The preferred habitat theory can be described as investors that prefer to stay within a particular maturity range of the yield curve regardless of yields in other maturity ranges.
B. The market segmentation theory, pure expectations theory, preferred habitat theory, and liquidity preference theory are all consistent with any shape of the yield curve.
C. An upward sloping yield curve can be consistent with the liquidity preference theory even with expectations of declining short term interest rates.

【正确答案】 A

【答案解析】The preferred habitat theory states that investors will move from their preferred maturity on the yield curve to another area on the yield curve to achieve higher yields. With the liquidity preference theory the yield curve can remain upward sloping even if short term rates are predicted to decline as long as the liquidity premium is sufficiently large. With the market segmentation theory the supply of bonds and demand for bonds at various maturities determine their yields and the resulting yield curve.