单选题 An analyst determines that an 8 percent option-free bond, maturing in 2015, would experience a 3 percent change in price if market interest rates rise by 50 basis points. If market interest rates fall by 50 basis points, the bond's price would increase by:

A、

A. exactly 3%.
B、

B. less than 3%.
C、

C. more than 3%.

【正确答案】 C

【答案解析】[分析]

债券的凸度(convexity)是指债券价格变动率与收益率变动关系曲线的曲率。我们可以把债券的凸度(C)定义为债券价格对收益率的二阶偏导数除以债券的价格，即：