【正确答案】 A

【答案解析】The pure expectations hypothesis suggests that forward rates are solely a function of expected future spot rates. This theory implies that an investor could earn the same return by investing in a one-year bond or by sequentially investing in two six-month bonds. The liquidity preference theory proposes that forward rates reflect investors' expectations of future rates plus a liquidity premium to compensate them for exposure to interest rate risk. This theory suggests that the liquidity premium is positively related to maturity. The market segmentation theory proposes that lenders and borrowers have preferred maturity ranges. This theory relies on the idea that some investors have restrictions (either legal or practical) on their maturity structure.