单选题 Yield to call is a less conservative yield measure than the yield to maturity whenever the price of a callable bond is quoted at a value: A. equal to par value less one year's interest. B. equal to par value. C. more than par.

【正确答案】 A

【答案解析】The more conservative yield measure is the one that results in a lower yield. The YTM on a discount bond will always be less than its yield to call.