单选题 An analyst does research about convexity. The best measure of convexity for a putable bond is:
A. Modified convexity.
B. Macaulay convexity.
C. Effective convexity.

【正确答案】 C
【答案解析】[解析] 对于内含权利的债券，无论是可赎回债券还是可回售债券，其现金流都是不确定的，只能用有效久期和有效凸性来衡量利率风险，而不能用修正久期或麦考利久期及修正凸性来衡量。