Calibration of PD Term Structures To Be Markov Or Not To Be

资本资产定价模型及实证分析华中科技大学博士学位论文资本资产定价模型及实证分析姓名：项云帆申请学位级别：博士专业：数量经济学指导教师：王少平2010-10-31华中科技大学博士学位论文摘要金融变量具有非对称性，时变性的特征，无论是新兴金融市场、还是成熟金融市场中，交易的金融工具以及不同金融市场之间具有互补性和替代性，因此，宏观经济变量对金融市场收益的影响具有不对称性。

本文首先运用MS-VECM模型分析中国宏观经济变量对股票市场收益的影响，并运用Bootstrap仿真检验对估计参数进行检验。

实证发现可将状态分为：我国金融市场发展早期的状态1、我国金融市场受政策干扰而变化频繁的状态3、以及经济健康发展且稳定的状态2。

结果表明宏观经济变量对我国股票市场收益在不同状态下影响不同，具有不稳定性，但在状态内具有一定持续性。

Fisher假说在我国股票市场发展较成熟时成立；汇率上升对股票市场收益具有正的影响；货币供给量M1对股市收益影响则随着状态不同而变化；在早期对我国股票市场，相关的替代性资产或者金融市场（如无风险利率、标准普尔指数收益）对股市收益具有反向影响，我国金融市场发展到一定阶段时具有正向影响。

然后，以现值模型为基础，用每股盈余取代每股股利，运用状态空间模型和卡尔曼滤波方法对我国上证指数、沪深300指数和中小板指数进行分析不可观察的投机泡沫变量，检验我国股市是否因为存在泡沫而导致股指偏离其市场基本价值，并对泡沫的大小、形成速度等特征和存在期间进行分析，实证结果发现我国股指较难用市场基本价值解释，股指较长时间存在正泡沫，泡沫累积过程较长，但泡沫破灭速度较快，且导致较短时间内存在负泡沫。

中小板指数显然比上证指数和沪深300指数投机泡沫成分大，上证指数和沪深300指数泡沫特征类似。

估计贴现因子系数表明泡沫累积难以持续，终会破灭。

随后，考虑到CAPM的动态特征以及时变性，用贝叶斯动态线性模型分析CAPM参数的时变性，本文用面板贝叶斯动态线性模型分析CAPM，面板贝叶斯动态线性测度方程方差、状态方程方差矩阵均为未知，因此，本研究先以Gibbs抽样技术以及马尔可夫链蒙特卡罗方法（MCMC）运用动态线性模型滤波方法估计出测度方程、状态方程的方差矩阵，然后运用此方差矩阵，利用所有信息集，用平滑滤波估计出时 I华中科技大学博士学位论文变β。

Introduction to Artificial Intelligence智慧树知到课后章节答案2023年下哈尔滨工程大学哈尔滨工程大学第一章测试1.All life has intelligence The following statements about intelligence arewrong（）A:All life has intelligence B:Bacteria do not have intelligence C:At present,human intelligence is the highest level of nature D:From the perspective of life, intelligence is the basic ability of life to adapt to the natural world答案:Bacteria do not have intelligence2.Which of the following techniques is unsupervised learning in artificialintelligence?（）A:Neural network B:Support vector machine C:Decision tree D:Clustering答案:Clustering3.To which period can the history of the development of artificial intelligencebe traced back?（）A:1970s B:Late 19th century C:Early 21st century D:1950s答案:Late 19th century4.Which of the following fields does not belong to the scope of artificialintelligence application?（）A:Aviation B:Medical C:Agriculture D:Finance答案:Aviation5.The first artificial neuron model in human history was the MP model,proposed by Hebb.（）A:对 B:错答案:错6.Big data will bring considerable value in government public services, medicalservices, retail, manufacturing, and personal location services. （）A:错 B:对答案:对第二章测试1.Which of the following options is not human reason:（）A:Value rationality B:Intellectual rationality C:Methodological rationalityD:Cognitive rationality答案:Intellectual rationality2.When did life begin? （）A:Between 10 billion and 4.5 billion years B:Between 13.8 billion years and10 billion years C:Between 4.5 billion and 3.5 billion years D:Before 13.8billion years答案:Between 4.5 billion and 3.5 billion years3.Which of the following statements is true regarding the philosophicalthinking about artificial intelligence?（）A:Philosophical thinking has hindered the progress of artificial intelligence.B:Philosophical thinking has contributed to the development of artificialintelligence. C:Philosophical thinking is only concerned with the ethicalimplications of artificial intelligence. D:Philosophical thinking has no impact on the development of artificial intelligence.答案:Philosophical thinking has contributed to the development ofartificial intelligence.4.What is the rational nature of artificial intelligence?（）A:The ability to communicate effectively with humans. B:The ability to feel emotions and express creativity. C:The ability to reason and make logicaldeductions. D:The ability to learn from experience and adapt to newsituations.答案:The ability to reason and make logical deductions.5.Which of the following statements is true regarding the rational nature ofartificial intelligence?（）A:The rational nature of artificial intelligence includes emotional intelligence.B:The rational nature of artificial intelligence is limited to logical reasoning.C:The rational nature of artificial intelligence is not important for itsdevelopment. D:The rational nature of artificial intelligence is only concerned with mathematical calculations.答案:The rational nature of artificial intelligence is limited to logicalreasoning.6.Connectionism believes that the basic element of human thinking is symbol,not neuron; Human's cognitive process is a self-organization process ofsymbol operation rather than weight. （）A:对 B:错答案:错第三章测试1.The brain of all organisms can be divided into three primitive parts:forebrain, midbrain and hindbrain. Specifically, the human brain is composed of brainstem, cerebellum and brain (forebrain). （）A:错 B:对答案:对2.The neural connections in the brain are chaotic. （）A:对 B:错答案:错3.The following statement about the left and right half of the brain and itsfunction is wrong （）.A:When dictating questions, the left brain is responsible for logical thinking,and the right brain is responsible for language description. B:The left brain is like a scientist, good at abstract thinking and complex calculation, but lacking rich emotion. C:The right brain is like an artist, creative in music, art andother artistic activities, and rich in emotion D:The left and right hemispheres of the brain have the same shape, but their functions are quite different. They are generally called the left brain and the right brain respectively.答案:When dictating questions, the left brain is responsible for logicalthinking, and the right brain is responsible for language description.4.What is the basic unit of the nervous system?（）A:Neuron B:Gene C:Atom D:Molecule答案:Neuron5.What is the role of the prefrontal cortex in cognitive functions?（）A:It is responsible for sensory processing. B:It is involved in emotionalprocessing. C:It is responsible for higher-level cognitive functions. D:It isinvolved in motor control.答案:It is responsible for higher-level cognitive functions.6.What is the definition of intelligence?（）A:The ability to communicate effectively. B:The ability to perform physicaltasks. C:The ability to acquire and apply knowledge and skills. D:The abilityto regulate emotions.答案:The ability to acquire and apply knowledge and skills.第四章测试1.The forward propagation neural network is based on the mathematicalmodel of neurons and is composed of neurons connected together by specific connection methods. Different artificial neural networks generally havedifferent structures, but the basis is still the mathematical model of neurons.（）A:对 B:错答案:对2.In the perceptron, the weights are adjusted by learning so that the networkcan get the desired output for any input. （）A:对 B:错答案:对3.Convolution neural network is a feedforward neural network, which hasmany advantages and has excellent performance for large image processing.Among the following options, the advantage of convolution neural network is（）.A:Implicit learning avoids explicit feature extraction B:Weight sharingC:Translation invariance D:Strong robustness答案:Implicit learning avoids explicit feature extraction;Weightsharing;Strong robustness4.In a feedforward neural network, information travels in which direction?（）A:Forward B:Both A and B C:None of the above D:Backward答案:Forward5.What is the main feature of a convolutional neural network?（）A:They are used for speech recognition. B:They are used for natural languageprocessing. C:They are used for reinforcement learning. D:They are used forimage recognition.答案:They are used for image recognition.6.Which of the following is a characteristic of deep neural networks?（）A:They require less training data than shallow neural networks. B:They havefewer hidden layers than shallow neural networks. C:They have loweraccuracy than shallow neural networks. D:They are more computationallyexpensive than shallow neural networks.答案:They are more computationally expensive than shallow neuralnetworks.第五章测试1.Machine learning refers to how the computer simulates or realizes humanlearning behavior to obtain new knowledge or skills, and reorganizes the existing knowledge structure to continuously improve its own performance.（）A:对 B:错答案:对2.The best decision sequence of Markov decision process is solved by Bellmanequation, and the value of each state is determined not only by the current state but also by the later state.（）A:对 B:错答案:对3.Alex Net's contributions to this work include: （）.A:Use GPUNVIDIAGTX580 to reduce the training time B:Use the modified linear unit (Re LU) as the nonlinear activation function C:Cover the larger pool to avoid the average effect of average pool D:Use the Dropouttechnology to selectively ignore the single neuron during training to avoid over-fitting the model答案:Use GPUNVIDIAGTX580 to reduce the training time;Use themodified linear unit (Re LU) as the nonlinear activation function;Cover the larger pool to avoid the average effect of average pool;Use theDropout technology to selectively ignore the single neuron duringtraining to avoid over-fitting the model4.In supervised learning, what is the role of the labeled data?（）A:To evaluate the model B:To train the model C:None of the above D:To test the model答案:To train the model5.In reinforcement learning, what is the goal of the agent?（）A:To identify patterns in input data B:To minimize the error between thepredicted and actual output C:To maximize the reward obtained from theenvironment D:To classify input data into different categories答案:To maximize the reward obtained from the environment6.Which of the following is a characteristic of transfer learning?（）A:It can only be used for supervised learning tasks B:It requires a largeamount of labeled data C:It involves transferring knowledge from onedomain to another D:It is only applicable to small-scale problems答案:It involves transferring knowledge from one domain to another第六章测试1.Image segmentation is the technology and process of dividing an image intoseveral specific regions with unique properties and proposing objects ofinterest. In the following statement about image segmentation algorithm, the error is （）.A:Region growth method is to complete the segmentation by calculating the mean vector of the offset. B:Watershed algorithm, MeanShift segmentation,region growth and Ostu threshold segmentation can complete imagesegmentation. C:Watershed algorithm is often used to segment the objectsconnected in the image. D:Otsu threshold segmentation, also known as themaximum between-class difference method, realizes the automatic selection of global threshold T by counting the histogram characteristics of the entire image答案:Region growth method is to complete the segmentation bycalculating the mean vector of the offset.2.Camera calibration is a key step when using machine vision to measureobjects. Its calibration accuracy will directly affect the measurementaccuracy. Among them, camera calibration generally involves the mutualconversion of object point coordinates in several coordinate systems. So,what coordinate systems do you mean by "several coordinate systems" here?（）A:Image coordinate system B:Image plane coordinate system C:Cameracoordinate system D:World coordinate system答案:Image coordinate system;Image plane coordinate system;Camera coordinate system;World coordinate systemmonly used digital image filtering methods:（）.A:bilateral filtering B:median filter C:mean filtering D:Gaussian filter答案:bilateral filtering;median filter;mean filtering;Gaussian filter4.Application areas of digital image processing include:（）A:Industrial inspection B:Biomedical Science C:Scenario simulation D:remote sensing答案:Industrial inspection;Biomedical Science5.Image segmentation is the technology and process of dividing an image intoseveral specific regions with unique properties and proposing objects ofinterest. In the following statement about image segmentation algorithm, the error is ( ).A:Otsu threshold segmentation, also known as the maximum between-class difference method, realizes the automatic selection of global threshold T by counting the histogram characteristics of the entire imageB: Watershed algorithm is often used to segment the objects connected in the image. C:Region growth method is to complete the segmentation bycalculating the mean vector of the offset. D:Watershed algorithm, MeanShift segmentation, region growth and Ostu threshold segmentation can complete image segmentation.答案:Region growth method is to complete the segmentation bycalculating the mean vector of the offset.第七章测试1.Blind search can be applied to many different search problems, but it has notbeen widely used due to its low efficiency.（）A:错 B:对答案:对2.Which of the following search methods uses a FIFO queue （）.A:width-first search B:random search C:depth-first search D:generation-test method答案:width-first search3.What causes the complexity of the semantic network （）.A:There is no recognized formal representation system B:The quantifiernetwork is inadequate C:The means of knowledge representation are diverse D:The relationship between nodes can be linear, nonlinear, or even recursive 答案:The means of knowledge representation are diverse;Therelationship between nodes can be linear, nonlinear, or even recursive4.In the knowledge graph taking Leonardo da Vinci as an example, the entity ofthe character represents a node, and the relationship between the artist and the character represents an edge. Search is the process of finding the actionsequence of an intelligent system.（）A:对 B:错答案:对5.Which of the following statements about common methods of path search iswrong（）A:When using the artificial potential field method, when there are someobstacles in any distance around the target point, it is easy to cause the path to be unreachable B:The A* algorithm occupies too much memory during the search, the search efficiency is reduced, and the optimal result cannot beguaranteed C:The artificial potential field method can quickly search for acollision-free path with strong flexibility D:A* algorithm can solve theshortest path of state space search答案:When using the artificial potential field method, when there aresome obstacles in any distance around the target point, it is easy tocause the path to be unreachable第八章测试1.The language, spoken language, written language, sign language and Pythonlanguage of human communication are all natural languages.（）A:对 B:错答案:错2.The following statement about machine translation is wrong （）.A:The analysis stage of machine translation is mainly lexical analysis andpragmatic analysis B:The essence of machine translation is the discovery and application of bilingual translation laws. C:The four stages of machinetranslation are retrieval, analysis, conversion and generation. D:At present,natural language machine translation generally takes sentences as thetranslation unit.答案:The analysis stage of machine translation is mainly lexical analysis and pragmatic analysis3.Which of the following fields does machine translation belong to? （）A:Expert system B:Machine learning C:Human sensory simulation D:Natural language system答案:Natural language system4.The following statements about language are wrong: （）。

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Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 6 The Risk and Term Structure of Interest Rates6.1 Risk Structure of Interest Rates1) The risk structure of interest rates isA) the structure of how interest rates move over time.B) the relationship among interest rates of different bonds with the same maturity.C) the relationship among the term to maturity of different bonds.D) the relationship among interest rates on bonds with different maturities.Answer: BAACSB: Reflective Thinking2) The risk that interest payments will not be made, or that the face value of a bond is not repaid when a bond matures isA) interest rate risk.B) inflation risk.C) liquidity risk.D) default risk.Answer: DAACSB: Application of Knowledge3) Bonds with no default risk are calledA) flower bonds.B) no-risk bonds.C) default-free bonds.D) zero-risk bonds.Answer: CAACSB: Application of Knowledge4) Which of the following bonds are considered to be default-risk free?A) municipal bondsB) investment-grade bondsC) U.S. Treasury bondsD) junk bondsAnswer: CAACSB: Analytical Thinking5) U.S. government bonds have no default risk becauseA) they are issued in strictly limited quantities.B) the federal government can increase taxes or print money to pay its obligations.C) they are backed with gold reserves.D) they can be exchanged for silver at any time.Answer: BAACSB: Reflective Thinking6) The spread between the interest rates on bonds with default risk and default-free bonds is called theA) risk premium.B) junk margin.C) bond margin.D) default premium.Answer: AAACSB: Application of Knowledge7) If the probability of a bond default increases because corporations begin to suffer large losses, then the default risk on corporate bonds will ________ and the expected return on these bonds will ________, everything else held constant.A) decrease; increaseB) decrease; decreaseC) increase; increaseD) increase; decreaseAnswer: DAACSB: Reflective Thinking8) A bond with default risk will always have a ________ risk premium and an increase in its default risk will ________ the risk premium.A) positive; raiseB) positive; lowerC) negative; raiseD) negative; lowerAnswer: AAACSB: Reflective Thinking9) If a corporation begins to suffer large losses, then the default risk on the corporate bond willA) increase and the bond's return will become more uncertain, meaning the expected return on the corporate bond will fall.B) increase and the bond's return will become less uncertain, meaning the expected return on the corporate bond will fall.C) decrease and the bond's return will become less uncertain, meaning the expected return on the corporate bond will fall.D) decrease and the bond's return will become less uncertain, meaning the expected return on the corporate bond will rise.Answer: AAACSB: Reflective Thinking10) If the possibility of a default increases because corporations begin to suffer losses, then the default risk on corporate bonds will ________, and the bonds' returns will become ________ uncertain, meaning that the expected return on these bonds will decrease, everything else held constant.A) increase; lessB) increase; moreC) decrease; lessD) decrease; moreAnswer: BAACSB: Reflective Thinking11) Other things being equal, an increase in the default risk of corporate bonds shifts the demand curve for corporate bonds to the ________ and the demand curve for Treasury bonds to the________.A) right; rightB) right; leftC) left; rightD) left; leftAnswer: CAACSB: Reflective Thinking12) Other things being equal, a decrease in the default risk of corporate bonds shifts the demand curve for corporate bonds to the ________ and the demand curve for Treasury bonds to the________.A) right; rightB) right; leftC) left; rightD) left; leftAnswer: BAACSB: Reflective Thinking13) A(n) ________ in the riskiness of corporate bonds will ________ the price of corporate bonds and ________ the yield on corporate bonds, all else equal.A) increase; increase; increaseB) increase; decrease; increaseC) decrease; increase; increaseD) decrease; decrease;decreaseAnswer: BAACSB: Reflective Thinking14) An increase in the riskiness of corporate bonds will ________ the price of corporate bonds and ________ the price of Treasury bonds, everything else held constant.A) increase; increaseB) reduce; reduceC) reduce; increaseD) increase; reduceAnswer: CAACSB: Reflective Thinking15) A decrease in the riskiness of corporate bonds will ________ the price of corporate bonds and ________ the price of Treasury bonds, everything else held constant.A) increase; increaseB) reduce; reduceC) reduce; increaseD) increase; reduceAnswer: DAACSB: Reflective Thinking16) An increase in the riskiness of corporate bonds will ________ the yield on corporate bonds and ________ the yield on Treasury securities, everything else held constant.A) increase; increaseB) reduce; reduceC) increase; reduceD) reduce; increaseAnswer: CAACSB: Reflective Thinking17) A decrease in the riskiness of corporate bonds will ________ the yield on corporate bonds and ________ the yield on Treasury securities, everything else held constant.A) increase; increaseB) decrease; decreaseC) increase; decreaseD) decrease; increaseAnswer: DAACSB: Reflective Thinking18) An increase in default risk on corporate bonds ________ the demand for these bonds, but ________ the demand for default-free bonds, everything else held constant.A) increases; lowersB) lowers; increasesC) does not change; greatly increasesD) moderately lowers; does not changeAnswer: BAACSB: Reflective Thinking19) A decrease in default risk on corporate bonds ________ the demand for these bonds, and________ the demand for default-free bonds, everything else held constant.A) increases; lowersB) lowers; increasesC) does not change; greatly increasesD) moderately lowers; does not changeAnswer: AAACSB: Reflective Thinking20) As default risk increases, the expected return on corporate bonds ________, and the return becomes ________ uncertain, everything else held constant.A) increases; lessB) increases; moreC) decreases; lessD) decreases; moreAnswer: DAACSB: Reflective Thinking21) As default risk decreases, the expected return on corporate bonds ________, and the return becomes ________ uncertain, everything else held constant.A) increases; lessB) increases; moreC) decreases; lessD) decreases; moreAnswer: AAACSB: Reflective Thinking22) As their relative riskiness ________, the expected return on corporate bonds ________ relative to the expected return on default-free bonds, everything else held constant.A) increases; increasesB) increases; decreasesC) decreases; decreasesD) decreases; does not changeAnswer: BAACSB: Reflective Thinking23) Which of the following statements are TRUE?A) A decrease in default risk on corporate bonds lowers the demand for these bonds, but increases the demand for default-free bonds.B) The expected return on corporate bonds decreases as default risk increases.C) A corporate bond's return becomes less uncertain as default risk increases.D) As their relative riskiness increases, the expected return on corporate bonds increases relative to the expected return on default-free bonds.Answer: BAACSB: Reflective Thinking24) Everything else held constant, if the federal government were to guarantee today that it will pay creditors if a corporation goes bankrupt in the future, the interest rate on corporate bonds will ________ and the interest rate on Treasury securities will ________.A) increase; increaseB) increase; decreaseC) decrease; increaseD) decrease; decreaseAnswer: CAACSB: Reflective Thinking25) Bonds with relatively high risk of default are calledA) Brady bonds.B) junk bonds.C) zero coupon bonds.D) investment grade bonds.Answer: BAACSB: Analytical Thinking26) Junk bonds, bonds with a low bond rating, are also known asA) high-yield bonds.B) investment grade bonds.C) high quality bonds.D) zero-coupon bonds.Answer: AAACSB: Application of Knowledge27) Bonds with relatively low risk of default are called ________ securities and have a rating of Baa (or BBB) and above; bonds with ratings below Baa (or BBB) have a higher default risk and are called ________.A) investment grade; lower gradeB) investment grade; junk bondsC) high quality; lower gradeD) high quality; junk bondsAnswer: BAACSB: Analytical Thinking28) Which of the following bonds would have the highest default risk?A) municipal bondsB) investment-grade bondsC) U.S. Treasury bondsD) junk bondsAnswer: DAACSB: Reflective Thinking29) Which of the following long-term bonds has the highest interest rate?A) corporate Baa bondsB) U.S. Treasury bondsC) corporate Aaa bondsD) municipal bondsAnswer: AAACSB: Reflective Thinking30) Which of the following securities has the lowest interest rate?A) junk bondsB) U.S. Treasury bondsC) investment-grade bondsD) corporate Baa bondsAnswer: BAACSB: Reflective Thinking31) The spread between interest rates on low quality corporate bonds and U.S. government bondsA) widened significantly during the Great Depression.B) narrowed significantly during the Great Depression.C) narrowed moderately during the Great Depression.D) did not change during the Great Depression.Answer: AAACSB: Reflective Thinking32) During the Great Depression years 1930-1933 there was a very high rate of business failures and defaults, we would expect the risk premium for ________ bonds to be very high.A) U.S. TreasuryB) corporate AaaC) municipalD) corporate BaaAnswer: DAACSB: Reflective Thinking33) Risk premiums on corporate bonds tend to ________ during business cycle expansions and ________ during recessions, everything else held constant.A) increase; increaseB) increase; decreaseC) decrease; increaseD) decrease; decreaseAnswer: CAACSB: Reflective Thinking34) The collapse of the subprime mortgage marketA) did not affect the corporate bond market.B) increased the perceived riskiness of Treasury securities.C) reduced the Baa-Aaa spread.D) increased the Baa-Aaa spread.Answer: DAACSB: Reflective Thinking35) The collapse of the subprime mortgage market increased the spread between Baa and default-free U.S. Treasury bonds. This is due toA) a reduction in risk.B) a reduction in maturity.C) a flight to quality.D) a flight to liquidity.Answer: CAACSB: Analytical Thinking36) During a "flight to quality"A) the spread between Treasury bonds and Baa bonds increases.B) the spread between Treasury bonds and Baa bonds decreases.C) the spread between Treasury bonds and Baa bonds is not affected.D) the change in the spread between Treasury bonds and Baa bonds cannot be predicted. Answer: AAACSB: Reflective Thinking37) If you have a very low tolerance for risk, which of the following bonds would you be least likely to hold in your portfolio?A) a U.S. Treasury bondB) a municipal bondC) a corporate bond with a rating of AaaD) a corporate bond with a rating of BaaAnswer: DAACSB: Reflective Thinking38) Which of the following statements is TRUE?A) A liquid asset is one that can be quickly and cheaply converted into cash.B) The demand for a bond declines when it becomes less liquid, decreasing the interest rate spread between it and relatively more liquid bonds.C) The differences in bond interest rates reflect differences in default risk only.D) The corporate bond market is the most liquid bond market.Answer: AAACSB: Reflective Thinking39) Corporate bonds are not as liquid as government bonds becauseA) fewer corporate bonds for any one corporation are traded, making them more costly to sell.B) the corporate bond rating must be calculated each time they are traded.C) corporate bonds are not callable.D) corporate bonds cannot be resold.Answer: AAACSB: Reflective Thinking40) When the Treasury bond market becomes more liquid, other things equal, the demand curve for corporate bonds shifts to the ________ and the demand curve for Treasury bonds shifts to the ________.A) right; rightB) right; leftC) left; rightD) left; leftAnswer: CAACSB: Reflective Thinking41) When the Treasury bond market becomes less liquid, other things equal, the demand curve for corporate bonds shifts to the ________ and the demand curve for Treasury bonds shifts to the ________.A) right; rightB) right; leftC) left; rightD) left; leftAnswer: BAACSB: Reflective Thinking42) A decrease in the liquidity of corporate bonds, other things being equal, shifts the demand curve for corporate bonds to the ________ and the demand curve for Treasury bonds shifts to the ________.A) right; rightB) right; leftC) left; leftD) left; rightAnswer: DAACSB: Reflective Thinking43) An increase in the liquidity of corporate bonds, other things being equal, shifts the demand curve for corporate bonds to the ________ and the demand curve for Treasury bonds shifts to the ________.A) right; rightB) right; leftC) left; leftD) left; rightAnswer: BAACSB: Reflective Thinking44) A(n) ________ in the liquidity of corporate bonds will ________ the price of corporate。