收益利差不包括市场风险溢价吗

问题如下：

Which of the following statements regarding liquidity risk is correct?

选项：

A.

Asset liquidity risk arises when a financial institution cannot meet payment obligations.

B.

Flight to quality is usually reflected in a decrease in the yield spread between corporate and government issues.

C.

Yield spread between on-the-run and off-the-run securities mainly captures the liquidity premium, and not the market and credit risk premium.

D.

Funding liquidity risk can be managed by setting limits on certain asset markets or products and by means of diversification.

解释：

The yield spread between on-the-run and off-the-run reflects a liquidity premium. Because the bonds are otherwise nearly identical.

In answers a. and d., asset and funding risk should be interchanged. Finally, for b., a flight to quality increases the yield spread.