问题详情

Considertwoten-yearbonds,onethatcontainsnoembeddedoptionsandtheotherthatgivesitsownertherighttoconvertthebondtoafixednumberofsharesoftheissuer’scommonstock.Theconvertibilityoptioninthesecondbondcannotbeexercisedforfiveyears.Thebondsareotherwiseidentical.Comparedwiththeyieldontheconvertiblebond,theyieldonthebondwiththeembeddedoptionismostlikely:
A.lower.
B.thesame.
C.higher.