CFA3級的問題.... - 金融分析師

在教材第4本有關fixed-incom portfolio之中,在immunization策略下有提到
,immunization target rate of return is less than yield to maturity if the
yield cure is upward-sloping; immunization target rate of return is larger
than yield to maturity if the yield curve is downward-sloping because the
higher reinvestment return.

想請問,為什麼在downward-sloping的yield curve下,reinvestment rate is higher; 而
upward-sloping yield curve, reinvestment return is lower?

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