Which of the following are characteristics of the segmented markets theory? Check all that apply. Borrowers and savers do not have the flexibility to choose among various maturity markets. The choice of long-term versus short-term maturities is determined by a borrowers' needs, rather than by their expectation of future interest rates. The segmented markets theory explains the yield curve's shape but is not the sole explanation for the yield curve. The choice of long-term versus short-term maturities is determined by an investor's expectation of future interest rates, rather than by their financial needs