利率的期限结构为什么是向上倾斜的？

Reading 42 课后题19题能讲一下吗？

Reading 42 课后题11题B选项什么意思B is incorrect because the absolute priority rule, under which senior creditors are paid in full before subordinated creditors, has not always been upheld in bankruptcy reorganizations. There is no assurance that if a corporate bond has collateral, the rights of the bondholders will be respected. It is this uncertainty that creates the dominant influence of credit ratings over collateral in credit spreads.

25 The benefit to the issuer of a deferred coupon bond is most likely related to: A tax management. B cash flow management C original issue discount price. 为什么不选A，课件上说有税收优惠

老师，麻烦问一下，这题的C哪里错了，是desired么？systematic risk 没法避免，其实是undesired？

老师好，这个题目用CAPM算出来UG的return是16.48，高于题目给出的expected return，也就是说市场现在的预期回报低于应用CAPM计算出来的要求预期，那不应该是undervalue了吗？

请问老师，FRA里的0~1这个合约期间有什么用呢，为什么要设个合约期间？

Reading 4, 经典题的第14题，如果是问n个variables, 那correlation 为什么是 n(n-1)/2个呢？

请问老师如果一道题表述如下：Investors in the fund must pay out a total of €3 million to buy a share of LFP. Payment is in three equal installments, due June 30, 2022, December 31, 2022 and June 30, 2023. The payout will be in three installments, payable on June 30, 2032, December 31, 2032 and June 30, 2033. The amount of the payout is expected to be 20% of capital invested.这里的payout指的是buyers收到的股利吗？是可以在十年后收到他们购买股份时付的钱的20%的意思吗？

老师好，这里出口补贴的福利影响用图形怎么表示呢？