sml线的横坐标是beta，不是标准差，是不是说明非系统性风险已经被分散掉了，那为什么sml线上还会有非充分分散化的portfolio？

关于nominal exchange rate & Real exchange rate变化率的计算还是不理解

讲课时老师说time tranching 是因为信用质量好的级别先拿到本金了所以期限短，没有说time tranching 是单独的一种分层啊？

C麻烦再解释一下，为什么有顶波动更大了？

题干提到，从today开始，10 equal annual deposits。那意思就应该是从0时刻开始，有10次PMT，那最后求出来的FV应该是9时刻的值吧？最后再用9时刻的值计算的话，应该用N=11才对啊………解答里面说的第一个FV求出来的是10时刻的值，不是太能理解呢

ordinary annuity中在n+1时刻的讲解

税是怎么影响利差的呢？国债收益率不受税收的影响吗？

04.单选题 已收藏 标记 纠错 An internal evaluation of the trading behavior of three fund managers of a mutual fund company during the past year has revealed the following: Manager X: She was slower than peers when reacting to changes in information.? Manager Y: He rarely realized investment losses but realized most of the investment gains. Manager Z: She tended to overreact by disliking losses more than liking comparable gains. From the above, which of the three managers most likely displayed a behavioral bias called “disposition effect”? A Manager X. B Manager Y. C Manager Z. 查看解析 上一题 下一题 正确答案B 您的答案B本题平均正确率：71% Behavioral finance definition and classification难度：一般 推荐：      答案解析 Disposition effect relates to the behavioral bias in which investors tend toward avoiding realizing losses but, rather, seek to realize gains. Manager Y has displayed this bias because he rarely realized investment losses but realized most of the investment gains. 问：X是哪个behavioral bias来着？

07.单选题 已收藏 标记 纠错 Which of the following best describes the majority of the evidence regarding anomalies in stock returns? A Weak-form market efficiency holds but semi-strong form efficiency does not. B Neither weak-form nor semi-strong form market efficiency holds. C Reported anomalies are not violations of market efficiency but are the result of research methodologies. 查看解析 上一题 下一题 正确答案C 您的答案A本题平均正确率：77% Behavioral finance definition and classification难度：一般 推荐：      答案解析 The majority of evidence is that anomalies are not violations of market efficiency but are due to the research methodologies used. Portfolio management based on anomalies will likely be unprofitable after costs are considered. 问：解析没有听明白，可否再解释一下

外部基金经理是什么意思呀？