mps是不做分层，相当于取了pac和support的平均数。客户支付的现金流发生改变，自然mps各份额的现金流受影响

为什么只有labor是sustainable的因素，而资本和科学技术却不是呢？老师能不能从经济逻辑上帮我解答一下

Over the past ten years, an analyst compared the performance of a hedge fund index with the performance of a major stock index. The comparison shows that the hedge fund index (created from a database) had a higher average return, higher standard deviation, and higher Sharpe ratio than the stock index. What biases do the risk and return measures in the database most likely have? A Average return and standard deviation are both overstated. B Average return is overstated and standard deviation is understated. C Average return is understated and standard deviation is overstated. 这个题目不会，

这里求出的I/Y为什么不需要用7%乘以（1-t）?

“One would never exercise a call option if the price of the underlying is below the strike price.” 如果标的资产的价格正好低于执行价一点点，但是高于执行价-权利金，此时也应该执行吧。虽然执行会亏损，但是起码亏得比全部权利金要少吧？

Those who pay considerable attention on the liquidity of the portfolio will most likely invest in: A real estate investment trusts. B hedge funds. C private equity. 为啥不是B

为什么55美元的replacement value直接被认为是market value在视频里，为什么RC是original cost？

这道题，听这个讲题的老师的意思是：如果不考虑DTA和DTL，pretax income*(1-t)就是income tax expense了。 她讲错了吧？ 因为pretax income*(1-t)是净利润呀，income tax expense是所得税费用，这俩怎么相等了？

“Yield spreads tend to widen”可以理解成“利差扩大，债券投资者不赚钱”吗？但是一般来说如果股票市场暴跌了，投资者应该会涌入债券市场避险吧？对于债券的需求上升，从而导致利差缩小才对？再换个角度说，股票市场处于熊市，代表经济下行周期，此时央行的货币政策应该是宽松的，那么利率也应该下降呀？

老师好，请问Z-spread和G-spread在数值上为什么会不同？课件上有张图展示得两者大小一样呀