老师，这里date4的exposure为什么没有coupon

Free cash flow valuation, Telluride case, question 31 (calculate the current value of a share of Sundanci stock based on the two-stage FCFE model), can you show me how to calculate it? Thank you.

Free Cash Flow Valuation Ryan Leigh case, question 29, can you explain item b, c, d, I? Thank you.

老师能不能再解释下pathwise的估值逻辑

这里说的是YTM 是等于 ∑(t×wt /Mac.D ×St), 如图2，对吗？但是Mac.D 不是由YTM算出来的吗，某一期的现金流现值除于总现金流现值之和，但是求导算修正久期的时候，把r看作单一变量，并不是s1, ..., sn, 即应为YTM, 那不是一个循环求解？如果有证明过程，可以看看吗

老师你好，“Implied volatility is higher for lower strike prices than for higher strike prices; therefore, out-of-the-money put options will generally be more expensive than out-of-the-money call options.”为什么可以推出价外看跌期权比价外看涨期权更贵？然后有怎么更选项B联系起来？选项B：Using out-of-the-money options to hedge is more expensive than establishing a long position with out-of-the-money options，为什么价外期权对冲比long一个价外期权更贵？ 不太理解这道题在考什么，请解释。

老师，这里万能公式和反向合约逻辑是一体的么？记得基础课上讲万能公式没提到反向合约的逻辑点啊

老师好，请问FRA怎样 can be done in conjunction with a Euribor deposit？请举例详细说明有deposit和没有deposit的情况。

老师好，不太理解这道题目里为什么is incorrect in her description of pricing differences between the spot and futures markets based on accrued interest. 请详细解释Bond Futures的报价和Spot Bond Market的报价有什么相同和不同之处以及联系。“Typically, bond futures are quoted with pricing that reflects interest accrued since the last coupon payment. Therefore, in markets where spot prices are quoted “clean” rather than “dirty,” there can be some disconnect between spot and futures prices.”为什么题目中这么陈述是错误的？

Q2，不是借钱发股利吗？不也算是不合适的股利政策？