这里的折现率为啥是2.7%，而不是 f（2，2）

老师，为什么一个国家的通货膨胀率高，其货币就会贬值？

GMI值越低，代表T时刻的毛利率高于T-1时刻的毛利率，毛利率越高为什么越没有造假动机呢？谢谢

表格一给的confidence interval 95% Var 单尾不应该是2.5%吗

课后题15题，单项选择题，15. During a round of golf, Rodriguez, chief financial officer of Mega Retail, mentions to Hart, a local investment adviser and long-time personal friend, that Mega is having an exceptional sales quarter. Rodriguez expects the results to be almost 10% above the current estimates. The next day, Hart initiates the purchase of a large stake in the local exchange-traded retail fund for her personal account. A. Hart violated the Code and Standards by investing in the exchange-traded fund that included Mega Retail.B. Hart did not violate the Code and Standards because she did not invest directly in securities of Mega Retail.C. Rodriguez did not violate the Code and Standards because the comments made to Hart were not intended to solicit an investment in Mega Retail.题干并没有明确说明MEGA零售属于当地的零售基金里面，为何选择A答案明确表明MEGA在当地的零售基金中？老师经常提醒做题不要自己去延申CASE内容，遇到这种题有点晕哦。

老师，interest cost作为年末PBO的“+”项， 而interest cost是由年初PBO和discount rate相乘而得，那么interest cost越大，PBO就应该越大；然而discount rate理所应当作为折现benefit obligation之用，所以discount rate应该和PBO呈反比，同理和total liability也呈反比（原版书LM2 Q27出题点）。拆开来皆能理解，合起来我的逻辑都不通了（一方面discount rate越大（即interest cost随之上升），PBO也会增大；另一方面，discount rate作为折现之用，又和PBO反向），望老师帮忙梳理一下，谢谢。

为什么CDS spread tighten更多会获利呢？我理解tighten的话是spread缩窄，那就不危险了，CDS应该变便宜

老师还是不太明白为什么这里算NB，Δcapital中的ΔFA用的是账面 价值呢？为什么不用原值呢？

robust standard error是只能修正异方差？还是可以同时修正异方差和自相关。 Hansen method可以同时修正这两个问题？

这个prediction3那个为什么是real FX rate