Lee provides an example, stating that “For Fireflies’ private wealth clients, calculates active share for each client and uses ex ante tracking error to measure the degree to which clients’ current portfolios might underperform their benchmarks in the future. For equity-only portfolios, forward-looking beta is used to measure sensitivity to the broad equity market.”之前有题目里 是说relative VaR是ex ante tracking error，和这里的ex ante tracking error是一个意思么？

这道题里，为什么ROE用的是 NI/common stock equity不是NI/total equity，什么时候用common stock equity 什么时候用total equity呀？

grant date 和 vesting date之间分摊费用。vesting date之前都是未生效的。课后题中，compensation expenses是要生效后才能计入。这个是不是矛盾了？怎样理解呢？

the relationship between OAS and Z spread在一级哪里讲的？具体哪个章节呢

第四题要减去未确认的平均值，冲刺笔记或者讲义上有提到吗？

The average market price for GF shares at the time of settlement for the RSUs that vested in 20X3 was SGD 16.50.这句话有什么用？怎么视频里没了题目这句话？

17题，扣减的unrecognized compensation expense应为期间费用，按年度算的吧？怎么在计算20X2年expense时用的是平均数呢？

第四题，var值5%和95%所表达的意思都是一样的对吗

14题forfeited不能算股票，不会导致shares outstanding变化。那么，13题中，operating expense为生效的才能计入，forfeited没有生效，不能在operating expense中扣减的吧？

请问这里为什么不是减call呢？