请问老师，这边的9%是怎么来的？

Comment 2: There is a difference between the pricing and the valuation of forward commitments. Pricing involves determining the appropriate forward commitment price or rate, typically after it has been initiated. Valuation involves determining the appropriate rate of the forward commitment when initiating the contract. 解答， B is correct. Characteristic 2 is incorrect. The conversion factor in a futures contract does not apply to accrued interest. It is a mathematical adjustment to the amount required when settling a futures contract that is supposed to make all eligible bonds equal the same amount—for example, adjust each bond to an equivalent 6% coupon bond. When multiple bonds can be delivered for a particular maturity of a futures contract, a cheapest-to-deliver bond typically emerges after adjusting for the conversion factor. 麻烦老师解释下，谢谢！

老师，这个题，老师说了下算法没具体带着算，是这样吗？ 就是分开两个产品分别计算他们的超额收益，然后加起来。

第9题，短期的rf=9%，长期的是7%，短期ERP不是比长期的小吗？所以短期的r小，不是选B吗？这个bias xxx该如何理解呢？

为什么零波动率利差，不受波动率影响。？谢谢

Comment 2: There is a difference between the pricing and the valuation of forward commitments. Pricing involves determining the appropriate forward commitment price or rate, typically after it has been initiated. Valuation involves determining the appropriate rate of the forward commitment when initiating the contract. 解答， B is correct. Characteristic 2 is incorrect. The conversion factor in a futures contract does not apply to accrued interest. It is a mathematical adjustment to the amount required when settling a futures contract that is supposed to make all eligible bonds equal the same amount—for example, adjust each bond to an equivalent 6% coupon bond. When multiple bonds can be delivered for a particular maturity of a futures contract, a cheapest-to-deliver bond typically emerges after adjusting for the conversion factor. 麻烦老师解释下，谢谢！

增加benchmark portfolio不会改变IR，但return和risk会等比例增加，这个懂…但第二问，为什么卖出100%benchmark？

第21题，谢谢

为什么不含权债券价值不受利率波动率的影响？ 同时，我也不太理解零波动率利差，为什么假设利率不波动？

为什么VaR 1%比5%更加risker? 老师你没说清楚 求解释