Q. Which of the following would Messer most likely conclude from the implied volatility data in Exhibit 2 if he excludes the effects of moneyness and time to expiration? Using out-of-the-money options to hedge is more expensive than establishing a long position with out-of-the-money options. Using out-of-the-money options to establish a long position is more expensive than establishing a short position using out-of-the-money options. Using out-of-the-money options to establish either long or short positions is more expensive than using at-the-money options. mockBmorning卷48题，请老师讲解下，没有思路。

reading36最后一个case的第33题，老师的讲解没有听懂。预期的股利是0.7，那threshold dividend 0.5是什么股利？conversion price是在合约里就签订好了的啊，还能调整？还是这里的conversion price实际上是market conversion price？

Q. Assuming rates change as described by Akron and based on Exhibit 3, the impact on the portfolio as outlined in Module 6 would be most likely be a loss in value from changes in: level and a loss from changes in steepness. level and a gain from changes in steepness. steepness and a gain from changes in curvature. 老师讲解下这道题怎么做，题干信息在截图，没有做题思路。

您好，2019mockB36题，这道题是为什么？

这里的express consent是什么意思？

股票指数中，由于幸存者偏差，表现不好的公司死掉，留下来的都是表现好的，那equity risk不应该是小吗?调整成将死掉的公司也考虑进来的话，risk不应该上调吗？那C怎么就不对了呢？

权益第25题，题目里说的诉讼费和收购费用都是和core EPS进行比较的，而且表格下面也写的清清楚楚的，core EPS里面的0.1的诉讼费和0.18的收购费用。如果调整加回去的话，应该是在core EPS的基础上进行调整吧。为啥老师直接是在EPS1.03的基础上直接加回0.1呢？我觉得应该是1.31加回0.1. 这题不明白，请老师解答，谢谢。

Q. The most appropriate conclusion that follows from the result of the Engle–Granger test is that the two time series are: cointegrated and tests of the estimates of the intercept and slope are thus valid. not cointegrated and tests of the estimates of the intercept and slope are thus valid. cointegrated and tests of the estimates of the intercept and slope are thus not valid. 题干相关见附件，这道题麻烦老师讲解下，没有思路。 条件error term has a unit root说明了啥啊？。。。

独立客观中收到小费，没有披露，算同时违反独立客观和利益冲突么

想问一下10题的题干里哪里可以看出是单尾的1%