题目: Bochanski cautions that covered call options are not as effective as protective put positions in protecting the portfolio against any future downturn. He comments, “Protective put positions are analogous to insurance policies.” When implementing protective put positions, Bochanski states that factors he considers are stock price and put exercise price. Upon thinking about Bochanski’s statement, Dan Smith states that he would consider time value and upfront premium. Beauregard adds that she considers stock volatility and time until expiration. Q. In comparing insurance policies to protective put positions, whose statements most likely relate to the amount of loss that the investor is willing to bear? A. Bochanski B. Smith C. Beauregard 字数超限了, 老师请refer to 下一题, 谢谢!

问一下求在binomial interest tree 里面求Node 上的值用哪个公式呀？ fixed income CASE#2 Q10, P163页是先discount，然后再把coupon payment 加在外面，也就是COUPON 没有discount, 在case 3 P167 Q13里，答案里又把coupon payment 算在了里面，也就是discount coupon.....这两个公式什么时候用呀？ 谢谢!!!!!

老师你好，关于minority interest。 Case 5，N公司花320万收购B公司50%股权，无goodwill，50%的minority interest在数值上等同于长投320万。 基础班的例子中，A公司花300万收购B公司80%股权，minority interest=300*（1-80%）=60万，所以在B/S中，左边增加goodwill 60万，右边增加MI 60万。 问题1：如果根据上课讲的例子，我的理解是minority interest=320*（1-50%）=160万 问题2：根据上课的例子，MI 在B/S中是和goodwill两边一起增加，才使B/S持平的，但是此题中，不存在goodwill，但存在MI，B/S如何平？

R21-Q15 请问算出PMT后如何比较？ 为什么我算出的PMT是正数？

请问pooling method的相关概念及考点，讲义上没翻到，谢谢老师

Fontenot Company is investing €100 in a project that is being depreciated straight-line to zero over a two-year life with no salvage value. The project will generate earnings before interest and taxes of €50 each year for two years. Fontenot’s weighted average cost of capital and required rate of return for the project are both 12 percent, and its tax rate is 30 percent.” 求after-tax operating CF 老师这个怎么算的

老师您好, 请问: 1. effective duration 的计算过程中, 哪里体现了假设平行移动? 2. 计算有效久期的公式中的y时指的是YTM吧? 3. 如果y是YTM的话, 那如果我不持有至到期, 或者行权等等, 那又怎么解释? 4. 为什么不用无套利定价的每期一个spot rate来折现呢?如果是那样的话, 那么对于单个债券而言, 每一期的现金流都用spot rate, 那我也不能假设是平行移动啊? 如果是YTM的话, 至于我这个到期日相等的YTM才会对我产生影响, 那此时我就看curve上的一个点就可以了. 所以这两种方式矛盾吗? 谢谢!

强化课的经济学部分P123的case3第17题和第20题，请讲解一下，视频课程漏录了这部分讲解，谢谢。

此题答案解释 equity method would be used and there would be no change in the total shareholders’ equity of Cinnamon. 但是实际上在equity method下，关联公司NI增加会增加母公司equity啊

严重的错误，上下两个公式弄反了