请问第十三题，怎么感觉题目很奇怪啊？他说四年进入成熟期，04年roe16.7，08年roe12.7，这期间已经四年了啊？那08年已经是成熟期了为什么又给一个mature phase roe11，搞不明白，还有b的问题是在问什么啊？

恶性通货膨胀是一个月通胀百分之26，这里数字是 25 22也能看成恶性通货膨胀嘛

老师您能不能帮我分别解释callable bond和putable bond还有convertible bond的，one side down duration 和one side up duration的比较？

老师您能不能帮我分别解释callable bond和putable bond还有convertible bond的，one side down duration 和one side up duration的比较？

这个图中 加入有相关性的滞后项作为变量 这个操作的用途是什么 能不能举个例子 我可能之前对这块内容也是没有理解 谢谢

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。

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。

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

额外报酬只针对和本职工作有关的额外收入么？那就说基金经理业余时间担任瑜伽老师还有市长都不需要披露？也不需要雇主书面同意咯