reading2 原版书课后题第13题 broker送给基金经理useful information，应该算做soft dollor吧？而且这个info没有直接用于该客户，不是应该是违反了道德准则吗？

请问老师在GIPS中有一个10Million的限制，是指composite value低于10 million时不用报送吗

老师，请问162页倒数第二段话，开除了一个表现差的经理为什么导致的是type I error呢，有点没绕过来

請問可以解釋一下 Z-spread 跟 OAS 之間的關係嗎?

請問 Reading 20 Q27的解答中 Carry trade 的 spread return 並沒有 5yr 減去 6 mo libor? 只是單純地顯示 5yr-bond yield/2 的 yield。 例如: Greece-Euro trade 的 spread return 是 2.85% (5.7%/2)，而不是 2.775% (5.7% - 0.15%)/2。

老师，没有明白为什么volatility smile在at the money的时候最低，OTM和ITM会越来越高

老师，这题有些细，我对CF的应用，因为没有实务过，一直不太透彻。关于课件P113这道题，如图，我用两种解法算了调整bond需要的futures。第1种，用老师教的，图中最上的公式 ，ctd的duration处除了CF，可以得答案。第2种，我用原版书中的解法，即图片中下面的公式，用BPV算，全程没有用到CF，也可以解答出来答案。请问CF为何用第1种方法要用，第2种方案就完全用不着，答案却可以解出来一样呢。感谢。

交易成本可以为负吗？比如vwap=10，我8元钱买

請問原版書 Reading 20 課後題 Q24. 中解答 C is correct. Winslow’s Statement VI is incorrect. Due to covered interest arbitrage, the relative attractiveness of bonds does not depend on the currency into which they are hedged for comparison. Hence, the ranking of bonds does not depend on the base currency of the portfolio. A is incorrect because Winslow’s Statement IV is correct. Inter-market trades should be assessed on the basis of returns hedged into a common currency. Doing so ensures that they are comparable. Neither local currency returns nor unhedged returns are comparable across markets because they involve different currency exposures/risks. 當投資外國債券的時候，currency return 應該也要考慮進去吧? 請問為什麼statement VI 是錯的但是 statement IV 是對的?

請問可以解釋原版書 Reading 20 課後題 Q23. C 選項這段話嗎? "Inter-market carry trades do not, in general, break even if each yield curve goes to its forward rates. Intra-market trades will break even if the curve goes to the forward rates because, by construction of the forward rates, all points on the curve will earn the “first-period” rate (that is, the rate for the holding period being considered). Inter-market trades need not break even unless the “first-period” rate is the same in the two markets. If the currency exposure is not hedged, then breaking even also requires that there be no change in the currency exchange rate."