老师，问号部分是smart b的特点么？

老师，您好，DTS适合low rated bond不适合high yield bond吗？以下是题目B和C是啥意思呀，谢谢啦Q. Which of the following regarding the shape of the credit spread curve for high-yield issuers is most accurate?A.High-yield credit spread curves change shape more over the cycle than investment-grade ones do and usually invert during the peak phase.B.Investors should exercise caution in interpreting credit spread curve shape for distressed debt issuers because their bonds tend to trade on a price rather than credit spread basis as the likelihood of default increases.C.High-yield credit spread curves often invert because of the empirical observation that DTS is the best way to measure high-yield bond price changes.

老师，这个答案看的把我看晕了，答案再说啥哦

B问为什么不选portfolio A?老师不是说先看一阶的Duration 吗？像这种送分题给出了modified duration, BPV，convexity，到底以哪个为准？老师，你搞个先后顺序吧

请问一下第一题这种，justify，需要把ABCD资产的标准差都算出来吗？

最后一题statement2，把他改为二类错误，这句话也是不对的吧？它说二类错误对经理选择没影响，因为机会成本不会主动去衡量。这句话对吗

第三题，我计算过程精确到了小数点后两位，最后的结果是54219999，和答案54219565有一定偏差，这个在考试中能得分吗

怎么判断题目给的neutral rate 是real 还是normal

expected excess return 是含spread0，expected excess spread不含spread0.对吗？

什么情况下LGD*POD要按时间调整，可以举例吗？