It may seem counterintuitive that the domestic currency should be expected to depreciate if its portfolio offers a higher risk-adjusted expected return. The puzzle is resolved by the key phrase “driven to the point . . . ” in this subsection’s opening paragraph. In theory, the exchange rate will instantly move (“jump”) to a level where the currency with higher (lower) risk-adjusted expected return will be so strong (weak) that it will be expected to depreciate (appreciate) going forward. This is known as the overshooting mechanism, introduced by Dornbusch (1976).--这个overshooting 有点忘记到底是什么内容了。

Q38，a soft lock charges a redemption fee, paid into the fund, which is inconsistent with C’s moderate sensitivity to fees. 这句话说什么意思？soft lock是什么？

老师，贴标签这段怎么理解？

Q37，liquidity这里的答案只说了不受其他投资者的负面影响，但是有时候自己资金不够或者其他原因，其他投资者也会提供流动性啊，那种时候diversified不应该更好么？

Q37，investor behavior这部分，manager不是investor么？

Security lending会不会有违约风险 比如股价暴涨 short party还不起了 毕竟这个又没有initial margin的

Q36，B流动性高成本低没问题，但是老师没讲流动性高和turnover的关系该如何理解。

Q36，manager A只是说了是hard-stop loss，超过一定程度一定会卖出，但没有说之后会再买啊。只卖出，turnover不会很高啊

R14第32题怎么算的？

Q35，这个题选L，感觉不是因为是new theme，而是因为可以measure contribution，那就是受益可测量啊，比较predictable