第三题，为何不用表格1里面的税率，NY state tax-exempt bond 没说 federal income tax 也是0 啊？

想问下covertible bond arbitrage 算不算一种equity neutral 策略呢，感觉这个策略也是一个long 一个short 啊

我怎么觉得老师写反了…

这个题，说是将从smile到skew，策略跟skew反过来。不太懂，skew时不就是longcall，shortput嘛？

rebalance和SAA区别

原版书课后题7题，怎么理解？

short sell 和 security lending 是一个意思吗？short sell 是借入股票后卖出，老师这里说的 seller主动找 borrower融资，这个也叫security lending?

老师，经典题。我画的… 判断负的更多是因为在6时，以0时签订的F（1.3936）卖欧元，因为我要roll个新的，所以要在6时刻现货市场先买欧元用来在12卖，要花1.4289。所以亏了。

老师，这题让indicate，是不是要先说明二选一哪一个国家会看到货币升值？然后解释原因？我这么答能不能得分: country X is more likely to experience an appreciate in local currency. Because: 1) Recall the covered interest rate parity, real interest rate should be the same across countries, as country X has a lower inflation rate, it is more likely to have an appreciation in local currency. 2) As new law's that allows foreign direct investment has been passed in country X, international capital is more easily inflowing to country X which could exert local currency appriciation. 3) The current account surplus of country X pushes it's local currency to appreciate. 4) Although country Y has a higher expected GDP growth and government bond rate, which seems more attractive for international capital to inflow to lead local currency appreciation, the deny of direct foreign investment law offset this advantage. Thus country x is more likely to have a currency appriciation.

老师 解析里面是USDdepreciate 导致了更加的negative roll yield 可以解释一下吗