老师，Case2 第四题中within section allocation 实际上是selection effect吧？如果是的话，case 6如何理解？

这道题是3mins，不用专门写三点么

請問2017 年的Q2 insitutional investor 的ABCD這樣寫可以嗎? A i. Low ability to take risk: The plan currently is underfunded, which indicates a lower ability to take risk and no cushion to absorb losses. The company provides an early retirement plan which will shorten weighted average duration and increase liquidity risk. ii. High ability to take risk: The company has a lower debt to equity ratio indicates a higher flexibility to make contributions; The company has a higher portion of active workforce, which indicates a long weighted average duration and long investment horizon to absorb investment losses. B. The company stopping hiring new employees will shorten weighted average duration and investment horizon. Because without new employees joining the pension plan, the workforce will get order and investment horizon will be shorter. C. 1. Grant will have more liability noise because it has less employees; 2. Model uncertainty: with less employees, the pension plan might face issue in which th

老师这个没到期的公式想不起来了 可以讲一下吗？

这里的题干中的描述是指已经在year1的期末了么？这题里面好像没有明确的时间点的概念？

这个B题目和A题目没有任何关系咯？

老师 这道题外汇标价方式可以详细讲一下吗？

这里分红账户因为复利效应，为什么等价税率还是只有20%？

这里为什么不是先减inflation再扣税？因为正向计算的时候，是先算出税后real return（按书上的定义是real return）再除以1-tax，最后加上inflation的吧

这里说有一个需要交税的portfolio价值400万，投资税是25%，意思是如果变现的话，要交25%的税么，但是也不知道base是多少