这里老师画的圈不对吧，dollar duration是指duration*PV，不包含代尔塔y吧？

老师 我理解这里的有效利率就是卖合约时的价格100-98.05=1.95，答案没看明白

为什么convexity越小也能降低interest rate risk？

收益率曲线平行移动一次不会使asset和liability的duration变的不相等，所以可以免疫一次，但为什么之后就失效了？（就是免疫一次后asset和liability的duration就不相等了？）

收益率曲线平行移动会使得asset和liability的duration变的不一样么？

可以这样理解么，yield curve risk用convexity衡量，所以convexity越小，yield curve risk越小？

yield curve risk又叫struactual risk？

什么叫资产的利率变动和负债的利率变动？

請問可以解釋一下reading 26 practice problems Q7中的4個方法在實際上操作該怎麼做嗎? Sushil Wallace is the chief investment officer of a large pension fund. Wallace wants to increase the pension fund’s allocation to hedge funds and recently met with three hedge fund managers. These hedge funds focus on the following strategies: Hedge Fund A: Specialist—Follows relative value volatility arbitrage

Hedge Fund A’s volatility trading strategy can be implemented by following multiple paths. One path is through simple exchange-traded options. The maturity of such options typically extends to no more than two years. In terms of expiry, the longer-dated options will have more absolute exposure to volatility levels than shorter-dated options, but the shorter-dated options will exhibit more delta sensitivity to price changes. 想請問" In terms of expiry, the longer-dated options will have more absolute exposure to volatility levels than shorter-dated options, but the shorter-dated options will exhibit more delta sensitivity to price changes" 中 the longer-dated options的time value 應該大於shorter-dated options, 所以 longer-dated options對於volatility 的變化不是叫小嗎?