第一问问题中问的不是procedure么

题目如果说到yield curve flattening或者steepening就是说它变成得平坦或者陡峭了 而不是说静态情况 对吗老师？

Segemented market? 因为计算结果不是fully segmented的情况下， German bond 和stock 的risk premium 比fully integratedga高

这题题干里面为什么说risk premium higher for German stock markets and lower for German bond markets under full

如果第3题只回答：Pay 190476，这样算对吗

请问第四问，（先不考虑EUR 或者JPY），假设这对EUR的时候，老师的讲解中是long AMT put, short OTM call, short OTM put, 把long ATM put 和 short OTM call组合在一起构成了collar。 但是在学习中，collar的组合里一般是call 的exercise price 高于put 的exercise price, 这里为什么不能选择long OTM put + short OTM call + short ATM put 呢

请问第三题，虽然说得是average了，但是不应该用成交量算weightedaverage吗，为什么直接除以5了呢（虽然两个方法得到的结果是一样的）。考试的时候average用哪种呢

这里的gross active return和net active return与题目的关联在哪？从哪里定性到这个问题的，我认为关键点是“asymmetrical”，是否答出asymmetrical就可以得分了呢？

原版书上这句话看不懂，allows volatility sellers to sell variance swaps at a higher price than at-the-money options，这个跟atm option有什么关联？A feature of variance swaps that makes them particularly interesting to investors is that their payoffs are convex in volatility, as seen Exhibit 4. This convexity occurs because being long a variance swap is equivalent to be long a basket of options and short the underlying asset (typically by selling a futures contract). A long position in a variance swap is thus long gamma and has a convex payoff. This characteristic allows volatility sellers to sell variance swaps at a higher price than at-the-money options because the swap’s convex payoff profile is attractive to investors who desire a long volatility position as a tail risk hedge.

第一题能再讲解下么，不太懂