老师，swap怎么提供leverage，没看懂，能帮忙解释吗

老师能不能讲一下R14原版书example 19，题目有点没看明白，以及为什么B选项不对？我看答案解析说是“会让销售部分的债券暴露在利率风险下”，已销售的债券为什么还有利率风险？

请问此题该怎么理解？

l老师好! R11，slide 53-57, 这一期和上一期的讲义相比，这一期完全没提Expected Credit Loss, 而是换了Changes in yield spread. 请问是怎么回事呢？谢谢

measurement error是指？为什么passive strategy的 measurement error会比liquidity risk更大？这两个风险和passive还是active有什么关系？

想问下PPT第30页，price-weighting的方法下价格分别为10、15、20的三个股票各有1股，如果第三个股票发生股票拆分1股拆2股，那为什么新的股票数不是4股，而要重新计算一个股数呢？

PPT第260页，structure credit，怎么理解exposure to default correlations相关系数之间的关系（黄色高亮的3段话）？

PPT第228页，factor based credit strateties怎么理解表格里最右边一栏的“measure used”？老师能分别介绍一下这些measure used的背后的原理吗？

PPT第208页，怎么理解最后一段话“For fixed-rate bonds priced at a spread over the benchmark, roll-down return from coupon income is higher by the bond’s original credit spread.”?

PPT第153页和155页，yield curve steepener/flattener strategies, 为什么steepener strategy要long 短期，short长期，而flattener strategy是shore 短期，long 长期获利？原版书中是“Yield curve steepener strategies seek to gain from an increase in yield curve slope, or a greater difference between long- term and short- term yields- to- maturity. This may be achieved by combining a “long” shorter- dated bond position with a “short” longer- dated bond position.” Flattener strategies may use a barbell strategy, which reverses the exposure profile of a steepener—namely, a “short” short- term bond position and a “long” long- term bond position. The bull and bear variations of this strategy are summarized in Exhibit 18.