为什么callable bond ZS》OAS ,putable bond 反之？怎么理解更轻松？是否能画出公式去帮助理解？

请问这里sd为什么是简单加权平均呢？

债券的5因子分解，最后一个，是外币相对于本部升值的话，相加吗

老师，2024mock的B卷有一道业绩题，案例六，原文：The decision to reallocate assets to fixed income is based on an analysis of the asset class. The firm uses a top-down approach to first determine allocations to different economic sectors and then decides on security selection within those sectors. Based on economic projections, the firm then chooses the fixed income portfolio weights relative to the benchmark.问：Which risk attribution analysis is most appropriate for the firm’s reallocation of assets to fixed income?答案选C A. Marginal contribution to total risk B. Marginal contribution to tracking risk C. Factors’ marginal contributions to total risk and specific risk 老师，按照原文，出现top-down，以及relative to benchmark，那么他的风险归因应该是：attribute tracking risk to relative allocation and selection decisions. 而选项中没有这个。为什么选C？按照对课上表的讲解，出现了relative就肯定不能是绝对了。而C是top-down+绝对。

请问在这个小case里面，有没有可能考swaption相关的计算？比如计算swaption的duration或者nominal principal之类的？

讲一下最后一题

12.971怎么算的

这里的sum of log returns是三个数字相加么？ 加完是34.043呀并不是12？怎么算的呢

这里的这个mean是什么意思

想问下这道题如何看出来起初value是100w,期末时108w的啊？