老师，请问equtiy swap与total return swap有什么区别？二者让我混淆

在CFA网站上 看到这样一句话，不是很理解。ABC has the only symmetric fee structure of the three and the lowest sharing bonus. The symmetric structure and exposure to downside risk more closely align risk to that of the investor and cause a greater impact on bankruptcy risk compared to the other two managers, which have asymmetric bonus structures and do not participate in negative returns. 为什么 symmetric fee structure 会有 bankruptcy risk?

老师，根据Mock1答案的这句解析“For example, to refer to oneself as a "CFA" or a "Chartered Financial Analyst' is improper. ”意思是不是：John Smith is a CFA.这样的表述是错了，因为CFA不能作为名词。请问是这个意思吗？

If there are no gains, the deductibility of investment losses can result in an aftertax return that is higher than the pre-tax return。请问这句话是什么意思？

假如直接法表示外汇：X/Y（X是本币，Y是外币），如果forward bias是premium，那就是代表溢价，应该卖掉外汇Y，买入本币X？

老师，假如有个人叫Bob Dean，他是CFA，请问以下写法符不符合CFA协会的道德与职业伦理要求： 1. Bob Dean CFA 2. CFA, Bob Dean 3. Bob Dean, Chartered Financial Analyst

R19 Q20 并购套利的计算，用2股A换3股T的计算方法结果,跟直接用cash inflow-cash outflow算出来的结果一样，考试的时候能不能不考虑offer ratio直接简化计算？

错题，请详解每个选项，多谢

老师好，想问问，company-specific risk和concentrated risk的区别在哪些点呢？谢谢

volatility smile 中 为什么 OTM PUT 的隐含波动率 是高的，我的思路是：对于一个Option 不是越OTM 卖的应该越便宜吗 卖的越便宜 隐含波动率应越低 ， 为什么这个思路行不通