百题Case2 第1题 书上说了SWF不可以投太过激进的。和本题答案有冲突。请帮忙解释。 第6题 为什么Spread高就说明HYB是undervalued呢？为什么不能是HYB风险很高不适合投资呢？ 谢谢老师？

历年真题 - 行为金融学 - 2013年 C 可否概括成三个得分点？ 1、Murray is correct that Siosan's retirement portfolio allocation is consistent with Behavioral Portfolio Theory and not consistent with a mean-variance framework. 2、BPT investors construct their portfolios in layers. Siosan's portfolio is consistent with BPT and is constructed in layers (money-market securities and speculative stocks) 3、"Mean-variance portfolios are constructed as a whole, and only the expected return and the variance of the entire portfolio matter"

历年真题 - 行为金融学 - 2013年 B 答案略冗长，是否可以简要概括成四个的分点？ 1、Siosan exhibits a self-control bias by spending all of her curent salary income and half her bonus income on current consumption, pursuing short-term satisfaction rather than long-term goals. 2、A rational economic individual uses self-control to pursue long-term goals rather than short-term satisfaction. 3、Siosan exhibits a mental accounting bias by treating one sum of money different. She uses salary income and half of her modest annual bonus to execute option trading, while she doesn't use retirement account to do option trading. 4、A rational economic individual treats money as fungible.

原版书R25第14题，为什么答案里面会有long 50%，short -50%？这种情况不应该是long 100%，short -100%，gross 200%么？这里的百分比，指的是相对什么的占比？

R25第12题，为什么求portion不用算出总方差然后计算比例？

这里和前面不一致了。前面说到牛市的put spread时，是要赚高价的put与低价的put之间的期权费差的，但是根据volatility smile这里的说法，put的价格越低，隐含波动率越高，期权费越高。这两块内容的冲突怎么解释？

老师，书后题P153第6题的C选项，为什么不选择C？ Patel的话怎么能反映出赌徒谬误这个bias?

mock 的question 5 中的第一题： 1. 我的思路：2019年EUR portfolio有50 million，其中stock占比40%=20 million， 那么2019年的stock的20 million = 2020 年的stock 20 million. 最后得出：2020年EUR portfolio=54 million中的4 million是增加来自于bond。 问题：老师，为啥我这个思路错了？ 2. 为啥老师计算stock变动，用的2020年54 million *2019年的40% ？年份都对不上。

原版书reading21的课后题的第12题，comment 1 和2错误在哪里？ Comment 1 Comment 2 Comment 3 Callable debt has a smaller option-adjusted spread than compara- ble non-callable debt. Benchmark corporate bond issues normally have wider spreads than older bonds of the same issuer. The announcement of a new corporate bond issue often leads to an increase in the credit spread on the existing bonds.

原版书reading21 课后题的第8题的difference 2 和3 错误在哪里？ Difference 1: Difference 2: Difference 3: Commodity producers and banks represent a higher proportion of EM indexes than of developed market indexes. Total or partial government ownership of EM issuers is common, which results in a higher average recovery rate for defaulted senior unsecured bonds for EM markets than for developed markets. Compared with developed markets, the credit quality of EM issuers tends to be more concentrated at the very high and very low por- tions of the credit spectrum.