这个过去12个月的expense，意思是算在T0时刻的么，为什么不用在TIA0里面扣出？

老师你好，在这个视频最后，洪老师说如果题目让你选一个合适的，然后给出两个理由，那么要说你为什么选这个？而不能写为什么不选其它的。但是同一年2009年的B题目，题目问为什么选stratified sampling，而答案中却是在解释为什么full replication和optimization是不合适的。请问，在考试的时候，应该如何去回答？

老师，我想问有关swap调duration。什么时候要除100呢？图二里除了100，但是题干里面没有交代。还是说MD的不用，BPV的都要除？不管题干如何交代？

請問2018 – Q3 Institutional ABC這樣寫可以嗎? A. Spending requirement = nominal return – inflation rate – management fee = 7 – 1.5% - 0.33% = 5.17% B. i. low ability to take risk 1. The foundation will not receive a donation which indicates no cushion to absorb investment losses; 2. The foundation solely sponsors local youth center, which will limit the ability of the foundation to take a risk; ii. High ability to take risk 1. The foundation is operating perpetual, which allows the foundation to absorb short-term investment losses; 2. There are no debt-like liabilities, which suggests the foundation might skip the spending. C. 1. The cash reserve will be higher because of increases in the uncertainty of cash outflow; 2. The changes in the spending rule will cause a higher liquidity requirement because the average monthly asset value is more volatile than the asset value at the beginning of a year.

老师，Case2 第四题中within section allocation 实际上是selection effect吧？如果是的话，case 6如何理解？

这道题是3mins，不用专门写三点么

請問2017 年的Q2 insitutional investor 的ABCD這樣寫可以嗎? A i. Low ability to take risk: The plan currently is underfunded, which indicates a lower ability to take risk and no cushion to absorb losses. The company provides an early retirement plan which will shorten weighted average duration and increase liquidity risk. ii. High ability to take risk: The company has a lower debt to equity ratio indicates a higher flexibility to make contributions; The company has a higher portion of active workforce, which indicates a long weighted average duration and long investment horizon to absorb investment losses. B. The company stopping hiring new employees will shorten weighted average duration and investment horizon. Because without new employees joining the pension plan, the workforce will get order and investment horizon will be shorter. C. 1. Grant will have more liability noise because it has less employees; 2. Model uncertainty: with less employees, the pension plan might face issue in which th

老师这个没到期的公式想不起来了 可以讲一下吗？

这里的题干中的描述是指已经在year1的期末了么？这题里面好像没有明确的时间点的概念？

这个B题目和A题目没有任何关系咯？