收益率曲线平行移动会使得asset和liability的duration变的不一样么？

可以这样理解么，yield curve risk用convexity衡量，所以convexity越小，yield curve risk越小？

yield curve risk又叫struactual risk？

什么叫资产的利率变动和负债的利率变动？

請問可以解釋一下reading 26 practice problems Q7中的4個方法在實際上操作該怎麼做嗎? Sushil Wallace is the chief investment officer of a large pension fund. Wallace wants to increase the pension fund’s allocation to hedge funds and recently met with three hedge fund managers. These hedge funds focus on the following strategies: Hedge Fund A: Specialist—Follows relative value volatility arbitrage

Hedge Fund A’s volatility trading strategy can be implemented by following multiple paths. One path is through simple exchange-traded options. The maturity of such options typically extends to no more than two years. In terms of expiry, the longer-dated options will have more absolute exposure to volatility levels than shorter-dated options, but the shorter-dated options will exhibit more delta sensitivity to price changes. 想請問" In terms of expiry, the longer-dated options will have more absolute exposure to volatility levels than shorter-dated options, but the shorter-dated options will exhibit more delta sensitivity to price changes" 中 the longer-dated options的time value 應該大於shorter-dated options, 所以 longer-dated options對於volatility 的變化不是叫小嗎?

在equity中也是资本利得税小于股利税么

三级里面是不是默认所有mod duration ，mac duration 和普通duration都相等？可以不做区分，上午题时可以统一写成duration，计算题带公式的时候默认通用？

In a convertible bond arbitrage strategy, the manager strives to extract “cheap” implied volatility by buying the relatively undervalued convertible bond and taking a short position in the relatively overvalued common stock. 請問為什麼 CB arbitrage strategies 可以strives to extract “cheap” implied volatility ?

这里我笔记上写了老师上课讲过，因为immunization策略没有考虑convexity，所以有interest rate risk，但是interest rate risk讲的是收益率曲线平行移动时的对价格的影响产生的risk吧，我这样理解对么，那就是和convexity没啥关系咯？（我当时记错或者老师讲错了？）