关于VCV Matrix我有三个问题，这两个问题是相关的，所以我在这就一起问了。 第一个问题： 第一张图中括号部分里的内容"...the number of assets cannot exceed the number of historiacl observations"这句话的理解是否像我在第二张图中举的例子一样？ （图2excel下面我写了一些自己思考的内容，请老师看一下是否正确） 第二个问题： 第三张图中的第二条"as the sample size increases..."这里的sample size，就是observation的多少吧？

老师请问 high correlation不就是组合标准差越高，就波动性越高，那对于high correlation设wide rang，对于high volatility设narrow range是不是有点矛盾

课后题第13题怎么解答，特别是B、C选项。

课后题第8题如何理解？

课后题第二题，为啥是relative，题目中好像没有看的相关的benchmark.

请问这题为什么选A呢？

老师可不可以具体讲一讲截图中银行怎么应用integrated asset liability approach 在几个极端的场景下。 是在储蓄率很低，资产坏账率很高，等情况下，银行会相应的减少资产，或者调整相应负债的期限么？能具体讲讲吗。

老师，请问书本418页第十九题答案， carry trades are occasionally subject to panicked unwinds in stressed market conditions. When this occurs, position exit can be made more difficult by market illiquidity and higher trading costs (wider bid/offer spreads)这段什么意思？怎么理解？ return distributions are often negatively skewed, reflect-ing the higher event risk (panicked carry trade unwinds, currency pegs being re- set, etc.) associated with the carry trade扣号里的怎么解释？

老师，请问书本418页第十七题答案，but as a country with capital controls题目中没有提到，韩国也不是新兴国家，为什么会要用NDF?若考试中要怎么来判断？ Higher volatility would also make buy-ing a put option more expensive对于buying call option是否也是expensive？

老师，请问书本418页第十六题答案，Note that the risk of daily margin calls is not a feature of most for-wards contracts; nor is initial margin这里想要表达的是什么意思？和题目是不是意思反了？ Posting additional margin would typically not be a daily event, however, except in the case of extreme market moves怎么理解in the case of extreme market move？post margin是怎么回事？