老师，这题有些细，我对CF的应用，因为没有实务过，一直不太透彻。关于课件P113这道题，如图，我用两种解法算了调整bond需要的futures。第1种，用老师教的，图中最上的公式 ，ctd的duration处除了CF，可以得答案。第2种，我用原版书中的解法，即图片中下面的公式，用BPV算，全程没有用到CF，也可以解答出来答案。请问CF为何用第1种方法要用，第2种方案就完全用不着，答案却可以解出来一样呢。感谢。

第五题，在文中那句“it also says...received shares”的意思就是说：利息应该归于（be credited to）被错误分配股份的账户，并且这些利息是从应该收到股份的账户中取出来（debited from）的。这个做法就是答案中所说的正确的做法啊，把利息贴还给那些被占用资金的账户。没搞懂？

交易成本可以为负吗？比如vwap=10，我8元钱买

请问为什么short sale defer capital gain tax?麻烦老师详细说明一下，谢谢

老师好，对比这两种portfolio,barbell的短期虽然duration小，但利率变动相较于中期要大呀，为什么一定价格下降变动程度是小的呢？

老师你好 R25第15题 题目中明明给了build a diversified portfolio 而答案中解释写了concentrated 是不是题目错了？

请问老师选择convexity小的可以降低structure risk，那么什么时候要选择convexity大的那个portfolio呢？

請問原版書 Reading 20 課後題 Q24. 中解答 C is correct. Winslow’s Statement VI is incorrect. Due to covered interest arbitrage, the relative attractiveness of bonds does not depend on the currency into which they are hedged for comparison. Hence, the ranking of bonds does not depend on the base currency of the portfolio. A is incorrect because Winslow’s Statement IV is correct. Inter-market trades should be assessed on the basis of returns hedged into a common currency. Doing so ensures that they are comparable. Neither local currency returns nor unhedged returns are comparable across markets because they involve different currency exposures/risks. 當投資外國債券的時候，currency return 應該也要考慮進去吧? 請問為什麼statement VI 是錯的但是 statement IV 是對的?

請問可以解釋原版書 Reading 20 課後題 Q23. C 選項這段話嗎? "Inter-market carry trades do not, in general, break even if each yield curve goes to its forward rates. Intra-market trades will break even if the curve goes to the forward rates because, by construction of the forward rates, all points on the curve will earn the “first-period” rate (that is, the rate for the holding period being considered). Inter-market trades need not break even unless the “first-period” rate is the same in the two markets. If the currency exposure is not hedged, then breaking even also requires that there be no change in the currency exchange rate."

請問原版書 Reading 20 中課後 Q20: Based on Exhibits 1 and 2, which of the following portfolios is most likely to have the best performance given Edgarton’s yield curve expectations? A steepening yield curve 不是應該選bullet? 根據Exhibit 2. Selected Partial Durations 的表中可以知道 current portfolio and pro forma portfolio 2 是 barbell portfolio. 所以答案為什麼不是選 B 選項?