expected utility theory和utility theory不是一会事情对吧？能不能帮忙解释下第一题的几个选项，谢谢老师

老师，请问书本413页第六题答案， This approach assumes that, in free markets, exchange rates are determined by logical economic relationships that can be modeled. A fundamentals- based approach estimates the “fair value” of the currency, with the expectation that observed spot rates will converge to long- run equilibrium values described by parity conditions.不太理解这段是什么意思？

老师，请问书本413页第三题答案 The management of these cash flow costs can accumulate and become a large portion of the portfolio’s value, and they become more expensive for cash outflows as interest rates increase这里不太明白为什么interest rates increase, 会more expensive？

老师，请问书本339页第九题答案，能否详细解释一下？不太理解是什么意思？

关于peg，notes上说“the pegged currency country must follow the economic policies of the country to which it has pegged its currency”，这里的“economic policies”是否包括monetary Policy和fiscal policy？还是只包含monetary policy？如果是第一种情况的和，我理解peg会影响monetary policy的原因，但是peg是如何影响fiscal policy的？

老师，请问书本291页第九题答案，Nuñes likely expects the XDF share price to remain relatively flat between the current price €74.98 and €80 until the February call option expires, after which time she expects the share price to increase above €80. If such expectations come to fruition, the February call would expire worthless and Nuñes would realize gains on the December call option能否详细解释一下？不太理解是什么意思？

Late expansion怎么也会有long-term rate increase？notes前面的部分和ppt都没提及这个，只说了short-term rate会升高（这个我明白），但是为什么long-term也会升高？这会儿不应该已经采取紧缩的财政政策（导致long-term rate下降）了吗？

notes这题是不是答案错了？应该是 3%（target inflation）而不是5%（Expected inflation）

老师你好，active equity management 课件115页的一句话“active risk attributable to active share is inversely prportional to the number of securities in the portfolio", 这句话视频里没有解释，能解释一下什么意思么？ 多谢！

老师你好，发的课件上115页关于acive risk有一句话“active risk increases as factor and idiosyncratik risk level increase"， 从公式上来加上老师的解释，这个active risk和luck完全没关系啊 。为什么有这句话呢？