OAS是Z spread减去embedded call option价值，说明OAS不考虑option的风险。为什么还说含权债权要看OAS呢？（OAS都不考虑option的风险价值呀）。为什么说不含权债券反而要看包含了option risk价值的Z spread呢？

收固-支浮动，为何支浮动部分是2.5%/4*B'+B'？

如果要收capital gain的tax，基数是full price还是clean price。如果后者，那coupon的部分要不要交税，交什么税。

新增的SS 3会不会考上午题？如果考会可能怎么考？

请问： 当市场波动加大时，股权价值是升是降？按常理说，应该是贬值的，那么下面的①是不是有误？ ①、如果按公司理财，风险加大，债权跌价、股权应该升值；（见配图：股东选择风险更大的project B时，股权价值更高） ②、如果按权益课，预期现金流不变、折现率增大，股权应该贬值。

老师好，关于这部分知识想系统学习一下，基本不会算，谢谢！

老师，我记得有个case，说是基金经理管理资产，同时免费为其亲戚管理资产，其亲戚也为其客户。当有IPO分配时 ，他同时分配给自己的付费客户和亲戚。这种情况属于违反道德准则吗，谢谢。

Example 9 (Mosaic Theory): John Doll is a research analyst for a hedge fund that also sells its research to aselect group of paying client investment firms. Doll’s focus is medical technologycompanies and products, and he has been in the business long enough and has been successfulenough to build up a very credible network of friends and experts in the business.Doll has been working on a major research report recommending Boyce Health, a medicaldevice manufacturer. He recently ran into an old acquaintance at a wedding who isa senior executive at Boyce, and Doll asked about the business. Doll was drawn toa statement that the executive, who has responsibilities in the new products area,made about a product: “I would not get too excited about the medium-term prospects;we have a lot of work to do first.” Doll incorporated this and other information aboutthe new Boyce product in his long-term recommendation of Boyce. 请问这个有无违反道德准则呢，书上未正面回答，谢谢老师。

Example 9 (Mosaic Theory): John Doll is a research analyst for a hedge fund that also sells its research to aselect group of paying client investment firms. Doll’s focus is medical technologycompanies and products, and he has been in the business long enough and has been successfulenough to build up a very credible network of friends and experts in the business.Doll has been working on a major research report recommending Boyce Health, a medicaldevice manufacturer. He recently ran into an old acquaintance at a wedding who isa senior executive at Boyce, and Doll asked about the business. Doll was drawn toa statement that the executive, who has responsibilities in the new products area,made about a product: “I would not get too excited about the medium-term prospects;we have a lot of work to do first.” Doll incorporated this and other information aboutthe new Boyce product in his long-term recommendation of Boyce. 请问这个有无违反道德准则呢，书上未正面回答，谢谢老师。

Example 9 (Mosaic Theory): John Doll is a research analyst for a hedge fund that also sells its research to aselect group of paying client investment firms. Doll’s focus is medical technologycompanies and products, and he has been in the business long enough and has been successfulenough to build up a very credible network of friends and experts in the business.Doll has been working on a major research report recommending Boyce Health, a medicaldevice manufacturer. He recently ran into an old acquaintance at a wedding who isa senior executive at Boyce, and Doll asked about the business. Doll was drawn toa statement that the executive, who has responsibilities in the new products area,made about a product: “I would not get too excited about the medium-term prospects;we have a lot of work to do first.” Doll incorporated this and other information aboutthe new Boyce product in his long-term recommendation of Boyce. 老师，这是原版书一道case，请问这个到底是有无违反道德准则呢，原版书没有直接正面回应有没有违反。谢谢。