请问这里，长期利率下降，是callable bond 更容易行权，那不是value of callable bond上升么？V(callable bond)=V(pure)-V(call option)，那V(call option)不应该下降么？老师讲解中到底是指callable bond 还是 call option？可否解释一下这题？谢谢

老师您好，这里310million还算小投资吗？多少才是正常投资金额呢？谢谢

Suppose Nestlé common stock is trading for CHF70 and pays a CHF2.20 divi- dend in one month. Further, assume the Swiss one-month risk-free rate is 1.0%, quoted on an annual compounding basis. Assume that the stock goes ex-dividend the same day the single stock forward contract expires. Thus, the single stock forward contract expires in one month. The one-month forward price for Nestlé common stock will be closest to: 老师这里面的2.2代表什么意思？

相比于 broad market cap weighting，factor strategy tend to diversify risk exposure. 这句话不一定绝对是错的吧？single-factor 以及passive factor based strategy相对于broad market cap weighting会更集中，但是multi factor应该会更分散，而active factor不好说。是吗？另外passive为什么会更集中？只要我选的factor够多，就算是passive也不会集中呀。

对应债券收益率的分解这里还是存在理解上的困惑。rolldown income里的ending price，这里ending的日期，是指下一付息日之前还是下一付息日之后？由于yield income里包括了coupon的收入，我的理解是这里的ending price所在的日期应该是在下一付息日之后。否则，假如计算某只债券的收益，ending price采用的日期是下一付息日之前，那债券的begining price 和 ending price都是用同样的现金流贴现而来，只是贴现的时间长度以及用于贴现的利率不一样。那这里ending price和begining price的差距就应该包括了当期coupon的差距，计算总收益时就不应该再加上yield income了，否则就是重复计算。我的理解是教材这里一般是取跨付息周期的计算，所以才会要加上yield income，不知这样理解是否正确？

为什么这里选minimize convexity呢，convexity不是针对平行、large shifts的吗？非平行移动只能用key rate duration，因为key rate duration也属于duration所以我选了C.

财报百题93题直接把N变成4算现值可以吗

看不明白为什么投资组合求方差为什么要引入协方差？

请问这里的c选项，我记得基础课上说的是stock price 小于执行价时会体现stock特征，stock price movements会影响，那为什么C选项不对呢？

A long one-year forward contract on a productive asset was entered at a forward price of ₡1,000. Now, seven months later, the underlying asset is selling for ₡1,050. The PV of the cost to store, insure, and maintain the asset for the next 5 months is ₡4.00, and the asset will generate income over the next 5 months with a PV of ₡28.00. Assume annual compounding for all costs and benefits and a risk-free rate of 2%. Based on the current spot price and the no-arbitrage approach, which of the following values is closest to the equilibrium five-month forward value? A ₡34.22 B ₡33.50 C ₡35.94 老师，麻烦你用两种方法算一下，这道题呗。