固收真题2015年Q3 D问 mean-reversion analysis还考吗？公式要记吗

如果是short asset，画出来的图也是和short forward的一样吗？另外，long forward怎么画呢，是一条斜向上的线吗？

这个在哪里有讲呢

请问课后习题还有其他老师可以选择吗？

老师，是不是Single liability uses Macauly duration就够了，不需要用modified duration?

pair trading和active factor based里面的hedged portfolio一样吗？如果不一样，那hedged portfolio指什么。 为什么pair trading有两个alpha，不是一个long一盒short吗

请问V0是代表什么？

真题FIXED INCOME 2016Q1 D问， Trade1：我可以写callable bond的duration小。buy non-callbale，sell callable 可以increase duration吗？ 我没提convexity可以吗

老师，equity以下这两点我很混淆：对于full replication来说，a large number of constituents会增大index的tracking error. 但是对于active share来说，the portfolio with the fewer securities and therefore higher degree of concentration in positions will have a higher level of Active Share，同时也会增大active risk。我觉得这两点很矛盾。 Full replication ：An index that contains a large number of constituents will tend to create higher tracking error than one with fewer constituents. The manager will naturally first purchase the largest, most liquid, lowest cost stocks. But as more stocks are added and the portfolio approaches full replication, the added stocks will be less liquid, increasing the effect of transaction costs on tracking error. 1) Comparison of active share If two portfolios with the same benchmark invest only in benchmark securities, the portfolio with the fewer securities and therefore higher degree of concentration in positions will have a higher level of Active Share.

A选项是什么意思？看不懂。