Q4 income needs 具体指什么？怎么跟liquidity needs区分？

老师 用这个 Po=D1-r-g, 发放股利 股价上升，可是在 option里我们之前不是也学过 发放股利 股价下跌吗？所以我该怎么分辨什么时候套用哪种理论呢？

老师，f检验不是系数相等且为0吗？这里红线部分原假设为什么只说了相等呢？谢谢！

我想问一下，自回归方程若被检验出有自相关问题，即前一个误差项和后一个误差项相关，那是不是同时也意味着这个自回归方程有异方差的问题啊，因为异方差的ARCH(1)检验做的那个检验好像就是检验两个误差项的相关性从而推出误差项和自变量有相关性即异方差

第6题的statement3没有看懂，可以解释一下是什么意思吗？

29 Stafford is a portfolio manager for a specialized real estate mutual fund. Her firm clearly describes in the fund’s prospectus its soft dollar policies. Stafford decides that entering the CFA Program will enhance her investment decisionmaking skill and decides to use the fund’s soft dollar account to pay the registration and exam fees for the CFA Program. Which of the following statements is most likely correct? A Stafford did not violate the Code and Standards because the prospectus informed investors of the fund’s soft dollar policies. B Stafford violated the Code and Standards because improving her investment skills is not a reasonable use of the soft dollar account. C Stafford violated the Code and Standards because the CFA Program does not meet the definition of research allowed to be purchased with brokerage commissions. 这道题老师讲一下为啥选项b不能选吧。。。

commodity futures既属于另类投资产品也属于衍生品？如果是纯粹的commodity，是不是可以实物交易或者cash settlement？

券商的自营业务：如果是作市商（market maker）角色获得了内幕消息,他是要remain passive，对方卖作市商就买，对方买作市商就卖，同时也不能调整卖价（ask price）和买价（bid price）吗？

不是所有的衍生产品都要抵押物，我的理解对吗？我的印象中似乎只有Futures是需要向交易所交保证金的，forward/swap/option不用吧？

关于阿尔法收益和多因子策略，可以深化一下说说嘛？