“One bias results from the use of appraisal data in the absence of market transaction data. Appraisal values tend to be less volatile than market determined values for identical assets. As a result, measured volatilities are biased downward and correlations with other assets tend to be exaggerated.”怎么理解

对冲风险和分散风险有区别吗? 另类投资的价值是分散还是对冲?

第4题，为什么不考虑futures需要margin

Q6，疑问在于related to和relative to的区别，前者是“关于”？后者是“相对于”？如果上述翻译成立，它们两个在本题中的翻译应该可以当作知识点固化下来吧？

第5问答案中的解析：“ If the family had opted for a limited partnership as the organizational form, they likely would need a much higher ownership stake to assert management control and would have unlimited personal liability.”这个不太理解，如果他们是作为LP的话，可能是需要获得更高的股份占比，但是只有limited liability呀。

第三题的无风险利率从哪里知道应该用 0.003？第一段的0.003也不适合用于日本啊（这是日经指数）。更何况exibit2给了一个别的无风险利率？

为什么不用法定税率2600来作为tax payable,而要用3000

买债券久期上升跟这题目的收浮动有什么关系

①这样总结可以吗，market、small cap、value、momentum的基准（或者叫判断界限）分别是1、0、0、0。②如果上述总结成立，那market的判断界限1，是它本身的属性？还是本题中给出了benchmark=1？

第三题：looks for other information from industry organizations, news reports, and environmental groups.为什么不属于官方机构给予数据，为什么不选not-for-profit initiatives