26. 老师，请问追溯调整retrospective是什么意思？我没懂

老师，请问书本298页第六题答案Spread sensitivity is the effect on credit spreads of large withdraw-als by investors from credit funds. Spread sensitivity can be measured as the spread widening (in basis points) divided by the percentage outflow from high- yield funds (funds withdrawn divided by assets under management). A decrease in the spread sensitivity to fund outflows would most likely indicate an increase in liquidity.是什么意思？不太理解？

老师. 波动性为什么都是正？没听懂

老师，请问书本297页第二题答案，empirical duration is often estimated by running a regres-sion of its price returns on changes in a benchmark interest rate是什么意思？

18. 请问老师A为什么错了，accrued revenue不就是先收钱吗

老师，这个c选项不是看跌期权吗，不应该跌的越凶越赚钱？那不应该执行价格越低于标的资产股票价格差价越大吗？

compliance system 没有或者不完善就一定要decline吗？不能自己创建吗😂

43题，请老师讲一下

estimated return > required return from SML , 为啥 price undervalued , 为啥不是over valued

关于ethics几个问题从一级开始就没怎么懂。 1，要是和工作完全不相关的问题和瑕疵比如和别人打架等，算不算违规呢？ 2，雇主忠诚方面，如果完全在业余时间不存在时间精力冲突的条件下，免费义务给亲戚朋友做投资推荐或者社区的投资方面的讲座义工，算不算违规呢？ 谢谢老师！