Money weighted rate of return (MWR) is the internal rate of return over the period and is affected by the size and timing of cash flows. Assumes the same return over each sub-period.为啥是内部收益率？内部收益率（Internal Rate of Return (IRR)），就是资金流入现值总额与资金流出现值总额相等、净现值等于零时的折现率。这句定义与这里算的IRR之间的关系怎么解释？麻烦老师详细解答一下，谢谢

For a given levels of Macaulay duration and cash flow yield（这里久期有要求相等我理解，但跟cash flow yield有啥关系呢？）, smaller convexity is preferable to minimize structural risk. Minimizing convexity is the same as minimizing dispersion when considering portfolios with similar Macaulay durations and cash flow yields. Reducing a portfolio’s dispersion reduces its structural risk – the risk that yield curve twists and non-parallel shifts create duration gaps between the immunization portfolio and the liability outflow.（这里的duration gap是什么？为什么非平行移动产生了duration gap？）麻烦老师解答一下哈

老师，请问 libor set in arrears是什么意思？

如果这道题改成credit event发生了 就是只用付剩余asset value了吧 那么这到题该选什么

老师，这个题目里面，conversion price的计算公式不是用原始债券价格除以conversion ratio吗？原始债券价格和conversion ratio都没有发生变化，为什么还要下调conversion price呢？

原版书后题p190第九题 f25是什么意思 B中4percent是任意假设的吗

老师，2 billion 和1.5 billion 相差的是goodwill 吗？

老师，请问为什么这道题要-50 求出firm value不是-债务和优先股价值就可以了嘛，谢谢

老师你好，请问risk neutral POD和Recovery rate之间有关联么？ 我看到一道题说他们俩是正向关联的，但是视频似乎没有提到。麻烦老师解释一下他们俩的关联，多谢！

请问R8的23题，为什么K=3？而不是4