税是怎么影响利差的呢？国债收益率不受税收的影响吗？

为什么假定floating rate的bond，其coupon rate=libor呢？

这里用了假设：5年期的par rate 上升，其他时间点的par rate 不变，但是推导过程中，5年期的par rate 上升导致了5年期的spot rate 上升，既而推导出10年期的spot rate 下降，那岂不是说10年期的par rate 也改变了？与前面的假设矛盾？还是说前面是假设除了5年期和10年期par rate 以外,其他的par rate 保持不变？

04.单选题 已收藏 标记 纠错 An internal evaluation of the trading behavior of three fund managers of a mutual fund company during the past year has revealed the following: Manager X: She was slower than peers when reacting to changes in information.? Manager Y: He rarely realized investment losses but realized most of the investment gains. Manager Z: She tended to overreact by disliking losses more than liking comparable gains. From the above, which of the three managers most likely displayed a behavioral bias called “disposition effect”? A Manager X. B Manager Y. C Manager Z. 查看解析 上一题 下一题 正确答案B 您的答案B本题平均正确率：71% Behavioral finance definition and classification难度：一般 推荐：      答案解析 Disposition effect relates to the behavioral bias in which investors tend toward avoiding realizing losses but, rather, seek to realize gains. Manager Y has displayed this bias because he rarely realized investment losses but realized most of the investment gains. 问：X是哪个behavioral bias来着？

老师，我问个细节问题，比如由于要来回调β，需要买入3.8份futures,和卖出2.4份同样futuers，是用买入2（4-2=2）份futures呢 还是买入1份合约呢（3.8-2.4=1.4 ）？

07.单选题 已收藏 标记 纠错 Which of the following best describes the majority of the evidence regarding anomalies in stock returns? A Weak-form market efficiency holds but semi-strong form efficiency does not. B Neither weak-form nor semi-strong form market efficiency holds. C Reported anomalies are not violations of market efficiency but are the result of research methodologies. 查看解析 上一题 下一题 正确答案C 您的答案A本题平均正确率：77% Behavioral finance definition and classification难度：一般 推荐：      答案解析 The majority of evidence is that anomalies are not violations of market efficiency but are due to the research methodologies used. Portfolio management based on anomalies will likely be unprofitable after costs are considered. 问：解析没有听明白，可否再解释一下

外部基金经理是什么意思呀？

第二个打对号的长句是什么意思呀？希望能用汉语翻译一下，翻译整个句子

05.单选题 收藏 标记 纠错 The value effect market-pricing anomaly most likely occurs when stocks that have below-average price-to-earnings and market-to-book ratios, as well as above-average dividend yields, consistently outperform: A large-cap stocks. B growth stocks. C stocks that have had negative earnings surprises. 问： 1. value effect market-pricing anomaly 这一串英文整个 是行为金融学中 市场异常的一种是吧？整个是一个术语？ 2.对于这个异常我一直没有太理解：正常情况下，成长股应该好于价值股，但是现在反过来了，所以视作一种异常。是不是这样理解？ 请逐次回答 谢谢

这个的收益率怎么计算，不是用每期的期末减去期初，除以期初得到费率再加权平均吗？