这一题为什么选C protective put=long put + long stock=fiduciary call=long call+long bond 怎么推导到C选项的呢

请问老师，这边的9%是怎么来的？

这道题的economic benefits是什么意思？profits的意思？

Comment 2: There is a difference between the pricing and the valuation of forward commitments. Pricing involves determining the appropriate forward commitment price or rate, typically after it has been initiated. Valuation involves determining the appropriate rate of the forward commitment when initiating the contract. 解答， B is correct. Characteristic 2 is incorrect. The conversion factor in a futures contract does not apply to accrued interest. It is a mathematical adjustment to the amount required when settling a futures contract that is supposed to make all eligible bonds equal the same amount—for example, adjust each bond to an equivalent 6% coupon bond. When multiple bonds can be delivered for a particular maturity of a futures contract, a cheapest-to-deliver bond typically emerges after adjusting for the conversion factor. 麻烦老师解释下，谢谢！

Comment 2: There is a difference between the pricing and the valuation of forward commitments. Pricing involves determining the appropriate forward commitment price or rate, typically after it has been initiated. Valuation involves determining the appropriate rate of the forward commitment when initiating the contract. 解答， B is correct. Characteristic 2 is incorrect. The conversion factor in a futures contract does not apply to accrued interest. It is a mathematical adjustment to the amount required when settling a futures contract that is supposed to make all eligible bonds equal the same amount—for example, adjust each bond to an equivalent 6% coupon bond. When multiple bonds can be delivered for a particular maturity of a futures contract, a cheapest-to-deliver bond typically emerges after adjusting for the conversion factor. 麻烦老师解释下，谢谢！

增加benchmark portfolio不会改变IR，但return和risk会等比例增加，这个懂…但第二问，为什么卖出100%benchmark？

第6题 不太理解 为什么bc是线性相关 a不是呢 option不是根据股票价格来决定是否行权吗 题目的意思是不是所有contingent claim都是非线性 forward commitment都是线性关系

请问老师，这题C不对的原因是不是，如果题目问recorded on the balance sheet as: 然后把C改成 1980 in account receivable and 20 in allowance for doubtful accounts 就OK了呢………？

老师，这个题，老师说了下算法没具体带着算，是这样吗？ 就是分开两个产品分别计算他们的超额收益，然后加起来。

最后一句话是什么意思？账面价值的什么？