L3V5, P44. Which fund in general has a longer investment horizon and less liquidity need in the short-term, saving fund or pension reserve fund? If the saving fund has a longer investment horizon, why is it more reserved by investing more in the bond?

L3V5 P34 EX3. Could you please explain the highlighted solution? Why is the higher projected return could bring a higher discount rate?

讲解说不选A因为A描述不完整，但是题干里也没有说only啊，只是问可以用来干什么，为什么不选A呢？

老师，reading2第44题为什么自变量如果是正态分布是违反假设的，这个并不在三种违反多元回归模型的假设中，麻烦解释一下。

Decision price是指这个人形成判断观点时候的市场价格，而不是指他认为应当是多少的价格，对吧？

positivebutterflyspread和positivebutterfly是两回事嘛？positivebutterfly是下凹的spread为负值，，positivebutterflyspread为spread为正值图形为上凸称作negativebutterfly？？

Beta 不需要%？

对于公司债进行估值时,用Z-spread,我看到折现率包含了zi+z-spread,我的理解是zi是spotrate,也就是对应不同期限的无风险收益率YTM,而z-spread则是公司债部分高于国债的风险溢价.是这样理解吗?那么spotrate我可以理解成都是指无风险溢价下的国债收益率对吧?

positivebutterfly这里是标反了吧 和课件137页positivebutterflyhumped shape to the midpoint?

swap都是互换reference利率，不需要加任何spread是吗？