老师想请教一下第四题，我是这么个思路。就是从前往后看得话，利率都是往上走的。所以之后债券价格会下降，所以call option不会行权，价值为0.这样想问题出在哪

课后题90页第21题请老师讲下b和c选项

课后题90页第19题题目是直接给出的外汇gain or loss啊，为什么不是直接加，而是要compound？在考试中需要怎么确定用哪种计算

请问风险管理委员会属于PPT中的Board还是management呢？

课后题88页第13题请老师讲一下

课后题87页第9题请老师讲解一下

老师，麻烦讲解这里的21题

老师您好，讲义121页例题🀄️，sector deviation怎么理解？active risk主要就是源于factor deviation和active share还有idiosyncratic risk. Sector deviation 属于哪一类呢？另外是否concentration/diversified 主要是反应active share吗？（可以理解为active share越大，越concenteated position 吗？）

为什么sponsored DR是投资者有投票权，Unsponsored DR是depository bank有投票权?我看了原版书不是特别理解。Sponsor字面意思是赞助的意思，是站在foreign company whose shares are held by the depository 角度说的吗？如果这个foreign company参与发行（sponsored），投资者有投票权；foreign company不参与发行（unsponsored），depository bank参与发行，depository bank有投票权？附：原版书A DR can be sponsored or unsponsored. A sponsored DR is when the foreigncompany whose shares are held by the depository has a direct involvement in the issuance of the receipts. Investors in sponsored DRs have the same rights as the direct owners of the common shares (e.g., the right to vote and the right to receive dividends). In contrast, with an unsponsored DR, the underlying foreign company has no involvement with the issuance of the receipts. Instead, the depository purchases the foreign company’s shares in its domestic market and then issues the receipts through brokerage firms in the depository’s local market. In this case, the depository bank, notthe investors in the DR, retains the voting rights.

老师，持有期收益率与利率正反相关这里，int rate是指？再投资利率？当前市场利率？上面的例题中，没看到与int rate有什么相关啊