老师您好！请问这题中，折现率用的是哪个1%？感觉2个1%都可以，有什么区别？谢谢。

A portfolio contains three independent bonds each with identical $100 par value, 3% probability of default and LGD of 100%. What is the 95% confident and 99% confident portfolio VaR? A. zero and zero at both 95% and 99% B. $100 and $100 at both 95% and 99% C. $200 at 95% and $300 at 99% D. $285 at 95% and $300 at 99% 解析部分完全没看懂。。。

Rank the following common credit risk mitigation options from greatest security to lowest security: I. Parental guarantee II. Letter of Credit III. Securities as colllateral(with a haircut parameter of 0%) IV.Cash 答案是IV, II, III, I 请老师解答下I, II, III分别是什么，为什么这样排序，谢谢

老师好～请问这道题怎么求解？

请问这道题中的 tranche of a CMO是什么意思

一级习题集646

请问老师这道题中的swap rate 或者是par rate 是什么意思 为什么会和yield rate相同

请问一级习题集第507、528、561看不懂答案 574为何mean renversion，naturel gas parices are negatively correlated。 584如何判定gamma正负，图像gamma无论in at or out of the money不是永远为正吗？

Your supervisor is an expert in market and credit risk. He recruits you to manage the operational risk department. He would like to use VaR to measure the firm's operational risk and proposes that you use the same VaR framework previously developed for market and credit risk. Which of the following is a valid argument for why it is difficult to estimate an operational VaR using the same framework as market and credit VaR? A.Market risk events are easier to map to risk factors than operational risk events. C.Market and credit VaRs are estimated using only frequency distribution, but operational VaR is estimated using both a freq distribution and a severity distribution. 其他B,D肯定错，但是不明白为什么C错和A对，为什么market risk更容易map to risk factors? 请老师解答一下，谢谢！

老师，这个题中，md应该与y也有关啊。为什么让md相同再判断dv01？