A选项中剩余风险不应该还包括留存风险，RETAINED RISK，这样的风险也不能被对冲。感觉这个题目有点歧义

请问老师为什么PD 和 LGD是正相关，EL就会偏大呢

老师，能再解释一下浮动利率为什是（100+1）*e-2%*0.25吗

老师您好！这道题在基础课的课后习题里，当时老师算Rf时，是用的3%*1+Rf*0.25= 4%*1.25来计算的，虽然结果都是Rf=8%。是不是基础课那个讲错了？最正确的应该是用e^3%*1*e^Rf*0.25= e^4%*1.25来计算？谢谢。

具体如何计算PV和I/y,有没有公式或者推导过程？都是直接用计算器算吗？

老师您好！基础课里有提到，一般考试中若是提到duration，一般都指的是modified duration，这题中没有说是求哪种duration，怎么看出来是让求的是Macaulay duration呢？谢谢老师。

请问老师C选项是什么意思

请问老师 这道题如何算key rate duration

Consider the following single stock portfolio: Stock ABC has a market position of $200,000 and an annualized volatility of 30%. Calculate the linear VaR with 99% confidence level for a 10 business day holding period. Assume normal distribution and round to the nearest dollar. A、$11,952 B、$27,849 C、$60,000 D、$88,066 答案：B 老师，答案公式中有一个数 252，这是怎么算出来的

Consider three potential statements about Metallgesellschaft (MG): I.MG employed a stack-and-roll hedge because liquidity was highest for short-dated oil futures contracts. II.MG employed a stack-and-roll hedge, and a stack hedge has greater basis risk than a strip hedge. III.The roll return in MG’s stack-and-roll hedge was profitable under oil backwardation but losing under oil contango. 老师可以解释下stack-and-roll这个策略是怎样在反向市场中盈利的吗？谢谢