押卷题44题，老师说让我们看答案，但答案只有一个选项，可否详细讲解一下，谢谢。 44. A European put option has two years to expiration and a strike price of $101.00. The underlying is a 7% annual coupon bond with three years to maturity. Assume that the risk-neutral probability of an up move is 0.5 in year 1 and 0.60 in year 2. The current interest rate is 3.00%. At the end of year 1, the rate will either be 5.99% or 4.44%. If the rate in year 1 is 5.99%, it will either rise to 8.56% or rise to 6.34% in year 2. If the rate in one year is 4.44%, it will either rise to 6.34% or rise to 4.70%. The value of the put option today is closet to: A. USD 0.77 B. USD 0.85 C. USD 1.49

押卷的53题，还是不明白，可否再详细说一次。53. A firm has entered into a USD 20 million total return swap on the NASDAQ 100 index as the index payer with ABC Corporation, which will pay 1-year LIBOR ＋ 2.5%. The contract will last 1 year, and cash flows will be exchanged annually. Suppose the NASDAQ 100 Index is currently at 2,900 and LIBOR is 1.25%. The firm conducts a stress test on this total return swap using the following scenario: NASDAQ 100 in 1 year: 3,625 LIBOR in 1 year: 0.50% For this scenario, what is the firm’s net cash flow in year 1?

老师，图中两道题看不懂，遇到这类对冲希腊字母的题总是不不会，能结合这两题详细再讲讲吗

Why is borrowing from central bank expensive? Isn’t it the rate offer by fed or discount window is cheaper than other bank offering ?

When I measure the amount of TSECF, TSAA, TSLGC, do I need use the discount factor ? To discount the cash flow of later period to today?

市场风险经典题29题，老师可以解析一下吗

关于 Global minimum Portfolio 里面的每个头寸的MVaR 都要相等。但这里有个问题，如果头寸A的MVaR比较大，我们会卖出，买入头寸B因为他的MVaR比较小，但是为何在卖出头寸A的时候，他的MVaR会相应降低？以及为何买入头寸B，为何他的MVaR会相对增加呢？我看MVaR的公式里面，并没有头寸的价值这个因素啊，所以头寸的价值不应该会影响这个资产的MVaR啊？烦请解惑。

516题麻烦解释下

老师，为什么其他选项不能选？A选项SR计算是对的，B Jensen 'a 计算也是对的，C选项treynor计算也是对的，为什么要选择D？

39老师，为什么是treynor 不是IF？