Why is it mostly impact to out of the money option?

What is mean by “ the percentage change in correlation volatility prior to recession was negative”? Does it mean the 相關性是負相關?

When market is in recession, why is the spread in mezzanine will decrease and correlation will decrease also? And why is the spread in equity will increase? If the spread increase and the price of equity will also reduce, and when we short the equity we should have gain instead of loss right during the recession time? Could you explain all these in Chinese?

Yellow highlights part - why increase in correlation will increase the variance ?

Conditional coverage and unconditional coverage 差別在那裏?

10.8% and 12.8% 怎樣算出？

Why do I not need to add 40bps premium info 8% for discounting? Isn’t it supposed to have risk premium each year? As mentioned in the question

What is MC referring to?

老师，net mark-to-market 和 gross mark-to-market感觉意思一样，都是正敞口减去负敞口啊?

75题，买卖的话会影响答案吗，卖itm的call也会被低估波动率吗