老师解释一下这道题

第5题和第6题，没明白，总是推断相反的结论，Belta和风险溢价，风险溢价和预期收益率，还有预期价格，之间的关系能再讲讲么。

请问老师这种题如何知道是不是在压力情况下呢

老师，可以解释一下bifurcations和procyclicality吗

老师为什么horizon越短越好，不是越长越容易拒绝吗

老师好，这道题， 老师在计算FIRM支出的金额时，只计算了收益里， 这里不用计算升值贬值的部分吗？

85题选项的credit exposure identified by the counterparty是什么意思，为什么这个不合适 以及答案解析最后一句话，一方违约，为什么就没有信用风险？ 信用风险不就是违约的概率吗？

百题的64题没有讲，但是我看答案解析很奇怪，他是怎么知道23、5这个price是在3个月后的呢，这个答案我都看不太懂

there is a question and hope you can explain. Consider a trader with an investment in a corporate bond with face value of $100,000 and default of 0.5%. Over the next period, we can either have no default, with a return of zeroor default with a loss of $100,000. The payoffs are thus -$100,000 with probability of 0.5% and $0 with a probability of 99.5%. Since the probability of getting %0 is greater than 99%, the VaR at the 99% confidence level is $0 without taking the mean into account. This is consistent with the definition that VaR is the smallest loss, such that the right tail probability is at least 99%. Now consider a portfolio invested in 3 bonds A,B and C with same characters and independent payoffs. The portfolio var at the 99% is A 0. B. $100,000 C. $200,000 D. 300,000. Why the answer is B ? 1. the information already tells us that 99% VaR is $0. So why not $0? 2. as they are independent and undiversified, why not $100,000 ＋ $100,000 ＋100,000 = $300,000?

老师 习题集155题答案的这倒数三行话是什么意思？