这道题中说the probability of observing such a large alpha by chance is only 1％，是不是理解成投资者认为极大的超额收益偶然出现的概率只有1%？如果是这样，原假设是不是应该是alpha≠0？

这个例题中0.076表示的意思是repo 的收益率了吧，为什么0.077=101.9/100×0.076

A portfolio manager produced an alpha of 2.5% based on monthly returns over a 6 year period. Under the assumption of a normal distribution, the portfolio manager claims that the probability of observing such a large alpha by chance is only 1%. To test her claim, one would use a t-test using which level of confidence? 老师您好！我想问一下，就是这道题里他说观测到很大的α，是指单尾的1%还是双尾的1%。我认为是单尾的，所以在进行假设检验找临界值的时候，应该找98%的两个临界值。这样两边各留出1%，才能判断原假设：“α=0”是否是正确的。

John, a portfolio manager, claims to have consistently produced excessive returns (over and above the benchmark returns) 97.5% of the time due to her skill and not luck. To support her claim, she presents regression results based on 60 monthly observations as follows: alpha = 0.43%, standard error of alpha = 0.21% Would you reject the null hypothesis of true α = 0 and accept her claim of superior... 老师您好！我想问一下，这道题到底置信区间是多少？他说97.5%的概率下，他的优异表现是源自于能力不是运气。我的理解是，他的表现好，那么应该是单尾的97.5%，而右侧的尾巴是2.5%，而不看亏损的一侧。做假设检验时，95%的置信区间恰好表示了左右两边各2.5%的情况，因此，置信区间应该是-1.96到1.96。

老师 请问第2题为何选A？谢谢

229题目，选项c 0.33t bond 哪儿来的

选项c

Which of the following statements is incorrect concerning the low-risk anomaly? A The low-risk anomaly conflicts with the CAPM. B The firms with higher beta perform indifferently with the lower beta firms. C The low-risk anomaly point to a negative relationship between risk and reward. D The low-risk anomaly suggests that low-beta stocks will outperform high-beta stocks. 老师您好！我想问一下，视频中说关于β的结论是ρ(βt-1, rt)是noisy的，而ρ(βt, rt)>0，而这道题的讲解中，老师说low-risk anomaly中β和收益率是反向关系，哪一个是正确的？

325

324。题目