pass through security在哪一章有详细说明吗？不记得了

现在老师写的这个公式从何而来？为什么有这个EXP（-KT）的因子？

这道题标的资产不是股票吗，股票不应该是假笑的图么，为什么老师画出来的是外汇的那张微笑的图呢

没理解这道题目问的什么?解析也没看明白 麻烦老师再讲细点

Models that take the initial term structure implied by market prices are called arbitrage-free models. A different approach, however, is to start with assumptions about the interest rate process and about the risk premium demanded by the market for bearing interest rate risk and then derive the risk-neutral process. Models of this sort do not necessarily match the initial term structure and are called equilibrium models. 这里对两类模型的解析能否帮忙解读一下，老师视频中好像是说均衡模型就是固定的，无套利模型就是会动态调整的，和这里的解析说的不太一样，该如何理解？

这里波动率高低对应的bad good time是不是反了？

假如pd上升，敞口下降，但是pd上升幅度更大，导致最后CVA上升了，这属于wwr还是rwr？

老师，这里隔离的意思是不是就是不允许再抵押呀

50C2=1225, 0.02^2 x 0.98^48, how come my calculation is different?

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