为甚这里的risk premium低呢？risk premium的定义是什么呢？

老师好，请问之前有道题目是Continuously increasing default probability (while holding default correlation constant) will most likely have what effect on the credit VaR of mezzanine and equity tranches? ●Equity VaR Mezzanine VaR A.Increase Increase then decrease B. Increase Decrease then increase C. Decrease Increase then decrease D. Decrease Decrease then increase，再探讨mezz的风险的时候根本没有考虑到correlation，完全按照PD高和低直接能判断出他的风险啊（PD高，更接近equity，PD低更接近senior），一定要结合相关性推吗？谢谢

unwind是不是可以理解成要平仓？

老师好，请问cash reserve account属于内部还是外部增级？以及答案里面这条是不是没写完？excess spread (interest payments and other fees received on the assets in the pool less the interest payments made on the ABS plus the fee paid the service the assets along with other expenses 【should be bigger than one?】,谢谢

视频里老师说错了吧 这是逆周期

老师，这题目有问题吧，AMA是巴2不是巴3。巴3的操作风险是用SMA

Var的计算公式

当违约概率较低时。mezzanine接近于senior，由于senior损失可能性减少，senior的value上升，这个时候mezzanine的value不应该也上升吗

老师好，看提问有点糊涂了，这个题的答案是选什么呢？选项c，the most senior怎么理解，d选项里是before还是after呢？谢谢

m2我怎么也算不出跟解析一样的答案Manager1的M2是-0.02889，解析的计算是算错了吧？