What is clientele effect? And how is it related to liquidity issue ?

请教老师，这里怎么理解？市场无摩擦，也就意味着没有各种交易成本，市场是完美的，这个和风险对冲又是一种什么样的联系呢？百度了下两方面知识点联系不上，请老师知识普及下，谢谢🙏

Foreign exchange swap 是只交換息差不換本金嗎？它和cross currency swap 有什麼分別？

什麼是payment throughout? 是銀行的cash expense outflow 嗎？

可否加以說明 what is Negotiable order of withdrawal account? What is the interest very low there?

Small cap stock vs large cap stock: Does it mean that small cap stock has higher risk and hence the yield is higher? Is small cap stock and large cap stock related to the investment factor of “small minus big”??

Q43 b c d 答案也可應用在Bond 嗎？

老师这道题怎么做呀

老师 我想问问这个dirty price的流程，所以这个人当前用diry price买下这个bond，然后之后每个月收本金和利息，到期时收到par value这么多钱的意思是吗

9/36算出来的为什么不是期望而是概率？