PPT第260頁，structure credit，怎么理解exposure to default correlations相關系數(shù)之間的關系（黃色高亮的3段話）？
PPT第228頁，factor based credit strateties怎么理解表格里最右邊一欄的“measure used”？老師能分別介紹一下這些measure used的背后的原理嗎？
PPT第208頁，怎么理解最后一段話“For fixed-rate bonds priced at a spread over the benchmark, roll-down return from coupon income is higher by the bond’s original credit spread.”?
PPT第153頁和155頁，yield curve steepener/flattener strategies, 為什么steepener strategy要long 短期，short長期，而flattener strategy是shore 短期，long 長期獲利？原版書中是“Yield curve steepener strategies seek to gain from an increase in yield curve slope, or a greater difference between long- term and short- term yields- to- maturity. This may be achieved by combining a “l(fā)ong” shorter- dated bond position with a “short” longer- dated bond position.” Flattener strategies may use a barbell strategy, which reverses the exposure profile of a steepener—namely, a “short” short- term bond position and a “l(fā)ong” long- term bond position. The bull and bear variations of this strategy are summarized in Exhibit 18.
是Bond A B C三種債券組成，而且都有coupon，為什么是zero replication？
Treasuries是國債，比Treasuries多的spread不是G-spread嗎？為什么題目是benchmark spread？
The positions in a portfolio can be stressed in scenario analysis assuming similar outcomes of a past crisis recur.情景分析不是用similar的情景嗎？outcomes是情景的結果，怎么會是一樣的呢？不應該是用過去的情景算現(xiàn)在的頭寸的估值嗎？那應該結果是不一樣的？
R13中的Example 8，怎么理解“a long position in a callable bond (“A”) would underperform compared to a long position in an option- free bond. A short position in a putable bond (“B”) would underperform a long position in an option”?
R13中的Example 6，計算portfolio duration的邏輯是什么，為什么要除以100？
PPT第122頁，怎么理解PPT右上角的那句話“if manager matches the weights in the final column for a portfolio to those of the portfolio’s benchmark, duration will be matched as well as exposure along the yield curve”？
PPT第104頁，model risk，怎么理解“measurement error for asset BPV is minimized when underlying yield curve is flat or future CF are concentrated in the flattest segment of the curve”？
PPT第78頁，怎么理解immunization的假設“change in cash flow yield on bond portfolio”等于“change in YTM on zero-coupon bond”？
PPT第146頁，兩種strategy的target return的計算，其中Receive fix swap ，作為收固定的一方，Swap rate不應該是固定的嗎，為什么還會隨時間變化，從而產(chǎn)生swap yield？
PPT第173頁，關于Active Cross-Currency Strategies，“Receive-fixed/pay floating"中的Expected Unheged Return，”long-versus short-term rate differential for lower yielding currency"怎么理解？
關于interest rate risk management，這里是哪里錯了呢？
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