精 老師你好：我一直沒整明白日歷價差策略？能講一講這個策略在什么情況下使用？是怎么獲利的呢？！
老師可以講一下這道題嗎
精 為什么bull spread中short put用高執(zhí)行價格+long put用低執(zhí)行價格；bear spread中short call用低執(zhí)行價格+long call用高執(zhí)行價格
Q28，題目中沒有提到volatility basd其他機構客戶是什么情況，怎么就可以說他們都是想hedge呢？
Q27，under-hedge是什么意思？
Q25，這里的不同國家的asset return是Rdc還是Rfc？賬戶總共有7%的return，7=5.5+1.5，這里也是可以按Rdc=（1+Rfc）（1+Rfx）-1 來理解么？
CFA網(wǎng)站上的題目：The fund owns 10,000 shares of Inwood Industries, Inc., which is currently trading at US$100.00. Bennett believes that Inwood’s next five quarterly earnings reports will miss consensus estimates but, longer term, there is value in the equity given the company’s strong backlog of new products. The shares are very illiquid to trade, so Tryon wants to hedge the position over this time frame without selling the shares. Park suggests three total return equity swaps for Tryon to consider. Question Which type of total return swap is Tryon most likely to use given his view on Inwood stock equity? Buy a one-year: cash-settled total return payer swap. cash-settled total return receiver swap. physically settled total return payer swap. 為什么選cash-settled total return payer？payer是指付固定，收浮動；我預計到浮動的收入會降低，應該想要收固定，付浮動去對沖。我認為應該選receiver swap。
這是CFA網(wǎng)站上的題。是不是這個題出錯了？ 給出的Spot rate 是EUR/USD？
假如直接法表示外匯：X/Y（X是本幣，Y是外幣），如果forward bias是premium，那就是代表溢價，應該賣掉外匯Y，買入本幣X？
CFA 網(wǎng)站上有道題目，我不是很理解選項B,C錯在哪里。Calzada asks for recommendations on option strategies to implement if the market is expected to trade in a narrow range in the near term. Dufu responds, “The appropriate strategy in this scenario depends on your expectations for changes in implied volatility. If you expect a decrease in implied volatility, then you should write a straddle on the stock index. If your expectation is for implied volatility to increase, then you should enter a short risk reversal trade on the stock index. If your view is that implied volatility will remain unchanged, then you should buy call options and write put options on the stock index.” Question In her response to Calzada, Dufu is most likely correct about: a writing a straddle. b short risk reversal trade. c buying calls and writing puts.
Q20，為什么equity的βt是0？bond的BPVp是0？
Currency reading 10， 課后題第25題，cross-product is equal to -0.005% 這個是什么意思？
Q21，1）為什么put option是OTM，ITM或者ATM行不行？2）C是collar么？3）為什么call option也是OTM？
Q20，這種未到期的rebalance，都是要調(diào)到期初的contract狀態(tài)么？這里跌了7milGBP，再買7milGBP，是相當于回歸了期初的100mil么？
為什么2.6*100
程寶問答
金程問答