老師您好！ 請問P147頁的第一段中的“The lower yield create a drag on returns”怎么理解呀？看了很多遍依然不解。 謝謝！
老師好，我在復習道德的時候，原版書Diligence and reasonable basis這一節(jié)，有提到黑盒black box。請問，如果分析師選用外部報告，但內有black box，是定價的關鍵模型，但第三方拒絕將黑盒信息透露。如果分析師繼續(xù)引用，請問他違反Diligence and reasonable basis嗎？謝謝。
為什么modified duration，老師講課時說，分母的YTM是整個
OAS是Z spread減去embedded call option價值，說明OAS不考慮option的風險。為什么還說含權債權要看OAS呢？（OAS都不考慮option的風險價值呀）。為什么說不含權債券反而要看包含了option risk價值的Z spread呢？
如果要收capital gain的tax，基數(shù)是full price還是clean price。如果后者，那coupon的部分要不要交稅，交什么稅。
新增的SS 3會不會考上午題？如果考會可能怎么考？
老師好，關于這部分知識想系統(tǒng)學習一下，基本不會算，謝謝！
請問： 當市場波動加大時，股權價值是升是降？按常理說，應該是貶值的，那么下面的①是不是有誤？ ①、如果按公司理財，風險加大，債權跌價、股權應該升值；（見配圖：股東選擇風險更大的project B時，股權價值更高） ②、如果按權益課，預期現(xiàn)金流不變、折現(xiàn)率增大，股權應該貶值。
老師，我記得有個case，說是基金經(jīng)理管理資產(chǎn)，同時免費為其親戚管理資產(chǎn)，其親戚也為其客戶。當有IPO分配時 ，他同時分配給自己的付費客戶和親戚。這種情況屬于違反道德準則嗎，謝謝。
Example 9 (Mosaic Theory): John Doll is a research analyst for a hedge fund that also sells its research to aselect group of paying client investment firms. Doll’s focus is medical technologycompanies and products, and he has been in the business long enough and has been successfulenough to build up a very credible network of friends and experts in the business.Doll has been working on a major research report recommending Boyce Health, a medicaldevice manufacturer. He recently ran into an old acquaintance at a wedding who isa senior executive at Boyce, and Doll asked about the business. Doll was drawn toa statement that the executive, who has responsibilities in the new products area,made about a product: “I would not get too excited about the medium-term prospects;we have a lot of work to do first.” Doll incorporated this and other information aboutthe new Boyce product in his long-term recommendation of Boyce. 請問這個有無違反道德準則呢，書上未正面回答，謝謝老師。
Example 9 (Mosaic Theory): John Doll is a research analyst for a hedge fund that also sells its research to aselect group of paying client investment firms. Doll’s focus is medical technologycompanies and products, and he has been in the business long enough and has been successfulenough to build up a very credible network of friends and experts in the business.Doll has been working on a major research report recommending Boyce Health, a medicaldevice manufacturer. He recently ran into an old acquaintance at a wedding who isa senior executive at Boyce, and Doll asked about the business. Doll was drawn toa statement that the executive, who has responsibilities in the new products area,made about a product: “I would not get too excited about the medium-term prospects;we have a lot of work to do first.” Doll incorporated this and other information aboutthe new Boyce product in his long-term recommendation of Boyce. 請問這個有無違反道德準則呢，書上未正面回答，謝謝老師。
Example 9 (Mosaic Theory): John Doll is a research analyst for a hedge fund that also sells its research to aselect group of paying client investment firms. Doll’s focus is medical technologycompanies and products, and he has been in the business long enough and has been successfulenough to build up a very credible network of friends and experts in the business.Doll has been working on a major research report recommending Boyce Health, a medicaldevice manufacturer. He recently ran into an old acquaintance at a wedding who isa senior executive at Boyce, and Doll asked about the business. Doll was drawn toa statement that the executive, who has responsibilities in the new products area,made about a product: “I would not get too excited about the medium-term prospects;we have a lot of work to do first.” Doll incorporated this and other information aboutthe new Boyce product in his long-term recommendation of Boyce. 老師，這是原版書一道case，請問這個到底是有無違反道德準則呢，原版書沒有直接正面回應有沒有違反。謝謝。
請問問題多久后回復呢，謝謝。
個人IPS中 如果將Nominal pre-tax return 調成 Real after-tax return，是先調節(jié)Inflation 還是先調節(jié)tax，公式應該是怎樣的？
急！請問（1）puttable bond duration對比普通bond 長或短？（2）為什么higher coupon rate bond duration較短？謝謝
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