PPT 77頁的公式，為什么轉(zhuǎn)化到NPs的時(shí)候，MV target和MV portfolio合并為一項(xiàng)被提取出來了？
老師你好，60頁的volatility smile的圖 在59頁ppt中說到同樣exercise price and maturity的put and call implied volatility應(yīng)該一樣 那么在60頁圖中，是否同樣執(zhí)行價(jià)下的OTM call和ITM put 的implied volatility一樣呢？
老師你好，PPT上56頁的問題第一題我不太明白 如果用short call來hedge手里的股票，只是把執(zhí)行價(jià)右端變成平行線，也就是左邊的下行風(fēng)險(xiǎn)沒有被對(duì)沖掉 但是題目中有說到六個(gè)月后可能會(huì)有價(jià)格大幅下降的可能性，那么左邊的價(jià)格下降沒被對(duì)沖掉呀？
這個(gè)case里面不是說客戶想要protect from decline么，而且他不想賣shares; 如果用collar不是一旦漲了就要補(bǔ)差價(jià)或賣證券么?？蛻魶]說他要放棄upside potetial. 這個(gè)邏輯好像和reading 15 課后11題有點(diǎn)矛盾，這道題描述的情景類似，但是用的就是protective put.
從大盤股頭村調(diào)整到小盤股頭寸為什么不可以直接買小盤股的股指期貨？
老師，請(qǐng)問書本418頁第十九題答案， carry trades are occasionally subject to panicked unwinds in stressed market conditions. When this occurs, position exit can be made more difficult by market illiquidity and higher trading costs (wider bid/offer spreads)這段什么意思？怎么理解？ return distributions are often negatively skewed, reflect-ing the higher event risk (panicked carry trade unwinds, currency pegs being re- set, etc.) associated with the carry trade扣號(hào)里的怎么解釋？
老師，請(qǐng)問書本418頁第十七題答案，but as a country with capital controls題目中沒有提到，韓國也不是新興國家，為什么會(huì)要用NDF?若考試中要怎么來判斷？ Higher volatility would also make buy-ing a put option more expensive對(duì)于buying call option是否也是expensive？
老師，請(qǐng)問書本418頁第十六題答案，Note that the risk of daily margin calls is not a feature of most for-wards contracts; nor is initial margin這里想要表達(dá)的是什么意思？和題目是不是意思反了？ Posting additional margin would typically not be a daily event, however, except in the case of extreme market moves怎么理解in the case of extreme market move？post margin是怎么回事？
老師，請(qǐng)問書本413頁第六題答案， This approach assumes that, in free markets, exchange rates are determined by logical economic relationships that can be modeled. A fundamentals- based approach estimates the “fair value” of the currency, with the expectation that observed spot rates will converge to long- run equilibrium values described by parity conditions.不太理解這段是什么意思？
老師，請(qǐng)問書本413頁第三題答案 The management of these cash flow costs can accumulate and become a large portion of the portfolio’s value, and they become more expensive for cash outflows as interest rates increase這里不太明白為什么interest rates increase, 會(huì)more expensive？
老師，請(qǐng)問書本339頁第九題答案，能否詳細(xì)解釋一下？不太理解是什么意思？
老師，請(qǐng)問書本291頁第九題答案，Nu?es likely expects the XDF share price to remain relatively flat between the current price €74.98 and €80 until the February call option expires, after which time she expects the share price to increase above €80. If such expectations come to fruition, the February call would expire worthless and Nu?es would realize gains on the December call option能否詳細(xì)解釋一下？不太理解是什么意思？
洪老師上課時(shí)候喝多了么。。。。思路這么不清晰
老師，請(qǐng)問最后一段為什么會(huì)possibly through enter into new forward contracts？
老師，請(qǐng)問課件203頁最后一段，為什么說Doing do adds "convexity" to the portfolio?
程寶問答
金程問答