老師請(qǐng)問一下，如果這邊改為長期rf，那么是不是它增加會(huì)導(dǎo)致貨幣貶值啊，短期rf增加導(dǎo)致資金流入，貨幣升值。長期則因?yàn)?rf=real +inflation，通脹上升導(dǎo)致貨幣貶值，可以這么理解嗎？
在trend asset return這里，老師的意思是：GDP的增長是從歷史數(shù)據(jù)中得出，然后growth of earning/GDP 和 growth of P/E是額外的return？
cap rate都是用當(dāng)前的數(shù)值嗎？還是只是這個(gè)案例用5.7%而已呢？
不理解為什么lameda上升，平滑效果加大后，VAR(r)還要大些？
如果公司業(yè)績的增長貢獻(xiàn)的是GDP的實(shí)際增長，為什么這里還要把growth rate調(diào)整成名義的增長值呢？
在contraction 階段，長期利率是下降還是上升？在第51頁P(yáng)PT里contraction階段的格子里寫了“short-term and long-term rates declining with bond prices increasing",這意思是長期利率下降。但是在第63頁P(yáng)PT老師講解的時(shí)候說“contraction階段短期利率下降，長期利率上升，收益率曲線在這時(shí)候最陡峭”，這意思是長期利率上升。那到底哪個(gè)說法是對(duì)的？
為什么是availability？還是沒懂
請(qǐng)問商品市場trade in googs and service 和 capital flow對(duì)匯率預(yù)期的影響在哪個(gè)課程有詳細(xì)講解
能不能解釋一下段 Rising current account balances tend to be associated with rising required returns (and therefore falling asset prices), and increased capital ?ows to the deficit country to fund its deficit. Capital ?ows also in?uence currencies.
When the economy is at the trough of the business cycle, equities perform well, and valuation ratios and earnings growth are expected to increase. The analyst could also use the Grinold- Kroner model to compute the required equity risk premium and increase the portfolio’s equity weights. At this stage, the yield curve is steep with high credit and term premiums. The expectation of rising interest rates means that bonds tend to underperform, and the analyst should reduce the portfolio’s bond allocation. 能不能解釋一下這段話？equity表現(xiàn)好的時(shí)候?yàn)槭裁碽ond表現(xiàn)差
你不能解釋一下這段的原因？ 謝謝 As markets become more integrated globally, required returns will fall. We saw this relationship in the Singer-Terhaar model. The analyst should increase allocations towards emerging markets that are expected to see increased integration, and away from those markets that are already highly integrated.
factor based VCV 確定不會(huì)考計(jì)算嗎
108-126，為什么例題里，本幣是貶值不是升值
這兩個(gè)點(diǎn)，寫出來其中一個(gè)是example of status quo bias 行嗎？還是得全寫出來？
老師，Cap rate不是r-g嗎？
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