固收官網(wǎng)Shrewsbury case，spread risk的解析沒太看懂，請老師講解下
Danny Moynahan Case 這最后一題 關(guān)于tax 為什么選B而不是選C?
運(yùn)用Derivative overlay的時候，在計算swap NP的時候，NP = （liability BPV - asset BPV)/( sawp BPV/100),這里為什么要除100？
為什么Liquidity management has become more relevant in generating alpha for portfolios since the financial crisis
spread risk不懂。 為什么在用Derivative overlay時Spread risk是一個concern? Movements in the corporate–Treasury yield spread introduce risk to the hedging strategy.Usually, yields on high-quality corporate bonds are less volatile than on more-liquid Treasuries. Government bonds are used in a wide variety of hedging as well as speculative trading strategies by institutional investors. Also, inflows of international funds typically are placed in government bonds, at least until they are allocated to other asset classes. Those factors lead to greater volatility in Treasury yields than comparable-maturity corporate bonds. ” Excerpt From 2022 CFA Program Level III Volume 2 Derivatives, Currency Management, and Fixed Income CFA Institute This material may be protected by copyright.
老師，你好，關(guān)于CDS這個知識點(diǎn)，對于buy和sell CDS，如何判斷是overweight還是underweight credit exposure?
老師，固收百題Case 6 Q1, 這里題目說了是instantaneously decline, 那不是要在spread 0和POD*LGD項(xiàng)都考慮t=0嗎？為什么這里都沒有考慮？前面也出現(xiàn)過幾次這個t在不同地方（如圖三）的計算標(biāo)準(zhǔn)不一樣的情況，回答的說法也都是不一，到底考試時要怎么處理？能否給一個確定的標(biāo)準(zhǔn)？??！
這題為什么不選C？callable bond=pure -call option，r上升，Call option不值錢，減掉一個不值錢的比什么也不減的pure bond要高？
為什么measurement error risk比資產(chǎn)的流動性風(fēng)險大？
rise10%為什么不是delta spread為10%
這里計算收益率為什么要用復(fù)利？
老師，這里選項(xiàng)b和c后半句沒讀懂？什么意思？
請問R14原版書例題34怎么理解？
R11講義為什么說callable bond在高利率時會有positive convexity？如果這樣的話，沖刺筆記108頁說callable bond是negative convexity是不是不全面？
Q7:請問reading 14 第6部分 example 26 里面的“Coupon (Benchmark Yield) Coupon (Credit Spread）是怎么算的？ 謝謝
程寶問答
金程問答