chaucy1999

QUOTE:

以下是引用ptrell在2008-6-9 2:56:00的发言：
Prepayment risk 从广义上来说是属于Interest rate risk的一种。对于MBS（Morgage backed securities)来说，Prepayment risk 是最重要的risk。从事房贷
证卷的Quant们，其构造定价模型的关键之一，除了interest rate 模型外，就是要建造一个prepayment risk,因为其直接影响房贷证卷的价格。

看到这里有考生居然说没听说过prepayment risk, 简直让人掉拖下巴。这样的人去面试fixed income部门的时候，会被立马扫地出门的，因为
prepayment risk在fixed income 部门中占重要地位的MBS系列产品中是常识。

I am not so sure. Isn't PO demostrating negative convexity when the yield is very low? Therefore, if the interest rate is down significantly, The value increase of PO should be slowing down. I didn't choose immediately for this reason, I selected the one saying "paying off but not immediately" I thought CFA is trying to trick us this subtle difference

chaucy1999

Sorry. Maybe I didn't read the question well. About pension expense, I thought the interest cost was given. Why did you have to calculate yourself? - I am talking about the one asking "economic pension expense"

chaucy1999

QUOTE:

以下是引用超级水星人在2008-6-9 1:31:00的发言：
我记得D是should not read any part of the research report. 我看了好几遍了

Are we discussing the one which the analyst sent the report to CFO? And CFO came back saying the target price was too low? Or are we talking about the one, "during quiet periond, the analyst sent a short note for factual correction"?

If we are talking about 1). I remember (but not 100% sure) that the CFO and the analyst are both in the same company. The analyst must not send his/her report to the CFO unless it is for factual verification.

If we are discussing 2), I think there is no voliation because it was sent for factual correction.