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Search, Evaluate, and Read Evidence","\u002Fen\u002Facademic-writing\u002F02-reading-and-literature-matrix","en\u002Facademic-writing\u002F02-reading-and-literature-matrix",{"title":27,"path":28,"stem":29},"3. From Sources to Synthesis and Argument","\u002Fen\u002Facademic-writing\u002F03-arguments-outlines-and-paragraphs","en\u002Facademic-writing\u002F03-arguments-outlines-and-paragraphs",{"title":31,"path":32,"stem":33},"4. Literature Review and a Defensible Gap","\u002Fen\u002Facademic-writing\u002F04-writing-the-literature-review","en\u002Facademic-writing\u002F04-writing-the-literature-review",{"title":35,"path":36,"stem":37},"5. Research Design, Evidence, and Core Sections","\u002Fen\u002Facademic-writing\u002F05-core-sections-and-evidence","en\u002Facademic-writing\u002F05-core-sections-and-evidence",{"title":39,"path":40,"stem":41},"6. Citation, Paraphrasing, Integrity, and AI","\u002Fen\u002Facademic-writing\u002F06-citation-paraphrasing-and-integrity","en\u002Facademic-writing\u002F06-citation-paraphrasing-and-integrity",{"title":43,"path":44,"stem":45},"7. Revision, Review, and Submission","\u002Fen\u002Facademic-writing\u002F07-revision-style-and-submission","en\u002Facademic-writing\u002F07-revision-style-and-submission",{"title":47,"path":48,"stem":49},"8. Research Workbook","\u002Fen\u002Facademic-writing\u002F08-literature-review-checklist-and-template","en\u002Facademic-writing\u002F08-literature-review-checklist-and-template",{"title":51,"path":52,"stem":53},"9. Research Workflow and Tools","\u002Fen\u002Facademic-writing\u002F09-tools-for-academic-writing-and-literature-management","en\u002Facademic-writing\u002F09-tools-for-academic-writing-and-literature-management",{"title":55,"path":56,"stem":57},"10. Worked Project — From Question to Defensible Conclusion","\u002Fen\u002Facademic-writing\u002F10-worked-example-from-block-structure-to-question-chain","en\u002Facademic-writing\u002F10-worked-example-from-block-structure-to-question-chain",{"title":59,"path":60,"stem":61,"children":62,"page":249},"Accounting","\u002Fen\u002Faccounting","en\u002Faccounting",[63,69,87,93,193],{"title":64,"path":65,"stem":66,"children":67},"Accounting — From Evidence to Decisions","\u002Fen\u002Faccounting\u002F00-index","en\u002Faccounting\u002F00-index",[68],{"title":64,"path":65,"stem":66},{"title":70,"path":71,"stem":72,"children":73},"Accounting Appendix","\u002Fen\u002Faccounting\u002Fappendix","en\u002Faccounting\u002Fappendix\u002Findex",[74,75,79,83],{"title":70,"path":71,"stem":72},{"title":76,"path":77,"stem":78},"Worked Examples and Error Diagnosis","\u002Fen\u002Faccounting\u002Fappendix\u002F24-examples-pitfalls","en\u002Faccounting\u002Fappendix\u002F24-examples-pitfalls",{"title":80,"path":81,"stem":82},"Accounting Glossary","\u002Fen\u002Faccounting\u002Fappendix\u002F26-glossary","en\u002Faccounting\u002Fappendix\u002F26-glossary",{"title":84,"path":85,"stem":86},"Reading and Evidence Map","\u002Fen\u002Faccounting\u002Fappendix\u002F27-reading-map","en\u002Faccounting\u002Fappendix\u002F27-reading-map",{"title":88,"path":89,"stem":90,"children":91},"Northstar Record-to-Decision Capstone","\u002Fen\u002Faccounting\u002Fcapstone","en\u002Faccounting\u002Fcapstone\u002Findex",[92],{"title":88,"path":89,"stem":90},{"title":94,"path":95,"stem":96,"children":97},"Financial Accounting","\u002Fen\u002Faccounting\u002Ffinancial-accounting","en\u002Faccounting\u002Ffinancial-accounting\u002Findex",[98,99,117,131,165,179],{"title":94,"path":95,"stem":96},{"title":100,"path":101,"stem":102,"children":103},"1. Foundations","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002Findex",[104,105,109,113],{"title":100,"path":101,"stem":102},{"title":106,"path":107,"stem":108},"Objectives and Qualitative Characteristics","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F01-objectives-qualitative-characteristics","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F01-objectives-qualitative-characteristics",{"title":110,"path":111,"stem":112},"Equation and Elements","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F02-equation-elements","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F02-equation-elements",{"title":114,"path":115,"stem":116},"Accrual Basis, Estimates and Periods","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F03-accounting-bases-principles","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F03-accounting-bases-principles",{"title":118,"path":119,"stem":120,"children":121},"2. Recording Transactions","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002Findex",[122,123,127],{"title":118,"path":119,"stem":120},{"title":124,"path":125,"stem":126},"Double-Entry and Debit\u002FCredit","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F04-double-entry-dr-cr","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F04-double-entry-dr-cr",{"title":128,"path":129,"stem":130},"Accounting Cycle","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F05-accounting-cycle","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F05-accounting-cycle",{"title":132,"path":133,"stem":134,"children":135},"3. Measurement and Adjustments","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002Findex",[136,137,141,145,149,153,157,161],{"title":132,"path":133,"stem":134},{"title":138,"path":139,"stem":140},"Revenue Recognition","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F07-revenue-recognition","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F07-revenue-recognition",{"title":142,"path":143,"stem":144},"Inventory","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F08-inventory","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F08-inventory",{"title":146,"path":147,"stem":148},"Receivables and Expected Credit Losses","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F09-receivables","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F09-receivables",{"title":150,"path":151,"stem":152},"Property, Plant and Equipment","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F10-ppe","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F10-ppe",{"title":154,"path":155,"stem":156},"Intangible Assets","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F11-intangibles","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F11-intangibles",{"title":158,"path":159,"stem":160},"Leases","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F12-leases","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F12-leases",{"title":162,"path":163,"stem":164},"Current and Deferred Income Tax","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F13-income-tax","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F13-income-tax",{"title":166,"path":167,"stem":168,"children":169},"4. Reporting and Cash","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002Findex",[170,171,175],{"title":166,"path":167,"stem":168},{"title":172,"path":173,"stem":174},"Linked Financial Statements","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F06-financial-statements","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F06-financial-statements",{"title":176,"path":177,"stem":178},"Cash, Reconciliation and Internal Control","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F14-cash-control","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F14-cash-control",{"title":180,"path":181,"stem":182,"children":183},"5. Analysis and Comparison","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002Findex",[184,185,189],{"title":180,"path":181,"stem":182},{"title":186,"path":187,"stem":188},"Ratio Analysis","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F15-ratio-analysis","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F15-ratio-analysis",{"title":190,"path":191,"stem":192},"IFRS versus US GAAP","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F25-ifrs-gaap","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F25-ifrs-gaap",{"title":194,"path":195,"stem":196,"children":197},"Management Accounting","\u002Fen\u002Faccounting\u002Fmanagement-accounting","en\u002Faccounting\u002Fmanagement-accounting\u002Findex",[198,199,217,235],{"title":194,"path":195,"stem":196},{"title":200,"path":201,"stem":202,"children":203},"1. Cost Foundations","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002Findex",[204,205,209,213],{"title":200,"path":201,"stem":202},{"title":206,"path":207,"stem":208},"Cost Concepts and Behaviour","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F16-cost-concepts","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F16-cost-concepts",{"title":210,"path":211,"stem":212},"Costing Systems","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F17-costing-systems","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F17-costing-systems",{"title":214,"path":215,"stem":216},"Variable and Absorption Costing","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F19-variable-vs-absorption","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F19-variable-vs-absorption",{"title":218,"path":219,"stem":220,"children":221},"2. Planning and Control","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002Findex",[222,223,227,231],{"title":218,"path":219,"stem":220},{"title":224,"path":225,"stem":226},"Cost–Volume–Profit Analysis","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F18-cvp-analysis","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F18-cvp-analysis",{"title":228,"path":229,"stem":230},"Budgeting and Variance Analysis","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F20-budgeting-variances","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F20-budgeting-variances",{"title":232,"path":233,"stem":234},"Performance Measurement","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F21-performance-measurement","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F21-performance-measurement",{"title":236,"path":237,"stem":238,"children":239},"3. Decisions and Investment","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002Findex",[240,241,245],{"title":236,"path":237,"stem":238},{"title":242,"path":243,"stem":244},"Short-Term Decisions","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F22-short-term-decisions","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F22-short-term-decisions",{"title":246,"path":247,"stem":248},"Capital Budgeting","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F23-capital-budgeting","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F23-capital-budgeting",false,{"title":251,"path":252,"stem":253,"children":254,"page":249},"Business Analytics","\u002Fen\u002Fbusiness-analytics","en\u002Fbusiness-analytics",[255,261,279,305,335,365,383,400],{"title":256,"path":257,"stem":258,"children":259},"Business Analytics — From Data to Defensible Action","\u002Fen\u002Fbusiness-analytics\u002F00-index","en\u002Fbusiness-analytics\u002F00-index",[260],{"title":256,"path":257,"stem":258},{"title":262,"path":263,"stem":264,"children":265},"0. Decision and Data Foundations","\u002Fen\u002Fbusiness-analytics\u002F00-intro","en\u002Fbusiness-analytics\u002F00-intro\u002Findex",[266,267,271,275],{"title":262,"path":263,"stem":264},{"title":268,"path":269,"stem":270},"Decision Framing","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F01-decision-framing","en\u002Fbusiness-analytics\u002F00-intro\u002F01-decision-framing",{"title":272,"path":273,"stem":274},"Data Contracts","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F02-data-contracts","en\u002Fbusiness-analytics\u002F00-intro\u002F02-data-contracts",{"title":276,"path":277,"stem":278},"Reproducible Analytics Workflow","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F03-reproducible-workflow","en\u002Fbusiness-analytics\u002F00-intro\u002F03-reproducible-workflow",{"title":280,"path":281,"stem":282,"children":283},"1. Descriptive Analytics","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive","en\u002Fbusiness-analytics\u002F01-descriptive\u002Findex",[284,285,289,293,297,301],{"title":280,"path":281,"stem":282},{"title":286,"path":287,"stem":288},"Distributions and Exploratory Data Analysis","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F04-distributions-eda","en\u002Fbusiness-analytics\u002F01-descriptive\u002F04-distributions-eda",{"title":290,"path":291,"stem":292},"KPIs and Denominators","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F05-kpis-denominators","en\u002Fbusiness-analytics\u002F01-descriptive\u002F05-kpis-denominators",{"title":294,"path":295,"stem":296},"Segments, Cohorts and Funnels","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F06-segmentation-cohorts-funnels","en\u002Fbusiness-analytics\u002F01-descriptive\u002F06-segmentation-cohorts-funnels",{"title":298,"path":299,"stem":300},"Visual Evidence and Data Stories","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F07-visualisation-story","en\u002Fbusiness-analytics\u002F01-descriptive\u002F07-visualisation-story",{"title":302,"path":303,"stem":304},"Experiments and Causal Boundaries","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F08-experiments-causal-boundary","en\u002Fbusiness-analytics\u002F01-descriptive\u002F08-experiments-causal-boundary",{"title":306,"path":307,"stem":308,"children":309},"2. Predictive Analytics","\u002Fen\u002Fbusiness-analytics\u002F02-predictive","en\u002Fbusiness-analytics\u002F02-predictive\u002Findex",[310,311,315,319,323,327,331],{"title":306,"path":307,"stem":308},{"title":312,"path":313,"stem":314},"Validation, Baselines and Leakage","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F09-validation-leakage","en\u002Fbusiness-analytics\u002F02-predictive\u002F09-validation-leakage",{"title":316,"path":317,"stem":318},"Regression and Forecasting","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F10-regression-forecasting","en\u002Fbusiness-analytics\u002F02-predictive\u002F10-regression-forecasting",{"title":320,"path":321,"stem":322},"Classification and Calibration","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F11-classification-calibration","en\u002Fbusiness-analytics\u002F02-predictive\u002F11-classification-calibration",{"title":324,"path":325,"stem":326},"Trees and Ensembles","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F12-trees-ensembles","en\u002Fbusiness-analytics\u002F02-predictive\u002F12-trees-ensembles",{"title":328,"path":329,"stem":330},"Decision Metrics and Thresholds","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F13-decision-metrics-thresholds","en\u002Fbusiness-analytics\u002F02-predictive\u002F13-decision-metrics-thresholds",{"title":332,"path":333,"stem":334},"Explainability, Monitoring and Drift","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F14-explainability-drift","en\u002Fbusiness-analytics\u002F02-predictive\u002F14-explainability-drift",{"title":336,"path":337,"stem":338,"children":339},"3. Prescriptive Analytics","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive","en\u002Fbusiness-analytics\u002F03-prescriptive\u002Findex",[340,341,345,349,353,357,361],{"title":336,"path":337,"stem":338},{"title":342,"path":343,"stem":344},"Decision-Making under Uncertainty","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F15-decision-uncertainty","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F15-decision-uncertainty",{"title":346,"path":347,"stem":348},"Linear Optimisation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F16-linear-optimization","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F16-linear-optimization",{"title":350,"path":351,"stem":352},"Inventory and Allocation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F17-inventory-allocation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F17-inventory-allocation",{"title":354,"path":355,"stem":356},"Queueing and Simulation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F18-queueing-simulation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F18-queueing-simulation",{"title":358,"path":359,"stem":360},"Pricing and Revenue Management","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F19-pricing-experimentation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F19-pricing-experimentation",{"title":362,"path":363,"stem":364},"Causal Targeting and Policy Learning","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F20-causal-targeting","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F20-causal-targeting",{"title":366,"path":367,"stem":368,"children":369},"4. Deployment and Governance","\u002Fen\u002Fbusiness-analytics\u002F04-deployment","en\u002Fbusiness-analytics\u002F04-deployment\u002Findex",[370,371,375,379],{"title":366,"path":367,"stem":368},{"title":372,"path":373,"stem":374},"Data Products and Monitoring","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F21-data-products-monitoring","en\u002Fbusiness-analytics\u002F04-deployment\u002F21-data-products-monitoring",{"title":376,"path":377,"stem":378},"Governance, Fairness and Privacy","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F22-governance-fairness-privacy","en\u002Fbusiness-analytics\u002F04-deployment\u002F22-governance-fairness-privacy",{"title":380,"path":381,"stem":382},"Adoption and Business Value","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F23-adoption-value","en\u002Fbusiness-analytics\u002F04-deployment\u002F23-adoption-value",{"title":384,"path":385,"stem":386,"children":387},"Appendix and Revision Tools","\u002Fen\u002Fbusiness-analytics\u002Fappendix","en\u002Fbusiness-analytics\u002Fappendix\u002Findex",[388,389,393,397],{"title":384,"path":385,"stem":386},{"title":390,"path":391,"stem":392},"Formula and Decision Map","\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F24-formula-map","en\u002Fbusiness-analytics\u002Fappendix\u002F24-formula-map",{"title":394,"path":395,"stem":396},"Worked Examples and Pitfalls","\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F25-worked-examples-pitfalls","en\u002Fbusiness-analytics\u002Fappendix\u002F25-worked-examples-pitfalls",{"title":84,"path":398,"stem":399},"\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F26-reading-map","en\u002Fbusiness-analytics\u002Fappendix\u002F26-reading-map",{"title":401,"path":402,"stem":403,"children":404},"Capstone — The Evening Delivery Promise","\u002Fen\u002Fbusiness-analytics\u002Fcapstone","en\u002Fbusiness-analytics\u002Fcapstone\u002Findex",[405],{"title":401,"path":402,"stem":403},{"title":407,"path":408,"stem":409,"children":410,"page":249},"Financial Economic Time Series","\u002Fen\u002Ffinancial-economic-time-series","en\u002Ffinancial-economic-time-series",[411,417,423,429,435,441,447,453,459,465,471],{"title":412,"path":413,"stem":414,"children":415},"Financial and Economic Time Series — Course Guide","\u002Fen\u002Ffinancial-economic-time-series\u002F00-intro","en\u002Ffinancial-economic-time-series\u002F00-intro\u002Findex",[416],{"title":412,"path":413,"stem":414},{"title":418,"path":419,"stem":420,"children":421},"Three Versions of Time Series","\u002Fen\u002Ffinancial-economic-time-series\u002F01-bridge","en\u002Ffinancial-economic-time-series\u002F01-bridge\u002Findex",[422],{"title":418,"path":419,"stem":420},{"title":424,"path":425,"stem":426,"children":427},"Data, Clocks, and Transformations","\u002Fen\u002Ffinancial-economic-time-series\u002F02-data-transformations","en\u002Ffinancial-economic-time-series\u002F02-data-transformations\u002Findex",[428],{"title":424,"path":425,"stem":426},{"title":430,"path":431,"stem":432,"children":433},"Predictive Regressions and Persistent Predictors","\u002Fen\u002Ffinancial-economic-time-series\u002F03-predictive-regressions","en\u002Ffinancial-economic-time-series\u002F03-predictive-regressions\u002Findex",[434],{"title":430,"path":431,"stem":432},{"title":436,"path":437,"stem":438,"children":439},"Volatility, Tails, and Financial Risk","\u002Fen\u002Ffinancial-economic-time-series\u002F04-volatility-risk","en\u002Ffinancial-economic-time-series\u002F04-volatility-risk\u002Findex",[440],{"title":436,"path":437,"stem":438},{"title":442,"path":443,"stem":444,"children":445},"Unit Roots, Cointegration, and Error Correction","\u002Fen\u002Ffinancial-economic-time-series\u002F05-unit-roots-cointegration","en\u002Ffinancial-economic-time-series\u002F05-unit-roots-cointegration\u002Findex",[446],{"title":442,"path":443,"stem":444},{"title":448,"path":449,"stem":450,"children":451},"VAR, Structural Identification, and Local Projections","\u002Fen\u002Ffinancial-economic-time-series\u002F06-var-identification","en\u002Ffinancial-economic-time-series\u002F06-var-identification\u002Findex",[452],{"title":448,"path":449,"stem":450},{"title":454,"path":455,"stem":456,"children":457},"State Space, Mixed Frequency, and Nowcasting","\u002Fen\u002Ffinancial-economic-time-series\u002F07-state-space-nowcasting","en\u002Ffinancial-economic-time-series\u002F07-state-space-nowcasting\u002Findex",[458],{"title":454,"path":455,"stem":456},{"title":460,"path":461,"stem":462,"children":463},"Forecast Evaluation for Decisions","\u002Fen\u002Ffinancial-economic-time-series\u002F08-forecast-evaluation","en\u002Ffinancial-economic-time-series\u002F08-forecast-evaluation\u002Findex",[464],{"title":460,"path":461,"stem":462},{"title":466,"path":467,"stem":468,"children":469},"Integrated R Laboratory","\u002Fen\u002Ffinancial-economic-time-series\u002F09-r-laboratory","en\u002Ffinancial-economic-time-series\u002F09-r-laboratory\u002Findex",[470],{"title":466,"path":467,"stem":468},{"title":472,"path":473,"stem":474,"children":475},"Capstones, Data, and Reading Ladder","\u002Fen\u002Ffinancial-economic-time-series\u002F10-capstone-readings","en\u002Ffinancial-economic-time-series\u002F10-capstone-readings\u002Findex",[476],{"title":472,"path":473,"stem":474},{"title":478,"path":479,"stem":480,"children":481,"page":249},"Intro To Economics","\u002Fen\u002Fintro-to-economics","en\u002Fintro-to-economics",[482,486,490,494,498,502,506,510,514,518,522,526,530],{"title":483,"path":484,"stem":485},"Introduction to Economics — Decisions, Markets, and the Macroeconomy","\u002Fen\u002Fintro-to-economics\u002F00-intro","en\u002Fintro-to-economics\u002F00-intro",{"title":487,"path":488,"stem":489},"Chapter 1 — Choice, Opportunity Cost, and Trade","\u002Fen\u002Fintro-to-economics\u002F01-foundations","en\u002Fintro-to-economics\u002F01-foundations",{"title":491,"path":492,"stem":493},"Chapter 2 — Demand, Supply, Equilibrium, and Welfare","\u002Fen\u002Fintro-to-economics\u002F02-demand-and-supply","en\u002Fintro-to-economics\u002F02-demand-and-supply",{"title":495,"path":496,"stem":497},"Chapter 3 — Elasticity, Revenue, and Tax Incidence","\u002Fen\u002Fintro-to-economics\u002F03-elasticity","en\u002Fintro-to-economics\u002F03-elasticity",{"title":499,"path":500,"stem":501},"Chapter 4 — Firms, Market Power, and Market Failure","\u002Fen\u002Fintro-to-economics\u002F04-market-structures","en\u002Fintro-to-economics\u002F04-market-structures",{"title":503,"path":504,"stem":505},"Chapter 5 — GDP, Income, Wealth, and Welfare","\u002Fen\u002Fintro-to-economics\u002F05-gdp-and-wealth","en\u002Fintro-to-economics\u002F05-gdp-and-wealth",{"title":507,"path":508,"stem":509},"Chapter 6 — Inflation, Purchasing Power, and Labour Markets","\u002Fen\u002Fintro-to-economics\u002F06-inflation-and-unemployment","en\u002Fintro-to-economics\u002F06-inflation-and-unemployment",{"title":511,"path":512,"stem":513},"Chapter 7 — Productivity, Technology, and Economic Growth","\u002Fen\u002Fintro-to-economics\u002F07-economic-growth","en\u002Fintro-to-economics\u002F07-economic-growth",{"title":515,"path":516,"stem":517},"Chapter 8 — Money, Credit, and Banking","\u002Fen\u002Fintro-to-economics\u002F08-money-and-banking","en\u002Fintro-to-economics\u002F08-money-and-banking",{"title":519,"path":520,"stem":521},"Chapter 9 — Business Cycles, AD–AS, and Monetary Policy","\u002Fen\u002Fintro-to-economics\u002F09-monetary-policy-and-ad-as","en\u002Fintro-to-economics\u002F09-monetary-policy-and-ad-as",{"title":523,"path":524,"stem":525},"Chapter 10 — Fiscal Policy, Distribution, and Public Debt","\u002Fen\u002Fintro-to-economics\u002F10-fiscal-policy","en\u002Fintro-to-economics\u002F10-fiscal-policy",{"title":527,"path":528,"stem":529},"Chapter 11 — Trade, Capital Flows, and Exchange Rates","\u002Fen\u002Fintro-to-economics\u002F11-open-economy-and-exchange-rates","en\u002Fintro-to-economics\u002F11-open-economy-and-exchange-rates",{"title":531,"path":532,"stem":533},"Chapter 12 — Integrated Economic Analysis Studio","\u002Fen\u002Fintro-to-economics\u002F12-review-and-case-studies","en\u002Fintro-to-economics\u002F12-review-and-case-studies",{"title":535,"path":536,"stem":537,"children":538,"page":249},"Microeconometrics","\u002Fen\u002Fmicroeconometrics","en\u002Fmicroeconometrics",[539,557,563,581,603,629,651,673,691,709],{"title":540,"path":541,"stem":542,"children":543},"0. Causal Questions and Designs","\u002Fen\u002Fmicroeconometrics\u002F00-foundations","en\u002Fmicroeconometrics\u002F00-foundations\u002Findex",[544,545,549,553],{"title":540,"path":541,"stem":542},{"title":546,"path":547,"stem":548},"Causal Questions and Estimands","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F01-causal-question-estimands","en\u002Fmicroeconometrics\u002F00-foundations\u002F01-causal-question-estimands",{"title":550,"path":551,"stem":552},"Potential Outcomes and Experiments","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F02-potential-outcomes-experiments","en\u002Fmicroeconometrics\u002F00-foundations\u002F02-potential-outcomes-experiments",{"title":554,"path":555,"stem":556},"Causal Diagrams and Controls","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F03-dags-controls","en\u002Fmicroeconometrics\u002F00-foundations\u002F03-dags-controls",{"title":558,"path":559,"stem":560,"children":561},"Microeconometrics — Designing Credible Counterfactuals","\u002Fen\u002Fmicroeconometrics\u002F00-index","en\u002Fmicroeconometrics\u002F00-index",[562],{"title":558,"path":559,"stem":560},{"title":564,"path":565,"stem":566,"children":567},"1. Regression and Inference","\u002Fen\u002Fmicroeconometrics\u002F01-regression","en\u002Fmicroeconometrics\u002F01-regression\u002Findex",[568,569,573,577],{"title":564,"path":565,"stem":566},{"title":570,"path":571,"stem":572},"OLS as a Projection","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F04-ols-projection","en\u002Fmicroeconometrics\u002F01-regression\u002F04-ols-projection",{"title":574,"path":575,"stem":576},"FWL, Selection and Controls","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F05-fwl-selection-controls","en\u002Fmicroeconometrics\u002F01-regression\u002F05-fwl-selection-controls",{"title":578,"path":579,"stem":580},"Inference and Clustering","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F06-inference-clustering","en\u002Fmicroeconometrics\u002F01-regression\u002F06-inference-clustering",{"title":582,"path":583,"stem":584,"children":585},"2. Instruments and Panel Data","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel","en\u002Fmicroeconometrics\u002F02-iv-panel\u002Findex",[586,587,591,595,599],{"title":582,"path":583,"stem":584},{"title":588,"path":589,"stem":590},"Instrumental Variables","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F07-iv-identification","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F07-iv-identification",{"title":592,"path":593,"stem":594},"Weak Instruments and LATE","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F08-weak-iv-late","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F08-weak-iv-late",{"title":596,"path":597,"stem":598},"Panel Fixed Effects","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F09-panel-fixed-effects","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F09-panel-fixed-effects",{"title":600,"path":601,"stem":602},"Dynamic Panels and Limits","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F10-dynamic-panel","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F10-dynamic-panel",{"title":604,"path":605,"stem":606,"children":607},"3. Policy Evaluation Designs","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs","en\u002Fmicroeconometrics\u002F03-policy-designs\u002Findex",[608,609,613,617,621,625],{"title":604,"path":605,"stem":606},{"title":610,"path":611,"stem":612},"Difference-in-Differences","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F11-did-core","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F11-did-core",{"title":614,"path":615,"stem":616},"Staggered DID and Event Studies","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F12-staggered-event-studies","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F12-staggered-event-studies",{"title":618,"path":619,"stem":620},"Regression Discontinuity","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F13-rdd","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F13-rdd",{"title":622,"path":623,"stem":624},"Matching, Weighting and Overlap","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F14-matching-weighting","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F14-matching-weighting",{"title":626,"path":627,"stem":628},"Synthetic Control","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F15-synthetic-control","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F15-synthetic-control",{"title":630,"path":631,"stem":632,"children":633},"Module 4 — Choice and Limited Outcomes","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002Findex",[634,635,639,643,647],{"title":630,"path":631,"stem":632},{"title":636,"path":637,"stem":638},"Binary Choice","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F16-binary-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F16-binary-choice",{"title":640,"path":641,"stem":642},"Multinomial and Ordered Choice","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F17-multinomial-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F17-multinomial-choice",{"title":644,"path":645,"stem":646},"Count Outcomes","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F18-count-outcomes","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F18-count-outcomes",{"title":648,"path":649,"stem":650},"Censoring, Truncation and Selection","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F19-censoring-selection","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F19-censoring-selection",{"title":652,"path":653,"stem":654,"children":655},"Module 5 — Modern Causal Analysis","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal","en\u002Fmicroeconometrics\u002F05-modern-causal\u002Findex",[656,657,661,665,669],{"title":652,"path":653,"stem":654},{"title":658,"path":659,"stem":660},"Double Machine Learning","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F20-dml","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F20-dml",{"title":662,"path":663,"stem":664},"Heterogeneity and Policy Learning","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F21-heterogeneity-policy","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F21-heterogeneity-policy",{"title":666,"path":667,"stem":668},"Sensitivity and Partial Identification","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F22-sensitivity-partial-id","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F22-sensitivity-partial-id",{"title":670,"path":671,"stem":672},"External Validity and Transport","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F23-external-validity","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F23-external-validity",{"title":674,"path":675,"stem":676,"children":677},"Module 6 — From Data to Auditable Evidence","\u002Fen\u002Fmicroeconometrics\u002F06-workflow","en\u002Fmicroeconometrics\u002F06-workflow\u002Findex",[678,679,683,687],{"title":674,"path":675,"stem":676},{"title":680,"path":681,"stem":682},"Data Provenance","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F24-data-provenance","en\u002Fmicroeconometrics\u002F06-workflow\u002F24-data-provenance",{"title":684,"path":685,"stem":686},"Reproducibility and Reporting","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F25-reproducibility-reporting","en\u002Fmicroeconometrics\u002F06-workflow\u002F25-reproducibility-reporting",{"title":688,"path":689,"stem":690},"Paper and Evidence Audit","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F26-paper-audit","en\u002Fmicroeconometrics\u002F06-workflow\u002F26-paper-audit",{"title":692,"path":693,"stem":694,"children":695},"Appendix — Revision and Evidence Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix","en\u002Fmicroeconometrics\u002Fappendix\u002Findex",[696,697,701,705],{"title":692,"path":693,"stem":694},{"title":698,"path":699,"stem":700},"Formula and Design Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F27-formula-design-map","en\u002Fmicroeconometrics\u002Fappendix\u002F27-formula-design-map",{"title":702,"path":703,"stem":704},"Ten Worked Microeconometric Pitfalls","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F28-worked-pitfalls","en\u002Fmicroeconometrics\u002Fappendix\u002F28-worked-pitfalls",{"title":706,"path":707,"stem":708},"Reading and Software Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F29-reading-software-map","en\u002Fmicroeconometrics\u002Fappendix\u002F29-reading-software-map",{"title":710,"path":711,"stem":712,"children":713},"Capstone — Should Northbridge Expand Pathways?","\u002Fen\u002Fmicroeconometrics\u002Fcapstone","en\u002Fmicroeconometrics\u002Fcapstone\u002Findex",[714],{"title":710,"path":711,"stem":712},{"title":716,"path":717,"stem":718,"children":719,"page":249},"Microeconomics","\u002Fen\u002Fmicroeconomics","en\u002Fmicroeconomics",[720,726,732,738,744,750,756,762,768,774,780,786,792],{"title":721,"path":722,"stem":723,"children":724},"Advanced Microeconomics — Course Guide","\u002Fen\u002Fmicroeconomics\u002F00-intro","en\u002Fmicroeconomics\u002F00-intro\u002Findex",[725],{"title":721,"path":722,"stem":723},{"title":727,"path":728,"stem":729,"children":730},"Module 1 — Choice, Duality, and Revealed Preference","\u002Fen\u002Fmicroeconomics\u002F01-fundations","en\u002Fmicroeconomics\u002F01-fundations\u002Findex",[731],{"title":727,"path":728,"stem":729},{"title":733,"path":734,"stem":735,"children":736},"Module 2 — Comparative Statics and Welfare Measurement","\u002Fen\u002Fmicroeconomics\u002F02-comparative-statics","en\u002Fmicroeconomics\u002F02-comparative-statics\u002Findex",[737],{"title":733,"path":734,"stem":735},{"title":739,"path":740,"stem":741,"children":742},"Module 3 — Choice under Risk and Insurance","\u002Fen\u002Fmicroeconomics\u002F03-uncertainty","en\u002Fmicroeconomics\u002F03-uncertainty\u002Findex",[743],{"title":739,"path":740,"stem":741},{"title":745,"path":746,"stem":747,"children":748},"Module 4 — General Equilibrium and Welfare","\u002Fen\u002Fmicroeconomics\u002F04-general-equilibrium","en\u002Fmicroeconomics\u002F04-general-equilibrium\u002Findex",[749],{"title":745,"path":746,"stem":747},{"title":751,"path":752,"stem":753,"children":754},"Module 5 — Static, Dynamic, and Repeated Games","\u002Fen\u002Fmicroeconomics\u002F05-game-theory","en\u002Fmicroeconomics\u002F05-game-theory\u002Findex",[755],{"title":751,"path":752,"stem":753},{"title":757,"path":758,"stem":759,"children":760},"Module 6 — Oligopoly, Entry, and Algorithmic Pricing","\u002Fen\u002Fmicroeconomics\u002F06-oligopoly","en\u002Fmicroeconomics\u002F06-oligopoly\u002Findex",[761],{"title":757,"path":758,"stem":759},{"title":763,"path":764,"stem":765,"children":766},"Module 7 — Information Economics and Contracts","\u002Fen\u002Fmicroeconomics\u002F07-information-economics","en\u002Fmicroeconomics\u002F07-information-economics\u002Findex",[767],{"title":763,"path":764,"stem":765},{"title":769,"path":770,"stem":771,"children":772},"Module 8 — Mechanism Design and Auctions","\u002Fen\u002Fmicroeconomics\u002F08-mechanism-design","en\u002Fmicroeconomics\u002F08-mechanism-design\u002Findex",[773],{"title":769,"path":770,"stem":771},{"title":775,"path":776,"stem":777,"children":778},"Module 9 — Behavioural and Experimental Microeconomics","\u002Fen\u002Fmicroeconomics\u002F09-behavioural-economics","en\u002Fmicroeconomics\u002F09-behavioural-economics\u002Findex",[779],{"title":775,"path":776,"stem":777},{"title":781,"path":782,"stem":783,"children":784},"Module 10 — Externalities, Public Goods, and Collective Action","\u002Fen\u002Fmicroeconomics\u002F10-externalities-public-goods","en\u002Fmicroeconomics\u002F10-externalities-public-goods\u002Findex",[785],{"title":781,"path":782,"stem":783},{"title":787,"path":788,"stem":789,"children":790},"Module 11 — Matching and Market Design","\u002Fen\u002Fmicroeconomics\u002F11-market-design","en\u002Fmicroeconomics\u002F11-market-design\u002Findex",[791],{"title":787,"path":788,"stem":789},{"title":793,"path":794,"stem":795,"children":796},"Module 12 — Integrated Microeconomic Design Studio","\u002Fen\u002Fmicroeconomics\u002F12-review","en\u002Fmicroeconomics\u002F12-review\u002Findex",[797],{"title":793,"path":794,"stem":795},{"title":799,"path":800,"stem":801,"children":802},"Playground","\u002Fen\u002Fplayground","en\u002Fplayground\u002Findex",[803,804,808,812,816,820],{"title":799,"path":800,"stem":801},{"title":805,"path":806,"stem":807},"Typst Plugin Playground","\u002Fen\u002Fplayground\u002F01-typstex","en\u002Fplayground\u002F01-typstex",{"title":809,"path":810,"stem":811},"Citation Plugin Test","\u002Fen\u002Fplayground\u002F02-citation","en\u002Fplayground\u002F02-citation",{"title":813,"path":814,"stem":815},"Pyodide Playground","\u002Fen\u002Fplayground\u002F03-pyodide","en\u002Fplayground\u002F03-pyodide",{"title":817,"path":818,"stem":819},"WebR Playground","\u002Fen\u002Fplayground\u002F04-webr","en\u002Fplayground\u002F04-webr",{"title":821,"path":822,"stem":823},"Chart.js 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文献综述的构建与写作","\u002Fzh\u002Facademic-writing\u002F04-writing-the-literature-review","zh\u002Facademic-writing\u002F04-writing-the-literature-review",{"title":1056,"path":1057,"stem":1058},"8. 文献综述清单与模板","\u002Fzh\u002Facademic-writing\u002F08-literature-review-checklist-and-template","zh\u002Facademic-writing\u002F08-literature-review-checklist-and-template",{"title":1060,"path":1061,"stem":1062},"10. 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Alpha 策略全流程","\u002Fzh\u002Fquant\u002F09-case-study","zh\u002Fquant\u002F09-case-study",{"title":1779,"path":1780,"stem":1781},"量化投资文献与软件图谱","\u002Fzh\u002Fquant\u002F10-reading-software-map","zh\u002Fquant\u002F10-reading-software-map",null,{"id":1784,"title":1296,"body":1785,"description":4061,"extension":4062,"features":1782,"hero":1782,"layout":1782,"locale":1782,"meta":4063,"navigation":1782,"path":1297,"published":4066,"seo":4067,"stem":1298,"__hash__":4068},"docs\u002Fzh\u002Fasset-pricing\u002F08-fixed-income\u002Findex.md",{"type":1786,"value":1787,"toc":4039},"minimark",[1788,1792,1796,1799,1803,1863,1866,1869,1888,1891,1909,1912,1915,1969,1972,1975,2366,2369,2577,2661,2664,2668,2671,2674,2677,2680,2683,2686,2689,2692,2695,2698,2896,2899,2902,2905,2908,2912,2974,3161,3164,3495,3682,3685,3689,3692,3699,3702,3705,3797,3800,3833,3836,3850,3853,4033,4036],[1789,1790,1296],"h1",{"id":1791},"第八章固定收益证券",[1793,1794,1795],"p",{},"固定收益证券看起来比股票简单，因为债券现金流常常写在合约里。但真正的难点在于：现金流发生在不同期限，贴现率随期限变化，利率曲线会整体移动、扭曲和旋转，信用风险还会改变实际收到现金流的概率。",[1793,1797,1798],{},"本章把前面学到的贴现、无套利和风险度量用于债券、收益率曲线、久期凸性、利率模型和信用风险。它也是理解货币政策传导、银行资产负债管理和利率衍生品的基础。",[1800,1801,1802],"h2",{"id":1802},"本章路线",[1804,1805,1806,1819],"table",{},[1807,1808,1809],"thead",{},[1810,1811,1812,1816],"tr",{},[1813,1814,1815],"th",{},"课次",[1813,1817,1818],{},"核心问题",[1820,1821,1822,1831,1839,1847,1855],"tbody",{},[1810,1823,1824,1828],{},[1825,1826,1827],"td",{},"8.1 债券定价",[1825,1829,1830],{},"每笔现金流应使用哪一个贴现率？",[1810,1832,1833,1836],{},[1825,1834,1835],{},"8.2 久期与凸性",[1825,1837,1838],{},"利率小幅变化时价格怎样近似响应？",[1810,1840,1841,1844],{},[1825,1842,1843],{},"8.3 收益率曲线",[1825,1845,1846],{},"即期利率、远期利率与到期收益率有何区别？",[1810,1848,1849,1852],{},[1825,1850,1851],{},"8.4 期限结构",[1825,1853,1854],{},"短端、长期均值和风险溢价怎样动态变化？",[1810,1856,1857,1860],{},[1825,1858,1859],{},"8.5—8.7 扩展",[1825,1861,1862],{},"信用、提前偿还和利率衍生品增加哪些状态依赖？",[1800,1864,1865],{"id":1865},"学习成果",[1793,1867,1868],{},"通过本章学习，你将掌握：",[1870,1871,1872,1876,1879,1882,1885],"ol",{},[1873,1874,1875],"li",{},"债券定价的基本方法",[1873,1877,1878],{},"利率期限结构的构建和理论",[1873,1880,1881],{},"久期和凸性的计算和应用",[1873,1883,1884],{},"常见的利率模型",[1873,1886,1887],{},"信用风险的度量和定价",[1793,1889,1890],{},"读完本章后，你应能完成以下任务：",[1892,1893,1894,1897,1900,1903,1906],"ul",{},[1873,1895,1896],{},"用贴现因子、即期利率和到期收益率给债券定价。",[1873,1898,1899],{},"计算久期、修正久期和凸性，并解释它们对利率风险的含义。",[1873,1901,1902],{},"从零息债价格构造收益率曲线，并区分即期利率、远期利率和 YTM。",[1873,1904,1905],{},"说明 Vasicek、CIR、HJM 等期限结构模型的基本思想。",[1873,1907,1908],{},"解释信用利差如何由违约概率、回收率、流动性和风险溢价共同决定。",[1800,1910,1911],{"id":1911},"金融与经济动机",[1793,1913,1914],{},"债券市场通常比股票市场更大，也更直接连接宏观经济。央行改变短端利率，会通过收益率曲线影响贷款、按揭、企业融资和资产估值。对机构投资者来说，固定收益不是“低风险资产”的同义词，而是一套关于期限、利率、通胀、流动性和信用的风险管理体系。",[1804,1916,1917,1927],{},[1807,1918,1919],{},[1810,1920,1921,1924],{},[1813,1922,1923],{},"实务问题",[1813,1925,1926],{},"固定收益工具",[1820,1928,1929,1937,1945,1953,1961],{},[1810,1930,1931,1934],{},[1825,1932,1933],{},"债券价格为什么随利率反向变化",[1825,1935,1936],{},"现金流贴现",[1810,1938,1939,1942],{},[1825,1940,1941],{},"如何衡量债券对利率变化的敏感度",[1825,1943,1944],{},"久期、凸性",[1810,1946,1947,1950],{},[1825,1948,1949],{},"如何解释收益率曲线形状",[1825,1951,1952],{},"期限结构理论",[1810,1954,1955,1958],{},[1825,1956,1957],{},"如何给公司债定价",[1825,1959,1960],{},"信用利差、违约风险",[1810,1962,1963,1966],{},[1825,1964,1965],{},"如何管理按揭和可赎回债风险",[1825,1967,1968],{},"嵌入期权、负凸性",[1800,1970,1971],{"id":1971},"模型设置与直觉",[1793,1973,1974],{},"最基本的债券价格等于未来现金流的贴现值：",[1976,1977,1980],"span",{"className":1978},[1979],"katex-display",[1976,1981,1984,2070],{"className":1982},[1983],"katex",[1976,1985,1988],{"className":1986},[1987],"katex-mathml",[1989,1990,1993],"math",{"xmlns":1991,"display":1992},"http:\u002F\u002Fwww.w3.org\u002F1998\u002FMath\u002FMathML","block",[1994,1995,1996,2065],"semantics",{},[1997,1998,1999,2003,2007,2027],"mrow",{},[2000,2001,2002],"mi",{},"P",[2004,2005,2006],"mo",{},"=",[2008,2009,2010,2013,2024],"munderover",{},[2004,2011,2012],{},"∑",[1997,2014,2015,2018,2020],{},[2000,2016,2017],{},"t",[2004,2019,2006],{},[2021,2022,2023],"mn",{},"1",[2000,2025,2026],{},"T",[2028,2029,2030,2043],"mfrac",{},[1997,2031,2032,2035],{},[2000,2033,2034],{},"C",[2036,2037,2038,2041],"msub",{},[2000,2039,2040],{},"F",[2000,2042,2017],{},[1997,2044,2045,2049,2051,2054,2057],{},[2004,2046,2048],{"stretchy":2047},"false","(",[2021,2050,2023],{},[2004,2052,2053],{},"+",[2000,2055,2056],{},"y",[2058,2059,2060,2063],"msup",{},[2004,2061,2062],{"stretchy":2047},")",[2000,2064,2017],{},[2066,2067,2069],"annotation",{"encoding":2068},"application\u002Fx-tex","P=\\sum_{t=1}^T \\frac{CF_t}{(1+y)^t}",[1976,2071,2075,2102],{"className":2072,"ariaHidden":2074},[2073],"katex-html","true",[1976,2076,2079,2084,2090,2095,2099],{"className":2077},[2078],"base",[1976,2080],{"className":2081,"style":2083},[2082],"strut","height:0.6833em;",[1976,2085,2002],{"className":2086,"style":2089},[2087,2088],"mord","mathnormal","margin-right:0.1389em;",[1976,2091],{"className":2092,"style":2094},[2093],"mspace","margin-right:0.2778em;",[1976,2096,2006],{"className":2097},[2098],"mrel",[1976,2100],{"className":2101,"style":2094},[2093],[1976,2103,2105,2109,2194,2198],{"className":2104},[2078],[1976,2106],{"className":2107,"style":2108},[2082],"height:3.0954em;vertical-align:-1.2671em;",[1976,2110,2114],{"className":2111},[2112,2113],"mop","op-limits",[1976,2115,2119,2185],{"className":2116},[2117,2118],"vlist-t","vlist-t2",[1976,2120,2123,2180],{"className":2121},[2122],"vlist-r",[1976,2124,2128,2155,2168],{"className":2125,"style":2127},[2126],"vlist","height:1.8283em;",[1976,2129,2131,2136],{"style":2130},"top:-1.8829em;margin-left:0em;",[1976,2132],{"className":2133,"style":2135},[2134],"pstrut","height:3.05em;",[1976,2137,2143],{"className":2138},[2139,2140,2141,2142],"sizing","reset-size6","size3","mtight",[1976,2144,2146,2149,2152],{"className":2145},[2087,2142],[1976,2147,2017],{"className":2148},[2087,2088,2142],[1976,2150,2006],{"className":2151},[2098,2142],[1976,2153,2023],{"className":2154},[2087,2142],[1976,2156,2158,2161],{"style":2157},"top:-3.05em;",[1976,2159],{"className":2160,"style":2135},[2134],[1976,2162,2163],{},[1976,2164,2012],{"className":2165},[2112,2166,2167],"op-symbol","large-op",[1976,2169,2171,2174],{"style":2170},"top:-4.3em;margin-left:0em;",[1976,2172],{"className":2173,"style":2135},[2134],[1976,2175,2177],{"className":2176},[2139,2140,2141,2142],[1976,2178,2026],{"className":2179,"style":2089},[2087,2088,2142],[1976,2181,2184],{"className":2182},[2183],"vlist-s","​",[1976,2186,2188],{"className":2187},[2122],[1976,2189,2192],{"className":2190,"style":2191},[2126],"height:1.2671em;",[1976,2193],{},[1976,2195],{"className":2196,"style":2197},[2093],"margin-right:0.1667em;",[1976,2199,2201,2206,2363],{"className":2200},[2087],[1976,2202],{"className":2203},[2204,2205],"mopen","nulldelimiter",[1976,2207,2209],{"className":2208},[2028],[1976,2210,2212,2354],{"className":2211},[2117,2118],[1976,2213,2215,2351],{"className":2214},[2122],[1976,2216,2219,2284,2295],{"className":2217,"style":2218},[2126],"height:1.3603em;",[1976,2220,2222,2226],{"style":2221},"top:-2.314em;",[1976,2223],{"className":2224,"style":2225},[2134],"height:3em;",[1976,2227,2229,2232,2235,2239,2243,2246,2250],{"className":2228},[2087],[1976,2230,2048],{"className":2231},[2204],[1976,2233,2023],{"className":2234},[2087],[1976,2236],{"className":2237,"style":2238},[2093],"margin-right:0.2222em;",[1976,2240,2053],{"className":2241},[2242],"mbin",[1976,2244],{"className":2245,"style":2238},[2093],[1976,2247,2056],{"className":2248,"style":2249},[2087,2088],"margin-right:0.0359em;",[1976,2251,2254,2257],{"className":2252},[2253],"mclose",[1976,2255,2062],{"className":2256},[2253],[1976,2258,2261],{"className":2259},[2260],"msupsub",[1976,2262,2264],{"className":2263},[2117],[1976,2265,2267],{"className":2266},[2122],[1976,2268,2271],{"className":2269,"style":2270},[2126],"height:0.7196em;",[1976,2272,2274,2278],{"style":2273},"top:-2.989em;margin-right:0.05em;",[1976,2275],{"className":2276,"style":2277},[2134],"height:2.7em;",[1976,2279,2281],{"className":2280},[2139,2140,2141,2142],[1976,2282,2017],{"className":2283},[2087,2088,2142],[1976,2285,2287,2290],{"style":2286},"top:-3.23em;",[1976,2288],{"className":2289,"style":2225},[2134],[1976,2291],{"className":2292,"style":2294},[2293],"frac-line","border-bottom-width:0.04em;",[1976,2296,2298,2301],{"style":2297},"top:-3.677em;",[1976,2299],{"className":2300,"style":2225},[2134],[1976,2302,2304,2308],{"className":2303},[2087],[1976,2305,2034],{"className":2306,"style":2307},[2087,2088],"margin-right:0.0715em;",[1976,2309,2311,2314],{"className":2310},[2087],[1976,2312,2040],{"className":2313,"style":2089},[2087,2088],[1976,2315,2317],{"className":2316},[2260],[1976,2318,2320,2342],{"className":2319},[2117,2118],[1976,2321,2323,2339],{"className":2322},[2122],[1976,2324,2327],{"className":2325,"style":2326},[2126],"height:0.2806em;",[1976,2328,2330,2333],{"style":2329},"top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;",[1976,2331],{"className":2332,"style":2277},[2134],[1976,2334,2336],{"className":2335},[2139,2140,2141,2142],[1976,2337,2017],{"className":2338},[2087,2088,2142],[1976,2340,2184],{"className":2341},[2183],[1976,2343,2345],{"className":2344},[2122],[1976,2346,2349],{"className":2347,"style":2348},[2126],"height:0.15em;",[1976,2350],{},[1976,2352,2184],{"className":2353},[2183],[1976,2355,2357],{"className":2356},[2122],[1976,2358,2361],{"className":2359,"style":2360},[2126],"height:0.936em;",[1976,2362],{},[1976,2364],{"className":2365},[2253,2205],[1793,2367,2368],{},"如果每个期限的贴现率不同，更一般地写成：",[1976,2370,2372],{"className":2371},[1979],[1976,2373,2375,2424],{"className":2374},[1983],[1976,2376,2378],{"className":2377},[1987],[1989,2379,2380],{"xmlns":1991,"display":1992},[1994,2381,2382,2421],{},[1997,2383,2384,2386,2388,2402,2405,2407,2409,2411,2413,2415],{},[2000,2385,2002],{},[2004,2387,2006],{},[2008,2389,2390,2392,2400],{},[2004,2391,2012],{},[1997,2393,2394,2396,2398],{},[2000,2395,2017],{},[2004,2397,2006],{},[2021,2399,2023],{},[2000,2401,2026],{},[2000,2403,2404],{},"D",[2000,2406,2040],{},[2004,2408,2048],{"stretchy":2047},[2000,2410,2017],{},[2004,2412,2062],{"stretchy":2047},[2000,2414,2034],{},[2036,2416,2417,2419],{},[2000,2418,2040],{},[2000,2420,2017],{},[2066,2422,2423],{"encoding":2068},"P=\\sum_{t=1}^T DF(t)CF_t",[1976,2425,2427,2445],{"className":2426,"ariaHidden":2074},[2073],[1976,2428,2430,2433,2436,2439,2442],{"className":2429},[2078],[1976,2431],{"className":2432,"style":2083},[2082],[1976,2434,2002],{"className":2435,"style":2089},[2087,2088],[1976,2437],{"className":2438,"style":2094},[2093],[1976,2440,2006],{"className":2441},[2098],[1976,2443],{"className":2444,"style":2094},[2093],[1976,2446,2448,2451,2515,2518,2522,2525,2528,2531,2534,2537],{"className":2447},[2078],[1976,2449],{"className":2450,"style":2108},[2082],[1976,2452,2454],{"className":2453},[2112,2113],[1976,2455,2457,2507],{"className":2456},[2117,2118],[1976,2458,2460,2504],{"className":2459},[2122],[1976,2461,2463,2483,2493],{"className":2462,"style":2127},[2126],[1976,2464,2465,2468],{"style":2130},[1976,2466],{"className":2467,"style":2135},[2134],[1976,2469,2471],{"className":2470},[2139,2140,2141,2142],[1976,2472,2474,2477,2480],{"className":2473},[2087,2142],[1976,2475,2017],{"className":2476},[2087,2088,2142],[1976,2478,2006],{"className":2479},[2098,2142],[1976,2481,2023],{"className":2482},[2087,2142],[1976,2484,2485,2488],{"style":2157},[1976,2486],{"className":2487,"style":2135},[2134],[1976,2489,2490],{},[1976,2491,2012],{"className":2492},[2112,2166,2167],[1976,2494,2495,2498],{"style":2170},[1976,2496],{"className":2497,"style":2135},[2134],[1976,2499,2501],{"className":2500},[2139,2140,2141,2142],[1976,2502,2026],{"className":2503,"style":2089},[2087,2088,2142],[1976,2505,2184],{"className":2506},[2183],[1976,2508,2510],{"className":2509},[2122],[1976,2511,2513],{"className":2512,"style":2191},[2126],[1976,2514],{},[1976,2516],{"className":2517,"style":2197},[2093],[1976,2519,2404],{"className":2520,"style":2521},[2087,2088],"margin-right:0.0278em;",[1976,2523,2040],{"className":2524,"style":2089},[2087,2088],[1976,2526,2048],{"className":2527},[2204],[1976,2529,2017],{"className":2530},[2087,2088],[1976,2532,2062],{"className":2533},[2253],[1976,2535,2034],{"className":2536,"style":2307},[2087,2088],[1976,2538,2540,2543],{"className":2539},[2087],[1976,2541,2040],{"className":2542,"style":2089},[2087,2088],[1976,2544,2546],{"className":2545},[2260],[1976,2547,2549,2569],{"className":2548},[2117,2118],[1976,2550,2552,2566],{"className":2551},[2122],[1976,2553,2555],{"className":2554,"style":2326},[2126],[1976,2556,2557,2560],{"style":2329},[1976,2558],{"className":2559,"style":2277},[2134],[1976,2561,2563],{"className":2562},[2139,2140,2141,2142],[1976,2564,2017],{"className":2565},[2087,2088,2142],[1976,2567,2184],{"className":2568},[2183],[1976,2570,2572],{"className":2571},[2122],[1976,2573,2575],{"className":2574,"style":2348},[2126],[1976,2576],{},[1793,2578,2579,2580,2630,2631,2660],{},"其中 ",[1976,2581,2583,2605],{"className":2582},[1983],[1976,2584,2586],{"className":2585},[1987],[1989,2587,2588],{"xmlns":1991},[1994,2589,2590,2602],{},[1997,2591,2592,2594,2596,2598,2600],{},[2000,2593,2404],{},[2000,2595,2040],{},[2004,2597,2048],{"stretchy":2047},[2000,2599,2017],{},[2004,2601,2062],{"stretchy":2047},[2066,2603,2604],{"encoding":2068},"DF(t)",[1976,2606,2608],{"className":2607,"ariaHidden":2074},[2073],[1976,2609,2611,2615,2618,2621,2624,2627],{"className":2610},[2078],[1976,2612],{"className":2613,"style":2614},[2082],"height:1em;vertical-align:-0.25em;",[1976,2616,2404],{"className":2617,"style":2521},[2087,2088],[1976,2619,2040],{"className":2620,"style":2089},[2087,2088],[1976,2622,2048],{"className":2623},[2204],[1976,2625,2017],{"className":2626},[2087,2088],[1976,2628,2062],{"className":2629},[2253]," 是 ",[1976,2632,2634,2647],{"className":2633},[1983],[1976,2635,2637],{"className":2636},[1987],[1989,2638,2639],{"xmlns":1991},[1994,2640,2641,2645],{},[1997,2642,2643],{},[2000,2644,2017],{},[2066,2646,2017],{"encoding":2068},[1976,2648,2650],{"className":2649,"ariaHidden":2074},[2073],[1976,2651,2653,2657],{"className":2652},[2078],[1976,2654],{"className":2655,"style":2656},[2082],"height:0.6151em;",[1976,2658,2017],{"className":2659},[2087,2088]," 期贴现因子。直觉上，债券不是一个单一现金流，而是一串不同期限现金流的组合。久期衡量这串现金流的加权平均到期时间，凸性衡量价格-收益率关系的弯曲程度。",[1800,2662,2663],{"id":2663},"关键定义与定理",[2665,2666,2667],"h3",{"id":2667},"到期收益率",[1793,2669,2670],{},"使债券未来现金流现值等于当前价格的单一折现率。",[1793,2672,2673],{},"中文解释：YTM 是一个内部收益率式的摘要指标，方便比较，但它把不同期限贴现率压缩成一个数，可能掩盖收益率曲线信息。",[2665,2675,2676],{"id":2676},"即期利率",[1793,2678,2679],{},"从今天到某一未来期限的零息利率。",[1793,2681,2682],{},"中文解释：即期利率是给确定期限现金流定价的基础，比 YTM 更适合拆解债券现金流。",[2665,2684,2685],{"id":2685},"远期利率",[1793,2687,2688],{},"今天锁定的未来某段时期借贷利率。",[1793,2690,2691],{},"中文解释：远期利率来自不同期限贴现因子之间的无套利关系，不等于市场对未来短利率的简单预测，因为还可能包含期限溢价。",[2665,2693,2694],{"id":2694},"久期",[1793,2696,2697],{},"Macaulay 久期是债券现金流时间的现值加权平均；修正久期近似衡量收益率变化对价格的百分比影响：",[1976,2699,2701],{"className":2700},[1979],[1976,2702,2704,2746],{"className":2703},[1983],[1976,2705,2707],{"className":2706},[1987],[1989,2708,2709],{"xmlns":1991,"display":1992},[1994,2710,2711,2743],{},[1997,2712,2713,2725,2728,2731,2739,2741],{},[2028,2714,2715,2723],{},[1997,2716,2717,2721],{},[2000,2718,2720],{"mathvariant":2719},"normal","Δ",[2000,2722,2002],{},[2000,2724,2002],{},[2004,2726,2727],{},"≈",[2004,2729,2730],{},"−",[2036,2732,2733,2735],{},[2000,2734,2404],{},[2736,2737,2738],"mtext",{},"mod",[2000,2740,2720],{"mathvariant":2719},[2000,2742,2056],{},[2066,2744,2745],{"encoding":2068},"\\frac{\\Delta P}{P}\\approx -D_{\\text{mod}}\\Delta y",[1976,2747,2749,2831],{"className":2748,"ariaHidden":2074},[2073],[1976,2750,2752,2756,2822,2825,2828],{"className":2751},[2078],[1976,2753],{"className":2754,"style":2755},[2082],"height:2.0463em;vertical-align:-0.686em;",[1976,2757,2759,2762,2819],{"className":2758},[2087],[1976,2760],{"className":2761},[2204,2205],[1976,2763,2765],{"className":2764},[2028],[1976,2766,2768,2810],{"className":2767},[2117,2118],[1976,2769,2771,2807],{"className":2770},[2122],[1976,2772,2774,2785,2793],{"className":2773,"style":2218},[2126],[1976,2775,2776,2779],{"style":2221},[1976,2777],{"className":2778,"style":2225},[2134],[1976,2780,2782],{"className":2781},[2087],[1976,2783,2002],{"className":2784,"style":2089},[2087,2088],[1976,2786,2787,2790],{"style":2286},[1976,2788],{"className":2789,"style":2225},[2134],[1976,2791],{"className":2792,"style":2294},[2293],[1976,2794,2795,2798],{"style":2297},[1976,2796],{"className":2797,"style":2225},[2134],[1976,2799,2801,2804],{"className":2800},[2087],[1976,2802,2720],{"className":2803},[2087],[1976,2805,2002],{"className":2806,"style":2089},[2087,2088],[1976,2808,2184],{"className":2809},[2183],[1976,2811,2813],{"className":2812},[2122],[1976,2814,2817],{"className":2815,"style":2816},[2126],"height:0.686em;",[1976,2818],{},[1976,2820],{"className":2821},[2253,2205],[1976,2823],{"className":2824,"style":2094},[2093],[1976,2826,2727],{"className":2827},[2098],[1976,2829],{"className":2830,"style":2094},[2093],[1976,2832,2834,2838,2841,2890,2893],{"className":2833},[2078],[1976,2835],{"className":2836,"style":2837},[2082],"height:0.8778em;vertical-align:-0.1944em;",[1976,2839,2730],{"className":2840},[2087],[1976,2842,2844,2847],{"className":2843},[2087],[1976,2845,2404],{"className":2846,"style":2521},[2087,2088],[1976,2848,2850],{"className":2849},[2260],[1976,2851,2853,2882],{"className":2852},[2117,2118],[1976,2854,2856,2879],{"className":2855},[2122],[1976,2857,2860],{"className":2858,"style":2859},[2126],"height:0.3361em;",[1976,2861,2863,2866],{"style":2862},"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;",[1976,2864],{"className":2865,"style":2277},[2134],[1976,2867,2869],{"className":2868},[2139,2140,2141,2142],[1976,2870,2872],{"className":2871},[2087,2142],[1976,2873,2876],{"className":2874},[2087,2875,2142],"text",[1976,2877,2738],{"className":2878},[2087,2142],[1976,2880,2184],{"className":2881},[2183],[1976,2883,2885],{"className":2884},[2122],[1976,2886,2888],{"className":2887,"style":2348},[2126],[1976,2889],{},[1976,2891,2720],{"className":2892},[2087],[1976,2894,2056],{"className":2895,"style":2249},[2087,2088],[1793,2897,2898],{},"中文解释：久期越长，价格对利率变化越敏感。",[2665,2900,2901],{"id":2901},"凸性",[1793,2903,2904],{},"价格-收益率曲线的二阶敏感度。",[1793,2906,2907],{},"中文解释：凸性让久期近似更准确。普通债券通常有正凸性，可赎回债和 MBS 可能有负凸性。",[1800,2909,2911],{"id":2910},"例子久期近似价格变化","例子：久期近似价格变化",[1793,2913,2914,2915,2973],{},"某债券价格为 100，修正久期为 5，凸性为 40。若收益率上升 0.50 个百分点，即 ",[1976,2916,2918,2939],{"className":2917},[1983],[1976,2919,2921],{"className":2920},[1987],[1989,2922,2923],{"xmlns":1991},[1994,2924,2925,2936],{},[1997,2926,2927,2929,2931,2933],{},[2000,2928,2720],{"mathvariant":2719},[2000,2930,2056],{},[2004,2932,2006],{},[2021,2934,2935],{},"0.005",[2066,2937,2938],{"encoding":2068},"\\Delta y=0.005",[1976,2940,2942,2963],{"className":2941,"ariaHidden":2074},[2073],[1976,2943,2945,2948,2951,2954,2957,2960],{"className":2944},[2078],[1976,2946],{"className":2947,"style":2837},[2082],[1976,2949,2720],{"className":2950},[2087],[1976,2952,2056],{"className":2953,"style":2249},[2087,2088],[1976,2955],{"className":2956,"style":2094},[2093],[1976,2958,2006],{"className":2959},[2098],[1976,2961],{"className":2962,"style":2094},[2093],[1976,2964,2966,2970],{"className":2965},[2078],[1976,2967],{"className":2968,"style":2969},[2082],"height:0.6444em;",[1976,2971,2935],{"className":2972},[2087],"，一阶久期近似为：",[1976,2975,2977],{"className":2976},[1979],[1976,2978,2980,3024],{"className":2979},[1983],[1976,2981,2983],{"className":2982},[1987],[1989,2984,2985],{"xmlns":1991,"display":1992},[1994,2986,2987,3021],{},[1997,2988,2989,2999,3001,3003,3006,3009,3011,3013,3015,3018],{},[2028,2990,2991,2997],{},[1997,2992,2993,2995],{},[2000,2994,2720],{"mathvariant":2719},[2000,2996,2002],{},[2000,2998,2002],{},[2004,3000,2727],{},[2004,3002,2730],{},[2021,3004,3005],{},"5",[2004,3007,3008],{},"×",[2021,3010,2935],{},[2004,3012,2006],{},[2004,3014,2730],{},[2021,3016,3017],{},"2.5",[2000,3019,3020],{"mathvariant":2719},"%",[2066,3022,3023],{"encoding":2068},"\\frac{\\Delta P}{P}\\approx -5\\times0.005=-2.5\\%",[1976,3025,3027,3107,3129,3147],{"className":3026,"ariaHidden":2074},[2073],[1976,3028,3030,3033,3098,3101,3104],{"className":3029},[2078],[1976,3031],{"className":3032,"style":2755},[2082],[1976,3034,3036,3039,3095],{"className":3035},[2087],[1976,3037],{"className":3038},[2204,2205],[1976,3040,3042],{"className":3041},[2028],[1976,3043,3045,3087],{"className":3044},[2117,2118],[1976,3046,3048,3084],{"className":3047},[2122],[1976,3049,3051,3062,3070],{"className":3050,"style":2218},[2126],[1976,3052,3053,3056],{"style":2221},[1976,3054],{"className":3055,"style":2225},[2134],[1976,3057,3059],{"className":3058},[2087],[1976,3060,2002],{"className":3061,"style":2089},[2087,2088],[1976,3063,3064,3067],{"style":2286},[1976,3065],{"className":3066,"style":2225},[2134],[1976,3068],{"className":3069,"style":2294},[2293],[1976,3071,3072,3075],{"style":2297},[1976,3073],{"className":3074,"style":2225},[2134],[1976,3076,3078,3081],{"className":3077},[2087],[1976,3079,2720],{"className":3080},[2087],[1976,3082,2002],{"className":3083,"style":2089},[2087,2088],[1976,3085,2184],{"className":3086},[2183],[1976,3088,3090],{"className":3089},[2122],[1976,3091,3093],{"className":3092,"style":2816},[2126],[1976,3094],{},[1976,3096],{"className":3097},[2253,2205],[1976,3099],{"className":3100,"style":2094},[2093],[1976,3102,2727],{"className":3103},[2098],[1976,3105],{"className":3106,"style":2094},[2093],[1976,3108,3110,3114,3117,3120,3123,3126],{"className":3109},[2078],[1976,3111],{"className":3112,"style":3113},[2082],"height:0.7278em;vertical-align:-0.0833em;",[1976,3115,2730],{"className":3116},[2087],[1976,3118,3005],{"className":3119},[2087],[1976,3121],{"className":3122,"style":2238},[2093],[1976,3124,3008],{"className":3125},[2242],[1976,3127],{"className":3128,"style":2238},[2093],[1976,3130,3132,3135,3138,3141,3144],{"className":3131},[2078],[1976,3133],{"className":3134,"style":2969},[2082],[1976,3136,2935],{"className":3137},[2087],[1976,3139],{"className":3140,"style":2094},[2093],[1976,3142,2006],{"className":3143},[2098],[1976,3145],{"className":3146,"style":2094},[2093],[1976,3148,3150,3154,3157],{"className":3149},[2078],[1976,3151],{"className":3152,"style":3153},[2082],"height:0.8333em;vertical-align:-0.0833em;",[1976,3155,2730],{"className":3156},[2087],[1976,3158,3160],{"className":3159},[2087],"2.5%",[1793,3162,3163],{},"加入凸性修正：",[1976,3165,3167],{"className":3166},[1979],[1976,3168,3170,3229],{"className":3169},[1983],[1976,3171,3173],{"className":3172},[1987],[1989,3174,3175],{"xmlns":1991,"display":1992},[1994,3176,3177,3226],{},[1997,3178,3179,3189,3191,3193,3199,3201,3203,3205,3212,3214,3216,3218,3220],{},[2028,3180,3181,3187],{},[1997,3182,3183,3185],{},[2000,3184,2720],{"mathvariant":2719},[2000,3186,2002],{},[2000,3188,2002],{},[2004,3190,2727],{},[2004,3192,2730],{},[2036,3194,3195,3197],{},[2000,3196,2404],{},[2736,3198,2738],{},[2000,3200,2720],{"mathvariant":2719},[2000,3202,2056],{},[2004,3204,2053],{},[2028,3206,3207,3209],{},[2021,3208,2023],{},[2021,3210,3211],{},"2",[2000,3213,2034],{},[2004,3215,2048],{"stretchy":2047},[2000,3217,2720],{"mathvariant":2719},[2000,3219,2056],{},[2058,3221,3222,3224],{},[2004,3223,2062],{"stretchy":2047},[2021,3225,3211],{},[2066,3227,3228],{"encoding":2068},"\\frac{\\Delta P}{P}\\approx -D_{\\text{mod}}\\Delta y+\\frac{1}{2}C(\\Delta y)^2",[1976,3230,3232,3312,3382],{"className":3231,"ariaHidden":2074},[2073],[1976,3233,3235,3238,3303,3306,3309],{"className":3234},[2078],[1976,3236],{"className":3237,"style":2755},[2082],[1976,3239,3241,3244,3300],{"className":3240},[2087],[1976,3242],{"className":3243},[2204,2205],[1976,3245,3247],{"className":3246},[2028],[1976,3248,3250,3292],{"className":3249},[2117,2118],[1976,3251,3253,3289],{"className":3252},[2122],[1976,3254,3256,3267,3275],{"className":3255,"style":2218},[2126],[1976,3257,3258,3261],{"style":2221},[1976,3259],{"className":3260,"style":2225},[2134],[1976,3262,3264],{"className":3263},[2087],[1976,3265,2002],{"className":3266,"style":2089},[2087,2088],[1976,3268,3269,3272],{"style":2286},[1976,3270],{"className":3271,"style":2225},[2134],[1976,3273],{"className":3274,"style":2294},[2293],[1976,3276,3277,3280],{"style":2297},[1976,3278],{"className":3279,"style":2225},[2134],[1976,3281,3283,3286],{"className":3282},[2087],[1976,3284,2720],{"className":3285},[2087],[1976,3287,2002],{"className":3288,"style":2089},[2087,2088],[1976,3290,2184],{"className":3291},[2183],[1976,3293,3295],{"className":3294},[2122],[1976,3296,3298],{"className":3297,"style":2816},[2126],[1976,3299],{},[1976,3301],{"className":3302},[2253,2205],[1976,3304],{"className":3305,"style":2094},[2093],[1976,3307,2727],{"className":3308},[2098],[1976,3310],{"className":3311,"style":2094},[2093],[1976,3313,3315,3318,3321,3367,3370,3373,3376,3379],{"className":3314},[2078],[1976,3316],{"className":3317,"style":2837},[2082],[1976,3319,2730],{"className":3320},[2087],[1976,3322,3324,3327],{"className":3323},[2087],[1976,3325,2404],{"className":3326,"style":2521},[2087,2088],[1976,3328,3330],{"className":3329},[2260],[1976,3331,3333,3359],{"className":3332},[2117,2118],[1976,3334,3336,3356],{"className":3335},[2122],[1976,3337,3339],{"className":3338,"style":2859},[2126],[1976,3340,3341,3344],{"style":2862},[1976,3342],{"className":3343,"style":2277},[2134],[1976,3345,3347],{"className":3346},[2139,2140,2141,2142],[1976,3348,3350],{"className":3349},[2087,2142],[1976,3351,3353],{"className":3352},[2087,2875,2142],[1976,3354,2738],{"className":3355},[2087,2142],[1976,3357,2184],{"className":3358},[2183],[1976,3360,3362],{"className":3361},[2122],[1976,3363,3365],{"className":3364,"style":2348},[2126],[1976,3366],{},[1976,3368,2720],{"className":3369},[2087],[1976,3371,2056],{"className":3372,"style":2249},[2087,2088],[1976,3374],{"className":3375,"style":2238},[2093],[1976,3377,2053],{"className":3378},[2242],[1976,3380],{"className":3381,"style":2238},[2093],[1976,3383,3385,3389,3452,3455,3458,3461,3464],{"className":3384},[2078],[1976,3386],{"className":3387,"style":3388},[2082],"height:2.0074em;vertical-align:-0.686em;",[1976,3390,3392,3395,3449],{"className":3391},[2087],[1976,3393],{"className":3394},[2204,2205],[1976,3396,3398],{"className":3397},[2028],[1976,3399,3401,3441],{"className":3400},[2117,2118],[1976,3402,3404,3438],{"className":3403},[2122],[1976,3405,3408,3419,3427],{"className":3406,"style":3407},[2126],"height:1.3214em;",[1976,3409,3410,3413],{"style":2221},[1976,3411],{"className":3412,"style":2225},[2134],[1976,3414,3416],{"className":3415},[2087],[1976,3417,3211],{"className":3418},[2087],[1976,3420,3421,3424],{"style":2286},[1976,3422],{"className":3423,"style":2225},[2134],[1976,3425],{"className":3426,"style":2294},[2293],[1976,3428,3429,3432],{"style":2297},[1976,3430],{"className":3431,"style":2225},[2134],[1976,3433,3435],{"className":3434},[2087],[1976,3436,2023],{"className":3437},[2087],[1976,3439,2184],{"className":3440},[2183],[1976,3442,3444],{"className":3443},[2122],[1976,3445,3447],{"className":3446,"style":2816},[2126],[1976,3448],{},[1976,3450],{"className":3451},[2253,2205],[1976,3453,2034],{"className":3454,"style":2307},[2087,2088],[1976,3456,2048],{"className":3457},[2204],[1976,3459,2720],{"className":3460},[2087],[1976,3462,2056],{"className":3463,"style":2249},[2087,2088],[1976,3465,3467,3470],{"className":3466},[2253],[1976,3468,2062],{"className":3469},[2253],[1976,3471,3473],{"className":3472},[2260],[1976,3474,3476],{"className":3475},[2117],[1976,3477,3479],{"className":3478},[2122],[1976,3480,3483],{"className":3481,"style":3482},[2126],"height:0.8641em;",[1976,3484,3486,3489],{"style":3485},"top:-3.113em;margin-right:0.05em;",[1976,3487],{"className":3488,"style":2277},[2134],[1976,3490,3492],{"className":3491},[2139,2140,2141,2142],[1976,3493,3211],{"className":3494},[2087,2142],[1976,3496,3498],{"className":3497},[1979],[1976,3499,3501,3548],{"className":3500},[1983],[1976,3502,3504],{"className":3503},[1987],[1989,3505,3506],{"xmlns":1991,"display":1992},[1994,3507,3508,3545],{},[1997,3509,3510,3512,3514,3516,3518,3520,3523,3525,3528,3530,3536,3538,3540,3543],{},[2004,3511,2006],{},[2004,3513,2730],{},[2021,3515,3017],{},[2000,3517,3020],{"mathvariant":2719},[2004,3519,2053],{},[2021,3521,3522],{},"0.5",[2004,3524,3008],{},[2021,3526,3527],{},"40",[2004,3529,3008],{},[2058,3531,3532,3534],{},[2021,3533,2935],{},[2021,3535,3211],{},[2004,3537,2006],{},[2004,3539,2730],{},[2021,3541,3542],{},"2.45",[2000,3544,3020],{"mathvariant":2719},[2066,3546,3547],{"encoding":2068},"=-2.5\\%+0.5\\times40\\times0.005^2=-2.45\\%",[1976,3549,3551,3564,3585,3603,3621,3669],{"className":3550,"ariaHidden":2074},[2073],[1976,3552,3554,3558,3561],{"className":3553},[2078],[1976,3555],{"className":3556,"style":3557},[2082],"height:0.3669em;",[1976,3559,2006],{"className":3560},[2098],[1976,3562],{"className":3563,"style":2094},[2093],[1976,3565,3567,3570,3573,3576,3579,3582],{"className":3566},[2078],[1976,3568],{"className":3569,"style":3153},[2082],[1976,3571,2730],{"className":3572},[2087],[1976,3574,3160],{"className":3575},[2087],[1976,3577],{"className":3578,"style":2238},[2093],[1976,3580,2053],{"className":3581},[2242],[1976,3583],{"className":3584,"style":2238},[2093],[1976,3586,3588,3591,3594,3597,3600],{"className":3587},[2078],[1976,3589],{"className":3590,"style":3113},[2082],[1976,3592,3522],{"className":3593},[2087],[1976,3595],{"className":3596,"style":2238},[2093],[1976,3598,3008],{"className":3599},[2242],[1976,3601],{"className":3602,"style":2238},[2093],[1976,3604,3606,3609,3612,3615,3618],{"className":3605},[2078],[1976,3607],{"className":3608,"style":3113},[2082],[1976,3610,3527],{"className":3611},[2087],[1976,3613],{"className":3614,"style":2238},[2093],[1976,3616,3008],{"className":3617},[2242],[1976,3619],{"className":3620,"style":2238},[2093],[1976,3622,3624,3627,3631,3660,3663,3666],{"className":3623},[2078],[1976,3625],{"className":3626,"style":3482},[2082],[1976,3628,3630],{"className":3629},[2087],"0.00",[1976,3632,3634,3637],{"className":3633},[2087],[1976,3635,3005],{"className":3636},[2087],[1976,3638,3640],{"className":3639},[2260],[1976,3641,3643],{"className":3642},[2117],[1976,3644,3646],{"className":3645},[2122],[1976,3647,3649],{"className":3648,"style":3482},[2126],[1976,3650,3651,3654],{"style":3485},[1976,3652],{"className":3653,"style":2277},[2134],[1976,3655,3657],{"className":3656},[2139,2140,2141,2142],[1976,3658,3211],{"className":3659},[2087,2142],[1976,3661],{"className":3662,"style":2094},[2093],[1976,3664,2006],{"className":3665},[2098],[1976,3667],{"className":3668,"style":2094},[2093],[1976,3670,3672,3675,3678],{"className":3671},[2078],[1976,3673],{"className":3674,"style":3153},[2082],[1976,3676,2730],{"className":3677},[2087],[1976,3679,3681],{"className":3680},[2087],"2.45%",[1793,3683,3684],{},"收益率变化较小时，久期已经很有用；变化较大或债券含期权时，凸性不可忽略。",[1800,3686,3688],{"id":3687},"可运行例题近似误差本身也是风险信息","可运行例题：近似误差本身也是风险信息",[1793,3690,3691],{},"下面对一只 5 年期、票息 5%、到期收益率 4% 的债券比较精确重定价、久期近似和久期—凸性近似。",[3693,3694],"pyodide",{"code64":3695,"layout":3696,"locale":7,"packages":3697,"title":3698},"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\u002FkeS8vD17ZHVyYXRpb25fb25seTouNGZ9IikKcHJpbnQoZiLkuYXmnJ8r5Ye45oCn6L+R5Ly8PXtkdXJhdGlvbl9jb252ZXhpdHk6LjRmfSIp","vertical","numpy","Python：债券重定价、久期与凸性",[1793,3700,3701],{},"近似误差随利率变动幅度和现金流非线性增加。含赎回、提前偿还或信用迁移时，单一到期收益率和静态凸性都可能不够。",[1800,3703,3704],{"id":3704},"学习顺序建议",[1804,3706,3707,3720],{},[1807,3708,3709],{},[1810,3710,3711,3714,3717],{},[1813,3712,3713],{},"小节",[1813,3715,3716],{},"先抓住的问题",[1813,3718,3719],{},"需要特别留意",[1820,3721,3722,3733,3743,3753,3764,3775,3786],{},[1810,3723,3724,3727,3730],{},[1825,3725,3726],{},"8.1 债券定价基础",[1825,3728,3729],{},"债券现金流如何贴现",[1825,3731,3732],{},"票息、零息债、YTM",[1810,3734,3735,3737,3740],{},[1825,3736,1835],{},[1825,3738,3739],{},"利率变化如何影响价格",[1825,3741,3742],{},"一阶与二阶近似",[1810,3744,3745,3747,3750],{},[1825,3746,1843],{},[1825,3748,3749],{},"曲线如何构造和解释",[1825,3751,3752],{},"即期、远期、期限溢价",[1810,3754,3755,3758,3761],{},[1825,3756,3757],{},"8.4 期限结构模型",[1825,3759,3760],{},"利率动态如何建模",[1825,3762,3763],{},"短利率模型、无套利漂移",[1810,3765,3766,3769,3772],{},[1825,3767,3768],{},"8.5 信用风险",[1825,3770,3771],{},"公司债利差从哪里来",[1825,3773,3774],{},"违约概率、回收率、流动性",[1810,3776,3777,3780,3783],{},[1825,3778,3779],{},"8.6 MBS",[1825,3781,3782],{},"提前还款如何改变现金流",[1825,3784,3785],{},"负凸性、利率路径依赖",[1810,3787,3788,3791,3794],{},[1825,3789,3790],{},"8.7 利率衍生品",[1825,3792,3793],{},"利率风险如何交易和对冲",[1825,3795,3796],{},"互换、上限、下限、互换期权",[1800,3798,3799],{"id":3799},"常见错误与考试陷阱",[1870,3801,3802,3809,3815,3821,3827],{},[1873,3803,3804,3808],{},[3805,3806,3807],"strong",{},"把 YTM 当成每期都能再投资的保证收益","：YTM 隐含再投资假设，实际收益会受再投资利率影响。",[1873,3810,3811,3814],{},[3805,3812,3813],{},"认为债券一定低风险","：长期债和低评级债可能有很高利率风险或信用风险。",[1873,3816,3817,3820],{},[3805,3818,3819],{},"忽略价格-收益率关系的非线性","：大幅利率变化时只用久期会产生误差。",[1873,3822,3823,3826],{},[3805,3824,3825],{},"混淆即期利率和远期利率","：远期利率由无套利关系推出，不是简单未来预测。",[1873,3828,3829,3832],{},[3805,3830,3831],{},"把信用利差全看成违约概率","：利差还包含流动性、税收、风险溢价和市场供需。",[1800,3834,3835],{"id":3835},"自测题",[1870,3837,3838,3841,3844,3847],{},[1873,3839,3840],{},"为什么债券价格与收益率通常反向变化？",[1873,3842,3843],{},"一只债券修正久期为 7，收益率下降 20 个基点，价格近似变化多少？",[1873,3845,3846],{},"为什么普通债券通常有正凸性？可赎回债为什么可能有负凸性？",[1873,3848,3849],{},"信用利差可以分解成哪些部分？",[1800,3851,3852],{"id":3852},"答案指引",[1870,3854,3855,3858,4027,4030],{},[1873,3856,3857],{},"收益率上升意味着未来现金流用更高折现率折现，现值下降；收益率下降则现值上升。",[1873,3859,3860,3922,3923,4026],{},[1976,3861,3863,3886],{"className":3862},[1983],[1976,3864,3866],{"className":3865},[1987],[1989,3867,3868],{"xmlns":1991},[1994,3869,3870,3883],{},[1997,3871,3872,3874,3876,3878,3880],{},[2000,3873,2720],{"mathvariant":2719},[2000,3875,2056],{},[2004,3877,2006],{},[2004,3879,2730],{},[2021,3881,3882],{},"0.002",[2066,3884,3885],{"encoding":2068},"\\Delta y=-0.002",[1976,3887,3889,3910],{"className":3888,"ariaHidden":2074},[2073],[1976,3890,3892,3895,3898,3901,3904,3907],{"className":3891},[2078],[1976,3893],{"className":3894,"style":2837},[2082],[1976,3896,2720],{"className":3897},[2087],[1976,3899,2056],{"className":3900,"style":2249},[2087,2088],[1976,3902],{"className":3903,"style":2094},[2093],[1976,3905,2006],{"className":3906},[2098],[1976,3908],{"className":3909,"style":2094},[2093],[1976,3911,3913,3916,3919],{"className":3912},[2078],[1976,3914],{"className":3915,"style":3113},[2082],[1976,3917,2730],{"className":3918},[2087],[1976,3920,3882],{"className":3921},[2087],"，价格近似变化为 ",[1976,3924,3926,3962],{"className":3925},[1983],[1976,3927,3929],{"className":3928},[1987],[1989,3930,3931],{"xmlns":1991},[1994,3932,3933,3959],{},[1997,3934,3935,3937,3940,3942,3944,3946,3948,3950,3952,3954,3957],{},[2004,3936,2730],{},[2021,3938,3939],{},"7",[2004,3941,3008],{},[2004,3943,2048],{"stretchy":2047},[2004,3945,2730],{},[2021,3947,3882],{},[2004,3949,2062],{"stretchy":2047},[2004,3951,2006],{},[2004,3953,2053],{},[2021,3955,3956],{},"1.4",[2000,3958,3020],{"mathvariant":2719},[2066,3960,3961],{"encoding":2068},"-7\\times(-0.002)=+1.4\\%",[1976,3963,3965,3986,4013],{"className":3964,"ariaHidden":2074},[2073],[1976,3966,3968,3971,3974,3977,3980,3983],{"className":3967},[2078],[1976,3969],{"className":3970,"style":3113},[2082],[1976,3972,2730],{"className":3973},[2087],[1976,3975,3939],{"className":3976},[2087],[1976,3978],{"className":3979,"style":2238},[2093],[1976,3981,3008],{"className":3982},[2242],[1976,3984],{"className":3985,"style":2238},[2093],[1976,3987,3989,3992,3995,3998,4001,4004,4007,4010],{"className":3988},[2078],[1976,3990],{"className":3991,"style":2614},[2082],[1976,3993,2048],{"className":3994},[2204],[1976,3996,2730],{"className":3997},[2087],[1976,3999,3882],{"className":4000},[2087],[1976,4002,2062],{"className":4003},[2253],[1976,4005],{"className":4006,"style":2094},[2093],[1976,4008,2006],{"className":4009},[2098],[1976,4011],{"className":4012,"style":2094},[2093],[1976,4014,4016,4019,4022],{"className":4015},[2078],[1976,4017],{"className":4018,"style":3153},[2082],[1976,4020,2053],{"className":4021},[2087],[1976,4023,4025],{"className":4024},[2087],"1.4%","。",[1873,4028,4029],{},"普通债券价格下跌时久期下降较慢、上涨时受益于曲率，呈正凸性；可赎回债在利率下降时可能被赎回，上涨空间受限，形成负凸性。",[1873,4031,4032],{},"预期违约损失、违约风险溢价、流动性溢价、税收差异、市场供需和模型误差。",[1800,4034,4035],{"id":4035},"小结与过渡",[1793,4037,4038],{},"固定收益把贴现问题推进到完整期限结构：同一资产的不同现金流可能对应不同状态和期限价格。下一章讨论市场有效性与异象，转向一个更实证的问题：现实市场价格是否真的充分反映了信息和风险？",{"title":10,"searchDepth":4040,"depth":4040,"links":4041},2,[4042,4043,4044,4045,4046,4054,4055,4056,4057,4058,4059,4060],{"id":1802,"depth":4040,"text":1802},{"id":1865,"depth":4040,"text":1865},{"id":1911,"depth":4040,"text":1911},{"id":1971,"depth":4040,"text":1971},{"id":2663,"depth":4040,"text":2663,"children":4047},[4048,4050,4051,4052,4053],{"id":2667,"depth":4049,"text":2667},3,{"id":2676,"depth":4049,"text":2676},{"id":2685,"depth":4049,"text":2685},{"id":2694,"depth":4049,"text":2694},{"id":2901,"depth":4049,"text":2901},{"id":2910,"depth":4040,"text":2911},{"id":3687,"depth":4040,"text":3688},{"id":3704,"depth":4040,"text":3704},{"id":3799,"depth":4040,"text":3799},{"id":3835,"depth":4040,"text":3835},{"id":3852,"depth":4040,"text":3852},{"id":4035,"depth":4040,"text":4035},"债券定价、利率期限结构与利率模型","md",{"sidebar":4064},{"order":4065},8,true,{"title":1296,"description":4061},"68ohyMYiJpsp1T4XwdYsZYLnf1g0HLlu6x5kqDDBXE4",[4070,4072],{"title":1290,"path":1291,"stem":1292,"description":4071,"children":-1},"期权基础、二叉树模型与Black-Scholes公式",{"title":1302,"path":1303,"stem":1304,"description":4073,"children":-1},"有效市场假说、资产定价异象与行为金融",1785754746665]