为什么需要考虑汇率变动

NO.PZ202112010200003101 问题如下 Whis the approximate unheeexcess return to the Unitetates–basecret manager for internationcret portfolio inx equallyweighteacross the four portfolio choices, assuming no change to spreration anno changes to the expecteloss occur? A.–0.257% B.–0.850% C.0.750% A is correct. We solve for the excess sprebysubtracting ExpecteLoss fromthe respective OAS:Recall ththe UniteStates–baseinvestor mustconvert the euro return to US llars using R =(1 + RF(1 + RFX)– 1, so the USIG anUSHY positions comprising half the portfolio return average0.80%, while the EUR IG anEUR HY positionsreturn –1.314% in US llterms (= ((1 + ((0.65% + 0.75%)/2)) × 0.98) – 1), so –0.257% = ((0.80% – 1.314%)/2). 请问这题中的1+RFC是什么计算的？return 是怎么用OAS计算的

NO.PZ202112010200003101 问题如下 Whis the approximate unheeexcess return to the Unitetates–basecret manager for internationcret portfolio inx equallyweighteacross the four portfolio choices, assuming no change to spreration anno changes to the expecteloss occur? A.–0.257% B.–0.850% C.0.750% A is correct. We solve for the excess sprebysubtracting ExpecteLoss fromthe respective OAS:Recall ththe UniteStates–baseinvestor mustconvert the euro return to US llars using R =(1 + RF(1 + RFX)– 1, so the USIG anUSHY positions comprising half the portfolio return average0.80%, while the EUR IG anEUR HY positionsreturn –1.314% in US llterms (= ((1 + ((0.65% + 0.75%)/2)) × 0.98) – 1), so –0.257% = ((0.80% – 1.314%)/2). 1.007*0.98-1 到这里我都理解但为什么最后又要除以2？

NO.PZ202112010200003101 问题如下 Whis the approximate unheeexcess return to the Unitetates–basecret manager for internationcret portfolio inx equallyweighteacross the four portfolio choices, assuming no change to spreration anno changes to the expecteloss occur? A.–0.257% B.–0.850% C.0.750% A is correct. We solve for the excess sprebysubtracting ExpecteLoss fromthe respective OAS:Recall ththe UniteStates–baseinvestor mustconvert the euro return to US llars using R =(1 + RF(1 + RFX)– 1, so the USIG anUSHY positions comprising half the portfolio return average0.80%, while the EUR IG anEUR HY positionsreturn –1.314% in US llterms (= ((1 + ((0.65% + 0.75%)/2)) × 0.98) – 1), so –0.257% = ((0.80% – 1.314%)/2). 如题

NO.PZ202112010200003101 问题如下 Whis the approximate unheeexcess return to the Unitetates–basecret manager for internationcret portfolio inx equallyweighteacross the four portfolio choices, assuming no change to spreration anno changes to the expecteloss occur? A.–0.257% B.–0.850% C.0.750% A is correct. We solve for the excess sprebysubtracting ExpecteLoss fromthe respective OAS:Recall ththe UniteStates–baseinvestor mustconvert the euro return to US llars using R =(1 + RF(1 + RFX)– 1, so the USIG anUSHY positions comprising half the portfolio return average0.80%, while the EUR IG anEUR HY positionsreturn –1.314% in US llterms (= ((1 + ((0.65% + 0.75%)/2)) × 0.98) – 1), so –0.257% = ((0.80% – 1.314%)/2). 请问0.98怎么来的？

NO.PZ202112010200003101 问题如下 Whis the approximate unheeexcess return to the Unitetates–basecret manager for internationcret portfolio inx equallyweighteacross the four portfolio choices, assuming no change to spreration anno changes to the expecteloss occur? A.–0.257% B.–0.850% C.0.750% A is correct. We solve for the excess sprebysubtracting ExpecteLoss fromthe respective OAS:Recall ththe UniteStates–baseinvestor mustconvert the euro return to US llars using R =(1 + RF(1 + RFX)– 1, so the USIG anUSHY positions comprising half the portfolio return average0.80%, while the EUR IG anEUR HY positionsreturn –1.314% in US llterms (= ((1 + ((0.65% + 0.75%)/2)) × 0.98) – 1), so –0.257% = ((0.80% – 1.314%)/2). 在其他的问题回答中老师说“题目说了no fault loss occur”，但是题目说的是对于fault loss的expect没有改变，不考虑fault loss吗？如果考虑的话，是如何计算的呢？