问题如下图：
选项：
A. 
B. 
C. 
解释：
为什么在将Rmxn转化为Reur的时候，汇率的变化还要用UIRP来算，而不是直接用题目汇总的mxn相对eur贬值2%这个条件？
发亮_品职助教 · 2019年06月10日
题目说国际市场投资可以是：Unhedged position、或者是Hedge into base-currency，问哪种方式的投资收益最大，选一个最大的。
题干信息里面给的MXN相对于EUR贬值2%的条件，是题干条件里预期的汇率变动，这个汇率变动对应Unhedged position，也就是说做了国际投资，不使用Forward hedge currency risk，此时，在计算Unhedged收益时，使用这个预期汇率的变动。
Hedge into base-currency，就是将国际市场投资的汇率用Forward hedge成Base-currency，计算Forward hedge的收益，为（F-S）/S
其中F是Forward里面约定的汇率，S为期初时刻的即期汇率，这个公式就是使用Foward hedge掉Currency risk的收益；
利用Covered interest rate parity，这个收益约等于两国利率之差，例如将MXN收益Hedge成EUR，收益为：（F-S）/S = R(EUR) - R(MXN)
NO.PZ201902210100000105 老师，为什么计算半年的收益率？
NO.PZ201902210100000105 就这道题我反反复复听了何老师讲的和有问必答您的，但是有两个问题一直没搞明白 1.希腊债券半年的收益率直接用5.7%除以2，背后的逻辑是因为收益率曲线stable还是因为这些债券都是平价发行？有这个困惑是因为看书后的答案和您的都了半天coupon和4年跟5年之间收益率差别不大的问题。 2.为什么希腊债券半年的收益率可以直接用5.7%除以2，而墨西哥债券半年的收益率不能用改变后的7%直接除以2来计算。何老师视频里面也只是说了一句因为墨西哥债券收益率改变了，所以就要算现金流倒推收益率，也没说明白背后的具体逻辑是什么？
buying the Greek 5-yein eaof the portfolios, heing the currenin the GBP-baseportfolio, anleaving the currenunheein the llar-baseportfolio. buying the Greek 5-yein the Euro-nominateportfolio, buying the Mexic5-yein the GanUSnominateportfolios, anleaving the currenunheein eacase. B is correct. Winston shoulbuy the Greek 5-yebonfor eaportfolio. In the US llportfolio, she shoulleave the currenunhee accepting the exposure to the Euro, whiis projecteto appreciate 1% against the US In the UK portfolio, she shoulhee the bons EUR exposure into GBP. In the Euro-baseportfolio there is no heing cision to ma because the Greek bonis nominatein EUR. Because yiel are projecteto remain unchangein the US, UK, Euro, anGreek markets, the 5-yeGreek bon will still pricepin six months anthe US, UK, anEuro bon will realize a negligible priappreciation when they have 4.5 years to maturity. Hence, the locmarket return for eaof these bon will equhalf of the coupon: 0.975%, 0.55%, 0.30%, an2.85%, respectively. The Mexic5-yewill priceto yiel7.0% the enof the perio Its priwill ∑ t=1 9 7.25 2 (1+ 0.07 2 ) t + 100 (1+ 0.07 2 ) 9 =100.9501 Its locmarket return is therefore 4.576% = (100.9501 + 7.25/2)/100. covereinterest parity, the cost of heing a boninto a particulcurrenis the short-term (six months here) rate for the curreninto whithe bonis heeminus the short-term rate for the currenin whithe bonis nominate For heing US, UK, anMexicbon into Euros for six months the calculation is: USinto EUR: (0.15% – 1.40%)/2 = –0.625% Ginto EUR: (0.15% –0.50%)/2 = –0.175% MXN into EUR: (0.15% – 7.10%)/2 = –3.475% (Note tha negative number is a cost while a positive number woula benefit.) Combining these heing costs with eabons locmarket return, the returns heeinto EUR, whicnow valiy compare are: US: 0.975% + (–0.625%) = 0.350% UK: 0.550% + (–0.175%) = 0.375% MX: 4.576% + (–3.475%) = 1.101% GR: 2.850% + 0 = 2.850% EU: 0.300% + 0 = 0.300% The Greek bonis fthe most attractive investment. This woulstill true if returns were heeinto USor GBP. So, the Greek 5-yeshoulpurchasefor eaportfolio. Whether or not to actually hee the currenexposure pen on if the cost/benefit of heing is greater ththe projectechange in the spot exchange rate. For the llar-nominateportfolio, heing the Greek boninto USwoul\"piup\" 0.625% (the opposite of heing USinto EUR). But EUR is expecteto appreciate 1.0% against the llar, so it is better to leave the bonunheein the USnominateportfolio. Heing EUR into Gpicks up 0.175% of return. SinEUR is projecteto remain unchangeagainst GBP, it is better (from expectereturn perspective) to hee the Greek boninto GBP. A is incorrebecause it cseen from the explanation for B above ththe Greek 5-yebonis fthe most attractive investment, returning 2.85% compareto the Mexic5-yebons return of 1.101%. If the returns for these bon were heeinto USor G(insteof EUR), in eacase the return on the Mexic5-yebonwoulstill inferior to thof the Greek 5-yebon C is incorrebecause it cseen from the explanation for B above ththe Greek 5-yebonis fthe most attractive investment, returning 2.85% compareto the Mexic5-yebons return of 1.101%. If the returns for these bon were heeinto USor G(insteof EUR), in eacase the return on the Mexic5-yebonwoulstill inferior to thof the Greek 5-yebon Moreover, over the 6-month investment horizon the MexicPeso is expecteto preciate against both the GanUS further impairing the unheereturns on the Mexic5-yebonin GanUSterms. 请问Limiteto unhee or hegng into是什么意思……
NO.PZ201902210100000105 这题Mexic5-yeprice怎么算出的100.9501?? 我算的是30.9988 + 73.373， 哪里错了？
NO.PZ201902210100000105 base curren和nominatecurrency的意思是base currency是基础货币，nominatecurrency是所买的外国债券吗 怎么讲nominatecurrenhee成可比较的，这道题完全不明白