这里指的是CDO的这些资产的相关性下降，在危机刚开始的时候，垃圾债券被人抛售，价格越来越低，但投资级的债券价格是变好的，所以相关系数下降

NO.PZ2020033001000033 问题如下 In Mof 2005, GenerMotors anForwwngrato junk status, the following situation leto huge losses for multiple hee fun. Whiof the following positions are most likely to helthese fun anultimately leto their losses? A.Long the equity tranche of the C anshort the mezzanine tranche of the C, when the correlations of the assets in the C crease B.Long the equity tranche of the C anshort the mezzanine tranche of the C, when the correlations of the assets in the C increase C.Short the equity tranche of the C anlong the mezzanine tranche of the C, when the correlations of the assets in the C crease Short the equity tranche of the C anlong the mezzanine tranche of the C, when the correlations of the assets in the C increase A is correct.考点2005年的correlation-relatecrisis解析降级为垃圾级通常会导致债券价格急剧下跌，因为许多共同基金和养老基金不允许持有垃圾债券，C中引用投资级债券的债券的相关性下降，因为不同信用质量的债券的相关性通常较低，相关性下降导致对冲基金蒙受巨大损失，因为他们的策略是long equity的C的同时short mezzanine的C，相关性下降时这策略两端都受损。 在市场好时相关性低，头寸long Equity C + short Mezzanine C 市场经济好，equity不会违约，可以赚到高的return，相关性低为什么题目选择是相关性低的时候long Equity C + short Mezzanine C 亏钱，为啥不是相关性高的时候亏钱呢？相关性高的时候 equity和mazzanine都违约，都亏钱。

NO.PZ2020033001000033 问题如下 In Mof 2005, GenerMotors anForwwngrato junk status, the following situation leto huge losses for multiple hee fun. Whiof the following positions are most likely to helthese fun anultimately leto their losses? A.Long the equity tranche of the C anshort the mezzanine tranche of the C, when the correlations of the assets in the C crease B.Long the equity tranche of the C anshort the mezzanine tranche of the C, when the correlations of the assets in the C increase C.Short the equity tranche of the C anlong the mezzanine tranche of the C, when the correlations of the assets in the C crease Short the equity tranche of the C anlong the mezzanine tranche of the C, when the correlations of the assets in the C increase A is correct.考点2005年的correlation-relatecrisis解析降级为垃圾级通常会导致债券价格急剧下跌，因为许多共同基金和养老基金不允许持有垃圾债券，C中引用投资级债券的债券的相关性下降，因为不同信用质量的债券的相关性通常较低，相关性下降导致对冲基金蒙受巨大损失，因为他们的策略是long equity的C的同时short mezzanine的C，相关性下降时这策略两端都受损。 when the correlations of the assets in the C crease—我的理解是，在经济下行时，不同资产类别（例如equity和mezzanine）之间的相关性会减弱，但同一个资产类别内不同债券的相关性会增加，但是我怎么判断题目说的correlation指的是哪种场景呢？

NO.PZ2020033001000033 问题如下 In Mof 2005, GenerMotors anForwwngrato junk status, the following situation leto huge losses for multiple hee fun. Whiof the following positions are most likely to helthese fun anultimately leto their losses? A.Long the equity tranche of the C anshort the mezzanine tranche of the C, when the correlations of the assets in the C crease B.Long the equity tranche of the C anshort the mezzanine tranche of the C, when the correlations of the assets in the C increase C.Short the equity tranche of the C anlong the mezzanine tranche of the C, when the correlations of the assets in the C crease Short the equity tranche of the C anlong the mezzanine tranche of the C, when the correlations of the assets in the C increase A is correct.考点2005年的correlation-relatecrisis解析降级为垃圾级通常会导致债券价格急剧下跌，因为许多共同基金和养老基金不允许持有垃圾债券，C中引用投资级债券的债券的相关性下降，因为不同信用质量的债券的相关性通常较低，相关性下降导致对冲基金蒙受巨大损失，因为他们的策略是long equity的C的同时short mezzanine的C，相关性下降时这策略两端都受损。 如题

NO.PZ2020033001000033问题如下 In Mof 2005, GenerMotors anForwwngrato junk status, the following situation leto huge losses for multiple hee fun. Whiof the following positions are most likely to helthese fun anultimately leto their losses? A.Long the equity tranche of the C anshort the mezzanine tranche of the C, when the correlations of the assets in the C creaseB.Long the equity tranche of the C anshort the mezzanine tranche of the C, when the correlations of the assets in the C increaseC.Short the equity tranche of the C anlong the mezzanine tranche of the C, when the correlations of the assets in the C creaseShort the equity tranche of the C anlong the mezzanine tranche of the C, when the correlations of the assets in the C increase A is correct.考点2005年的correlation-relatecrisis解析降级为垃圾级通常会导致债券价格急剧下跌，因为许多共同基金和养老基金不允许持有垃圾债券，C中引用投资级债券的债券的相关性下降，因为不同信用质量的债券的相关性通常较低，相关性下降导致对冲基金蒙受巨大损失，因为他们的策略是long equity的C的同时short mezzanine的C，相关性下降时这策略两端都受损。 Correlation下降时候，为什么long equity C 会亏，short mezznine 也亏

NO.PZ2020033001000033 问题如下 In Mof 2005, GenerMotors anForwwngrato junk status, the following situation leto huge losses for multiple hee fun. Whiof the following positions are most likely to helthese fun anultimately leto their losses? A.Long the equity tranche of the C anshort the mezzanine tranche of the C, when the correlations of the assets in the C crease B.Long the equity tranche of the C anshort the mezzanine tranche of the C, when the correlations of the assets in the C increase C.Short the equity tranche of the C anlong the mezzanine tranche of the C, when the correlations of the assets in the C crease Short the equity tranche of the C anlong the mezzanine tranche of the C, when the correlations of the assets in the C increase A is correct.考点2005年的correlation-relatecrisis解析降级为垃圾级通常会导致债券价格急剧下跌，因为许多共同基金和养老基金不允许持有垃圾债券，C中引用投资级债券的债券的相关性下降，因为不同信用质量的债券的相关性通常较低，相关性下降导致对冲基金蒙受巨大损失，因为他们的策略是long equity的C的同时short mezzanine的C，相关性下降时这策略两端都受损。 市场不好 即 recession的时候不是correlation变大么？麻烦老师讲一下 senior mezzanine equity 分别随市场表现如何变化呗？