131：According to the pure expectations hypothesis ,which of the following statements is correct concerning the expectations of market participants in an upward-sloping yield curve environment ?
A: interest rates will increase and the yield curve will flatten
B: interest rates will increase and the yield curve will steepen
C: interest rates will decrease and the yield curve will flatten
D: interest rates will decrease and the yield curve will steepen
答案选A，我知道interest rates will increase，但我觉得the yield curve will steepen，而不是flatten。
122:consider 3 random variables:X,Y,Z,supposing that corr(X,Y)=0.4 and corr(Z,Y)=0.3,which of the following statements is true:
A: corr(X,Z)can not be 0
B: corr(x,z) has to be larger than 0.3
C: corr(x,z)can not be negative
D: none of the above
答案选D。为什么不是A
119:A bright quantitative analyst in your risk management department has developed a new risk measure than promises to be applicable to a wide set of risks across your firms. As a first step in your evaluation, you ask the analyst to demonstrate that it is a coherent risk measure. the results are listed below .which equation shows that it is not a coherent risk measure?
Given: x and y are state-contingent payoffs of two different portfolios
P(x) and p(y) are the risk measures of the two portfolios respectively
a and b are arbitrary constants(with a > 0)
r is the risk-free rate
A: p(x+y)≤p(x)+p(y)
B: p(ax)= ap(x)
C: p(x)≤p(x)p(y),if x ≤y
D: p(x+ b)=p(x)-b
答案选C。不理解C、D选项的意思，望解答。
110:which of the following regarding corporate bond credit spreads is true ?
ⅰ:the credit spread is approximately equal to a default probability times the fractional recovery rate plus a risk premium
ⅱ :corporate bonds with lower credit ratings will have a larger credit spread
ⅲ: credit spreads may not include liquidity premium components
ⅳ:the nontaxable status of treasury of treasury coupon payments helps to decrease the credit spread
A: ⅱ only
B: ⅰ and ⅱ only
C; ⅰ and ⅲ only
D: ⅰ and ⅳ only
说一下122和110吧，122问的应该是incorrect，所以答案就对了。110i不对，根据PD的当前价格测算公式，它只跟信用价差和回收率有关，跟溢价没有关系。iii是may not include liquidity premium components。应该没有may的，一定不包括的，所以也不对，ii是对的，一般来说，rr不变的话，信用差价越高，违约率越高，信用评级越低。
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