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Hi @David Harper CFA FRM I think there's an error in R43-P2-T6 Stulz Ch 18 Study Notes. On page 4 you have the excerpt below saying Debt holders receive Max(F-Vt,0), but for example if the firm value is 80 and the face value of debt is 100, don't the debt holders get 80 back rather than...

Hi @David Harper CFA FRM I also noticed the missing N in the PD formula. Would be good to get it fixed please. Thanks Karim @Nicole Seaman

Hi @David Harper CFA FRM Someone in the whatsapp group was asking how to solve a question from another provider which I thought I should be able to answer, but wasn't. I thought we'd need to build up to 5% probability in the tail when rates rise and bond prices fall to find the VaR, but since...

Never mind @David Harper CFA FRM Looks like that's been tackled here https://forum.bionicturtle.com/threads/hull-19-03.6391/#post-26868 so adding onto that thread. Thanks Karim

Hi @David Harper CFA FRM In R40-P2-T5 Hull - Problem 20.3 on volatility smile & Jumps in asset price I'm confused since when I read the part about Jumps in the asset price, it made me think of the learning objective below and a volatility frown. However the answer to the problem is a normal...

Thanks @David Harper CFA FRM It looks like a couple of the learning objectives in R39-P2-T5 Tuckman Chapter 9 Study Notes aren't explicitly covered although they appear in the list in the study note itself. I'll use the wording of GARP's 2018 learning objectives since it's slightly different...

Hi @David Harper CFA FRM I've realized now that's it's the rt values that build on each other, so it makes sense that we scale each value by a single time step. However, I still don't get the purpose of the (t) [or dt] column in the table since it's not used in the calculations. Screenshot for...

Hi @David Harper CFA FRM In R39-P2-T5 Tuckman Ch9 Model 1 - Simulation: Why do we always scale the random value by SQRT(1/12) for every month when calculating dw? Current calculation in P2.T5.Tuckman_Ch9.xlsx for the 3 month rate: Whereas intuitively I thought we should be scaling by...

Hi @David Harper CFA FRM R39-P2-T5 Tuckman Study Notes chapter 8 page 39 I think we're missing the E for E[r] in the Jensen's inequality formula. Screenshot: Thanks Karim

Thanks @Nicole Seaman Hi @David Harper CFA FRM This one isn't an error per se, but when you eventually revisit R39-P2-T5-Tuckman Study Notes it would be helpful if you could number the formulae since the explanation refers to a bunch of formula numbers which are hard to follow since the...

Hi @David Harper CFA FRM @Nicole Seaman There seems to be an issue with P2.T5.Tuckman_Ch7.xlsx I've just downloaded it again, but it tells me there's a problem. Screenshot: I told it to make the repairs, and it got the following popup: Here are the contents of the log file listing the...

Hi @David Harper CFA FRM @Nicole Seaman R38-P2-T5 Meissner correlation study notes on page 37 I think the variance of X is missing the -E(X)^2 piece if you compare it to the variance of Y. Screenshot: Thanks Karim

Hi @David Harper CFA FRM @Nicole Seaman In a couple of the R38-P2-T5 Meissner Correlation videos (Chs 1 & 3 if I remember correctly) David refers to a learning spreadsheet, but I don't see it in the study planner. Just checking why it hasn't been released since it seems to exist based on the...

Thanks @David Harper CFA FRM I think the order of the figures in R38-P2-T5-Meissner Study Note page 19 should be changed to: Figure 1.9, then 1.10 then 1.11. Screenshot of figure 1.11 coming before 1.9: Thanks Karim CC @Nicole Seaman

Hi @David Harper CFA FRM @Nicole Seaman In R35.P2.T5 Dowd page 8 of the study notes Sub-additivity & Monotonicity formulae are swapped in the bulleted section (although they're correct in the boxes below). See screenshot further down. As a side note which you can ignore if you disagree, I also...

Thanks again @David Harper CFA FRM An updated Part 2 formula sheet will be a great help! Best Karim

Thanks @David Harper CFA FRM @QuantMan2318 For 715.2 from here when can I use Term/(1+YTM) for the modified duration calculation versus the (1/YTM)*(1-(1/(1+YTM)^t)) for par bonds as discussed above? It seems to only return the same results for a 1 year par bond when I vary the inputs, but I'd...

Hi @Nicole Seaman @David Harper CFA FRM Here are some things I've noticed. P2.T5.R36 Jorion Ch 11 Study notes. 1) Page 2 & subsequent headers: The learning objective below shouldn't specifically list Commodity Forwards: DESCRIBE THE METHOD OF MAPPING FORWARDS, COMMODITY FORWARDS, FORWARD RATE...

Thanks @Nicole Seaman The other reason I was asking is that I'm running into excessively long file name errors on my side due to my verbose folder structure, so knowing that the final bit of gibberish in the file names doesn't reflect a change to the document's content will help since I'll just...

Hi @David Harper CFA FRM Apologies for the basic question, but what's the intuition behind the Modified Duration calculation in cell D30 of: https://learn.bionicturtle.com/FRM/2017/LearningSpreadsheets/R36-P2-T5-Jorion-mapping-backtest-v3.xlsx Using the definition below for Macaulay...