在FRM一级考试中有大量的计算器，因此，考生需要掌握相关的FRM公式的。下文是小编列举的相关公式，希望对备考的你有所帮助！
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Stress testing shocks key input variables by large amounts to measure the impact on portfolio value. Key elements of effective governance and controls over stress testing include the governance structure,policies and procedures, documentation, validation and independent review, and internal audit.
Bond Valuation：
There are three steps in the bond valuation process:
Step 1: Estimate the cash flows. For a bond, there are two types of cash flows:
(1) the annual or semiannual coupon payments and
(2) the recovery of principal at maturity or when the bond is retired. 》》》报名繁琐？找融跃教育FRM考试免费代报名服务
Step 2: Determine the appropriate discount rate. The approximate discount rate can be either the bond’s yield to maturity (YTM) or a series of spot rates.
Step 3: Calculate the PV of the estimated cash flows. The PV is determined by discounting the bond’s cash flow stream by the appropriate discount rate(s).
Exercising American Options：
• It is never optimal to exercise an American call on a non-dividend-paying stock before its expiration date.【资料下载】点击下载融跃教育FRM考试公式表
• American puts can be optimally exercised early if they are sufficiently in-the-money.
• An American call on a dividend-paying stock may be exercised early if the dividend exceeds the amount of forgone interest.
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