总体框架 Time Value  Interest Rate rf: 无风险收益率 (CFA中一般认为是美国短期国债T-bill的收益率) Nominal risk-free rate: 名义无风险税率 Real risk-free rate: 实际无风险利率 Liquidity premium: 流动性风险溢价 Maturity premium: 到期风险溢价 Risk premium: 风险溢价 费雪效应 Nominal interest rate和Stated Interest rate是…