Which of the following industry is most likely to earn economic profits? A Firms in an industry that is characterized by low threat of substitute products and high rivalry among existing competitors. B Firms in an industry that is characterized by high barriers to entry and low bargaining power of buyers. C Firms in an industry that is characterized by high bargaining power of suppliers and low threat of new entrants. 这道题答案是b，有点不理解，对客户没有定价权哪还有超额利润

为什么确定前两个数之后均值一定是2，如果第三个数是5或者6那均值也就不会等于2了

经营性现金流通过融资或者投资性现金流流出可否给个例子

V3对应稳定增长阶段的D0么？分子应该是D0（1+g）么不是如果直接用D1那应该是V4对应啊

为什么这个公式中Z-spread就是callable bond 的利率（红字部分）

Company AAA issues 10-year bonds on 1 January 2013, the bonds are priced at ￡107,306 with face value 100,000, market interest rates are 6%, coupon rates are 7%, interest paid annually on 31 December. The carrying value of the bonds as of 31 December 2013 will be closest to: A ￡5,301,000. B ￡5,316,000. C ￡4,695,000. 这题答案给错了吧？

这道题的C也不对吧，shortfall损失由support tranche提供？

十分位和百分位是什么意思？

Debt covenants are least likely to place restrictions on the issuer's ability to: A pay dividends. B issue additional debt. C issue additional equity. 我怎么觉得a这种能力也不会限制？

老师 不理解A和C选项 这里的pass through 和 transform应该怎么理解呢？