这边PPT是不是有问题，还是我理解错了 老师说量越多，赚的钱越多，规模经济 increase是不是应该对应positive

老师 请问treynor ratio 和 Jensen’s alpha 衡量的是系统性风险，系统性风险不是不能diversified 吗；为啥这里写的是well-diversified的呢

42. Based on Exhibits 5–7, in comparison to Company X, Company Y has a higher: A. debt/capital ratio. B. debt/EBITDA ratio. C. free cash flow after dividends/debt ratio. 选A。 C is correct because Company Y has a higher ratio of free cash flow after dividends to debt than Company X, not lower, as shown in the following table. Free cash flow after dividends as a % of debt = FCF after dividends Debt Company X Company Y Cash flow from operations £3.3 £14.0 Less Net capital expenditures –0.8 –1.1 ?? Dividends –0.3 –6.1 Free cash flow after dividends £2.2 £6.8 固收课后题reading 55 第42题，答案讲解中，在计算自由现金流时，这个值：Net capital expenditures –0.8 –1.1 ??，是如何求出来的，没看懂。麻烦老师讲解一下。谢谢。

你好，关于债券-零息债券，网课里24-235,24-236这里，老师说到，资本利得税，债券在到期之前，提早卖掉，有价差，就要缴纳资本利得税，那实际里面也有，为了现金周转，提早便宜卖掉或转让，甚至亏本，这样是不是可以不要交税了？也没有获利。

62题不会做

第14题 选项应该是c 为什么增加出口且增加外资流出，出口货物资金应该流入才对啊

57题不会做

For NARU and NAIRU, which of the following is not a problem? A They may change over time given changes in technology and economic structure. B They do not account for bottlenecks in segments of the labor market (e.g., college graduates). C They only work in monetarist models. 这题怎么没听说过？啥是naru，nairu？

A market structure with relatively few sellers of a homogeneous or standardized product is best described as: A oligopoly. B monopoly. C perfect competition. 这题答案错了吧，很明显是垄断，比如移动，联通，少厂商，同质化产品

运用计算器计算年金，按照老师的步骤来的，为什么得出来的数据和讲义上不一致，显示508.4031？是计算器的问题？