协会模考, 有道题的解释说: securitization results in a reduction in the layers between borrowers and ultimate investors. 麻烦老师解释下, 谢谢.

Q. A portfolio manager analyzes a market and discovers that it is not possible to achieve consistent and superior risk-adjusted returns, net of all expenses. This market is most likely characterized by: persistent anomalies. informational efficiency. restrictions on short selling. Solution 信息有效, 讲义上说的是获取信息快, 成本低...等等.貌似和这里的解释不搭界? B is correct. In an informationally efficient market, consistent and superior risk-adjusted returns (net of all expenses) are not achievable. A is incorrect because in an informationally efficient market, consistent and superior risk-adjusted returns (net of all expenses) are not achievable. In such a situation, persistent anomalies are unlikely. C is incorrect because some market experts argue that restrictions on short selling limit arbitrage trading, which impedes market efficiency. Market Efficiency Learning Outcome Describe market efficiency and related concepts, including their importance to investment practitioners

陈老师讲解这道题是先付年金，这个懂。然后在计算方法中，不是已经按先付年金使第一笔cf为O了吗？为什么算出来670还要在乘一期？

如图, 谢谢.

48题为什么不是b？

Q. Conservative, rather than aggressive, accounting is most likely associated with: increased sustainability of earnings. higher current reported performance. recognition of losses once certain. Solution 请老师解释下A. 看懂了意思, 看没明白sustainability为什么要avoid? 谢谢. A is correct. Conservative accounting choices decrease a company’s reported performance and results in the current period and may increase its reported performance and financial position in later periods. Therefore, it typically avoids a sustainability issue. B is incorrect because higher current reported performance is a result associated with aggressive accounting choices, not conservative ones. C is incorrect because in general, conservatism means that losses are recognized when probable; waiting to recognize losses until they are certain would be an aggressive approach rather than a conservative one.

老师，请问，单尾双尾检验对取关键值有什么影响

老师，82题怎么理解呢

求解。答案没看懂.....B选项是什么意思呢?A选项为什么没有利益冲突呢?

比如20元的股票，分红5元，税率20% 那投资者拿到的分红金额为4元，而股票除权后为20-5=15 现在15+4=19，反而亏了1元 如果分红之前卖掉，投资者是可以拿到20元的 这样来说，分红对于投资者来说反而是亏钱的，怎么解释呢?