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CFA一级
包含CFA一级传统在线课程、通关课程及试题相关提问答疑；
我觉得老师讲题讲的有点机械，举例子不够口语化，不是很好理解，总觉得把符号标识注上就可以了。这里b项，我觉得最好可以这样理解，在股票在合约期间的某一个时间点t上股票价格下跌为零，这个时候因为put option的价值为X-s，达到了最大值，无法继续增值，但是未到期又不能提前行权（欧式期权），此后如果时间越长T越大，股票价格就有上升的可能，股票价格上升就带来内外价值的降低，以后就走下坡路了。
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为什么sponsored DR是投资者有投票权，Unsponsored DR是depository bank有投票权?我看了原版书不是特别理解。Sponsor字面意思是赞助的意思，是站在foreign company whose shares are held by the depository 角度说的吗？如果这个foreign company参与发行（sponsored），投资者有投票权；foreign company不参与发行（unsponsored），depository bank参与发行，depository bank有投票权？附：原版书A DR can be sponsored or unsponsored. A sponsored DR is when the foreigncompany whose shares are held by the depository has a direct involvement in the issuance of the receipts. Investors in sponsored DRs have the same rights as the direct owners of the common shares (e.g., the right to vote and the right to receive dividends). In contrast, with an unsponsored DR, the underlying foreign company has no involvement with the issuance of the receipts. Instead, the depository purchases the foreign company’s shares in its domestic market and then issues the receipts through brokerage firms in the depository’s local market. In this case, the depository bank, notthe investors in the DR, retains the voting rights.
已回答8 Emerging markets have benefited from recent trends in international markets Which of the following has not been a benefit of these trendsA Emerging market companies do not have to worry about a lack of liquidity in their home equity markets.B Emerging market companies have found it easier to raise capital in the markets of developed countries.C Emerging market companies have benefited from the stability of foreign exchange markets.老师，这一题不选C的原因是什么？C选项说发展中国家受益于foreign exchange markets的稳定性，这里foreign exchange markets是指发展中国家自己的货币稳定性还是外国（发达国家）的货币稳定性？
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精品问答
- Effective duration和Effective convexiy的公式为什么不用modified duration和convexity的原本公式，而是和他们的近似的久期和突性的公式一致？
- 为什么半年付息 算ytm是乘以2 而年化的麦考利久期是除以2
- 为什么长期垄断竞争中 D和ATC相切
- m上升 EAR为什么上升 以及为什么又不变
- 为什么TC 的切点对应是AVC的最低点？
- 前面在讲Aggregate demand curve的时候说，价格上涨使消费下降，而这里又说价格下降消费变少，为什么存在矛盾？
- 为什么可以把TR TC同时体现在纵轴？
- 对于老师讲的这部分，1. 我理解FRA的Payoff始终等于利率期货的Payoff部分进行折现（除以1个大于1的数），也就是说，FRA的Payoff的变动幅度 应该 始终小于利率期货的变动幅度。2. 至于是涨多跌少，还是涨少跌多，其实MRR在分母上，可以根据1/x的曲线特点来理解，无非就是MRR上升时1/（1+MRR）的变动幅度 小于 MRR下降时1/(1+MRR)的变动幅度，所以如果MRR上升时，Payoff是上升的，那么就是涨少跌多，如果MRR上升时，Payoff是下降的，那就是涨多跌少。以上2点，我理解的对吗？
