老师你好，什么叫做收益率曲线的平行移动？收益率曲线是什么？横轴是收益率，纵轴是债券价格？ 上课时老师说，一个投资组合有两个债券，如果说债券1的收益率变动量等于债券2的收益率变动量，则等价于这个投资组合的收益率曲线是平行移动的，为什么？

要约收购是什么意思?

套利交易是什么意思？希望老师给出一个具体的例子。

13.单选题 已收藏 标记 纠错 Which of the following model is the best to use when valuing a voting dividend-paying company that is just entering the growth phase? A Gordon growth model. B Two-stage dividend discount model. C Three-stage dividend discount model. 查看解析 上一题 下一题 正确答案C 您的答案A本题平均正确率：43% DCF models难度：一般 推荐：      答案解析 The Gordon growth model is best suited to valuing mature companies. The two-stage model is best for companies that are transitioning from a growth stage to a mature stage. The three-stage model is appropriate for young companies just entering the growth phase. 问：“valuing a voting dividend-paying company”怎么翻译，题干是什么意思？

老师你好，关于duration 的影响因素，能不能都从久期的两个定义来解释呢？ 1，期限越长，平均还款期越长，因此麦考林久期越长，同时，期限越长，利率风险越高，因此久期越高。从平均还款期和利率风险角度都是可以解释的。 2，coupon 越低，同样的本金需要更长的时间才能收回，平均还款期越长，因此麦考林久期越长。coupon 越低，利率风险呢？越高吗？怎么解释？ 3，市场收益率越低，为什么久期越高？两个定义都无法解释啊？

09.单选题 收藏 标记 纠错 Which of the following statements is least accurate? A A firm’s free cash flow to equity is significantly affected by the amount of dividends paid by the firm. B A firm’s free cash flow to equity is a measure of the firm’s dividend-paying capacity. C A firm’s free cash flow to equity increases with an increase in the firm’s net borrowing. 查看解析 上一题 下一题 正确答案A 您的答案C本题平均正确率：39% DCF models难度：一般 推荐：      答案解析 Dividends, a discretionary cash flow from financing activities, have no bearing on a firm’s free cash flow to equity, as can be seen from the formula: FCFE = CFO – FCInv + Net borrowing. 问：能否把FCFE 贴现估值的意思简单说说，股利贴现好理解，这个不太明白为什么可以拿来估值?

An analyst gathers the following data to determine the attractiveness of the company’s common stock: 这句话中的 attractiveness怎么翻译?

为什么COGS/average inventory 是次数呢？

04.单选题 收藏 标记 纠错 An investor is considering the purchase of a common stock with a $2.00 annual dividend. The dividend is expected to grow at a rate of 4 percent annually. If the investor's required rate of return is 7 percent, the intrinsic value of the stock is closest to: A $50.00. B $66.67. C $69.33. 查看解析 上一题 下一题 正确答案C 您的答案C本题平均正确率：71% DCF models难度：一般 推荐：      答案解析 According to the Gordon growth model V0=2*1.04/(0.07-0.04)= $69.33 问：“common stock with a $2.00 annual dividend”题目中说每年都是2美元的股息，可以D1又要乘一个增长率g，这不是矛盾了吗？ 想知道公司每年都是分红2美元，还是随着公司的发展 即g，把更多的股利每年发给投资者，但是为什么还写annual？

如果有other income 和other expense的话operating profit margin 还是拿EBIT／Net revenue吗？