9.14.18题

老师你好，关于情况4，视频讲解没有解释这个情况呀？bondholder 买入以后，第一次coupon 收到之前，市场YTM上升的话，如果是继续持有至到期，最终的年化HPR是高于原来的YTM，但是如果在持有了一年就卖掉的话实际的年化HPR是小于原来的YTM，为什么这种情况没有进行讨论？

老师，这个题目求计算过程

EAR和EAY是不是一个意思？可以互换对吗？

02.单选题 已收藏 标记 纠错 Which of the following is not a limitation of the cyclical/non-cyclical descriptive approach to classifying companies? A A cyclical company may have a growth component in it. B Business-cycle sensitivity is a discrete phenomenon rather than a continuous spectrum. C A global company can experience economic expansion in one part of the world while experiencing recession in another part. 查看解析 上一题 提交试卷 正确答案B 您的答案B本题平均正确率：47% Industry life cycle models难度：困难 推荐：      答案解析 Business-cycle sensitivity falls on a continuum and is not a discrete "either-or" phenomenon. 问：A选项画出图来什么样，是我画的吗，如果不是能否画图示意之？

10.单选题 已收藏 标记 纠错 Which of the following industry characteristics is generally least likely to produce high returns on capital? A High barriers to entry. B High degree of concentration. C Short lead time to build new plants. 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：85% Pricing power and price competition难度：一般 推荐：      答案解析 With short lead times, industry capacity can be rapidly increased to satisfy demand, but it may also lead to overcapacity, and lower profits. 问：“ returns on capital”这个术语等于ROA还是ROE,capital具体能划分成财务的什么？

这题不是选C？

04.单选题 已收藏 标记 纠错 Which of the following industries is least affected by technological innovation? A Oil services. B Pharmaceuticals. C Confections and candy. 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：82% Macroeconomic analysis难度：一般 推荐：      答案解析 Innovation does not play a large role in the candy industry. 问：记得有一道题中：oil service指的是加油这项服务，到底是原油开采还是加油服务？如果是加油的话，能不能理解成以后人工智能出来了，就不用人来加油了，所以受到技术影响很大？请逐次回答，谢谢

13.单选题 已收藏 标记 纠错 Which of the following firm’s earnings are most likely to be cyclical? A The firm produces luxury items. B Most of the firm’s costs depend on its level of output. C The firm operates in a growth industry. 查看解析 上一题 提交试卷 正确答案A 您的答案A本题平均正确率：60% Industry life cycle models难度：一般 推荐：      答案解析 Producers of luxury items tend to have cyclical earnings because consumers typically decrease their purchases of these items during economic recessions. The earnings of firms with high percentages of variable costs are not as likely to be cyclical as those of firms with high percentages of fixed costs (i.e., high operating leverage). A growth industry has demand that is strong enough that earnings remain relatively unaffected by the business cycle. 问：B为什么固定成本依赖于产出的行业是非周期的，举例说明可否？

04.单选题 已收藏 标记 纠错 In which of the following life-cycle phases are price wars most likely to be absent? A Mature. B Decline. C Growth. 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：56% Industry life cycle models难度：一般 推荐：      答案解析 The growth phase is not likely to experience price wars because expanding industry demand provides companies the opportunity to grow even without increasing market share. When industry growth is stagnant, companies may only be able to grow by increasing market share, e.g., by engaging in price competition. 问：成熟期和消亡期的价格战分别体现在哪些地方？