FRM的专题训练，怎么有这么多CFA I 的题目？

cannibalization 是什么意思？谢谢

麻烦老师解释一下 第20题 对答案有些不太理解

13.单选题 已收藏 标记 纠错 The yield on a U.S. Treasury STRIPS security is also known as the Treasury: A spot rate. B yield spread. C forward rate. 查看解析 上一题 提交试卷 正确答案A 您的答案B本题平均正确率：49% Securities issued by sovereign governments难度：一般 推荐：      答案解析 A is correct because a STRIPS security is a zero-coupon bond with no default risk and therefore represents the appropriate discount rate for a cash flow certain to be received at the maturity date for the STRIPS. 问：strips到底是投行将之剥离成n个零息债券，还是财政部自己剥离的？谁做的这个操作？

如图 那样write down假设没有发生的话不是应该inv就变成原来那样就上升了嘛？ 这题目问的什么意思啊 总觉得题目有问题

01.单选题 收藏 标记 纠错 When taking commercial bank into consideration, holding reserves with central bank is: A a mandatory requirement. B an opportunity cost. C a good instrument to receive interest on excess funds. 查看解析 下一题 正确答案B 您的答案C本题平均正确率：20% Short-term funding alternatives难度：一般 推荐：      答案解析 B is correct. Funds held in reserve with the national central bank are an opportunity cost because they cannot be invested with higher interest or loaned out to consumers or commercial enterprises. A is incorrect because although many countries require deposit-taking banks to place a reserve balance with the national central bank, this is not always the case. C is incorrect because some central banks pay no interest on reserve funds, and sometimes even charge for keeping reserve funds. 问：如果按着机会成本-即 次优收益 来理解B?

当inventory被write down后COGS是变小吗？

请问为什么inventory被write down之后COGs会降低？

对于这个结构化产品的例子（保本型债券），我先描述一下问题：现在我有1000块钱，想存三个月，要求是必须保本。这时：我把900买了一个零息债券，说好了三个月后给我1000块，剩下的100元 我买有一个看涨期权，最后两个东西的组合 视作一个结构化的保本产品，就可以保证我的1000块不损失的情况下 还能拿到一部分超额收益。 问： 1.问题是我描述的这样吗？有没有理解有误的地方？ 2.看涨期权这块 没太明白，我花100块买的是以这个零息债券为标的的看涨期权吗？从900到1000块，表示债券的价格涨了吗，所以我可以行权？ --就是看涨期权这块 怎么和标的资产结合的可否进一步解释？ 请逐次回答 谢谢

Intermediate-term debt instrument 指哪些？