03.单选题 收藏 标记 纠错 Which of the following situations is the least likely reason why the marginal cost of capital schedule for a company rises as additional funds are raised? A The company seeks to issue less senior debt because it violates the debt incurrence test of an existing debt covenant. B The cost of additional funds from various sources rises as higher levels of financing are achieved. C The company deviates from its target capital structure because of the economies of scale associated with flotation costs and market conditions. 查看解析 上一题 提交试卷 正确答案B 您的答案C本题平均正确率：36% WACC难度：困难 推荐：      答案解析 B is correct. 问： A,B,C选项可否简易的中文翻译一下 再配合个小例子说明一下，选项没有看懂

01.单选题 已收藏 标记 纠错 Which of the following statements is correct? A The appropriate tax rate to use in the adjustment of the before-tax cost of debt to determine the after-tax cost of debt is the average tax rate because interest is deductible against the company's entire taxable income. B For a given company, the after-tax cost of debt is generally less than both the cost of preferred equity and the cost of common equity. C For a given company, the investment opportunity schedule is upward slop-ing because as a company invests more in capital projects, the returns from investing increase. 查看解析 下一题 正确答案B 您的答案A本题平均正确率：48% WACC难度：困难 推荐：      答案解析 B is correct. Debt is generally less costly than preferred or common stock. The cost of debt is further reduced if interest expense is tax deductible. 问： 1.A口否翻译一下？2.B可否再解释一下，我觉得债券和股票成本没关系吧？

答案肯定要选一个，所以不算WACC，直接选一个IRR高的不就成了 吗

请问PV、FV、PMT之间的正负符号关系是怎样的？如果PV是0，那么FV和PMT之间的符号一定是相反的吗？

lower bound是什么意思？

A call option with a strike price of 60 will expire in 80 days. No cash payments will be made by the underlying asset over the life of the option. If the underlying asset price is 70 and the risk-free rate of return is 5.0 percent, the lower bound for an American call option and a European call option, respectively, are closest to A the lower bound for an American call option is 10; the lower bound for a European call option is 10.64. B the lower bound for an American call option is 10.64; the lower bound for a European call option is 10. C the lower bound for an American call option is 10.64; the lower bound for a European call option is 10.64. 为什么在题目里美式与欧式的价格会一样？还有一点就是为什么这里美式不提前行权？

01.单选题 Which of the following is least likely an appropriate use of the CFA designation? A. Jeremy Salyers, as a CFA charterholder, expects to outperform the market because CFA charterholders have on average outperformed their peers. B. Jeremy Salyers, CFA. C. Jeremy Salyers has earned the CFA designation by passing three exams, all three on his first attempts. 这个答案选A，但我觉得C也不对啊，通过考试就能获得CFA的designation吗？不是还需要有48个月的相关工作经验，以及两个持证人的推荐才可以使用CFA的title吗？

17.单选题 收藏 标记 纠错 Hitch changes its target capital structure to 70% equity and 30% debt from its original capital structure with 100% equity financing. Hitch has a large asset base, a 30% operating profit margin, and the average interest rate on debt is expected to be 5.0%. If Hitch makes the change to its target capital structure and EBIT is unchanged, what is most likely the impact on Hitch's net income and return on equity (ROE) respectively? A Decrease; Increase B No Change; Increase C Decrease ;Decrease 查看解析 上一题 下一题 正确答案A 您的答案A本题平均正确率：55% WACC难度：容易 推荐：      答案解析 You should be able to figure out this question with logic (without having to use calculations). The interest expense associated with using debt represents a fixed cost that reduces net income. However, the lower net income value is spread over a smaller base of equity capital, serving to increase the ROE. 问：没明白关联到哪个知识点，可否进一步讲解？

第15题所说的熊市不应该是市场不好的情况吗？市场不好的情况下为什么要扩大IPO？以及BC选项哪里错了？

希望解释一下第七题和第九题分别的选项