这里的C选项怎么翻译和理解？

submanager和secondary manager是否相同？

老师，视频中说asset based估值法更适合于对非上市公司的估值，为什么这里讲义里说更适合于上市公司？那到底是更适合上市公司还是非上市公司？

covered bond能在简单解释下吗，谢谢

A=-4不应该是risk-seeking了吗 为什么还会是risk aversion?

The transfer of assets by the sponsor is considered a legal sale; once the asset have been securitized, the sponsor no longer has ownership rights. Any party making claims following the bankruptcy of the sponsor would be unable to recover the assets or their proceeds. 这两句中sponsor具体什么意思，两句请帮忙翻译下，没怎么看懂，谢谢！

dominate capital allocation line 与CML 的区别是什么

第一张图，随着interest的上升 carring value也上升，第二图为什么就变成bonds下降了

请问警告信和警告有什么区别？cautionary letter不算处罚，censure算处罚，怎么区分？

Global bond=Eurobond +Demostic Bond对吧，从讲义文字说明来看？