Machile, CFA, is the Managing Director for Business Development of a large U.S.-based Hedge fund organization. Machile recently approved unusual terms for the fund’s client agreement in order to secure business from a large hedge fund manager based in Asia. To allow for time zone differences, the agreement allows the hedge fund to trade six hours after the close of U.S. markets. According to the Standards of Practice Handbook, did Machile violate any CFA Institute Standards of Professional Conduct? A No. B Yes, because he failed to inform his other clients of the unusual terms under the new client agreement, thus not treating clients equally. C Yes, because he failed to review regulations on late-trading and did not consult with ABC’s compliance director to determine if late-trading was acceptable. 老师，B 和C选项麻烦解析下，为什么C

请问long run average cost就等于long run average total cost吧？考题会经常不加total这个词吗？

老师在会计快速突破法-3.支柱与递延税5分钟左右讲的企业和银行的债务重组讲错了吧？？？首先，详见图中关于债务重组的会计准则。关于企业用0.7亿抵消银行贷款1.3亿，产生债务重组利得0.6亿，计入营业外收入，需要交纳增值税，汇算清缴也需要交纳企业所得税。对于银行的账务处理，会发生债务重组损失0.6亿，影响当期损益，银行入账的在建工程应该是0.7亿。老师误导性太强了！！！这没学过会计的，肯定会被误导！！！！

期初分红为什么HPR算出来却等于0？同样的条件下先分红不应该比后分红的收益率更高吗？

Since Farmco is thinly traded, Waters is concerned the order will overwhelm the liquidity of Farmco and the price will surge. Waters engages in a series of block trades in order to accomplish the purchase. 老师，我的理解这个意思不就是Waters想通过交易量控制价格吗？所以不应该是transaction-based吗？

最后的问题有三个option是不是没法用combination算呀？计算器应该要怎么按呢？

请问一下 5个stock选3个，顺序不重要的话有 5P3=5!/(2!*3!)种方法 那5个stock选2个，顺序不重要的话有5P2=5!/(3!*2!)种方法 得到的式子是一样的？ 但是算出来是不一样的呀

C说企业税多了，那么成本上升总供给减小AS曲线左移为什么不对呢？

A答案如果是宽松的政策是不是就对了？

为什么左移后长期还会移回来