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？

C麻烦再解释一下，为什么有顶波动更大了？

01.单选题 已收藏 标记 纠错 Which of the following is a unique feature of hedge fund indices? A Hedge fund indices are frequently equal weighted. B Hedge fund indices are determined by the constituents of the index. C Hedge fund indices reflect the value of private rather than public investments. 查看解析 下一题 正确答案B 您的答案B本题平均正确率：47% Other equity index &fixed-income index& alternative investments难度：困难 推荐：      答案解析 Hedge funds are not required to report their performance to any party other than their investors. Therefore, each hedge fund decides to which database(s) it will report its performance. Thus, for a hedge fund index, constituents determine the index rather than index providers determining the constituents. 问：对冲基金指数由成分股决定，能否在通俗的解释一下

我觉得解析不对吧，按照视频及解析，所求得值为6.58，而不是6.58%。 我认为解题思路应该是从9%到10%正好是变化了100bp，变化值=934.96-875.38=59.58， 用59.58除以904.52，才是答案6.58%。 请指教，谢谢。

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？

significant doubt 重大怀疑不应该用成本回收法吗

significant doubt 重大怀疑不应该用成本回收法吗

还是没听懂？

The bond is currently trading at par.这意思就是评价债券然后FV=par=100？