Stafford is a portfolio manager for a specialized real estate mutual fund. Her firm clearly describes in the fund's prospectus its soft dollar policies. Stafford decides that entering the CFA Program will enhance her investment decision- making skill and decides to use the fund's soft dollar account to pay the regis- tration and exam fees for the CFA Program. Which of the following statements is most likely correct? A. Stafford did not violate the Code and Standards because the prospectus informed investors of the fund's soft dollar policies. B. Stafford violated the Code and Standards because improving her investment skills is not a reasonable use of the soft dollar account. C. Stafford violated the Code and Standards because the CFA Program does not meet the definition of research allowed to be purchased with brokerage commissions. 老师，请问B为什么不对，感觉B比C更宽泛一些，C局限了软美元的用法在研报上，可能除了研报还可以有其他直接用于客户的方法呢。B错在哪里呢？

Jurgen is a portfolio manager. One of her firm's clients has told Jurgen that he will compensate her beyond the compensation provided by her firm on the basis of the capital appreciation of his portfolio each year. Jurgen should: A. Turn down the additional compensation because it will result in conflicts with the interests of other clients’accounts. B. Turn down the additional compensation because it will create undue pres- sure on her to achieve strong short-term performance. C. Obtain permission from her employer prior to accepting the compensation arrangement. 老师，请问一下，如果这个好处费是每年都给的，那这一年年末的好处费就会影响下一年的业绩表现，也就是客观公正性，不能平等对待其他客户，因为这个好处费不是一次性的。A为什么不对呢？

美式期权为啥要选大的C折现呢？不是很明白这步的判断

老师，帮忙解答下这道题，谢谢

归母净利润为什么是合并后的利润乘以持股比例，而不是是母公司的净利润加上收购公司净利润的持股占比部分？

什么叫风险中性违约概率？

请老师帮忙确认下我对【第四题第3小题】的思路。首先，因为处在mild inflation，所以肯定选FIFO。其次，对于选哪个作为functional currency，根据汇率升降判断。singapore dollar持续升值，因此应用历史的汇率，换算得相对更少的USD，因此选择应为temporal method，逆推即用USD作为functional currency。这个思路是否正确，谢谢。

在哪里说了无风险利率是5% ？

请问GGM为什么已经考虑了股票回购？谢谢！

我觉得GP ration是不是反了，CR下要小，因为H>A