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CFA二级
包含CFA二级传统在线课程、通关课程及试题相关提问答疑；
2020 Mock Exam B - Morning Session 53题 老师好，请帮忙将以下题目考察的知识点再帮我梳理一下。 53 Which of Dwelley’s characteristics of the DDM and NAVPS methods is most likely correct? A Characteristic 3 B Characteristic 2 C Characteristic 1 A is correct. Characteristic 3 is correct because the discount rate (cap rate) used in NAV calculation is based on private valuation of comparable properties. The discount rate used in DDM calculation is based on the discount rate for a public equity investment. B is incorrect. NAV is based on projections of NOI, including expected growth rate for the next 12 months. C is incorrect. DDM is based on dividends, which is the fraction of income paid out to investors, not all earned income. NAV is based on all relevant income, not just income retained by the company.
已回答2020 Mock Exam B - Morning Session 50题 老师好，请将以下题目考察的知识点，再帮我梳理一下： 50 Which of Schulman’s reasons regarding her preferred approach to valuing REITs is most likely correct? A Reason 3 B Reason 1 C Reason 2 A is correct. Reason 3 is correct. NAVPS is preferable to BVPS in valuing REITs because of the use of the market value of assets. Although accounting values based on the fair value method also serve as a useful valuation metric, those based on historical cost are generally not relevant. B is incorrect. NAVPS is calculated by capitalizing the rental income streams. Property that is not generating income (e.g., because it is undeveloped) has no contribution to NAV. C is incorrect. Neither BVPS nor NAVPS include intangibles in their calculation.
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2020 Mock Exam B - Morning Session 49题 老师好，能把这道题所考察的知识点再详细帮我梳理一下吗？ 49 Which of the account managers’ justifications in Exhibit 1 regarding the selection of each of the three REITs is most likely correct? A The justification for REIT 1 B The justification for REIT 3 C The justification for REIT 2
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2020 Mock Exam B - Morning Session 第31题， 请帮忙详细告知一下解题思路（最简单的解题技巧） 31 Using the information in Exhibit 2, comparing Armishaw’s approach to terminal value to Stack’s approach, Stack’s assumption leads to a 2024 value that is approximately: A $6.50 lower than Armishaw’s approach. B $6.74 lower than Armishaw’s approach. C $26.30 higher than Armishaw’s approach.
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精品问答
- Q6，为啥要少抽失败的，少抽不就不能真实反应情况了吗？
- Q3：解析里面Team Purple’s conclusion (the externalities associated with human capital is the most important determinant in predicting the occurence of convergence) implies that the production function is a straight line, and is compatible with non-convergence.这段话中 externalities associated with human capital具体是什么？怎么得到the production function is a straight line这个结论呢？
- 这题为什么是选C？
- 老师，第二题可以在解释一下原理吗？
- CDS的long和short是不是反过来的？就是long CDS代表看涨目标公司credit，所以是卖出一份CDS合约？
- 为啥accrued interest over contract life是0？
- 老師您好，Q1關於future price不太理解
- BG检验就是T检验吗？如果理解错误的话 T检验是什么？
