Q. Which of the following statements regarding applications of ETFs in portfolio management is corre为什么B不对 A.Equity ETFs tend to be more active than fixed-income ETFs. B. The range of risk exposures available in the futures market is more diverse than that available in the ETF space. C. ETFs that have the highest trading volumes in their asset class category are generally preferred for tactical

还有第五题的ERP怎么就突然就2%了

老师这里的第四题，的rf不应该是用国债bond的yield吗，怎么直接用的int inverse？不是很懂

The annual investment fee stated in JRA’s marketing brochure is higher than the fee most of its clients pay because Jacobs offers a discount on the investment fee to clients who are referred by BP lawyers这句话讲解的意思是：由于存在Referral fee所以标出来的管理高于其他，而不是意思是由于给了discount所以剩余客户平摊该成本？

第四题 Expected stock price after 1 year (EUR)在这里面怎么考虑

营运资本在增长，EBITDA 会高估运营的现金流。这个怎么理解呢？ WC增加，inventory会受影响，也会影响COGS呀。

interest income 和 actual return on plan asset的区别是什么？第2题为什么不选b

对于第三问，我的理解是，任何级别的债券违约都算credit event，但是只有更高等级和同等级违约时才能求偿？这个理解正确吗？

题干说Bundovian不允许资本自由流通，所以判断其为发展中国家，当前更应该依托资本深化来提高人均GDP的增长。发达国家才更应该关注科技进步。这样的思路不对么?

Structure Model中，Equit被视为Call option on Asset, Debt被视为buy risk free bond and shot a put,这个理解对吗？另外structure model中是否假设市场是完全有效的呢？