Increasing common dividends = $110 million, which is a use of FCFE—no effect on FCFE. Share repurchase = $60 million, which is a use of FCFE—no effect on FCFE. Debt repayment = $100 million, which will reduce FCFE by the full amount. Therefore, FCFE will decrease by $100 million. Reducing debt by $100 million reduces FCFE (the amount of cash available to equity holders) by that amount. The cash dividend and the share repurchase are uses of FCFE and do not change the amount of cash available to equity holders. 老师您好。这道题请你解释一下，为什么前两种方式是不影响fcfe？谢谢！

老师您好, 请问要计算WCInv = CA excluding cash - CL excluding debt. 但是题目中的B/S直接只写了CURRENT LIABILITY, 答案也是用CL. 那就是说, 默认没有A/P, 也就是全都是debt的CL? 谢谢!

这里用roe-re的正负来判断p\b是否大于1，但是分母re-g也有正负号呀？

老师您好, 协会练习题有句话是说: "If we are evaluating two stocks with the same P/B, the one with the higher ROE is relatively undervalued, all else equal. These relationships have been confirmed through cross-sectional regression analyses." 为什么ROE高=>undervalued? 谢谢~

老师您好, 请问有句话"PEG does not account for differences in the duration of growth."是对的. 那请问: 1. 什么是duration of growth? 2. 哪些指标是account for differences in the duration of growth的呢? 谢谢!~

这里每年的roe不是应该不断变化的么，为何公式中的roe没有下标？1.站在0时点，如何知道1时点的roe？2.推导中每年的roe应该是变化的吧？

官网有个题目， Royappa suggests that the macroeconomic model with supply-side analysis using the Ibbotson–Chen format provides a better estimate for BTP’s risk premium. 公式是: [(1 + EINFL)(1 + EGREPS)(1 + EGPE) − 1] + EINC − Expected risk-free rate 请问Ibbotson–Chen format这个考点哪里? 谢谢 题目是官网的练习题.

老师您好, 这个观点: "Compared with the geometric mean return, the arithmetic mean return is consistent with the assumptions of single period models, such as the CAPM." 答案的解释是: The arithmetic mean return as the average one-period return best represents the mean return in a single period. The major finance models for estimating required return—in particular the CAPM and multifactor models—are single-period models, so the arithmetic mean, with its focus on single-period returns, appears to be a model-consistent choice. 请您解释下, 谢谢!

老师您好，请问这个statement 是正确还是错误的？

牛市价差，能不能先讲顺势再讲逆势 太乱