这个题目的原版书题目和答案都贴在下面。是不是错了？看一下我的答案（见附图）。我的解答正确吗？ Fromm’s sensitivity analysis will result in a decrease in the 2015 base case gross profit margin closest to: A. 0.55 percentage points. B. 0.80 percentage points. C. 3.32 percentage points. A is correct. The sensitivity analysis consists of an increase of 20% in the price of an input that constitutes 4% of cost of sales. Change in gross profit margin because of that increase is calculated as the change in cost of sales because of price increase divided by sales: = (Cost of sales × 0.04 × 0.2)/Sales = (105.38 × 0.04 × 0.2)/152.38 = 0.0055

财务的第一题。这里earning是什么？ 我的算法是占比19%，所以加上NI*19%-div*19%

贴一下课后题目的答案。没有看懂。请老师解释。谢谢。B is correct. If the future growth or profitability of a company is likely to be lower than the historical average (in this case, because of a potential technological development), then the target multiple should reflect a discount to the historical multiple to reflect this difference in growth and/or profitability. If a multiple is used to derive the terminal value of a company, the choice of the multiple should be consistent with the long-run expectations for growth and required return. French tells Wright he believes that such a technological development may have an adverse impact on Archway beyond the forecast horizon.

这里不懂为啥investment记500。equity方法核算investment不是应该500再加上NI减去div吗？这里怎么花了500就在investment记500？

请老师解释一下骑乘收益率曲线的原理，谢谢！

老师您好，请您解释一下为什么swap curve是一种par curve. 我感觉这两个好像就是一样的，难道还有别的种类的par curve吗，谢谢老师。

这里spot用的也是annual rate，然而F求出来是270天的rate，为什么右边部分不用再乘以360/270？

图2绿色笔记的r-g中的g为什么是4%不是按7%折？

关于multifactor model 在 active management 和 passive management中适用性讲究 请老师解疑

这个第一题，是不是这个意思。就是例题里的restate法。先restate因通货膨胀造成的贬值，再将重塑的价值按照当前汇率（current rate）折算，然后才是最终的价值。对吗？ 这是在IFRS下用的方法。 restate非货币资产负债，货币性的原封不动。 在usgaap下，用temporal全部折算。（这里用这个方法时也要货币非货币分开考虑？