老师，如果第3问通过PBO来计算contribution该如何计算呢？会用到2017年底的PBO折算到2018年的价值对吗？这个折算要用到的利率应该是2017年的5.5%还是2018年的6.0%？（应该是2017年的5.5%吧？）谢谢老师。

Case 5 第6题。正文中问的是“经常账户赤字对货币价值的影响”体现在哪些方面，而不是哪些因素影响经常账户的赤字吧。但课程讲解中却认为这道题问的是“哪些因素影响经常账户的赤字”。

老师好，这个知识点我都知道，但是这道题想问的是什么我理解不了。 57 Lange is least likely to use the Sharpe ratio to evaluate the ex post portfolio returns of: A Manager 1. B Manager 3. C Manager 2. C is correct. The Sharpe ratio is unaffected by the addition of cash or leverage in a portfolio and would thus not be appropriate to evaluate a portfolio in which an allocation to cash was a key part of the investment decision process. A is incorrect because Portfolio A has neither cash nor leverage as a component of its investment decisions. B is incorrect because Portfolio C has neither cash nor leverage as a component of its investment decisions.

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.

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.

百题183第四题，为什么div增长率上升股票价格会上涨，我理解为div增长率上去了，发出去的股利多了，留下的少了， 那股票价格不应该下降吗？......

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

能认真回答一下问题么？

distribution怎么计算呢 搞不清关系了

老师，第三题，A选项为什么不对，求解？