企业理财reading21的第二个case第1题（即9题），the value of the real tax savings from depreciation 与 the value of the real after-tax interest expense 用符号表示分别是什么？为什么通胀率低了会导致二者增加？通胀率低了导致折现率低了，后者是I（1-t），I不是负债乘以折现率么，这样不是会导致减少么？

企业理财reading22 原版书第二个case第1题（即14题），韩老师讲解的时候说用公式2，但是韩老师写的公式2是Vu，即无杠杆时的公司价值，这道题有杠杆，不是应该用公式3么？而答案写的是Vl，公式和韩老师讲的Vu公式一样，这到底是怎么回事？

老师，这个题不太理解

只有当揭发的目的是为了维护资本市场，不能处于嫉妒等其他原因？那雇主违法了 不管出于何原因揭发都是没有问题的吧 这里是不是有问题？

请问这里putable bond为什么在r上升时偏小呢？

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!~