这里说经济下行，避险资产价格上升，按理YTM应该下降，但考试时候却说收益率上升，是因为capital gain。这里该如何理解，1.这里难道不应该是对于债券这一类资产，总体来说，YTM应该是下降了吧（因为债券整体价格不断上升），对于能买到的债券，其YTM肯定不如以前，但对于单个债券，由于买了之后，资产价格继续上升，capital gain增加，导致YTM增加，这种理解对么？2.考试时如果问YTM是上升还是下降，应该如何回答？

所以是否可以这样里理解，return指的是名义上的债券收益率，yield是实际收益率

老师，这段很晕。 le，是独立机构，但不是SRO，那是Non-SROs lor，不是独立机构，怎么能是SRO？

为什么在固定收益里面不用考虑P=1这个价格的不确定性？

第二题。这里的思路是国GDP已经超出历史平均水平，所以会降，长期股价等于GDP的增长率，所以也是降，对吧～

请问BP test=nR^2中的R^2具体怎么计算出来的？代表的是什么含义？

case2，为何11题Int income用8%计算而12问的Int income 用7%?

Domingues informs Casado of a final piece of information relevant to his evaluation. To increase liquidity, Bardem is considering borrowing €70M against accounts receivable. As an alternative to borrowing, they could securitize the receivables by creating a special purpose entity (SPE) over which they would exercise control. To do so, they would invest €5M in the SPE. The SPE would then borrow €70M, and would buy €75M in receivables from Bardem. Domingues comments that securitization using an SPE would impact Bardem’s reported financial condition in three ways. It would: 1 reduce the cost of borrowing. 2 increase the level of current assets. 3 improve balance sheet ratios. 此题中，说明2，为什么错？，现金增加了，流动资产确实增加了啊？

Fama–French model中的rf为什么是用短期国债计算的，无风险收益不都是用长期国债利率计算的嘛

Div and share purchase 第22题 题干涉及的知识点是什么？ Shareholders·wealth指的什么