Stark asks Parker to evaluate whether the common stock of Company D is undervalued, fairly valued, or overvalued based on a residual income model. Parker uses the two-stage residual income model to value Company D’s share. For her analysis, she assumes the following: l Current market price is $24.00. l Beginning book value per share is $20.00. l Earnings per share will be 32% of beginning book value for the next year. l Cash dividends will be 50% of earnings per share for the next year. l At the end of the year, the stock's P/B ratio will be 1.1. l Required rate of return on equity is 10%.

老师 风险归因这一页 听的不是很明白，能否再讲一下？ 能否再举例一下题目？ 看到这一页的题目比较多

能否换一个能理解讲明白自己不糊涂的助教来解答一下 1.CDS偿付的顺序为什么是信用水平低的债券违约，信用水平更高的也会一起违约，进行偿付，还是说这里只是cds的条款将高等级的视为违约以保护购买方 2. 违约和破产有区别吗 这里credit event不是单纯违约吗

请问老师这幅图的横坐标是r，纵坐标是价格吗？

想请问一下老师这幅图的横坐标是时间纵坐标是R吗?

第4题答案少了单位million吧

老师 麻烦讲一下7、8两题

波动率变化 计算的时候是哪里改变了

请问固收LM3的课后习题最后一题为什么选A呢

老师 计算cva的折现因子，我看答案是用无风险利率3%做的，不应该用spot rate去折现吗？