第一题的答案里According to The Standards of Practice Handbook, “members and candidates who supervise large numbers of employees cannot personally evaluate the conduct of their employees on a continuing basis. Although these members...may delegate supervisory duties, such delegation does not relieve them of their supervisory responsibility，这句话是用来对哪个EXCERPT做解释的？是2么？感觉没关系啊，求解释

If the CAPM method is used to estimate the discount rate with a beta estimate based on public companies with operations and revenues similar to Thunder, then a small stock premium should be added to the estimate. 这句话怎么理解？错在哪里？

请问这题为什么earnings直接减去capital spending,而不是capital spending*equity%？？？

在计算P/B过程中，计算BVPS时，指的是普通股的BVPS，同时是否R/E留存收益部分也应该算在内？

Value of common stock = Value of operating assets + Value of non-operating assets – Market value of debt – Preferred stock 这个公式是以前老教材的吗？

FCFF0*（1+g）/(WACC-g)计算出来应该是公司价值呀，为何题目答案中用这个的计算出来的是Value of operating assets，最后再求公司价值的时候还要再加上non-operating assets的价值才是公司价值呢？

选项A ：Report 1错在哪？

G这个小伙子，按自己的多因素分析得出了结论后，然后电话了B，B说你这个多因素我觉得没啥用，G就删掉了。 那难道G不应该按B 的方法重新来一遍才算尽职尽责么diligence and reasonable basis，他直接删了多因素就交了作业，这不违反吗

T 在跟CEO聊天的时候，骗CEO说Family已经不是A投资公司的客户了并且不太可能持有CEO公司的股票，但实际上那个Family还是A公司的客户只是换了投资经理，并且还持有CEO公司股票。 这种情况下，T难道不是欺骗么？professionalism里的Misconduct 加上Duty to Clients 里的loyalty，prudence and care都违反了啊

Bruno Santos is an equity analyst with a regional investment bank. Santos reviews the growth prospects and quality of earnings for Phoneutria Enterprises, one of the companies he follows. He has developed a stock valuation model for this firm based on its forecasted fundamentals. His revenue growth rate estimate is less than that implied by the market price. 老师 这道题目的第一题是问如果用这个预测的收入增长率得到的值是偏高还是偏低。我觉得是偏低呢。但是答案是偏高。为什么？