老师好，我想问brokerage commission 为什么说是客户的财产呢？不是客户给业务员的一种报酬吗？如原版书175页第2题。

老师你好，为什么MC图形是先降低再提高啊？

Shareholders' equity reported on the balance sheet is most likely to differ from the market value of shareholders' equity because: A historical cost basis is used for all assets and liabilities. B some factors that affect the generation of future cash flows are excluded. C shareholders' equity reported on the balance sheet is updated continuously. 这个题B 不选吗

If accounts receivable are securitized at a value that is more than book value, the most aggressive means of reporting the gain on the income statement is within: A revenue. B nonoperating income. C selling, general, and administrative expenses. 老师，这个题也不会，麻烦讲讲

Which of the following transactions would most likely be reported below income from continuing operations, net of tax? A Gain or loss from the sale of equipment used in a firm's manufacturing operation. B A change from the accelerated method of depreciation to the straight-line method. C The operating income of a physically and operationally distinct division that is currently for sale, but not yet sold. 老师，这个题麻烦讲讲，没思路感觉，读的也别扭

股市有什么先行指数吗

即期利率对债券求现值是不是不可以用年金这排键求解的吗，为什么这道题可以？

股票只是一般都很低的 一般作为benchmark来看的，我看股票指数那么低 我还有什么信心啊？它这个指数多大就算是有investor confidence了？

这里 的第二句话"observed spread also include liquidity risk and tax consideration"，这样的话actual PoD (based on historical data)不是会比算出来的risk-neutral PoD要高吗？和老师说的相反了。。

在index构建里面，怎么找出代表性股票，怎么确定股票权重 从我的角度来说，我买股票就是为了资本利得，如果我看到一个我觉得能涨的股票 我恨不得100%都买这个股票 我觉得恨他量化这个权重 11%也行12%也行30%也行，感觉差别并不是很大啊