老师您看，这两个COR计算，我在用计算器算r 时 ，把x与y对换了位置代入，最后算出来的值与答案略有出入，请问这是为什么？

老师，请问原版书Reading33第九题算FCF为什么还要减去支持当年利润的capex（125%of dep to support current year level of revenue)?

which of the following statements best describes that how a derivative derives its performance: A replicating the performance of the underlying. B transforming the performance of the underlying. C passing through the returns of the underlying. 这个题也有点不懂

老师你好！2010个人IpS1A 为什么这里liquidity不用考虑living expense和annual compensation

老师好，alternatives，原版书课后题，第159页，第三题，B问： 这里的REITS对应的index为什么选NAREITS hedged？这个hedged指什么？与unhedged 有什么区别？

private equity valuation 里面example 2中的倒数第二题，求下一年的carried interest。为什么利润就是今年的nav before distribution减掉前一年的distribution。根据老师上课讲的例子如截图所示，完全不可能是这样阿，即使新的一年没有新的call-down，没有management fee，也应该是今年的nav before distribution 减去上一年的nav after distribution。

Consider a U.S. investor who has a portfolio of Australian government bonds that are denominated in Australian dollars. Why would the investor wish to enter into a swap contract? As the Australian: A dollar increases in value, the interest payments from the Australian bonds translate into fewer U.S. dollars. B interest rate decreases, the value of the Australian bonds decreases. C dollar decreases in value, the interest payments from the Australian bonds translate into fewer U.S. Dollars. 老师，讲讲这道题，逻辑上有点搞不通

老师reading49第17题能帮忙解释一下吗？

如果换一个假设检验，原假设是bj小于0.5，t检验的公式和判断方法还是一样的么？

老师，第23题怎么解呢？