第五题，原文说超过净资产FV的部分是买license的，但appreciation＝FV－BV，所以应该说超过BV的部分吧？

老师，原版书课后题Reading40的第16题，我没看懂题目，如果要求 interest rate option的定价，还需要的不是9个月的Libor吗

老师，原版书课后题Reading 40的第18题，为什么delta neutral 的gamma大于零？

income tax expense 是否等于income tax paid?

10. Brown Corporation had average days of sales outstanding of 19 days in the most recent fiscal year. Brown wants to improve its credit policies and collection practices and decrease its collection period in the next fiscal year to match the industry average of 15 days. Credit sales in the most recent fiscal year were $300 million, and Brown expects credit sales to increase to $390 million in the next fiscal year. To achieve Brown’s goal of decreasing the collection period, the change in the average accounts receivable balance that must occur is closest to: A. +$0.41million. B. –$0.41million. C. –$1.22million. 实在很难理解，题目中的CREDIT SALES,和公式中的NET REVENUE在这里看做是相等的吗？

视频当中第6个case老师是不是讲错了？ 下面的解析显示的是其操作违反了规定

174页 2015年1B 为什么不用加inflation 书上写了要on an inflation adjusted basis

老师您好，图中的27题，我的第一个疑问是计算市净率为何不可以用表2的划红线的common share 826作为净资产，这个common share如果不是普通股的净资产，那它代表什么？我的第二个疑问是，28题计算EV为何不能包括current liabilities?请指点，谢谢

个人ips 真题2009 D，退休前一年算stage1,退休后第一年有one-time withdraw 不应该单独算stage 2,之后只有ongoing liquidity need才算stage3吗？为什么直接retirement之后都算一个stage？

对于决策树和情景分析的场景之间是否有correlation，为什么基础课的课件和后面直播时候的课件互相矛盾？