原版书后习题reading10的第10小题B部分， 为什么不考虑cash flow needs50400的随通胀率增加？

An investor gathers the following data. To estimate the stock's justified forward P/E, the investor prefers to use: The earnings growth rate rather than the dividends growth rate and The average of the payout ratios over the relevant period, in this case 2010-2013, rather the most recent payout ratio. The yield on 10-year T-notes is 3 percent and the current equity risk premium is 6.5 percent. If beta is 1.3, then the stock's justified forward P/E is closest to: 您好，这道题我看了答案解析，从2010-2013年 计算增长，为什么不是4次方而是3次方，这个点是我不理解的地方，

老师，请看一下asset allocation第六个 case，第一问，我认为韩老师讲错了，本币应该是eur，他说usd

这怎么能够看得出来是在期末发生的现金流，而不是期初啊？ 课后题R36 Q18-25

以NAV买ETF就是在一级市场买，可以这样理解吗

老师，Liquidity 和 local expectation怎么区分？都是说长期会有risk premium了

Which of the following security market will result in highest arbitrage activity? A Market efficiency. B With no restrictions on short selling. C With high information-acquisition costs. C为啥不选

啥叫european put?

27.单选题 已收藏 标记 纠错 A trader buys 500 shares of a stock on margin at $36 a share using an initial leverage ratio of 1.66. The maintenance margin requirement for the position is 30%. The stock price at which the margin call will occur is closest to: A $20.57. B $30.86. C $25.20. 老师您好，这个题不太明白，麻烦解析下，第一步initial equity in margin 为什么是1/1.66,z再就是后面的解析，多谢

put call parity怎么用文字解释？