159页21题不是说为了在股市下跌的情况下支持股价吗

13.单选题 已收藏 标记 纠错 Which of the following firm’s earnings are most likely to be cyclical? A The firm produces luxury items. B Most of the firm’s costs depend on its level of output. C The firm operates in a growth industry. 查看解析 上一题 提交试卷 正确答案A 您的答案A本题平均正确率：60% Industry life cycle models难度：一般 推荐：      答案解析 Producers of luxury items tend to have cyclical earnings because consumers typically decrease their purchases of these items during economic recessions. The earnings of firms with high percentages of variable costs are not as likely to be cyclical as those of firms with high percentages of fixed costs (i.e., high operating leverage). A growth industry has demand that is strong enough that earnings remain relatively unaffected by the business cycle. 问：B为什么固定成本依赖于产出的行业是非周期的，举例说明可否？

04.单选题 已收藏 标记 纠错 In which of the following life-cycle phases are price wars most likely to be absent? A Mature. B Decline. C Growth. 查看解析 上一题 下一题 正确答案C 您的答案C本题平均正确率：56% Industry life cycle models难度：一般 推荐：      答案解析 The growth phase is not likely to experience price wars because expanding industry demand provides companies the opportunity to grow even without increasing market share. When industry growth is stagnant, companies may only be able to grow by increasing market share, e.g., by engaging in price competition. 问：成熟期和消亡期的价格战分别体现在哪些地方？

02.单选题 已收藏 标记 纠错 According to the industry life-cycle model, an industry in the shakeout stage is best characterized as experiencing: A Increasing demand but falling prices. B Slowing growth and intense competition. C Little or no growth and industry consolidation. 查看解析 上一题 下一题 正确答案B 您的答案B本题平均正确率：77% Industry life cycle models难度：一般 推荐：      答案解析 The shakeout stage is usually characterized by slowing growth, intense competition, and declining profitability. During the shakeout stage, demand approaches market saturation levels because few new customers are left to enter the market. Competition is intense as growth becomes increasingly dependent on market share gains. 问：a为什么不对？

第9，14，18题

讲义里老师讲发行浮动利率是支出固定利率，收到浮动利率，这个题目是为什么？

请问老师点α，mc=mr,是利润最大化，同时又是breakeven point,这怎么理解啊

想问一下老师，这个题目为什么选A呢（数量reading10课后题29题），我记得上课好像没有讲到这个知识点。

10.单选题 收藏 标记 纠错 Industry analysis is least useful to those who are engaged in: A A top-down investment approach. B Portfolio performance attribution. C Indexing and passive investing strategies. 查看解析 上一题 下一题 正确答案C 您的答案C本题平均正确率：70% Current industry classification systems难度：一般 推荐：      答案解析 Indexing and passive investing strategies would not engage in over- or underweighting of industries, industry rotation, or timing investments in industries. Therefore, industry analysis is not useful to such investors or portfolio managers 问：C为何不相关，可否详细解释？

老师，纯浮动利率债券的value为什么等于par