Wes Smith, CFA, refers many of his clients to Bill Towers, CPA, for accounting services. In return, Towers performs routine services for Smith, such as his tax returns, for no charge. With respect to this relationship, Smith: A is in violation of both Standard V(B) and III(B). B is only in violation of Standard III(B), Fair Dealing, by not putting the client first. C must disclose to his clients that Towers provides services for Smith's personal benefit. = 这题出现了refer，所以基本可以确定就是referral fees的相关问题吗？ referral fees需要提前disclose应该是限定在refer条件下吧？也就是并没有为客户提供了某种服务，而是做了推荐？

trading ex-coupon是不包含利息结算的意思吗？我可以这样认为吗以后题目出现的时候

这个内容视频里面没有哦

能再解释下coupons are reinvested at YTM吗？不太懂

04.单选题 收藏 标记 纠错 Regarding to the security market line, if two risky assets have the same covariance with the market portfolio but have different estimated rates of return, the most accurate conclusion is that the two risky assets have: A Different amounts of systematic risk, and both assets are properly valued. B The same amount of systematic risk, and at least one of the assets is either overvalued or undervalued. C The same amount of systematic risk, and both assets are properly valued. 查看解析 上一题 下一题 正确答案B 您的答案A本题平均正确率：80% CAPM and SML难度：一般 推荐：      答案解析 Beta is the covariance of an asset with the market portfolio divided by the variance of the market portfolio. 问：小视频看不懂，不知道和PV啥关系，可否进一步解释？

请问这题我这样理解可以吗？PV=900，N=5，PMT=100，I\Y=9，算FV=多少。

这节课根本没有讲chi square 和F distribution的内容

为什么是两个样本方差除一下就好了？

18.单选题 已收藏 标记 纠错 If there is no change in the proportion of each asset held in the portfolio or the expected standard deviation of the individual assets .The correlation between assets in a two–asset portfolio increases during a market decline will mostly cause the volatility of the portfolio to: A decrease. B remain the same. C increase. 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：75% Return measures, properties of returns难度：一般 推荐：      答案解析 Higher correlations will produce less diversification benefits provided that the other components of the portfolio standard deviation do not change (i.e., the weights and standard deviations of the individual assets). 问： 1.“If there is no change in the proportion of each asset held in the portfolio or the expected standard deviation of the individual assets .”这里用的是or，是否能理解为 权重和标准差都保持不变？ 2.market decline是干扰项吗？没用影响？

crp计算公式不是很理解，既然算的是股票市场的，为什么不直接用equity index of developing country而要把债牵扯进来?