老师，这道题讲解没看懂，就是ap 和f等于1000p是怎么推导出来的，还有就是这两个方法怎么解这道题的呢，谢谢

老师，我在CFA官方网站上的考生资源页面里可以看到2019年和2018年的备考资料。总体而言，2019年每个科目的官网习题数量相对2018年的大幅减少了。比如财务科目，2018年板块里科目习题有353道；而切换到2019年板块时，该科目习题数量只有90道。我也注意到，2019年版的官方教材课后习题基本上都更换了，尤其是前面两个重要sessions的课后习题都不一样。想请问如果希望多做官方习题，官方网站上2018年板块的财务习题还有关联吗？

老师讲义中的图中，有一个INFLATION GAP，为什么A选项不能理解为一个INFLATION GAP

FC/DC下降，这里的FC,DC分别表示什么？不太看得懂这样子表示的汇率，请老师讲一下，谢谢

为什么在capm上方是买入

老师麻烦讲解一下20题，谢谢

Shortly after becoming employed by Valco & Co., an investment banking firm, Stan McDowell, CFA, learns that most of Valco's initial public offerings (IPO) are really affected in order to profit management via price manipulation of the shares. McDowell observes an illegal act, sanctioned by senior management, in progress and refuses to sign off on his responsibility. Instead, McDowell takes the documentation to his supervisor and tells him he should sign it in his place. This action is: A an overreaction. Senior management's sanctioning of the act absolves McDowell from his ordinary responsibility as a CFA Institute member. B a suitable reaction, and he is in compliance with the Code and Standards. C a violation of the Code and Standards since he is required not to knowingly participate or assist in such an act. 老师不好意思 ，麻烦在解析并帮着分析下这道题，搞不懂

Reading 9 官方教材习题35：First Differencing是解决Unit Root的方法。但 Company 3 不存在Unit Root 的问题，为什么要First Differencing呢？

Reading 9 官方教材习题29：关于Detecting Unit Root 的俩个问题 （1）讲义中提到检测Unit Root 的原假设 是 g=0；备择假设是 g<0 —— 这是单尾还是双尾假设？ （2）AR模型中的 Unit Root Test 的critical t statistic 要用revised t-table查表得到。然而答案中提到 "t-statistics of both coefficients are less than the critical t-statistic of 1.98" —— 这里 revised critical value 视同未经过改良的t-value表上数值。这是考试中通用的估计方法吗？

为什么r上升 fair value下降