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

老师好，关于EBIT(1-T)属于股东和债权人的净利润这点我还是不懂，关键点在于债权人的利息要不要缴税。因为在计算NI的时候计算式是(EBIT-I)(1-T),所以我认为给到债权人的利息是没有计算在税里面的，是在税前就列支了，根本没有被税到。所以整个公司股东和债权人的净利润所得应该是(EBIT-I)(1-T)+I=EBIT(1-T)+IT，请老师解答，谢谢。

老师，原版书课后题10，second reason为什么不对啊？

老师，原版书课后第9题，答案是用（25+35+65）—（20+45+50）再*0.2=2，这个是total return的算法吧,deal by deal 不应该是（25+65）-（20+50）再*0.2=4么，项目2因为proceeds低于investment capital,没有carried interest?