请问为什么真实货币供应下降 利率上升？

第一期期初值为什么是3+0.2？为什么不是3减去0.2？比如第一期起初的价值为3,我要花3块钱去买，但是同时我收到0.2的分红不应该是扣减吗？

Machile, CFA, is the Managing Director for Business Development of a large U.S.-based Hedge fund organization. Machile recently approved unusual terms for the fund’s client agreement in order to secure business from a large hedge fund manager based in Asia. To allow for time zone differences, the agreement allows the hedge fund to trade six hours after the close of U.S. markets. According to the Standards of Practice Handbook, did Machile violate any CFA Institute Standards of Professional Conduct? A No. B Yes, because he failed to inform his other clients of the unusual terms under the new client agreement, thus not treating clients equally. C Yes, because he failed to review regulations on late-trading and did not consult with ABC’s compliance director to determine if late-trading was acceptable. 老师，B 和C选项麻烦解析下，为什么C

请问long run average cost就等于long run average total cost吧？考题会经常不加total这个词吗？

老师在会计快速突破法-3.支柱与递延税5分钟左右讲的企业和银行的债务重组讲错了吧？？？首先，详见图中关于债务重组的会计准则。关于企业用0.7亿抵消银行贷款1.3亿，产生债务重组利得0.6亿，计入营业外收入，需要交纳增值税，汇算清缴也需要交纳企业所得税。对于银行的账务处理，会发生债务重组损失0.6亿，影响当期损益，银行入账的在建工程应该是0.7亿。老师误导性太强了！！！这没学过会计的，肯定会被误导！！！！

老师上课讲的FX套息交易的结论第一点，uncovered IRP长期成立，短期有波动，这个可以理解。但是蓝色框里这段话没看懂，如果uncovered IRP长期成立，投资者就不能从long 高息货币，short低息货币里获利？不太理解，请老师解释一下吧。

期初分红为什么HPR算出来却等于0？同样的条件下先分红不应该比后分红的收益率更高吗？

Since Farmco is thinly traded, Waters is concerned the order will overwhelm the liquidity of Farmco and the price will surge. Waters engages in a series of block trades in order to accomplish the purchase. 老师，我的理解这个意思不就是Waters想通过交易量控制价格吗？所以不应该是transaction-based吗？

课程在讲解自由现金流章节时，讲述了fcff的多个公式基本由一个推导而来，推导过程中NCC这个科目是多次直接和折旧划等号了，比如推EBITDA的时候。但是在讲述NCC项目如何从报表中调整出来的时候（讲义116页），又能看到有好多项目会用来调整NCC的，这不矛盾吗？

老师好，我想确认下课上讲的算currency translation G/L,这个current method是先I/S 后B/S，temporal method是先B/S 后I/S,这些计算都是在subsidiary的报表里计算？还是把货币换算后加到母公司的合并报表里计算g/l?