老师，可以帮忙解释一下fiduciary call 和 protective put 吗

老师好，b问题请解释下，多谢了！

这道题目里面FV怎么会为0？

视频中27:22秒处，使用了VL = EBIT(1-t)/WACC， 但是这个公式是用来计算VU的啊，然后用Vu加上D*t才是VL，为什么直接用来计算VL呢？ 有些看不懂。

麻烦看下第三题，答案选A，但是和讲义的内容冲突啊？

Lincoln Coal is planning a new coal mine, which will cost $430,000 to build, with the expenditure occurring next year. The mine will bring cash inflows of $200,000 annually over the subsequent seven years. It will then cost $170,000 to close down the mine over the following year. Assume all cash flows occur at the end of the year. Alternatively, Lincoln Coal may choose to sell the site today. What minimum price should Lincoln set on the property, given a 16% required rate of return? A $325,859. B $376,872. C $280,913. 就因为with the expenditure occurring next year所以第一年没花钱，从第二年才有有现金流？

怎么看出有不合适conduct了？

我怎么知道他除了投行客户还有别的客户呢？

希望给个form呀！

老师您好，请问这道题怎么理解，答案里写 进入壁垒低的时候同业竞争最高，但是题设里说哪个阶段低壁垒，低竞争？这是不是矛盾的？