p111，22题，为什么不上B，而是A

p111，18题，A、B是可以出售前的费用，资本化 老师，都是CFO，C是什么现金流？

原版书数量 reading 10 第一题看不懂put option,sell option 等

题目本身我懂。我问的是，最后一句the yield curve is flat想说明什么？谢谢。

c当如何理解

请问老师，这道题要是不看这个=号，怎么理解答案？老师说把要怀疑的想要拒绝的作为原假设，这道题我就感觉mean excess benchmark就被怀疑的，可以作为原假设

22. If an investor’s utility function is expressed as U=E(r)−12Aσ2 and the measure for risk aversion has a value of 2, the risk-averse investor is most likely to choose: A. Investment 1. B. Investment 2. C. Investment 3. B is correct. Investment 2 provides the highest utility value (0.1836) for a risk-averse investor who has a measure of risk aversion equal to 2. Investment Expected Return (%) Expected Standard Deviation (%) Utility A = 2 1 18 2 0.1796 2 19 8 0.1836 3 20 15 0.1775 4 18 30 0.0900 麻烦老师讲解一下，为什么我计算的U值，与答案不一样呢？

22. If an investor’s utility function is expressed as U=E(r)−12Aσ2 and the measure for risk aversion has a value of 2, the risk-averse investor is most likely to choose: A. Investment 1. B. Investment 2. C. Investment 3. B is correct. Investment 2 provides the highest utility value (0.1836) for a risk-averse investor who has a measure of risk aversion equal to 2. Investment Expected Return (%) Expected Standard Deviation (%) Utility A = 2 1 18 2 0.1796 2 19 8 0.1836 3 20 15 0.1775 4 18 30 0.0900

课堂上是Price可以用对数正态分布，Return一般用正态分布。这道题的解答为什么用的是Return用的Ln？

这道题的解答完全没有看懂。1、把stocks和bonds的Returns标准化后，后面的解答就不明白了。2、我一直不明白，标准化后的标准正态分布和原来的那个正态分布是什么关系？概率相等？