课后题87页第9题请老师讲解一下

老师，麻烦讲解这里的21题

老师您好，讲义121页例题🀄️，sector deviation怎么理解？active risk主要就是源于factor deviation和active share还有idiosyncratic risk. Sector deviation 属于哪一类呢？另外是否concentration/diversified 主要是反应active share吗？（可以理解为active share越大，越concenteated position 吗？）

为什么sponsored DR是投资者有投票权，Unsponsored DR是depository bank有投票权?我看了原版书不是特别理解。Sponsor字面意思是赞助的意思，是站在foreign company whose shares are held by the depository 角度说的吗？如果这个foreign company参与发行（sponsored），投资者有投票权；foreign company不参与发行（unsponsored），depository bank参与发行，depository bank有投票权？附：原版书A DR can be sponsored or unsponsored. A sponsored DR is when the foreigncompany whose shares are held by the depository has a direct involvement in the issuance of the receipts. Investors in sponsored DRs have the same rights as the direct owners of the common shares (e.g., the right to vote and the right to receive dividends). In contrast, with an unsponsored DR, the underlying foreign company has no involvement with the issuance of the receipts. Instead, the depository purchases the foreign company’s shares in its domestic market and then issues the receipts through brokerage firms in the depository’s local market. In this case, the depository bank, notthe investors in the DR, retains the voting rights.

老师，持有期收益率与利率正反相关这里，int rate是指？再投资利率？当前市场利率？上面的例题中，没看到与int rate有什么相关啊

旗形和三角有啥区别？

老师，COGS在哪张表上，是时段数

老师，麻烦解答下课后题这里的第9，10题

8 Emerging markets have benefited from recent trends in international markets Which of the following has not been a benefit of these trendsA Emerging market companies do not have to worry about a lack of liquidity in their home equity markets.B Emerging market companies have found it easier to raise capital in the markets of developed countries.C Emerging market companies have benefited from the stability of foreign exchange markets.老师，这一题不选C的原因是什么？C选项说发展中国家受益于foreign exchange markets的稳定性，这里foreign exchange markets是指发展中国家自己的货币稳定性还是外国（发达国家）的货币稳定性？

想问下10笔deposit最后一笔不应该是在第9年收到嘛？为什么20年分的两段不是n=9和n=11？