这道题的逻辑没太搞清楚

这个题是实证结论吗

能否请老师解答下这道题，来自协会模考。解析看着不是特别明白，谢谢

Q37,麻烦老师推导一下公式

Why do we pick the highest cash flow one means low at TEv?

So how can I split 90/10 into b/s? 10 is liabilities ? 90 is asset?

Why can’t COCO bring capital into market?

What is crowded exit?

Convertible bond is equal to CoCo? Previously in Basel 3 it said if company stock price reduce or in illiquid the company can change the bond to equity to support the ROE? But here it said the coco can only change when stock price increase , could u explain in chinese?

What is anti value strategy ? Can u explain in Chinese in detail