老師，關(guān)于Enterprise value的公式有些題目表述不一致，主要是cash and investments ( cash equivalents and short-term investments），有的題目只有cash（28題），有的題目只有short-term investments（31題）.這個考試的時候不用管這些細節(jié)吧？
老師，關(guān)于DDM模型有幾個問題： 1）用DDM模型計算股票價值為什么不對D0這一期折現(xiàn)？是因為是對未來現(xiàn)金流折現(xiàn)而D0是當前現(xiàn)金流嗎？那D0如果是現(xiàn)金股利，如果現(xiàn)金的話不是應該從總的Value中減去嗎？（類比EV=MV of Equity+MV of Debt-Cash） 2）多階段增長模型最后一段的折現(xiàn)是從開始有穩(wěn)定的增長率的那一年開始折現(xiàn)吧？比如0-3年g=12%，第4年開始g=5%，那需要計算V3=D4/(r-g)對吧？ 3）如何判斷題目中說的dividend是D0還是D1？just paid是D0？will pay 是D1？
包銷是相當于做市商賺取買賣價差，還是相當于經(jīng)紀人收取傭金？
一級和二級、場內(nèi)和場外概念是交叉的。一級既可以場內(nèi)也可以場外，二級也是既可以場內(nèi)也可以場外？
- 29 With respect to competitive strategy, a company with a successful cost leadership strategy is most likely characterized by: A a low cost of capital. B reduced market share. C the ability to offer products at higher prices than those of its competitors 老師，這一題不選B選項，答案解釋是market share取決于策略是defensively or offensively，所以market share會在defensively的時候增加，offensively的時候減少嗎？
- 28 Which of the following industries is most likely to be characterized as concentrated with strong pricing power? A Asset management B Alcoholic beverages C Household and personal products 老師，這一題能解釋一下A和B選項嗎？
之前說是通常EBITDA為正，但是也可能為負，如果EBITDA為負，是否還可以用這個公式計算估值？
什么情況是選擇B選項？
24 Which of the following is most likely a characteristic of a concentrated industry?A Infrequent, tacit coordinationB Difficulty in monitoring other industry membeC Industry members attempting to avoid competition on priceA選項為什么不選？這一時期企業(yè)的合作特征是什么？
為什么對于價格加權(quán)和市值加權(quán)的指數(shù)，股價變動不引起權(quán)重調(diào)整呢？根據(jù)他們的公式，股價變了，指數(shù)不是也會變化嗎？
1??price加權(quán)和market- capital加權(quán)的區(qū)別是什么？2??理解為市值和賬面值，這個合適嗎？
10 Which of the following factors would most likely be a limitation of applying business-cycle analysis to global industry analysis? A Some industries are relatively insensitive to the business cycle. B Correlations of security returns between different world markets are relatively low. C One region or country of the world may experience recession while another region experiences expansion. 老師，這一題不選A的原因是因為題目中說了global industry analysis，A不涉及global industry analysis嗎？
8 A cyclical company is most likely to:A have low operating leverage.B sell relatively inexpensive products.C experience wider-than-average flutuations in demand.老師，這一題A為啥錯？原版書找到這段話，”Such companies experience wider-than-average fluctuations in demand—high demand during periods of economic expansion and low demand during periods of economic contraction—and/or are subject to greater-than-average profit variability related to high operating leverage (i.e., high fixed costs).“，這里的意思是說周期性公司具有高經(jīng)營杠桿嗎？
6 Which of the following statements about commercial and government industry classification systems ismost accurate?A Many commercial classification systems include private for-profit companies.B Both commercial and government classification systems exclude not for-profit companiesC Commercial classification systems are generally updated more frequently than government classification systems老師，1. 原版書哪里有提到商業(yè)行業(yè)分類體系只包含公開上市、營利性企業(yè)？2. 商業(yè)和政府行業(yè)分類體系的對比有哪幾點老師可以列一下嗎？
2 A sector rotation strategy involves investing in a sector by:A making regular investments in it.B investing in a pre-selected group of sectors on a rotating basis.C timing investment to take advantage of business-cycle conditions.老師，B選項為什么不對？
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