還有個(gè)問題， 答案里說the degree of leverage is limit by WAARF constraints. 這個(gè)是指什么來著？
statement1這個(gè)7-8%的收費(fèi)標(biāo)準(zhǔn)是哪里定的
林地投資是否能帶來capital growth呢？我理解的更多是帶來的經(jīng)營(yíng)收入而非林地本身的價(jià)值增加
Q3 不懂為什么如果是taxable 投資者，overvalued要在undervalue以及fair value后賣出。
請(qǐng)解釋下第二題的選項(xiàng)A和B
第三題b選項(xiàng)還有一個(gè)角度：由于借債需要考慮歸還，因此借債的投資期限通常小于投資資產(chǎn)的期限，從這個(gè)角度可否認(rèn)為b選項(xiàng)是對(duì)的？
老師，您好，請(qǐng)講解一下該科目LM1課后題的Q7，特別是Note 5，謝謝。
這段話我很糾結(jié)的點(diǎn)是，雖然他的目的是增加收益，但由于PE和Public Equity也就是她現(xiàn)有持倉(cāng)風(fēng)險(xiǎn)因子相似，相關(guān)性過高，所以風(fēng)險(xiǎn)自然也更高。而HF不僅可以分散風(fēng)險(xiǎn)，也有增加收益的功能，那為什么不是HF更加適合呢？還是說我們?cè)诳荚囍芯陀涀F為了分散風(fēng)險(xiǎn)，而PE為了增加收益？
老師，這題讓indicate，是不是要先說明二選一哪一個(gè)國(guó)家會(huì)看到貨幣升值？然后解釋原因？我這么答能不能得分: country X is more likely to experience an appreciate in local currency. Because: 1) Recall the covered interest rate parity, real interest rate should be the same across countries, as country X has a lower inflation rate, it is more likely to have an appreciation in local currency. 2) As new law's that allows foreign direct investment has been passed in country X, international capital is more easily inflowing to country X which could exert local currency appriciation. 3) The current account surplus of country X pushes it's local currency to appreciate. 4) Although country Y has a higher expected GDP growth and government bond rate, which seems more attractive for international capital to inflow to lead local currency appreciation, the deny of direct foreign investment law offset this advantage. Thus country x is more likely to have a currency appriciation.
被平滑掉的越多是指λ越大嗎？被平滑掉的不應(yīng)該是真實(shí)收益嗎，針對(duì)的不應(yīng)該是1-λ？下面這個(gè)關(guān)于var的式子該怎么理解呢？
dividend growth rate在什么情況下需要考慮呢？
這個(gè)關(guān)于E(r) 在finite horizon的計(jì)算公式，與GK model的對(duì)比，老師講的跟原版書不一樣，究竟是該看作少了share buyback 還是 P/E change, 該怎么理解減去%change in Cap rate 這一項(xiàng)呢？
老師好，這個(gè)題目的問題是true vairance 和 observed result 的 比起來怎么樣，答案是higher
MINGLU LI case
這道題在segmented市場(chǎng)下，美國(guó)資產(chǎn)與全球市場(chǎng)是分開的，為什么SR還用全球市場(chǎng)的呢？題目中US real estate的SR是NA，如果與全球市場(chǎng)SR一樣，就不是NA了吧？
程寶問答
金程問答