金程問(wèn)答
精 highly_developed_corporate_governance結(jié)構(gòu)意味著D和E的比例相對(duì)均衡，not_highly_developed是E比例過(guò)高嗎
精 106頁(yè)，Diversification的解釋是not in the best of the conglomerate's shareholders，意思是只對(duì)收購(gòu)方起到diversification，對(duì)于收購(gòu)方的股東無(wú)益處是嗎？
精 只有當(dāng)下的固定資產(chǎn)投資才會(huì)被記為FCInv，過(guò)去發(fā)生的所有FCInv都是sunk cost，不記在C/F中對(duì)嗎？
精 payback criterion是指未來(lái)所有時(shí)點(diǎn)的現(xiàn)金流加總（不考慮時(shí)間價(jià)值）大于初始投入金額嗎？
精 老師，請(qǐng)?jiān)敿?xì)講解一下“公司金融”百題的Case 3第二題，“通貨膨脹對(duì)資本預(yù)算（包括稅盾、利息費(fèi)用、profit）的影響”這個(gè)知識(shí)點(diǎn)我還是未能完全理解。
精 請(qǐng)問(wèn)另類R20 example3，private investment return are very sensitive to the funds vintage year是什么含義？
精 老師，請(qǐng)問(wèn)這道題答案解析里標(biāo)藍(lán)的Hedge funds typically have higher fees, but the fee structures are typically aligned with investors.是什么意思？
精 老師，請(qǐng)問(wèn)沖刺筆記R20的這句話是什么意思：infrastructure investments require a lonzer time horizon and their correlation with inflation may be linited.
精 請(qǐng)問(wèn)event driven strategy is exposed to equity market beta risk ,怎么理解呢？
精 什么叫manager-specific operational risks.？
精 請(qǐng)問(wèn)老師，liquid alternative investment指的是什么，和傳統(tǒng)認(rèn)知的alternative investment有什么區(qū)別
精 為什么說(shuō)public real estate是highly liquid的？
精 我認(rèn)為equity market neutral 并不會(huì)有很高的turnover ratio。neutral的頭寸靠leverage去增加收益，并不會(huì)頻繁買賣。
精 請(qǐng)問(wèn)： Mukilteo examines an opportunistic strategy implemented by one of the hedge funds under consideration. The hedge fund manager selects 12 AAA rated corporate bonds with actively traded futures contracts and approximately equal durations. For each corporate bond, the manager calculates the 30-day change in the yield spread over a constant risk-free rate. He then ranks the bonds according to this spread change. For the bonds that show the greatest spread narrowing (widening), the hedge fund will take long (short) positions in their futures contracts. The net holding for this strategy is market neutral. 之所以會(huì)take long position是因?yàn)樗麄僺pread has narrowed 所以會(huì)bounce back 所以long 他們？ 我沒(méi)有理解， spread narrow 不是意味著債券價(jià)格升高嗎，那為什么還會(huì)long 呢？
精 另類第一題 啥時(shí)候回答有關(guān)dummy variable的知識(shí)點(diǎn)？
程寶問(wèn)答
