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[求助]请教LEVEL 1复习中遇到的问题

1.       Pretax CFO depends on purchases, not COGS.什么意思呢?

2.    “Two reasons that a bond’s price will differ from par at its coupon reset date. The presence of a cap (max. coupon rate) can raise the interest rate risk of a floating-rate security. If the reference rate increase enough that the cap rate is reached, further increases in market yields will decrease floater’s price. When the market yield is above its capped coupon rate, a floating-rate security will trade at a discount. To the extent that the cap fixes the coupon rate on the floater, its price sensitivity to changes in market yield will increase. This is “cap risk”.

 

The second reason is that margin is fixed at issuance.”

这是NOTES里摘抄的2段话,读好几遍都不懂,谁能帮我解释一下?

 

3.       If funds are contributed to an investment portfolio just before a period of relatively poor performance, the money-weighted rate of return will tend to be lower than time-weighted rate of return and vice versa.

      这段话怎么理解??

 

4.       Authorized shares are the number of shares that may be sold under the firm’s articles of incorporation. What does it mean?

 

5.   Notes 4-Page 193, 1 答案看不太懂。。

 

 

6.       Notes 4-Page 92, 2 为什么选B呢?

7.   curriculum volume 5 41919 什么叫做"actual days/actual days" convention?

 

8.   复习中遇到的几个概念,不记得从哪里看到的了: 什么是coefficient of determination? receivables processing? asset disposals? gross and net accounting?

 

9.  选择 which is   assigned probability with Logical or reasoning. choices: Priori, subjective, conditional, empirical

 

10.   Person is running a program that is filtering stock based on ROE and P/S. What should he also add as a filter to get rid of meaningless results are positive?
choices: book value, CFO, earnings

多谢大家帮助!加油!

1 , Pretax CFO depends on purchases, not COGS  税前的CFO与原材料采购有关,而与COGS无关。

2.    “Two reasons that a bond’s price will differ from par at its coupon reset date. The presence of a cap (max. coupon rate) can raise the interest rate risk of a floating-rate security. If the reference rate increase enough that the cap rate is reached, further increases in market yields will decrease floater’s price. When the market yield is above its capped coupon rate, a floating-rate security will trade at a discount. To the extent that the cap fixes the coupon rate on the floater, its price sensitivity to changes in market yield will increase. This is “cap risk”.

 有两个理由使得在票面利率重设日,债券的价格和面值不同。如果存在利率上限的话,浮动利率债券的风险将增加。如果参考利率上升的足够大而超过了利率上限,利率的进一步上升将降低浮动债券的价格。当市场利率高于利率上限时,浮动利率债券以折价进行交易。只要利率上限固定了浮动利率债券的票面利率,浮动利率债券对市场收益率的敏感性上升,这就是利率上限风险。

 有两个理由使得在票面利率重设日,债券的价格和面值不同。如果存在利率上限的话,浮动利率债券的风险将增加。如果参考利率上升的足够大而超过了利率上限,利率的进一步上升将降低浮动债券的价格。当市场利率高于利率上限时,浮动利率债券以折价进行交易。只要利率上限固定了浮动利率债券的票面利率,浮动利率债券对市场收益率的敏感性上升,这就是利率上限风险。

我就回两个,其余人继续

www.cfaspace.com

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谢谢胡老师!!!

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4。公司成立的时候,规定的可以发行的股票总数。这个数目如经过股东同意,可以增加的。

7。算ACCRUED INTEREST时,计算天数的发式。如果没说错的话,ACTUAL/ACTUAL是 T NOTES/BONDS吧。MONEY MARKET是 ACTUAL/360, CORPORATE, MUNICIPAL BONDS是30/360.

 

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谢谢!

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