Q1. Edward Cloever, CFA, is reviewing a colleague’s first draft of a research report on how the legal environment affects the valuation of closely held companies. Two statements in the report draw Cloever’s attention:

Statement 1: In situations that require a legal determination of a company’s value, market transactions provide a ready estimate for a publicly traded company, but no uniform definition exists for the value of a closely held company.

Statement 2: If two closely held companies are identical in their operations and profitability, but one is structured as a corporation and the other is structured as a partnership, the rational investor should be indifferent between the two companies.

Should Cloever agree or disagree with these two statements?

          Statement 1            Statement 2

A)    Agree                                   Disagree

B)    Agree                                   Agree

C)    Disagree                             Disagree

Q2. Which of the following statements regarding closely held companies is FALSE?

A)   Closely held companies can be formed as corporations, partnerships, or sole proprietorships.

B)   The valuation of closely held companies is straightforward because of the relatively small number of investors.

C)   The equity shares of closely held companies are not publicly traded.

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Q1. Edward Cloever, CFA, is reviewing a colleague’s first draft of a research report on how the legal environment affects the valuation of closely held companies. Two statements in the report draw Cloever’s attention:

Statement 1: In situations that require a legal determination of a company’s value, market transactions provide a ready estimate for a publicly traded company, but no uniform definition exists for the value of a closely held company.

Statement 2: If two closely held companies are identical in their operations and profitability, but one is structured as a corporation and the other is structured as a partnership, the rational investor should be indifferent between the two companies.

Should Cloever agree or disagree with these two statements?

          Statement 1            Statement 2

A)    Agree                                   Disagree

B)    Agree                                   Agree

C)    Disagree                             Disagree

Correct answer is A)

Cloever should agree with Statement 1 but disagree with Statement 2. Because their equity shares do not trade in the open market, closely held companies do not have a readily available estimate of their value. Different legal jurisdictions have their own definitions of intrinsic value, fundamental value, and fair value that can become important if litigation arises. A closely held company’s legal structure as a corporation, partnership, or proprietorship affects the rights and responsibilities of the investors, and therefore affects the value of their investments. The investor must take the difference in legal structure into account when evaluating otherwise identical firms.

Q2. Which of the following statements regarding closely held companies is FALSE?

A)   Closely held companies can be formed as corporations, partnerships, or sole proprietorships.

B)   The valuation of closely held companies is straightforward because of the relatively small number of investors.

C)   The equity shares of closely held companies are not publicly traded.

Correct answer is B)        

Closely held companies can be structured as one of several legal forms. The shares of closely held companies by definition are not publicly traded and are highly illiquid. Although there may be a small number of investors, the valuation of closely held companies is difficult because shares are illiquid, and there is limited information available.

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下辈子我要好好地保护你（感人）

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　　女孩刚满十八岁、在她生日那天晚上…男孩在女孩耳边温柔地说：“宝贝、等了你两年了，你终于都长大了。你下辈子就交给我吧、让我好好照顾你吧、如果有一天我辜负了你，就把刀刺在这里吧。男孩指着胸口说道。女孩沉默勒…
　　
　　他俩同居了，但男孩仍不会碰女孩。单纯的女孩每天的工作就是照顾好自己就行了，男孩每天都把家里的家务都干完。再去上班…男孩每天都忙碌着。但看见女孩眨着大眼睛看着自己时，他觉得什么都值得，他心甘情愿地照顾着这个单纯到有点傻的女孩。一年过去了..就在男孩二十四岁生日那天、女孩把自己怎样瘦脸打扮得漂漂亮亮的，在男孩出门前，女孩轻轻地吻了一下男孩说：今晚我等你回来一起庆祝，你一定要回来。女孩为男孩亲手做了蛋糕，她坐在那里等着男孩回来。眼看就要到十二点了、她很心急，男孩的手机拨不通，女孩着急得哭了，门开了、一脸苍白的男孩回来了，他看似很消沉。他一进来女孩就着急地问道：老公，你去哪里了，十二点己经过了。女孩指了指手表。男孩没多说只是用力的把女孩抱在怀里。那晚，他们都喝了很多，女孩把第一次给了男孩。男孩酒醒了、他内疚地看着睡在身边的女孩说：老婆、对不起吖…真的对不起，请原谅我一时如何瘦脸的冲动。。。。。。
　　
　　从那以后男孩对女孩渐渐疏远了。。过了不久，男孩终于提出勒分手。女孩问为什么…男孩却答道：你什么都给勒我你剩下什么可以给我的，你还是离开吧。明天就收拾东西走吧。这里已没你的容身之处勒。男孩表情很冷漠。女孩哭了。。没有了他她怎么活下去。她尝试着结束自己的生命，但在被别人救起来的同时她发现自己怀孕了，是喜还是悲。。为了再确切一点证实自己怀孕她独自一个人到医院检查、在医院里她看见勒他，出于对瘦脸方法的关心、她跟了上去。“先生，如果再找不到心脏移植的话，恐怕…”医生对着男孩说。女孩很惊讶。她心痛男孩。但却心感无能为力。那天晚上女孩拨通了男孩的手机约他见面。男孩很准时的到达，但等了很久，女孩还是没出现。男孩觉得很失望。第二天传来了好消息，男孩可以做手术了。他很高兴，他心想以后他还要继续照顾那个单纯到有点傻的女孩。心脏移植很成功。手术后，医生对他说：捐献心脏给你的是一名抽脂减肥孕妇，她的遗嘱是一定要把心脏捐给你。感激加上好奇他决定去见见她。
　　
　　当他看见那张熟悉的脸时，他惊呆勒。他哭了，他失声似的地说：老婆，你怎么那么傻吖。不要离开我……男孩哭得很伤心，他知道他错勒..这时护士交给了男孩一封信。说是女孩在临终前叫她转交给他的。看了信，男孩哭得更伤心…信中写到：亲爱的老公，当你收到这封信时，我已经在天上看着吸脂瘦身呢，你给勒我太多勒，我这辈子就只能够这样还给你勒，我只能占据你心房的地方，你生我生，你死我死，让我们同生共死。那天约你那次我有去的，只是我在别的地方看着你，我只想静静地看着你。为了你，我做了一个决定，请不要怪我，那司机是无辜的，是我自己走上去的。因为爱你，在你和宝宝之间我选择勒你，下辈子我要为你生儿育女。你说过如果有天你辜负了我叫我拿刀杀你，你要知道我爱你更胜于自己，我只会用我的生命来延续你的生命，那是我对你最好的报答，老公，那晚你没有对不起我…没有对不起，我情愿的，我知道你一直不想让我受到伤害。。我明白的，靠在你的枕边睡真的很舒服，老公…下辈子我还要睡在你的枕边……………男孩抱着冰冷的尸体轻轻地说：“老婆，下辈子我要好好地保护你……我爱你”可是一切都晚了。。女孩再也醒过不来了。。。
　　
　　其实世间的爱有很多种，就像男孩，他瞒着自己的病毅然地与女孩分手，只是不想拖着女孩子。不想她与自己痛苦。。女孩她为了爱用自己的生命去延续爱上的性命。。这就是爱。。