未知题型
下列不属于教育的构成要素的是（ ）。
- A.教育者
B.受教育者
C.教育影响
D.教育环境
【参考答案】
D
教育是一个比较复杂的社会现象，是一个包含多因素、多层次的整体系统。构成教育活动的三个基本要素是教育者、受教育......
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未知题型
小张承诺，如果天不下雨，我一定去听音乐会。 以下哪项如果为真，说明小张没有兑现承诺?( ) Ⅰ．天没下雨，小张没去听音乐会。 Ⅱ．天下雨，小张去听了音乐会。 Ⅲ．天下雨，小张没去听音乐会。A．仅ⅠB．仅ⅡC．仅ⅢD．仅Ⅰ和Ⅱ
A.天没下雨，小张没去听音乐会。
B.天下雨，小张去听了音乐会。
C.天下雨，小张没去听音乐会。
A．仅Ⅰ
B．仅Ⅱ
C．仅Ⅲ
D．仅Ⅰ和Ⅱ -
未知题型
James Sigmund, CFA, is the Head of International Equity for Pell Global Advisors (PGA). Sigmund is considering investing in the country of Zuflak as part of an emerging market portfolio. Sigmund is aware of the risks in investing in emerging markets and is preparing a valuation report regarding this investment. He estimates that Zuflak government debt would be rated BB, and has gathered the following market information for use in analyzing Zuflak.Local Government Bond Yield= 11.50%U.S. 10 year Treasury Bond Yield= 4.50%U.S. BB rated Corporate Bond Yield= 7.75%Local Inflation Rate= 6.50%U.S. Inflation Rate= 3.00%To assist in his analysis of Zuflak, Sigmund has asked Stefano Testorf, CFA, to estimate a value for Kiani Corporation (Kiani), Oleg Industries (Oleg), and Malik Incorporated (Malik) - the three primary companies domiciled in Zuflak that Sigmund has determined to have adequate liquidity for inclusion in PGA’s client portfolios. Testorf gives Sigmund a rough draft of his report and tells Sigmund that in order to account for country specific emerging market risks, he used a probability-weighted scenario analysis to adjust cash flows. Sigmund asks him, “Why didn’t you simply adjust the discount rate?” Testorf replies with three reasons:Reason 1: The country risk attributable to Zuflak can be diversified away according to modern finance theory, and should not be included in the cost of capital.Reason 2: Companies in emerging markets tend to exhibit wild price swings both up and down, therefore adjusting cash flows is the best way to account for these symmetrical country risks.Reason 3: Although Kiani, Oleg, and Malik are all domiciled in Zuflak, each of these companies will tend to respond differently to country risks. This makes it virtually impossible to adjust the discount rate for country specific risk and come up with an accurate valuation estimate.After careful analysis by Sigmund and his team, Sigmund decides that he wants to have exposure to Zuflak in his international portfolios. He is still unsure however, what the best way would be to establish the exposure. Sigmund discusses his concerns with Steve Solak, another portfolio manager with PGA. Solak suggests that Sigmund consider using a closed-end country fund to invest in Zuflak. Solak hands Sigmund a copy of a note that he had provided to a client listing facts about country-specific closed end funds. The note contained the followingstatements:Closed-end country funds provide an excellent means to access local foreign markets. Even nations that have restrictions on foreign investment are sometimes accessible using closed-end country funds.Closed-end country funds issue a fixed number of shares and are a great way to diversify a U.S.-dollar stock portfolio because of their low correlation with the U.S. stock market.Sigmund thanks Solak for the information and heads back to his office. As he is leaving, Solak asks him if he would have time later that afternoon to discuss the use of American Depository Receipts (ADRs).Part 2)To determine a valuation estimate for Oleg, Testorf assumes that local investors require a 5 percent real rate ofreturn on companies with similar risk to Oleg. What is Oleg’s price-to-earnings (P/E) ratio, if the company has an inflation flow-through rate of 65 percent?A)13.75.B)5.33.C)3.00.D)21.25
A.
Local
B.50%
U.S.
C.50%
U.S.
D.75%
Local
E.50%
U.S.
F.00%
To
G.
Reason
H.
Reason
I.
After
J.
Closed-end
K.S.-dollar
L.S.
M.
Sigmund
N.
Part
O.75.
B)5.33.
C)3.00.
D)21.25 -
未知题型
我国《公司法》规定，除其他法律有特别规定外设立公司采取( )。
A.自由设立主义
B．特许主义
C．准则主义
D．许可主义
