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逢考必过过过过过过 · 2022年07月24日

问一道题：NO.PZ2016021705000059 [ CFA II ]

  1. CFA II
  2. Corporate Issuers

问题如下：

A company has positive free cash flow and is considering whether to use the entire amount of that free cash flow to pay a special cash dividend or to repurchase shares at the prevailing market price. Shareholders’ wealth under the two options will be equivalent unless the:

选项：

A.

company’s book value per share is less than the prevailing market price.

B.

company’s book value per share is greater than the prevailing market price.

C.

tax consequences and/or information content for each alternative is different.

解释：

C  is correct.

For the two options to be equivalent with respect to shareholders’ wealth, the amount of cash distributed, the taxation, and the information content must be the same for both options.

这个题我怎么感觉C刚好与答案相反呢？ 不是说unless，除非应该是Td与Tcg相等啊，答案也是the same，可是C里面写的是differ啊？
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已采纳答案

王琛_品职助教 · 2022年07月25日

嗨，努力学习的PZer你好：


1

选项没问题哈。题目的表述有点绕，出的不太好，变成考查英语语法了

unless 可以理解为 if not, 你把 not 放到 different 前，就是表示相同了

2

原文：Shareholders’ wealth under the two options will be equivalent unless the tax consequences and/or information content for each alternative is different

第一步，把 unless 替换为 if not: Shareholders’ wealth under the two options will be equivalent if not the tax consequences and/or information content for each alternative is different

第二步，把 not 放到 different 前: Shareholders’ wealth under the two options will be equivalent if the tax consequences and/or information content for each alternative is not different

第三步，把 not different 替换成 same: Shareholders’ wealth under the two options will be equivalent if the tax consequences and/or information content for each alternative is same

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努力的时光都是限量版，加油！

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