问题如下：
Regarding the risk-adjusted return on capital (RAROC) methodology, which of the following statemernts is correct?
选项：
A. RAROC lacks flexibility for deferral or cpontingent compensation when considering incentive compensation.
B. Expected loss is added to the return in the numerator of the RAROC equation.
C. If a business unit's cost of equity is smaller than its RAROC, then the business unit is adding value to shareholders.
D. RAROC uses accounting profits in the context of performance measurement.
解释：
C is correct.
考点：RAROC
解析：当cost of equity小于RAROC时, 风险调整后的收益高于股权成本所以为公司增加了价值。
RAROC在考虑递延或者或有补偿时很灵活，A错。
EL在分子里是被减掉而不是加上的，B错。
RAROC计算时用的是economic profit，D错。
这里B是错的太扣字眼了吧…为什么不可以理解为在分子里考虑了EL？
