1.A company is planning a new issue of $100 par preferred stock with a 12 percent dividend. The preferred stock can be sold for $95 per share and the company must pay flotation costs of 5 percent of the market price. Assuming a marginal tax rate of 40 percent, the after-tax cost of the preferred stock is

后面的答案给出的式子：(100x0.12)/ (95x1.05)=0.133

书上不是说发行成本只能在开始时减去，在后面的折现率中不能考虑发行成本吗？请高人帮忙把这个式子解释一下，谢谢！

 

2. According to the Standards of Practice Handbook, a member who is an investment manager is least likely to breach his duty to clients by:

A. disclosing confidential client information to the CFA Institute Professional Conduct Program.

B. using client brokerage to purchase goods or services that are used in the investment decision-making process.

C. consistently supporting management’s recommendations by voting with management on proxies related to non-routine governance issues.

为什么不能选A??

请高手指点！