求解答。谢谢，急需。

In what ways is preferred stock like long-term debt? In what ways it like equity?

What are the factors that can determine how sensitive a firm’s earnings are to the business cycle?

那些因素决定了企业盈利情况对商业周期的敏感程度？

What's the margin mechanism in futures trading?

什么是期货交易的保证金机制？

Many commonly traded securities embody option characteristics, please enumerate(list) and explain three those kinds securities.

很多经常交易的证券都体现了期权的特征，请列举并分析三种这样的证券。

How can a perpetuity(永续年金）, which has an infinite maturity, have a duration as short as 10 or 2o years?

为什么永续年金(可以理解为无限期的债券等）的久期只有10年或是20年?

If a securities is underpriced, then what is the relationship its market capitalization rate and its expected rate of return.

如果一种债券的价格被低估，其资本化率(实际收益率)和期望收益率是什么关系？

In what ways is preferred stock like long-term debt? In what ways it like equity?
-----------------------------------------------------------------------------------------------------------------------
Preferred stockholder has no decision making right.
S/he gets dividend before other stockholder.
The earning looks like interest.
That's why s/he is more likely to be a creditor not business owner;

For a debtor-creditor agreement, there is always a maturity date.
That is the deadline to repay your debt.
However, there is no such provision for preferred stock.
Meaning, unlimited time.
In this way, it also likes equity not debt.

I hope this will help you a little bit.
Good luck.

什么是期货交易的保证金机制？
保证金是指以抵押来买卖证券、期权或期货的交易，而抵押的作用是抵消处理银行或券商的信用风险。如果当市场价格变动导致保证金低于一个最低水平时，就会有margin call。

很多经常交易的证券都体现了期权的特征，请列举并分析三种这样的证券。
股票是firm value的期权。可转债。其他想不到了，期权本身算吗。。

为什么永续年金(可以理解为无限期的债券等）的久期只有10年或是20年?
因为很远的现金流折现后现值很低，算久期时影响很小，详见久期计算公式。

如果一种债券的价格被低估，其资本化率(实际收益率)和期望收益率是什么关系？
首先是证券，不是债券。market cap变低，预期收益率对买方来说提高了，因为便宜。

If a securities is underpriced, then what is the relationship its market capitalization rate and its expected rate of return.
--------------------------------------------------------------------------------------------------------------------------------------------------
If you sell your bond at discounted price.
You still need to pay off the principle and interest in full according to your provision.

Say it in another way, you get less but you still need to pay back in full.

That means your cost to acquire your capital is actually higher than your expected before.
Meaning: stated rate < actual yield.

I hope it helps.
Good luck.