左买右卖
  Money market:
payment: invest foreign currency
invested amount + interest on investment =payment required
receipt: borrow foreign currency
borrowed amount + interest on borrowing =receipt expected
     Futures/option这个就是传说中的期货期权拉：
Buy for payment ,sell for receipt
Unhedged
Tick size: contract size*0.0001
Basis
时间系数
Futures大致步骤：buy or sell
      Number of contracts
      Choose a date
      Calculate profit or loss
Conclusion
      option大致步骤：Number of contracts          
     Calls or puts?
     Contracts costs
Hedge outcome
interest rate risk: fixed rate loan/variable rate loan
Hedge: forward rate agreement/interest rate guarantees/interest rate futures/exchange traded interest rate options
Futures: buy a future—deposit money
         sell a future—borrow money
         basis risk
options: buy: buy the right to buy or buy the right to sell
         call: right to buy the futures
         put: right to sell the futures
         deposits-- buy the futures—buy calls
         loan-- sell the futures—buy puts
每种避险工具的advantage/disadvantage
SWAP: interest SWAP/currency SWAP
Advantage/risk
这部分我一直也不太明白，但也会一直考到，找些典型题，硬着头皮做吧~
Black scholes option pricing model:去年REVISION上52-55题都与此有关
E  The global environment
清楚题  pilot Novoroast:此题关于limitation,other factor蛮完整的
03/12 Avto: 后面的分析好好看看，架构，格式，结尾
        02/12 Intergrand:看看，模式蛮不一样，比较怪
DCF appraisal基本格式：
YEAR
Total contribution            需要计算的
(Fixed costs(with inflation))
(Tax allowable depreciation)
Taxable profit
(Tax)
Add back depreciation       
Net after-tax cash flow from operations
Investment cash flows
(Land and buildings)    关注末年的回转
(Plant and machinery)
(Working capital)    掌握计算   
Cash remittable from/to **     
Exchange rate                  掌握计算   
**cash remittable
Contribution from sale
(Tax on contribution)
(additional tax)               
Net cash flow
Discount factor                掌握计算   
PV
NPV
注意PPPT，real option,两国所得税差额的补足等
注意分析的assumption, limitation
文字题结合案例，主要关注的为海外投资各种方法的优缺点，可行性，限制，对策等,有套路可循，思路开阔些。
F Corporate dividend policy
01/02年考过，考的不多